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
 6 Months Ended
Jun. 30, 2012
Jun. 30, 2011
Cash flows from operating activities:    
Net income $ 2,155 $ 2,850
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 7,896 6,845
Amortization of deferred financing costs 703 456
Amortization of deferred rent asset and liability, net (337) (335)
Amortization of discount and premium on assumed debt 32 62
Asset retirement obligation expense 82 77
Increase in other assets (40) (215)
Increase in deferred rent liability   1,255
Increase in deferred rent receivable (739) (715)
Increase (decrease) in accounts payable, accrued expenses, and amount due Adviser 1,931 (684)
Increase (decrease) in other liabilities 185 (36)
Leasing commission paid (1,101)  
Net cash provided by operating activities 10,767 9,560
Cash flows from investing activities:    
Real estate investments (44,903) (15,778)
Receipts from lenders for funds held in escrow 1,127 1,143
Payments to lenders for funds held in escrow (2,386) (1,827)
Receipts from tenants for reserves 1,448 1,082
Payments to tenants from reserves (1,166) (962)
Increase in restricted cash (416) (69)
Net cash used in investing activities (46,296) (16,411)
Cash flows from financing activities:    
Proceeds from issuance of equity 522 36,603
Offering costs (65) (2,198)
Proceeds from issuance of mandatorily redeemable preferred stock 38,500  
Borrowings under mortgage notes payable 33,705  
Payments for deferred financing costs (3,018) (226)
Principal repayments on mortgage notes payable (4,317) (4,454)
Principal repayments on employee notes receivable 6 532
Borrowings from line of credit 13,800 27,374
Repayments on line of credit (32,500) (46,174)
Increase (decrease) in security deposits 133 (51)
Distributions paid for common, senior common and preferred stock (10,293) (9,302)
Net cash provided by financing activities 36,473 2,104
Net increase (decrease) in cash and cash equivalents 944 (4,747)
Cash and cash equivalents, beginning of period 3,329 7,062
Cash and cash equivalents, end of period 4,273 2,315
NON-CASH OPERATING, INVESTING AND FINANCING INFORMATION    
Fixed rate debt assumed in connection with acquisitions   11,921
Senior common dividend issued in the dividend reinvestment program $ 4