XML 32 R8.htm IDEA: XBRL DOCUMENT v2.4.1.9
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
In Thousands, unless otherwise specified
3 Months Ended
Mar. 31, 2015
Mar. 31, 2014
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income $ 21,783us-gaap_ProfitLoss $ 2,062us-gaap_ProfitLoss
Less net income - discontinued operations 14,605us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTax 2,157us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTax
Net income/(loss) - continuing operations 7,178us-gaap_IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest (95)us-gaap_IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest
Adjustments to reconcile net income/(loss) to net cash provided by operating activities:    
Depreciation and amortization 2,799us-gaap_DepreciationAndAmortization 3,068us-gaap_DepreciationAndAmortization
Mark to market adjustment on derivative financial instruments 69us-gaap_GainLossOnDerivativeInstrumentsNetPretax 36us-gaap_GainLossOnDerivativeInstrumentsNetPretax
Gain on sale of marketable securities (6,923)us-gaap_MarketableSecuritiesRealizedGainLoss (1,167)us-gaap_MarketableSecuritiesRealizedGainLoss
Loss from investment in unconsolidated affiliated real estate entity 35us-gaap_IncomeLossFromEquityMethodInvestments 135us-gaap_IncomeLossFromEquityMethodInvestments
Other non-cash adjustments (70)us-gaap_OtherNoncashIncomeExpense (48)us-gaap_OtherNoncashIncomeExpense
Changes in assets and liabilities:    
Decrease/(increase) in prepaid expenses and other assets 240us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets (413)us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
Decrease in tenant accounts receivable 4us-gaap_IncreaseDecreaseInAccountsAndOtherReceivables 480us-gaap_IncreaseDecreaseInAccountsAndOtherReceivables
Increase in tenant allowance and security deposits payable 159cik1296884_IncreaseDecreaseInSecurityDepositsAndOtherLiabilities 342cik1296884_IncreaseDecreaseInSecurityDepositsAndOtherLiabilities
Increase in accounts payable and accrued expenses 128us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities 602us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
(Decrease)/increase in due to Sponsor (17)us-gaap_IncreaseDecreaseInDueToOtherRelatedPartiesCurrent (175)us-gaap_IncreaseDecreaseInDueToOtherRelatedPartiesCurrent
Increase in deferred rental income 255us-gaap_IncreaseDecreaseInDeferredRevenue 511us-gaap_IncreaseDecreaseInDeferredRevenue
Net cash provided by operating activities - continuing operations 3,857us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations 3,276us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
Net cash provided by operating activities - discontinued operations 967us-gaap_CashProvidedByUsedInOperatingActivitiesDiscontinuedOperations 2,210us-gaap_CashProvidedByUsedInOperatingActivitiesDiscontinuedOperations
Net cash provided by operating activities 4,824us-gaap_NetCashProvidedByUsedInOperatingActivities 5,486us-gaap_NetCashProvidedByUsedInOperatingActivities
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchase of investment property, net (1,760)us-gaap_PaymentsForProceedsFromProductiveAssets (2,496)us-gaap_PaymentsForProceedsFromProductiveAssets
Purchase of marketable securities (5,113)us-gaap_PaymentsToAcquireMarketableSecurities (7,470)us-gaap_PaymentsToAcquireMarketableSecurities
Contributions to investment in unconsolidated affiliated real estate entities (1,568)us-gaap_PaymentsToAcquireEquityMethodInvestments   
Collections on mortgage receivable 35us-gaap_ProceedsFromSaleAndCollectionOfMortgageNotesReceivable 24us-gaap_ProceedsFromSaleAndCollectionOfMortgageNotesReceivable
Proceeds from sale of marketable securities 22,203us-gaap_ProceedsFromSaleAndMaturityOfMarketableSecurities 17,778us-gaap_ProceedsFromSaleAndMaturityOfMarketableSecurities
