Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

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Consolidated Statements of Cash Flows (USD $)
In Thousands, unless otherwise specified
 12 Months Ended
Dec. 31, 2011
Dec. 31, 2010
Dec. 31, 2009
Cash flows from operating activities:      
Net income $ 5,714 $ 4,928 $ 4,603
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 14,149 13,264 13,172
Amortization of deferred financing costs 918 1,003 1,491
Amortization of deferred rent asset and liability, net (616) (684) (532)
Amortization of discount and premium on assumed debt 94 11  
Asset retirement obligation expense 157 143 144
Gain on sale of real estate     (160)
(Increase) decrease in other assets (142) 389 (960)
Increase in deferred rent liability 1,626    
Increase in deferred rent receivable (1,394) (1,652) (1,177)
(Decrease) increase in accounts payable, accrued expenses, and amount due Adviser (504) 348 735
(Decrease) increase in other liabilities (340) 363 (303)
Net cash provided by operating activities 19,662 18,113 17,013
Cash flows from investing activities:      
Real estate investments (44,525) (2,419) (1,140)
Leasing commissions paid (6) (7) (441)
Proceeds from sale of real estate     1,089
Principal repayments on mortgage notes receivable   10,000  
Receipts from lenders for funds held in escrow 1,911 1,618 1,465
Payments to lenders for funds held in escrow (3,376) (1,751) (1,802)
Receipts from tenants for reserves 2,205 2,155 4,454
Payments to tenants from reserves (2,031) (2,130) (4,526)
(Increase) decrease in restricted cash (185) 345 44
Deposits on future acquisitions     (250)
Deposits refunded   250 200
Net cash (used in) provided by investing activities (46,007) 8,061 (907)
Cash flows from financing activities:      
Proceeds from issuance of equity 39,707 4,127  
Offering costs (2,412) (249)  
Borrowings under mortgage notes payable 20,052    
Principal repayments on mortgage notes payable (6,311) (2,687) (2,350)
Principal repayments on employee notes receivable 542 1,341 291
Borrowings from line of credit 58,474 32,795 57,600
Repayments on line of credit (66,774) (38,995) (35,900)
Repayment of short-term loan     (20,000)
Increase (decrease) in security deposits 9 (370) 28
Payments for deferred financing costs (1,065) (1,192) (244)
Distributions paid for common, senior common and preferred stock (19,610) (16,979) (16,938)
Net cash provided by (used in) financing activities 22,612 (22,209) (17,513)
Net (decrease) increase in cash and cash equivalents (3,733) 3,965 (1,407)
Cash and cash equivalents, beginning of year 7,062 3,097 4,504
Cash and cash equivalents, end of year 3,329 7,062 3,097
Cash paid during year for interest 17,076 17,970 16,559
NON-CASH OPERATING, INVESTING AND FINANCING INFORMATION      
Increase in asset retirement obligation 69 614  
Fixed rate debt assumed in connection with acquisitions 11,921 10,795  
Forfeiture of common stock in satisfaction of employee note receivable   244  
Senior common dividend issued in the dividend reinvestment program   4  
Reclassification of principal on employee note     245
Leasing commissions included in accounts payable   $ 458