Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

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Consolidated Statements of Cash Flows (USD $)
In Thousands, unless otherwise specified
 12 Months Ended
Dec. 31, 2012
Dec. 31, 2011
Dec. 31, 2010
Cash flows from operating activities:      
Net income $ 3,761 $ 5,714 $ 4,928
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 16,831 14,149 13,264
Amortization of deferred financing costs 1,502 918 1,003
Amortization of deferred rent asset and liability, net (772) (616) (684)
Amortization of discount and premium on assumed debt 9 94 11
Asset retirement obligation expense 168 157 143
(Increase) decrease in other assets (211) (142) 389
Increase in deferred rent liability 2,510 1,626  
Increase in deferred rent receivable (2,144) (1,394) (1,652)
Increase (decrease) in accounts payable, accrued expenses, and amount due Adviser and Administrator 2,746 (504) 348
Increase (decrease) in other liabilities 743 (340) 363
Leasing commission paid (1,738) (6) (7)
Net cash provided by operating activities 23,405 19,656 18,113
Cash flows from investing activities:      
Acquisition of real estate and related intangible assets (82,239) (42,681) (1,212)
Improvements of existing real estate (5,557) (1,844) (1,207)
Principal repayments on mortgage notes receivable     10,000
Receipts from lenders for funds held in escrow 1,959 1,911 1,618
Payments to lenders for funds held in escrow (5,463) (3,376) (1,751)
Receipts from tenants for reserves 2,870 2,205 2,155
Payments to tenants from reserves (2,543) (2,031) (2,130)
(Increase) decrease in restricted cash (461) (185) 345
Deposits on future acquisitions (550)    
Deposits refunded     250
Net cash (used in) provided by investing activities (91,984) (46,001) 8,068
Cash flows from financing activities:      
Proceeds from issuance of equity 4,191 39,707 4,127
Offering costs (300) (2,412) (249)
Proceeds from issuance of mandatorily redeemable preferred stock 38,500    
Borrowings under mortgage notes payable 99,455 20,052  
Payments for deferred financing costs (4,598) (1,065) (1,192)
Principal repayments on mortgage notes payable (52,285) (6,311) (2,687)
Principal repayments on employee notes receivable 12 542 1,341
Borrowings from line of credit 41,800 58,474 32,795
Repayments on line of credit (35,500) (66,774) (38,995)
Increase (decrease) in security deposits 134 9 (370)
Distributions paid for common, senior common and preferred stock (20,613) (19,610) (16,979)
Net cash provided by (used in) financing activities 70,796 22,612 (22,209)
Net increase (decrease) in cash and cash equivalents 2,217 (3,733) 3,972
Cash and cash equivalents, beginning of period 3,329 7,062 3,097
Cash and cash equivalents, end of period 5,546 3,329 7,062
Cash paid during year for interest 21,239 17,076 17,970
NON-CASH OPERATING, INVESTING AND FINANCING INFORMATION      
Increase in asset retirement obligation 298 69 614
Fixed rate debt assumed in connection with acquisitions 24,926 11,921 10,795
Forfeiture of common stock in satisfaction of employee note receivable     244
Senior common dividend issued in the dividend reinvestment program 26   4
Leasing commissions included in accounts payable     $ 458