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, 2012
Mar. 31, 2011
Cash flows from operating activities:    
Net income $ 1,301 $ 1,480
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 3,904 3,370
Amortization of deferred financing costs 320 231
Amortization of deferred rent asset and liability, net (168) (176)
Amortization of discount and premium on assumed debt 16 33
Asset retirement obligation expense 40 38
Decrease (increase) in other assets 73 (44)
Increase in deferred rent liability   988
Increase in deferred rent receivable (354) (344)
Increase (decrease) in accounts payable, accrued expenses, and amount due Adviser 1,208 (626)
Increase (decrease) in other liabilities 388 (209)
Leasing commissions paid (1,101)  
Net cash provided by operating activities 5,627 4,741
Cash flows from investing activities:    
Real estate investments (11,863) (521)
Receipts from lenders for funds held in escrow 316 187
Payments to lenders for funds held in escrow (785) (465)
Receipts from tenants for reserves 726 526
Payments to tenants from reserves (278) (30)
Increase in restricted cash (581) (445)
Deposits on future acquisitions (100) (300)
Net cash used in investing activities (12,565) (1,048)
Cash flows from financing activities:    
Proceeds from issuance of equity 234 15,543
Offering costs (33) (984)
Proceeds from issuance of mandatorily redeemable preferred stock 38,500  
Payments for deferred financing costs (2,387) (11)
Principal repayments on mortgage notes payable (3,302) (837)
Principal repayments on employee notes receivable   531
Borrowings from line of credit 13,800 19,200
Repayments on line of credit (32,500) (25,300)
Increase (decrease) in security deposits 133 (51)
Distributions paid for common, senior common and preferred stock (5,147) (4,523)
Net cash provided by financing activities 9,298 3,568
Net increase in cash and cash equivalents 2,360 7,261
Cash and cash equivalents, beginning of period 3,329 7,062
Cash and cash equivalents, end of period 5,689 14,323
NON-CASH OPERATING, INVESTING AND FINANCING INFORMATION    
Senior common dividend issued in the dividend reinvestment program $ 1