Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows (Unaudited)

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Consolidated Statements of Cash Flows (Unaudited) (USD $)
In Thousands
 9 Months Ended
Sep. 30, 2011
Sep. 30, 2010
Cash flows from operating activities:    
Net income $ 4,598 $ 4,121
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 10,473 9,992
Amortization of deferred financing costs 684 837
Amortization of deferred rent asset and liability, net (513) (516)
Amortization of discount and premium on assumed debt 78  
Asset retirement obligation expense 116 108
(Decrease) increase in other assets (396) 358
Increase in deferred rent liability 1,626  
Increase in deferred rent receivable (1,051) (1,235)
(Decrease) increase in accounts payable, accrued expenses, and amount due Adviser (1,641) 81
Increase in other liabilities 430 121
Net cash provided by operating activities 14,404 13,867
Cash flows from investing activities:    
Real estate investments (16,333) (748)
Leasing commissions paid   (7)
Principal repayments on mortgage notes receivable   10,000
Receipts from lenders for funds held in escrow 1,329 1,082
Payments to lenders for funds held in escrow (2,759) (1,309)
Receipts from tenants for reserves 1,649 1,615
Payments to tenants from reserves (1,320) (1,216)
(Increase) decrease in restricted cash (279) 27
Deposits on future acquisitions (900)  
Deposits refunded 250 250
Net cash (used in) provided by investing activities (18,363) 9,694
Cash flows from financing activities:    
Proceeds from issuance of equity 39,657 1,793
Offering costs (2,407) (150)
Principal repayments on mortgage notes payable (5,585) (1,980)
Principal repayments on employee notes receivable 537 789
Borrowings from line of credit 39,374 22,400
Repayments on line of credit (57,274) (32,900)
Decrease in security deposits (50) (426)
Payments for deferred financing costs (478) (254)
Distributions paid for common, senior common and preferred (14,467) (12,699)
Net cash used in financing activities (693) (23,427)
Net (decrease) increase in cash and cash equivalents (4,652) 134
Cash and cash equivalents, beginning of period 7,062 3,096
Cash and cash equivalents, end of period 2,410 3,230
NON-CASH OPERATING, INVESTING AND FINANCING INFORMATION    
Fixed rate debt assumed in connection with acquisitions 11,921  
Forfeiture of common stock in satisfaction of employee note receivable   244
Senior common dividend issued in the dividend reinvestment program   $ 2