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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
OPERATING ACTIVITIES      
Net income $ 12,857 $ 11,384 $ 9,303
Adjustments to reconcile net income to net cash from operating activities      
(Gain) loss on sale of real estate and non-real estate investments 320 (470) (69)
(Gain) on change in control of real estate investment (550)    
(Gain) on sale of joint venture interest (597)    
Loss on extinguishment of debt     18
Net gain on investment in marketable securities     (666)
(Gain) loss on involuntary conversion 34 (197) (398)
Loss on impairment of property 0 412 0
Loss on lease terminations 299   58
Equity in income of unconsolidated affiliates (1,019) (957) (1,086)
Distributions of earnings of unconsolidated affiliates 1,014 900 1,086
Depreciation 18,507 16,466 12,116
Amortization 3,539 3,076 1,434
Amortization of debt issuance costs 694 666 463
Effects on operating cash flows due to changes in      
Restricted deposits - tenant security deposits (120) (1,169) (304)
Restricted deposits - real estate tax and insurance escrows (159) 330 523
Due from related party 26 49 (45)
Receivables (474) (475) 199
Prepaid expenses 411 737 (372)
Marketable securities     666
Other assets 111 (64) 23
Due to related party 179 (2,037) 2,229
Tenant security deposits payable 103 159 244
Accounts payable - trade (432) (815) 439
Accrued expenses and other liabilities (24) 320 2,066
NET CASH PROVIDED BY OPERATING ACTIVITIES 34,719 28,315 27,927
INVESTING ACTIVITIES      
Purchase of real estate investment properties (9,745) (23,480) (43,932)
Capital expenditures and tenant improvements (10,848) (5,759) (10,536)
Proceeds from sale of real estate investments 1,409 1,424 625
Proceeds from involuntary conversion 973 529 906
Proceeds from sale of joint venture interest 2,600    
Investment in unconsolidated affiliates (67) (37) (674)
Distributions in excess of earnings received from unconsolidated affiliates 542 152 274
Restricted deposits - replacement reserve escrows (841) 1,456 (1,367)
Notes receivable issued   (51) (600)
Notes receivable payments received 9    
NET CASH USED IN INVESTING ACTIVITIES (15,968) (25,766) (55,304)
FINANCING ACTIVITIES      
Payments for financing, debt issuance and lease costs (446) (1,938) (1,668)
Payments on investment certificates and subordinated debt (50) (319) (64)
Reinvested proceeds from investment certificates     17
Principal payments on special assessments payable (1,984) (117) (35)
Proceeds from issuance of mortgage notes payable and subordinated debt 20,271 36,385 24,540
Principal payments on mortgage notes payable (13,345) (27,160) (7,898)
Advances on lines of credit 6,669 16,305 29,630
Payments on lines of credit (6,669) (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 2,150 1,783 1,892
Shares/units redeemed (2,062) (2,548) (4,904)
Dividends/distributions paid (17,712) (15,935) (14,129)
Payment of syndication costs   (1,335)  
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES (13,178) 3,269 14,171
NET CHANGE IN CASH AND CASH EQUIVALENTS 5,573 5,818 (13,206)
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 6,461 643 13,849
CASH AND CASH EQUIVALENTS AT END OF PERIOD 12,034 6,461 643
SCHEDULE OF CASH FLOW INFORMATION      
Cash paid during the period for interest, net of capitalized interest 18,319 16,249 12,395
SUPPLEMENTARY SCHEDULE OF NONCASH INVESTING AND FINANCING ACTIVITIES      
Dividends reinvested 4,760 4,160 3,238
Dividends declared and not paid 1,920 1,762 1,264
UPREIT distributions declared and not paid 4,005 3,557 3,290
UPREIT units converted to REIT common shares 754 87 700
Stock issued pursuant to trustee compensation plan 60 56 23
Acquisition of assets in exchange for the issuance of noncontrolling interest units in UPREIT 23,468 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 908 850 172
Unrealized gain on interest rate swaps 74 53 37
Acquisition of assets with new financing 2,662 45,830 67,813
Acquisition of assets through assumption of debt and liabilities 78 2,051 2,636
Capitalized interest related to construction in progress 136 71 224
Construction in progress with new financing   3,424  
Acquisition of assets with accounts payable $ (34) $ 213 $ 1,066