XML 17 R6.htm IDEA: XBRL DOCUMENT v3.4.0.3
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2016
Mar. 31, 2015
Cash flows from operating activities:    
Net income $ 2,579 $ 12,533
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization expense 22,962 23,189
Amortization of above market lease 81 6
Gain on sale of properties, less applicable income tax   (10,462)
Equity in losses of non-consolidated REITs 286 322
Changes in operating assets and liabilities:    
Restricted cash 13 686
Tenant rent receivables (793) 146
Straight-line rents (1,275) (69)
Lease acquisition costs (199) (3)
Prepaid expenses and other assets (791) 283
Accounts payable, accrued expenses and other items (10,374) (7,706)
Accrued compensation (2,452) (2,517)
Tenant security deposits (396) (230)
Payment of deferred leasing commissions (1,825) (1,116)
Net cash provided by operating activities 7,816 15,062
Cash flows from investing activities:    
Property improvements, fixtures and equipment (6,699) (4,298)
Office computers and furniture (21)  
Distributions in excess of earnings from non-consolidated REITs 27 27
Repayment of related party mortgage loan receivable 39,066  
Proceeds received on sales of real estate assets   47,671
Changes in deposits on real estate assets   (4,000)
Net cash provided by investing activities 32,373 39,400
Cash flows from financing activities:    
Distributions to stockholders (19,036) (19,036)
Borrowings under bank note payable 15,000 20,000
Repayments of bank note payable (40,000) (48,000)
Net cash used in financing activities (44,036) (47,036)
Net increase (decrease) in cash and cash equivalents (3,847) 7,426
Cash and cash equivalents, beginning of year 18,163 7,519
Cash and cash equivalents, end of period 14,316 14,945
Non-cash investing and financing activities:    
Accrued costs for purchase of real estate assets $ 1,887 $ 2,998