Investment in affiliate (7,113)cik1296884_PaymentsForInvestmentInAffiliates   
Distribution from investment in unconsolidated affiliated real estate entities 96cik1296884_DistributionsFromUnconsolidatedSubsidiaries   
Deposit for purchase of real estate, net    (3,543)us-gaap_PaymentsForDepositsOnRealEstateAcquisitions
Release of restricted escrows 442us-gaap_IncreaseDecreaseInRestrictedCash 7,045us-gaap_IncreaseDecreaseInRestrictedCash
Net cash provided by investing activities - continuing operations 7,222us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations 11,338us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
Net cash provided by investing activities - discontinued operations 77,994us-gaap_CashProvidedByUsedInInvestingActivitiesDiscontinuedOperations 5,461us-gaap_CashProvidedByUsedInInvestingActivitiesDiscontinuedOperations
Net cash provided by investing activities 85,216us-gaap_NetCashProvidedByUsedInInvestingActivities 16,799us-gaap_NetCashProvidedByUsedInInvestingActivities
CASH FLOWS FROM FINANCING ACTIVITIES:    
Mortgage payments (544)us-gaap_RepaymentsOfSecuredDebt (662)us-gaap_RepaymentsOfSecuredDebt
Payment of loan fees and expenses (2)us-gaap_PaymentsOfLoanCosts (11)us-gaap_PaymentsOfLoanCosts
Redemption and cancellation of common stock and noncontrolling interests (392)us-gaap_PaymentsForRepurchaseOfCommonStock (3,104)us-gaap_PaymentsForRepurchaseOfCommonStock
Proceeds from mortgage financing    553us-gaap_ProceedsFromMortgageDeposits
Net payments on notes payable (18,172)us-gaap_ProceedsFromRepaymentsOfNotesPayable (671)us-gaap_ProceedsFromRepaymentsOfNotesPayable
Contributions received from noncontrolling interests 3us-gaap_ProceedsFromMinorityShareholders 9us-gaap_ProceedsFromMinorityShareholders
Distributions paid to noncontrolling interests (2,576)us-gaap_PaymentsOfDividendsMinorityInterest (710)us-gaap_PaymentsOfDividendsMinorityInterest
Distributions paid to Company's common stockholders (3,113)us-gaap_PaymentsOfDividendsCommonStock (3,076)us-gaap_PaymentsOfDividendsCommonStock
Net cash used in financing activities - continuing operations (24,796)us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations (7,672)us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
Net cash used in financing activities - discontinued operations (34,236)us-gaap_CashProvidedByUsedInFinancingActivitiesDiscontinuedOperations (6,020)us-gaap_CashProvidedByUsedInFinancingActivitiesDiscontinuedOperations
Net cash used in financing activities (59,032)us-gaap_NetCashProvidedByUsedInFinancingActivities (13,692)us-gaap_NetCashProvidedByUsedInFinancingActivities
Net change in cash and cash equivalents 31,008us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease 8,593us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease
Cash and cash equivalents, beginning of year 54,529us-gaap_CashAndCashEquivalentsAtCarryingValue 52,899us-gaap_CashAndCashEquivalentsAtCarryingValue
Cash and cash equivalents, end of period 85,537us-gaap_CashAndCashEquivalentsAtCarryingValue 61,492us-gaap_CashAndCashEquivalentsAtCarryingValue
Supplemental disclosure of cash flow information:    
Cash paid for interest 3,359us-gaap_InterestPaid 3,884us-gaap_InterestPaid
Distributions declared 4,479cik1296884_DividendsAndDistributionsDeclaredButNotPaid 4,443cik1296884_DividendsAndDistributionsDeclaredButNotPaid
Value of shares issued from distribution reinvestment program 1,453us-gaap_StockIssued1 1,450us-gaap_StockIssued1
Non-cash purchase of investment property 4,137us-gaap_NoncashOrPartNoncashAcquisitionInvestmentsAcquired1 250us-gaap_NoncashOrPartNoncashAcquisitionInvestmentsAcquired1
Debt assumed by purchase on disposition $ 11,539cik1296884_NoncashOrPartNoncashDivestitureDebtAssumed