Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows

v2.4.0.8
Condensed Consolidated Statements of Cash Flows (USD $)
In Thousands, unless otherwise specified
 6 Months Ended
Jun. 30, 2014
Jun. 30, 2013
Cash flows from operating activities:    
Net (loss) income $ (12,297) $ 883
Adjustments to reconcile net (loss) income to net cash provided by operating activities:    
Depreciation and amortization 13,591 10,121
Impairment charge 13,958  
Gain on sale of real estate (1,240)  
Amortization of deferred financing costs 795 817
Amortization of deferred rent asset and liability, net (178) (157)
Amortization of discount and premium on assumed debt (114) (85)
Asset retirement obligation expense (137) 64
Increase in other assets (372) (218)
Increase in deferred rent receivable (1,778) (1,689)
Decrease in accounts payable, accrued expenses, and amount due Adviser and Administrator (1,004) (1,664)
Increase (decrease) in other liabilities 585 (139)
Leasing commissions paid (765) (394)
Net cash provided by operating activities 11,044 7,539
Cash flows from investing activities:    
Acquisition of real estate and related intangible assets (64,764) (33,488)
Improvements of existing real estate (2,934) (3,999)
Proceeds from sale of real estate 11,162  
Receipts from lenders for funds held in escrow 1,287 1,529
Payments to lenders for funds held in escrow (5,445) (1,645)
Receipts from tenants for reserves 1,519 2,261
Payments to tenants from reserves (3,423) (1,158)
Decrease (increase) in restricted cash 1,935 (1,103)
Deposits on future acquisitions (1,500) (725)
Deposits applied against real estate investments 1,300  
Net cash used in investing activities (60,863) (38,328)
Cash flows from financing activities:    
Proceeds from issuance of equity 36,042 57,219
Offering costs (2,028) (3,183)
Borrowings under mortgage notes payable 27,535 3,700
Payments for deferred financing costs (633) (209)
Principal repayments on mortgage notes payable (4,182) (3,560)
Principal repayments on employee notes receivable   35
Borrowings from line of credit 44,250 23,700
Repayments on line of credit (43,000) (37,500)
Decrease in security deposits (31)  
Distributions paid for common, senior common and preferred stock (14,313) (10,936)
Net cash provided by financing activities 43,640 29,266
Net decrease in cash and cash equivalents (6,179) (1,523)
Cash and cash equivalents, beginning of period 8,546 5,546
Cash and cash equivalents, end of period 2,367 4,023
NON-CASH OPERATING, INVESTING AND FINANCING INFORMATION    
Fixed rate principal debt assumed in connection with acquisitions 10,147  
Senior common dividend issued in the dividend reinvestment program 87 52
Capital improvements included in accounts payable and accrued expenses $ 5,521