Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows

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Condensed Consolidated Statements of Cash Flows (USD $)
In Thousands, unless otherwise specified
 3 Months Ended
Mar. 31, 2014
Mar. 31, 2013
Cash flows from operating activities:    
Net (loss) income $ (13,514) $ 433
Adjustments to reconcile net (loss) income to net cash provided by operating activities:    
Depreciation and amortization 6,720 4,901
Impairment charge 13,958  
Amortization of deferred financing costs 386 405
Amortization of deferred rent asset and liability, net (92) (98)
Amortization of discount and premium on assumed debt (44) (42)
Asset retirement obligation expense (180) 31
Increase (decrease) in other assets 298 (465)
Increase in deferred rent receivable (906) (826)
Decrease in accounts payable, accrued expenses, and amount due Adviser and Administrator (372) (637)
Decrease in other liabilities (41) (264)
Leasing commissions paid (54) (384)
Net cash provided by operating activities 6,159 3,054
Cash flows from investing activities:    
Acquisition of real estate and related intangible assets (3,718) (5,650)
Improvements of existing real estate (1,673) (121)
Receipts from lenders for funds held in escrow 496 1,228
Payments to lenders for funds held in escrow (1,260) (830)
Receipts from tenants for reserves 790 1,456
Payments to tenants from reserves (2,335) (541)
Decrease (increase) in restricted cash 1,545 (915)
Deposits on future acquisitions (250)  
Deposits applied against real estate investments 127 50
Net cash used in investing activities (6,278) (5,323)
Cash flows from financing activities:    
Proceeds from issuance of equity 7,707 6,484
Offering costs (503) (398)
Borrowings under mortgage notes payable   3,700
Payments for deferred financing costs (360) (141)
Principal repayments on mortgage notes payable (2,172) (1,808)
Principal repayments on employee notes receivable   35
Borrowings from line of credit 12,700 7,900
Repayments on line of credit (13,000) (6,500)
Distributions paid for common, senior common and preferred stock (6,986) (5,270)
Net cash (used in) provided by financing activities (2,614) 4,002
Net (decrease) increase in cash and cash equivalents (2,733) 1,733
Cash and cash equivalents, beginning of period 8,546 5,546
Cash and cash equivalents, end of period 5,813 7,279
NON-CASH OPERATING, INVESTING AND FINANCING INFORMATION    
Fixed rate debt assumed in connection with acquisitions 6,330  
Senior common dividend issued in the dividend reinvestment program 39 22
Capital improvements included in accounts payable $ 671