XML 49 R8.htm IDEA: XBRL DOCUMENT v3.19.3
Consolidated Statements of Cash Flows - USD ($)
9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Cash flows from operating activities:    
Net income $ 2,827,000 $ 11,698,000
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization expense 70,072,000 73,127,000
Amortization of above and below market leases (305,000) (405,000)
Equity in loss of non-consolidated REITs   (6,793,000)
Decrease in allowance for doubtful accounts and write-off of accounts receivable (69,000) (25,000)
Changes in operating assets and liabilities:    
Tenant rent receivables (403,000) (58,000)
Straight-line rents (6,950,000) 821,000
Lease acquisition costs (3,155,000) (683,000)
Prepaid expenses and other assets 1,261,000 (487,000)
Accounts payable and accrued expenses 2,849,000 (2,665,000)
Accrued compensation 726,000 (797,000)
Tenant security deposits 2,689,000 236,000
Payment of deferred leasing commissions (9,485,000) (11,051,000)
Net cash provided by operating activities 60,057,000 62,918,000
Cash flows from investing activities:    
Property improvements, fixtures and equipment (47,905,000) (35,901,000)
Investment in non-consolidated REITs   74,931,000
Distributions in excess of earnings from non-consolidated REITs   710,000
Investment in related party mortgage loan receivable (2,400,000)  
Repayment of related party mortgage loan receivable 51,795,000 795,000
Proceeds received from liquidating trust 1,470,000  
Net cash provided by investing activities 2,960,000 40,535,000
Cash flows from financing activities:    
Distributions to stockholders (28,953,000) (39,676,000)
Borrowings under bank note payable 45,000,000 30,000,000
Repayments of bank note payable (70,000,000) (91,000,000)
Deferred financing costs (82,000) (2,162,000)
Net cash used in financing activities (54,035,000) (102,838,000)
Net increase (decrease) in cash, cash equivalents and restricted cash 8,982,000 615,000
Cash, cash equivalents and restricted cash, beginning of year 11,177,000 9,819,000
Cash, cash equivalents and restricted cash, end of period 20,159,000 10,434,000
Cash paid for:    
Interest 23,710,000 25,388,000
Taxes 377,000 485,000
Non-cash investing activities:    
Accrued costs for purchases of real estate assets $ 6,903,000 $ 9,465,000