Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows

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Condensed Consolidated Statements of Cash Flows (USD $)
In Thousands, unless otherwise specified
 6 Months Ended
Jun. 30, 2013
Jun. 30, 2012
Cash flows from operating activities:    
Net income $ 883 $ 2,155
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 10,121 7,896
Amortization of deferred financing costs 817 703
Amortization of deferred rent asset and liability, net (157) (337)
Amortization of discount and premium on assumed debt (85) 32
Asset retirement obligation expense 64 82
Increase in other assets (218) (40)
Increase in deferred rent receivable (1,689) (739)
(Decrease) increase in accounts payable, accrued expenses, and amount due Adviser and Administrator (1,664) 1,931
(Decrease) increase in other liabilities (139) 185
Leasing commissions paid (394) (1,101)
Net cash provided by operating activities 7,539 10,767
Cash flows from investing activities:    
Acquisition of real estate and related intangible assets (33,488) (42,565)
Improvements of existing real estate (3,999) (2,338)
Receipts from lenders for funds held in escrow 1,529 1,127
Payments to lenders for funds held in escrow (1,645) (2,386)
Receipts from tenants for reserves 2,261 1,448
Payments to tenants from reserves (1,158) (1,166)
Increase in restricted cash (1,103) (416)
Deposits on future acquisitions (725)  
Net cash used in investing activities (38,328) (46,296)
Cash flows from financing activities:    
Proceeds from issuance of equity 57,219 522
Offering costs (3,183) (65)
Proceeds from issuance of mandatorily redeemable preferred stock   38,500
Borrowings under mortgage notes payable 3,700 33,705
Payments for deferred financing costs (209) (3,018)
Principal repayments on mortgage notes payable (3,560) (4,317)
Principal repayments on employee notes receivable 35 6
Borrowings from line of credit 23,700 13,800
Repayments on line of credit (37,500) (32,500)
Increase in security deposits   133
Distributions paid for common, senior common and preferred stock (10,936) (10,293)
Net cash provided by financing activities 29,266 36,473
Net (decrease) increase in cash and cash equivalents (1,523) 944
Cash and cash equivalents, beginning of period 5,546 3,329
Cash and cash equivalents, end of period 4,023 4,273
NON-CASH OPERATING, INVESTING AND FINANCING INFORMATION    
Senior common dividend issued in the dividend reinvestment program $ 52 $ 4