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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
OPERATING ACTIVITIES    
Net income $ 11,384 $ 9,303
Adjustments to reconcile net income to net cash from operating activities    
Gain on sale of real estate (470) (69)
Loss on extinguishment of debt   18
Net gain on investment in marketable securities   (666)
Gain on involuntary conversion (197) (398)
Loss on impairment of property 412 0
Loss on lease termination   58
Equity in income of unconsolidated affiliates (957) (1,086)
Distributions of earnings of unconsolidated affiliates 900 1,086
Depreciation 16,466 12,116
Amortization 3,742 1,897
Effects on operating cash flows due to changes in    
Restricted deposits - tenant security deposits (1,169) (304)
Restricted deposits - real estate tax and insurance escrows 330 523
Due from related party 49 (45)
Receivables (475) 199
Prepaid expenses 737 (372)
Marketable securities   666
Other assets (64) 23
Due to related party (2,037) 2,229
Tenant security deposits payable 159 244
Accounts payable - trade (815) 439
Accrued expenses and other liabilities 320 2,066
NET CASH PROVIDED BY OPERATING ACTIVITIES 28,315 27,927
INVESTING ACTIVITIES    
Purchase of real estate investment properties (23,480) (43,932)
Capital expenditures and tenant improvements (5,759) (10,536)
Proceeds from sale of real estate investments 1,424 625
Proceeds from involuntary conversion 529 906
Investment in unconsolidated affiliates (37) (674)
Distributions in excess of earnings received from unconsolidated affiliates 152 274
Restricted deposits - replacement reserve escrows 1,456 (1,367)
Notes receivable issued (51) (600)
NET CASH USED IN INVESTING ACTIVITIES (25,766) (55,304)
FINANCING ACTIVITIES    
Payments for financing and lease costs (1,938) (1,668)
Payments on investment certificates (319) (64)
Reinvested proceeds from investment certificates   17
Principal payments on special assessments payable (117) (35)
Proceeds from issuance of mortgage notes payable and unsubordinated debt 36,385 24,540
Principal payments on mortgage notes payable (27,160) (7,898)
Advances on lines of credit 16,305 29,630
Payments on lines of credit (32,725) (13,210)
Proceeds from contributions received from noncontrolling interest - partially owned properties 5,123  
Proceeds from issuance of common shares 25,750  
Proceeds from issuance of shares under optional purchase plan 1,783 1,892
Shares/units redeemed (2,548) (4,904)
Dividends/distributions paid (15,935) (14,129)
Payment of syndication costs (1,335)  
NET CASH PROVIDED BY FINANCING ACTIVITIES 3,269 14,171
NET CHANGE IN CASH AND CASH EQUIVALENTS 5,818 (13,206)
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 643 13,849
CASH AND CASH EQUIVALENTS AT END OF PERIOD 6,461 643
SCHEDULE OF CASH FLOW INFORMATION    
Cash paid during the period for interest, net of capitalized interest 16,249 12,395
SUPPLEMENTARY SCHEDULE OF NONCASH INVESTING AND FINANCING ACTIVITIES    
Dividends reinvested 4,160 3,238
Dividends declared and not paid 1,762 1,264
UPREIT distributions declared and not paid 3,557 3,290
UPREIT units converted to REIT common shares 87 700
Stock issued pursuant to trustee compensation plan 56 23
Acquisition of assets in exchange for the issuance of noncontrolling interest units in UPREIT 11,228 16,771
Contributed assets in real estate venture   1,316
Purchase of subsidiary ownership from noncontrolling interest in exchange for the issuance of noncontrolling interest units in UPREIT   810
Increase in land improvements due to increase in special assessments payable 850 172
Unrealized gain (loss) on interest rate swaps 53 (37)
Acquisition of assets with new financing 45,830 67,813
Acquisition of assets through assumption of debt and liabilities 2,051 2,636
Capitalized interest related to construction in progress 71 224
Construction in progress with new financing 3,424  
Acquisition of assets with accounts payable $ 213 $ 1,066