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, 2013
Dec. 31, 2012
Dec. 31, 2011
Cash flows from operating activities:      
Net income $ 1,527 $ 3,761 $ 5,714
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 22,827 16,831 14,149
Amortization of deferred financing costs 1,780 1,502 918
Amortization of deferred rent asset and liability, net (333) (772) (616)
Amortization of discount and premium on assumed debt (171) 9 94
Asset retirement obligation expense 129 168 157
Increase in other assets (399) (211) (142)
Increase in deferred rent liability   2,510 1,626
Increase in deferred rent receivable (3,700) (2,144) (1,394)
(Decrease) increase in accounts payable, accrued expenses, and amount due Adviser and Administrator (2,171) 2,746 (504)
Increase (decrease) in other liabilities 1,437 743 (340)
Leasing commissions paid (1,041) (1,738) (6)
Net cash provided by operating activities 19,885 23,405 19,656
Cash flows from investing activities:      
Acquisition of real estate and related intangible assets (131,188) (82,239) (42,681)
Improvements of existing real estate (5,176) (5,557) (1,844)
Receipts from lenders for funds held in escrow 5,545 1,959 1,911
Payments to lenders for funds held in escrow (6,606) (5,463) (3,376)
Receipts from tenants for reserves 6,085 2,870 2,205
Payments to tenants from reserves (3,949) (2,543) (2,031)
Increase in restricted cash (2,117) (461) (185)
Deposits on future acquisitions (2,375) (550)  
Deposits applied against real estate investments 2,725    
Net cash used in investing activities (137,056) (91,984) (46,001)
Cash flows from financing activities:      
Proceeds from issuance of equity 88,121 4,191 39,707
Offering costs (4,963) (300) (2,412)
Proceeds from issuance of mandatorily redeemable preferred stock   38,500  
Borrowings under mortgage notes payable 79,995 99,455 20,052
Payments for deferred financing costs (2,051) (4,598) (1,065)
Principal repayments on mortgage notes payable (16,407) (52,285) (6,311)
Principal repayments on employee notes receivable 35 12 542
Borrowings from line of credit 75,400 41,800 58,474
Repayments on line of credit (76,000) (35,500) (66,774)
(Decrease) increase in security deposits (19) 134 9
Distributions paid for common, senior common and preferred stock (23,940) (20,613) (19,610)
Net cash provided by financing activities 120,171 70,796 22,612
Net increase (decrease) in cash and cash equivalents 3,000 2,217 (3,733)
Cash and cash equivalents, beginning of period 5,546 3,329 7,062
Cash and cash equivalents, end of period 8,546 5,546 3,329
Cash paid during year for interest 26,679 21,239 17,076
Increase in asset retirement obligation   298 69
Fixed rate debt assumed in connection with acquisitions   24,926 11,921
Fixed asset additions in accounts payable 350    
Senior common dividend issued in the dividend reinvestment program $ 126 $ 26