XML 21 R7.htm IDEA: XBRL DOCUMENT v3.4.0.3
Consolidated Statements Of Cash Flows - USD ($)
3 Months Ended
Mar. 31, 2016
Mar. 31, 2015
OPERATING ACTIVITIES    
Net income $ 1,576,000 $ 3,399,000
Adjustments to reconcile net income to net cash provided by operating activities:    
Impairment charges   956,000
Gain on sales (59,000)  
Straight-line rents 317,000 (196,000)
Provision for doubtful accounts 221,000 309,000
Depreciation and amortization 9,661,000 9,508,000
Amortization of intangible lease liabilities (685,000) (830,000)
Expense relating to share-based compensation, net 510,000 804,000
Amortization (including accelerated write-off) of deferred financing costs 397,000 424,000
Changes in operating assets and liabilities, net of effects of acquisitions and dispositions:    
Rents and other receivables, net (2,463,000) (3,775,000)
Prepaid expenses and other (814,000) (483,000)
Accounts payable and accrued liabilities 1,331,000 (361,000)
Net cash provided by operating activities 9,992,000 9,755,000
INVESTING ACTIVITIES    
Acquisitions of real estate (12,090,000) (24,449,000)
Expenditures for real estate improvements (2,128,000) (1,083,000)
Net proceeds from sales of real estate 14,494,000 2,100,000
Construction escrows and other (257,000) (55,000)
Net cash provided by (used in) investing activities 19,000 (23,487,000)
FINANCING ACTIVITIES    
Repayments under revolving credit facility (18,000,000) (93,000,000)
Advances under revolving credit facility 19,000,000 69,000,000
Advances under term loans   50,000,000
Mortgage repayments (2,399,000) (32,121,000)
Payments of debt financing costs (1,078,000) (2,599,000)
Noncontrolling interests:    
Purchase of joint venture minority interests share   (11,219,000)
Distributions to limited partners (18,000) (20,000)
Common stock sales less issuance expenses, net 9,000 41,811,000
Preferred stock dividends (3,602,000) (3,602,000)
Distributions to common shareholders (4,249,000) (4,246,000)
Net cash (used in) provided by financing activities (10,337,000) 14,004,000
Net (decrease)/increase in cash and cash equivalents (326,000) 272,000
Cash and cash equivalents at beginning of period 2,083,000 3,499,000
Cash and cash equivalents at end of period $ 1,757,000 $ 3,771,000