XML 23 R8.htm IDEA: XBRL DOCUMENT v3.3.1.900
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Cash flows from operating activities:      
Net Income $ 23,691,000 $ 51,551,000 [1] $ 13,169,000
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 22,198,000 20,975,000 18,843,000
Amortization of debt premium (225,000) (312,000) (433,000)
Stock-based compensation expense 427,000 399,000 375,000
Gain on property exchange (8,742,000)    
Gain on divestiture of real property [1]   (13,043,000)  
Gains on purchase of minority interests in majority-owned LLCs [1]   (25,409,000)  
Changes in assets and liabilities:      
Rent receivable (290,000) (555,000) (746,000)
Accrued expenses and other liabilities (184,000) (509,000) 523,000
Tenant reserves, escrows, deposits and prepaid rents 1,781,000 (303,000) 16,000
Accrued interest (41,000) (62,000) (22,000)
Other, net (437,000) 64,000 (431,000)
Net cash provided by operating activities 38,178,000 32,796,000 31,294,000
Cash flows from investing activities:      
Investments in LLCs (667,000) (1,337,000) (3,013,000)
Repayments of advances made to LLCs 306,000   114,000
Advances made to LLCs (22,795,000)   (4,580,000)
Cash distributions in excess of income from LLCs 224,000 1,029,000 2,346,000
Cash distribution of refinancing proceeds from LLCs 1,045,000 2,280,000  
Additions to real estate investments, net (5,257,000) (2,866,000) (3,415,000)
Cash received for property exchange 2,000,000 17,300,000 0
Deposits on real estate assets (150,000) (100,000) (150,000)
Net cash paid for acquisition of properties (16,765,000) (15,600,000) (4,675,000)
Cash paid to acquire minority interests in majority-owned LLCs (2,250,000) (4,744,000)  
Net cash used in investing activities (44,309,000) (4,038,000) (13,373,000)
Cash flows from financing activities:      
Net borrowings/(repayments) on line of credit (52,400,000) 3,950,000 (11,950,000)
Proceeds from mortgages and other notes payable 5,200,000   11,150,000
Repayments of mortgages and other notes payable (17,826,000) (12,327,000) (14,401,000)
Financing costs paid (1,114,000)   (95,000)
Dividends paid (34,089,000) (32,718,000) (31,751,000)
Partial settlement of dividends equivalent rights (75,000) (94,000) (101,000)
Issuance of shares of beneficial interest, net 1,668,000 19,274,000 5,757,000
Net cash provided by/(used in) financing activities 6,164,000 (29,815,000) (17,491,000)
Increase/(decrease) in cash and cash equivalents 33,000 (1,057,000) 430,000
Increase/(decrease) in cash due to recording of LLCs on a consolidated/unconsolidated basis   1,581,000 (141,000)
Cash and cash equivalents, beginning of period 3,861,000 3,337,000 3,048,000
Cash and cash equivalents, end of period 3,894,000 3,861,000 3,337,000
Supplemental disclosures of cash flow information:      
Interest paid 8,025,000 8,268,000 7,517,000
Property Exchange Transaction:      
Net assets acquired in property exchange 9,886,000    
Net assets relinquished in property exchange $ (3,144,000)    
Consolidation Of Limited Liability Companies      
Supplemental disclosures of non-cash transactions:      
Net real estate investments   84,064,000  
Cash and cash equivalents   1,581,000  
Intangible assets   6,490,000  
Rent receivable - other   388,000  
Deferred charges and other assets, net   100,000  
Investment in LLCs   (28,616,000)  
Mortgage and other notes payable, non-recourse to us   (29,758,000)  
Accrued interest   (116,000)  
Accrued expenses and other liabilities   (1,245,000)  
Tenant reserves, escrows, deposits and prepaid rents   (485,000)  
Note payable to previous third-party member   (2,250,000)  
Gains on purchases of minority interests in majority-owned LLCs   (25,409,000)  
Cash paid for purchase of minority interests in majority-owned LLCs   $ 4,744,000  
Deconsolidation of Limited Liability Companies      
Supplemental disclosures of non-cash transactions:      
Net real estate investments     11,597,000
Cash and cash equivalents     141,000
Rent receivable - other     207,000
Deferred charges and other assets, net     135,000
Investment in LLCs     5,443,000
Mortgage and other notes payable, non-recourse to us     (6,215,000)
Other liabilities     (368,000)
Third-party equity interest     $ (54,000)
[1] We began to account for Palmdale Medical Properties and Sparks Medical Properties on a consolidated basis effective January 1, 2014. Additionally, we began to account for six LLCs (Desert Valley Medical Center, Santa Fe Professional Plaza, Rosenberg Children’s Medical Plaza, Sierra San Antonio Medical Plaza, Phoenix Children’s East Valley Care Center and 3811 E. Bell Medical Building Medical Plaza) on a consolidated basis as of August 1, 2014.