XML 31 R9.htm IDEA: XBRL DOCUMENT v2.4.0.6
Consolidated Statements of Cash Flows (USD $)
12 Months Ended
Dec. 31, 2012
Dec. 31, 2011
Dec. 31, 2010
Cash flows from operating activities:      
Net income $ 32,308,000 $ 13,720,000 $ 9,306,000
Adjustments to reconcile net income to net cash provided by operating activities:      
Gain on settlement of debt   (1,240,000)  
Gain on sales of real estate and other assets (19,741,000) (932,000) (384,000)
Increase in rental income from straight-lining of rent (1,354,000) (1,455,000) (675,000)
Decrease in rental income resulting from bad debt (recovery) expense, net (117,000) 467,000 525,000
Decrease (increase) in rental income from amortization of intangibles relating to leases 2,000 26,000 (454,000)
Impairment charge on available-for-sale securities   126,000  
Amortization of restricted stock expense 1,223,000 1,009,000 915,000
Gain on disposition of real estate held by unconsolidated joint venture     (107,000)
Equity in earnings of unconsolidated joint ventures (1,368,000) (914,000) (992,000)
Distributions of earnings from unconsolidated joint ventures 1,016,000 902,000 978,000
Depreciation and amortization 9,966,000 9,439,000 8,659,000
Amortization and write off of financing costs 800,000 850,000 610,000
Changes in assets and liabilities:      
(Increase) in escrow, deposits, other assets and receivables (492,000) (395,000) (561,000)
Increase in accrued expenses and other liabilities 71,000 33,000 1,120,000
Net cash provided by operating activities 22,314,000 21,636,000 18,940,000
Cash flows from investing activities:      
Purchase of real estate (44,088,000) (25,668,000) (37,542,000)
Improvements to real estate (4,969,000) (3,746,000) (1,208,000)
Net proceeds from sale of real estate 36,062,000 11,544,000 4,136,000
Investment in unconsolidated joint ventures   (669,000)  
Distributions of return of capital from unconsolidated joint ventures 145,000 95,000 991,000
Prepaid tenant improvement allowance     (1,750,000)
Payment of leasing commissions (438,000) (183,000) (422,000)
Net proceeds from sale of available-for-sale securities 373,000   6,345,000
Net cash (used in) investing activities (12,915,000) (18,627,000) (29,450,000)
Cash flows from financing activities:      
Scheduled amortization payments of mortgages payable (5,533,000) (5,181,000) (5,066,000)
Repayment of mortgages payable (32,422,000) (15,302,000) (10,689,000)
Proceeds from mortgage financings 65,989,000 12,455,000 7,500,000
Proceeds from common stock offering, net 2,131,000 40,569,000  
Proceeds from bank line of credit 14,550,000 28,500,000 28,700,000
Repayment on bank line of credit (34,550,000) (44,700,000) (19,500,000)
Issuance of shares through dividend reinvestment plan 3,652,000 3,751,000 1,200,000
Payment of financing costs (2,111,000) (741,000) (1,272,000)
Capital contribution from non-controlling interests 571,000 666,000  
Distribution to non-controlling interest (290,000)    
Cash distributions to common stockholders (19,477,000) (18,090,000) (10,564,000)
Expenses associated with stock issuance     (103,000)
Net cash (used in) provided by financing activities (7,490,000) 1,927,000 (9,794,000)
Net increase (decrease) in cash and cash equivalents 1,909,000 4,936,000 (20,304,000)
Cash and cash equivalents at beginning of year 12,668,000 7,732,000 28,036,000
Cash and cash equivalents at end of year 14,577,000 12,668,000 7,732,000
Supplemental disclosures of cash flow information:      
Cash paid during the year for interest expense, net of capitalized interest of $35 and $36 in 2012 and 2011, respectively 13,088,000 13,363,000 13,934,000
Cash paid during the year for income taxes 68,000 70,000 73,000
Supplemental schedule of non-cash investing and financing activities:      
Contribution of property to unconsolidated joint venture 11,734,000    
Common stock dividend - portion paid in shares of Company's common stock     2,209,000
Assumption of mortgages payable in connection with purchase of real estate     33,548,000
Settlement of mortgage debt   1,259,000  
Purchase accounting allocations - intangible lease assets 6,641,000 2,387,000 5,500,000
Purchase accounting allocations - intangible lease liabilities (588,000) (614,000) (1,040,000)
Reclassification of 2010 prepaid tenant improvement allowance to building improvements   $ 1,750,000