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Condensed Consolidated Statement of Cash Flows - USD ($)
9 Months Ended
Sep. 30, 2016
Sep. 30, 2015
Cash flows from operating activities:    
Net income $ 12,769,000 $ 19,339,000
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 16,920,000 16,884,000
Amortization of debt premium (166,000) (169,000)
Stock-based compensation expense 354,000 316,000
Gain on property exchange   (8,742,000)
Changes in assets and liabilities:    
Rent receivable (497,000) (311,000)
Accrued expenses and other liabilities 203,000 (278,000)
Tenant reserves, deposits and prepaid rents 604,000 869,000
Accrued interest 47,000 (75,000)
Other, net (482,000) (533,000)
Net cash provided by operating activities 29,752,000 27,300,000
Cash flows from investing activities:    
Investments in LLCs (5,454,000) (418,000)
Repayments of advances made to LLC 634,000  
Cash distributions in excess of income from LLCs 318,000 168,000
Cash distribution of refinancing proceeds from LLCs   1,045,000
Additions to real estate investments, net (7,104,000) (3,667,000)
Cash received for property exchange 0 2,000,000
Deposit on real estate assets (420,000)  
Net cash paid for acquisition of properties (52,193,000) (16,765,000)
Cash paid to acquire minority interests in majority-owned LLCs   (2,250,000)
Net cash used in investing activities (64,219,000) (19,887,000)
Cash flows from financing activities:    
Net borrowings on line of credit 50,100,000 24,600,000
Repayments of mortgages and other notes payable (2,407,000) (7,383,000)
Financing costs paid (307,000) (1,000,000)
Dividends paid (26,231,000) (25,494,000)
Partial settlement of dividend equivalent rights (30,000) (17,000)
Issuance of shares of beneficial interest, net 13,430,000 1,671,000
Net cash provided by (used in) financing activities 34,555,000 (7,623,000)
Increase/(decrease) in cash and cash equivalents 88,000 (210,000)
Cash and cash equivalents, beginning of period 3,894,000 3,861,000
Cash and cash equivalents, end of period 3,982,000 3,651,000
Supplemental disclosures of cash flow information:    
Interest paid $ 6,491,000 6,052,000
Property Exchange Transaction:    
Net assets acquired in property exchange   9,886,000
Net assets relinquished in property exchange   $ (3,144,000)