|
Consolidated and Combined Statements of Cash Flows (USD $)
In Thousands, unless otherwise specified
|
12 Months Ended |
|
Dec. 31, 2013
|
Dec. 31, 2012
Predecessor
|
Dec. 31, 2011
Predecessor
|
| Cash Flows from Operating Activities: |
|
|
|
| Net loss |
$ (2,636) |
|
|
| Net loss |
|
(1,534) |
(3,060) |
| Adjustments to reconcile net loss to net cash provided by operating activities |
|
|
|
| Depreciation and amortization |
5,107 |
4,161 |
4,783 |
| Gain on sale of investment properties |
|
(1,519) |
|
| Loss on sale of property under development |
2 |
228 |
|
| Amortization of lease inducement and above market leases |
141 |
70 |
29 |
| Change in fair value of derivatives, net |
(246) |
(122) |
325 |
| Provision for bad debts |
30 |
320 |
523 |
| Impairment losses |
|
937 |
1,437 |
| Non-cash compensation |
433 |
|
|
| Amortization and write-off of deferred financing costs |
510 |
268 |
255 |
| (Increase) decrease in |
|
|
|
| Tenant receivables |
(184) |
33 |
(312) |
| Deferred costs |
(163) |
(153) |
(194) |
| Other assets |
(1,749) |
268 |
(590) |
| Increase (decrease) in |
|
|
|
| Accounts payable to related parties |
(1,530) |
255 |
(124) |
| Accounts payable |
34 |
204 |
(594) |
| Accrued expenses and other liabilities |
1,256 |
(56) |
500 |
| Total Adjustments |
3,641 |
4,894 |
6,038 |
| Net cash provided by operating activities |
1,005 |
3,360 |
2,978 |
| Cash Flows from Investing Activities: |
|
|
|
| Proceeds from sale of investment properties |
448 |
14,525 |
|
| Capital expenditures for acquisition of investment properties |
(125,728) |
(845) |
(52) |
| Lease inducement |
(1,000) |
|
|
| Net cash (used in)/provided by investing activities |
(126,280) |
13,680 |
(52) |
| Cash Flows from Financing Activities: |
|
|
|
| Proceeds from sale of common shares |
244,934 |
|
|
| Offering costs |
(19,014) |
|
|
| Formation transactions |
(354) |
|
|
| Proceeds from credit facility borrowings |
52,350 |
|
|
| Payments on credit facility borrowings |
(52,350) |
|
|
| Proceeds from issuance of debt |
162 |
45 |
695 |
| Debt issuance costs |
(1,428) |
(270) |
(52) |
| Payments on notes payable |
(41,832) |
(14,149) |
(2,639) |
| Dividends paid |
(2,654) |
|
|
| Distributions to members and partners |
(211) |
(1,671) |
(1,525) |
| Contributions to noncontrolling interest |
|
|
24 |
| Distributions to noncontrolling interest |
(464) |
(313) |
(261) |
| Net cash provided by/(used in) financing activities |
179,139 |
(16,358) |
(3,758) |
| Net increase (decrease) in cash and cash equivalents |
53,864 |
682 |
(832) |
| Cash and cash equivalents, beginning of year |
2,614 |
1,932 |
2,764 |
| Cash and cash equivalents, end of period |
56,478 |
2,614 |
1,932 |
| Supplemental disclosure of cash flow information interest paid during the year |
3,942 |
5,126 |
5,050 |
| Supplemental disclosure of noncash activity -- accrued dividends payable |
5,681 |
|
|
| Supplemental disclosure of noncash activity -- contributions to noncontrolling interest |
$ 12,095 |
|
|