XML 32 R9.htm IDEA: XBRL DOCUMENT v2.4.0.8
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
 12 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Dec. 31, 2011
Cash flows from operating activities:      
Net income $ 17,924,000 $ 32,308,000 $ 13,720,000
Adjustments to reconcile net income to net cash provided by operating activities:      
Gain on disposition of real estate held by unconsolidated joint venture (2,807,000)    
Gain on sale - unconsolidated joint venture interest (1,898,000)    
Gain on sales of real estate and other assets (6,000) (19,741,000) (932,000)
Gain on settlement of debt     (1,240,000)
Increase in rental income from straight-lining of rent (1,114,000) (1,354,000) (1,455,000)
(Increase) decrease in rental income resulting from bad debt (recovery) expense, net   (117,000) 467,000
(Increase) decrease in rental income from amortization of intangibles relating to leases (160,000) 2,000 26,000
Impairment charge on properties held-for-sale 62,000    
Impairment charge on available-for-sale securities     126,000
Amortization of restricted stock expense 1,440,000 1,223,000 1,009,000
Equity in earnings of unconsolidated joint ventures (651,000) (1,368,000) (914,000)
Distributions of earnings from unconsolidated joint ventures 1,103,000 1,016,000 902,000
Depreciation and amortization 12,043,000 9,966,000 9,439,000
Amortization and write off of financing costs 891,000 800,000 850,000
Changes in assets and liabilities:      
(Increase) in escrow, deposits, other assets and receivables (1,653,000) (492,000) (395,000)
Increase in accrued expenses and other liabilities 1,763,000 71,000 33,000
Net cash provided by operating activities 26,937,000 22,314,000 21,636,000
Cash flows from investing activities:      
Purchase of real estate (107,579,000) (44,088,000) (25,668,000)
Improvements to real estate (2,867,000) (4,969,000) (3,746,000)
Net proceeds from sale of real estate   36,062,000 11,544,000
Net proceeds from disposition of unconsolidated joint venture interest 13,444,000    
Distributions of return of capital from unconsolidated joint ventures 5,495,000 145,000 95,000
Investment in unconsolidated joint venture     (669,000)
Payment of leasing commissions (200,000) (438,000) (183,000)
Net proceeds from sale of available-for-sale securities 19,000 373,000  
Net cash used in investing activities (91,688,000) (12,915,000) (18,627,000)
Cash flows from financing activities:      
Scheduled amortization payments of mortgages payable (6,808,000) (5,533,000) (5,181,000)
Repayment of mortgages payable (4,708,000) (32,422,000) (15,302,000)
Proceeds from mortgage financings 63,590,000 65,989,000 12,455,000
Proceeds from common stock offering, net 9,165,000 2,131,000 40,569,000
Proceeds from bank line of credit 32,500,000 14,550,000 28,500,000
Repayment on bank line of credit (9,250,000) (34,550,000) (44,700,000)
Issuance of shares through dividend reinvestment plan 4,235,000 3,652,000 3,751,000
Payment of financing costs (656,000) (2,111,000) (741,000)
Capital contributions from non-controlling interests 480,000 571,000 666,000
Distributions to non-controlling interests (298,000) (290,000)  
Cash distributions to common stockholders (21,445,000) (19,477,000) (18,090,000)
Net cash provided by (used in) financing activities 66,805,000 (7,490,000) 1,927,000
Net increase in cash and cash equivalents 2,054,000 1,909,000 4,936,000
Cash and cash equivalents at beginning of year 14,577,000 12,668,000 7,732,000
Cash and cash equivalents at end of year 16,631,000 14,577,000 12,668,000
Supplemental disclosures of cash flow information:      
Cash paid during the year for interest expense, net of capitalized interest of $9 and $35 in 2013 and 2012, respectively 13,744,000 13,088,000 13,363,000
Cash paid during the year for income taxes 78,000 68,000 70,000
Supplemental schedule of non-cash investing and financing activities:      
Contribution of property to unconsolidated joint venture   11,734,000  
Settlement of mortgage debt     1,259,000
Purchase accounting allocations - intangible lease assets 11,624,000 6,641,000 2,387,000
Purchase accounting allocations - intangible lease liabilities (2,210,000) (588,000) (614,000)
Reclassification of 2010 prepaid tenant improvement allowance to building improvements     $ 1,750,000