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CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
In Thousands
9 Months Ended
Sep. 30, 2011
Sep. 30, 2010
Cash flows from operating activities:  
Net income$ 10,639$ 7,665
Adjustments to reconcile net income to net cash provided by operating activities:  
Gain on settlement of debt(1,240) 
Gain on sale of real estate(932)(235)
Gain on sale of available-for-sale securities (149)
Increase in rental income from straight-lining of rent(1,019)(1,292)
Decrease in rental income resulting from bad debt expense51493
Decrease in rental income from amortization of intangibles relating to leases5017
Amortization of restricted stock expense770673
Gain on disposition of real estate held by unconsolidated joint venture (107)
Equity in earnings of unconsolidated joint ventures(241)(354)
Distributions of earnings from unconsolidated joint ventures308530
Depreciation and amortization7,1356,497
Amortization and write off of financing costs681452
Changes in assets and liabilities:  
Increase in escrow, deposits, other assets and receivables(362)(1,198)
(Decrease) increase in accrued expenses and other liabilities(368)397
Net cash provided by operating activities15,93512,989
Cash flows from investing activities:  
Purchase of real estate and improvements(22,887)(23,964)
Net proceeds from sale of real estate11,5444,137
Investment in unconsolidated joint ventures(669)(150)
Distributions of return of capital from unconsolidated joint ventures58953
Prepaid tenant improvement allowance (1,750)
Net proceeds from sale of available-for-sale securities 6,345
Net cash used in investing activities(11,954)(14,429)
Cash flows from financing activities:  
Scheduled amortization payments of mortgages payable(4,132)(4,090)
Repayment of mortgages payable(15,302)(10,687)
Proceeds from mortgage financings3,0043,000
Proceeds from common stock offering, net40,569 
Proceeds from bank line of credit20,00016,300
Repayment on bank line of credit(36,200)(15,500)
Issuance of shares through dividend reinvestment plan2,807426
Payment of financing costs(723)(1,022)
Cash distributions to common stockholders(13,306)(7,119)
Expenses associated with stock issuance (104)
Net cash used in financing activities(3,283)(18,796)
Net increase (decrease) in cash and cash equivalents698(20,236)
Cash and cash equivalents at beginning of period7,73228,036
Cash and cash equivalents at end of period8,4307,800
Supplemental disclosures of cash flow information:  
Cash paid during the period for interest expense10,44010,654
Supplemental schedule of non-cash investing and financing activities:  
Common stock dividend - portion paid in shares of Company's common stock 2,209
Assumption of mortgage payable in connection with purchase of real estate 17,654
Settlement of mortgage debt1,259 
Purchase accounting allocation - intangible lease assets1,6221,078
Purchase accounting allocation - intangible lease liabilities612357
Reclassification of 2010 prepaid tenant improvement allowance to building improvements1,750 
Reclassification of real estate owned to property held for sale $ 10,678