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 $)
 9 Months Ended
Sep. 30, 2014
Sep. 30, 2013
Cash flows from operating activities:    
Net (loss) income $ (12,066,000) $ 1,194,000
Adjustments to reconcile net (loss) income to net cash provided by operating activities:    
Depreciation and amortization 21,107,000 16,374,000
Impairment charge 14,238,000  
Gain on sale of real estate (1,240,000)  
Amortization of deferred financing costs 1,209,000 1,410,000
Amortization of deferred rent asset and liability, net (266,000) (243,000)
Amortization of discount and premium on assumed debt (190,000) (128,000)
Asset retirement obligation expense (96,000) 96,000
(Decrease) increase in other assets (322,000) 242,000
Increase in deferred rent liability 311,000  
Increase in deferred rent receivable (2,808,000) (2,724,000)
Decrease in accounts payable, accrued expenses, and amount due Adviser and Administrator (538,000) (1,339,000)
Decrease in other liabilities 238,000 1,698,000
Leasing commissions paid (898,000) (1,008,000)
Net cash provided by operating activities 18,679,000 15,572,000
Cash flows from investing activities:    
Acquisition of real estate and related intangible assets (83,564,000) (104,806,000)
Improvements of existing real estate (5,416,000) (5,355,000)
Proceeds from sale of real estate 11,162,000  
Issuance of mortgage note receivable (5,600,000)  
Receipts from lenders for funds held in escrow 1,670,000 5,764,000
Payments to lenders for funds held in escrow (6,394,000) (7,159,000)
Receipts from tenants for reserves 2,484,000 5,657,000
Payments to tenants from reserves (3,892,000) (2,167,000)
Decrease (increase) in restricted cash 1,510,000 (3,472,000)
Deposits on future acquisitions (2,000,000) (2,125,000)
Deposits applied against real estate investments 2,000,000 2,675,000
Net cash used in investing activities (88,040,000) (110,988,000)
Cash flows from financing activities:    
Proceeds from issuance of equity 42,636,000 62,139,000
Offering costs (2,443,000) (3,533,000)
Borrowings under mortgage notes payable 33,635,000 56,108,000
Payments for deferred financing costs (711,000) (1,484,000)
Principal repayments on mortgage notes payable (6,085,000) (5,403,000)
Principal repayments on employee notes receivable   35,000
Borrowings from line of credit 67,250,000 58,900,000
Repayments on line of credit (46,050,000) (55,000,000)
Decrease in security deposits (103,000) (18,000)
Distributions paid for common, senior common and preferred stock (22,077,000) (17,343,000)
Net cash provided by financing activities 66,052,000 94,401,000
Net decrease in cash and cash equivalents (3,309,000) (1,015,000)
Cash and cash equivalents, beginning of period 8,546,000 5,546,000
Cash and cash equivalents, end of period 5,237,000 4,531,000
NON-CASH INVESTING AND FINANCING INFORMATION    
Increase in asset retirement obligation 162,000  
Fixed rate principal debt assumed in connection with acquisitions 10,147,000  
Senior common dividend issued in the dividend reinvestment program 142,000 85,000
Capital improvements included in accounts payable and accrued expenses $ 5,774,000