XML 23 R9.htm IDEA: XBRL DOCUMENT v3.2.0.727
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
 6 Months Ended
Jun. 30, 2015
Jun. 30, 2014
Cash flows from operating activities:    
Net income $ 12,921,000 $ 7,962,000
Adjustments to reconcile net income to net cash provided by operating activities:    
Gain on sales of real estate (5,392,000)  
Purchase price fair value adjustment (960,000)  
Gain on sale - investment in BRT Realty Trust (related party)   (134,000)
Increase in unbilled rent receivable (879,000) (609,000)
Write-off of unbilled rent receivable 226,000  
Amortization of intangibles relating to leases, net (326,000) (50,000)
Amortization of restricted stock expense 1,162,000 920,000
Equity in loss (earnings) of unconsolidated joint ventures 36,000 (263,000)
Distributions of earnings from unconsolidated joint ventures 394,000 289,000
Depreciation and amortization 7,655,000 7,300,000
Amortization and write-off of financing costs 641,000 466,000
Payment of leasing commissions (639,000) (40,000)
Changes in assets and liabilities:    
(Increase) decrease in escrow, deposits, other assets and receivables (36,000) 1,242,000
Decrease in accrued expenses and other liabilities (351,000) (539,000)
Net cash provided by operating activities 14,452,000 16,544,000
Cash flows from investing activities:    
Purchase of real estate (31,748,000) (33,165,000)
Improvements to real estate (1,024,000) (645,000)
Net proceeds from sale of real estate 16,025,000 5,177,000
Purchase of partner's interest in unconsolidated joint venture (6,300,000)  
Investment in unconsolidated joint ventures (12,686,000)  
Net proceeds on sale - investment in BRT Realty Trust (related party)   266,000
Distributions of return of capital from unconsolidated joint ventures 733,000 50,000
Net cash used in investing activities (35,000,000) (28,317,000)
Cash flows from financing activities:    
Scheduled amortization payments of mortgages payable (3,769,000) (3,765,000)
Repayment of mortgages payable (25,308,000) (19,003,000)
Proceeds from mortgage financings 40,768,000 29,096,000
Proceeds from sale of common stock, net 1,094,000 3,304,000
Proceeds from bank line of credit 35,900,000 27,500,000
Repayment on bank line of credit (18,900,000) (13,900,000)
Issuance of shares through dividend reinvestment plan 1,755,000 2,299,000
Payment of financing costs (523,000) (523,000)
Capital contributions from non-controlling interests 663,000 306,000
Distributions to non-controlling interests (1,633,000) (156,000)
Cash distributions to common stockholders (12,701,000) (11,678,000)
Net cash provided by financing activities 17,346,000 13,480,000
Net (decrease) increase in cash and cash equivalents (3,202,000) 1,707,000
Cash and cash equivalents at beginning of period 20,344,000 16,631,000
Cash and cash equivalents at end of period 17,142,000 18,338,000
Supplemental disclosures of cash flow information:    
Cash paid during the period for interest expense 7,773,000 8,036,000
Cash paid during the period for Federal excise tax 300,000 175,000
Supplemental schedule of non-cash investing and financing activities:    
Mortgage debt extinguished upon conveyance of property to mortgagee by deed-in-lieu of foreclosure 1,466,000  
Consolidation of real estate investments 2,633,000  
Purchase accounting allocations - intangible lease assets 2,529,000 1,989,000
Purchase accounting allocations - intangible lease liabilities $ 4,782,000 $ 2,671,000