XML 19 R8.htm IDEA: XBRL DOCUMENT v3.10.0.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
 9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Cash flows from operating activities:    
Net income $ 21,381,000 $ 20,007,000
Adjustments to reconcile net income to net cash provided by operating activities:    
Gain on sale of real estate, net (6,993,000) (9,837,000)
Impairment loss   153,000
Increase in unbilled rent receivable (841,000) (509,000)
Write-off of unbilled rent receivable 74,000 362,000
Bad debt expense 0 310,000
Provision for unbilled rent receivable 1,440,000  
Amortization and write-off of intangibles relating to leases, net (1,605,000) (654,000)
Amortization of restricted stock expense 2,653,000 2,341,000
Equity in earnings of unconsolidated joint ventures (716,000) (663,000)
Equity in earnings from sale of unconsolidated joint venture properties (2,057,000)  
Distributions of earnings from unconsolidated joint ventures 2,328,000 584,000
Depreciation and amortization 16,104,000 15,858,000
Amortization and write-off of deferred financing costs 669,000 717,000
Payment of leasing commissions (254,000) (67,000)
(Increase) decrease in escrow, deposits, other assets and receivables (1,154,000) 273,000
(Decrease) increase in accrued expenses and other liabilities (1,400,000) 1,264,000
Net cash provided by operating activities 29,629,000 30,139,000
Cash flows from investing activities:    
Purchase of real estate (18,452,000) (35,443,000)
Improvements to real estate (6,829,000) (2,321,000)
Net proceeds from sale of real estate 17,417,000 24,093,000
Distributions of capital from unconsolidated joint ventures 852,000 298,000
Net cash used in investing activities (7,012,000) (13,373,000)
Cash flows from financing activities:    
Scheduled amortization payments of mortgages payable (8,072,000) (7,808,000)
Repayment of mortgages payable (12,731,000) (11,541,000)
Proceeds from mortgage financings 30,863,000 21,210,000
Proceeds from sale of common stock, net 3,170,000 3,067,000
Proceeds from bank line of credit 28,500,000 34,500,000
Repayment on bank line of credit (37,900,000) (38,100,000)
Issuance of shares through dividend reinvestment plan 4,270,000 3,357,000
Payment of financing costs (675,000) (150,000)
Distributions to non-controlling interests (1,180,000) (148,000)
Cash distributions to common stockholders (25,726,000) (23,652,000)
Net cash used in financing activities (19,481,000) (19,265,000)
Net increase (decrease) in cash, cash equivalents and restricted cash 3,136,000 (2,499,000)
Cash, cash equivalents and restricted cash at beginning of year 14,668,000 18,450,000
Cash, cash equivalents and restricted cash at end of period 17,804,000 15,951,000
Supplemental disclosures of cash flow information:    
Cash paid during the period for interest expense $ 13,196,000 13,350,000
Supplemental schedule of non-cash investing and financing activities:    
Purchase accounting allocation - intangible lease assets   4,009,000
Purchase accounting allocation - intangible lease liabilities   $ (158,000)