Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

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Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $)
In Thousands, unless otherwise specified
 3 Months Ended
Mar. 31, 2013
Mar. 31, 2012
Cash flows from operating activities:    
Net income $ 433 $ 1,301
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 4,901 3,904
Amortization of deferred financing costs 405 320
Amortization of deferred rent asset and liability, net (98) (168)
Amortization of discount and premium on assumed debt (42) 16
Asset retirement obligation expense 31 40
(Increase) decrease in other assets (465) 73
Increase in deferred rent receivable (826) (354)
(Decrease) increase in accounts payable, accrued expenses, and amount due Adviser and Administrator (637) 1,208
(Decrease) increase in other liabilities (264) 388
Leasing commissions paid (384) (1,101)
Net cash provided by operating activities 3,054 5,627
Cash flows from investing activities:    
Acquisition of real estate and related intangible assets (5,650) (10,775)
Improvements of existing real estate (121) (1,088)
Receipts from lenders for funds held in escrow 1,228 316
Payments to lenders for funds held in escrow (830) (785)
Receipts from tenants for reserves 1,456 726
Payments to tenants from reserves (541) (278)
Increase in restricted cash (915) (581)
Deposits on future acquisitions   (100)
Deposits refunded 50  
Net cash used in investing activities (5,323) (12,565)
Cash flows from financing activities:    
Proceeds from issuance of equity 6,484 234
Offering costs (398) (33)
Proceeds from issuance of mandatorily redeemable preferred stock   38,500
Borrowings under mortgage notes payable 3,700  
Payments for deferred financing costs (141) (2,387)
Principal repayments on mortgage notes payable (1,808) (3,302)
Principal repayments on employee notes receivable 35  
Borrowings from line of credit 7,900 13,800
Repayments on line of credit (6,500) (32,500)
Increase in security deposits   133
Distributions paid for common, senior common and preferred stock (5,270) (5,147)
Net cash provided by financing activities 4,002 9,298
Net increase in cash and cash equivalents 1,733 2,360
Cash and cash equivalents, beginning of period 5,546 3,329
Cash and cash equivalents, end of period 7,279 5,689
NON-CASH OPERATING, INVESTING AND FINANCING INFORMATION    
Senior common dividend issued in the dividend reinvestment program $ 22 $ 1