Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows (Unaudited)

 v2.3.0.11
Consolidated Statements of Cash Flows (Unaudited) (USD $)
In Thousands
 6 Months Ended
Jun. 30, 2011
Jun. 30, 2010
Cash flows from operating activities:    
Net income $ 2,850 $ 2,093
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 6,845 6,712
Amortization of deferred financing costs 456 544
Amortization of deferred rent asset and liability, net (335) (348)
Amortization of discount on assumed debt 62  
Asset retirement obligation expense 77 75
Increase in other assets (215) (963)
Increase in deferred rent liability 1,255  
Increase in deferred rent receivable (715) (849)
Decrease in accounts payable, accrued expenses, and amount due Adviser (684) (478)
(Decrease) increase in other liabilities (36) 279
Net cash provided by operating activities 9,560 7,065
Cash flows from investing activities:    
Real estate investments (15,778) (575)
Leasing commissions paid   (7)
Receipts from lenders for reserves held in escrow 1,143 1,016
Payments to lenders for reserves held in escrow (1,827) (873)
Receipts from tenants for reserves 1,082 1,037
Payments to tenants from reserves (962) (948)
(Increase) decrease in restricted cash (69) 338
Deposits refunded   250
Net cash (used in) provided by investing activities (16,411) 238
Cash flows from financing activities:    
Proceeds from issuance of equity 36,603 30
Offering costs (2,198) (5)
Principal repayments on mortgage notes payable (4,454) (1,308)
Principal repayments on employee notes receivable 532 44
Borrowings from line of credit 27,374 13,400
Repayments on line of credit (46,174) (10,300)
Decrease in security deposits (51) (427)
Payments for deferred financing costs (226) (61)
Distributions paid for common, senior common and preferred (9,302) (8,460)
Net cash provided by (used in) financing activities 2,104 (7,087)
Net (decrease) increase in cash and cash equivalents (4,747) 216
Cash and cash equivalents, beginning of period 7,062 3,096
Cash and cash equivalents, end of period 2,315 3,312
NON-CASH OPERATING, INVESTING AND FINANCING INFORMATION    
Fixed rate debt assumed in connection with acquisitions 11,921  
Forfeiture of common stock in satisfaction of employee note receivable   $ 244