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
 9 Months Ended
Sep. 30, 2012
Sep. 30, 2011
Cash flows from operating activities:    
Net income $ 3,147 $ 4,598
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 12,172 10,473
Amortization of deferred financing costs 1,103 684
Amortization of deferred rent asset and liability, net (533) (513)
Amortization of discount and premium on assumed debt 45 78
Asset retirement obligation expense 124 116
Increase in other assets (261) (396)
Increase in deferred rent liability 2,510 1,626
Increase in deferred rent receivable (1,189) (1,051)
Increase (decrease) in accounts payable, accrued expenses, and amount due Adviser 2,810 (1,641)
Increase in other liabilities 240 430
Leasing commission paid (1,538)  
Net cash provided by operating activities 18,630 14,404
Cash flows from investing activities:    
Real estate investments (52,833) (16,333)
Receipts from lenders for funds held in escrow 1,286 1,329
Payments to lenders for funds held in escrow (3,406) (2,759)
Receipts from tenants for reserves 2,156 1,649
Payments to tenants from reserves (1,647) (1,320)
Increase in restricted cash (642) (279)
Deposits on future acquisitions (500) (900)
Deposits refunded   250
Net cash used in investing activities (55,586) (18,363)
Cash flows from financing activities:    
Proceeds from issuance of equity 1,103 39,657
Offering costs (125) (2,407)
Proceeds from issuance of mandatorily redeemable preferred stock 38,500  
Borrowings under mortgage notes payable 46,455  
Payments for deferred financing costs (3,483) (478)
Principal repayments on mortgage notes payable (5,544) (5,585)
Principal repayments on employee notes receivable 12 537
Borrowings from line of credit 19,300 39,374
Repayments on line of credit (32,500) (57,274)
Increase (decrease) in security deposits 134 (50)
Distributions paid for common, senior common and preferred stock (15,443) (14,467)
Net cash provided by (used in) financing activities 48,409 (693)
Net increase (decrease) in cash and cash equivalents 11,453 (4,652)
Cash and cash equivalents, beginning of period 3,329 7,062
Cash and cash equivalents, end of period 14,782 2,410
NON-CASH OPERATING, INVESTING AND FINANCING INFORMATION    
Fixed rate debt assumed in connection with acquisitions 10,758 11,921
Senior common dividend issued in the dividend reinvestment program $ 11