CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
|
12 Months Ended |
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
| Cash flows from operating activities: |
|
|
|
| Net income |
$ 24,481,000
|
$ 21,907,000
|
$ 22,210,000
|
| Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
| Gain on sale of real estate, net |
(10,087,000)
|
(5,392,000)
|
(10,180,000)
|
| Purchase price fair value adjustment |
|
(960,000)
|
|
| Gain on sale of available-for-sale securities (to related party in 2014) |
(27,000)
|
|
(134,000)
|
| Impairment loss |
|
|
1,093,000
|
| Prepayment costs on debt |
577,000
|
568,000
|
1,581,000
|
| Increase in unbilled rent receivable |
(2,286,000)
|
(1,448,000)
|
(1,569,000)
|
| Write-off of unbilled rent receivable |
7,000
|
566,000
|
79,000
|
| Bad debt expense |
98,000
|
|
0
|
| Amortization of intangibles relating to leases, net |
(712,000)
|
(723,000)
|
(267,000)
|
| Amortization of restricted stock expense |
2,983,000
|
2,334,000
|
1,833,000
|
| Equity in earnings of unconsolidated joint ventures |
(1,005,000)
|
(412,000)
|
(533,000)
|
| Distributions of earnings from unconsolidated joint ventures |
939,000
|
540,000
|
502,000
|
| Depreciation and amortization |
18,164,000
|
16,384,000
|
14,662,000
|
| Amortization and write-off of deferred financing costs |
904,000
|
1,023,000
|
1,037,000
|
| Payment of leasing commissions |
(1,050,000)
|
(716,000)
|
(165,000)
|
| (Increase) decrease in escrow, deposits, other assets and receivables |
(731,000)
|
197,000
|
1,149,000
|
| (Decrease) increase in accrued expenses and other liabilities |
(850,000)
|
616,000
|
505,000
|
| Net cash provided by operating activities |
31,405,000
|
34,484,000
|
31,803,000
|
| Cash flows from investing activities: |
|
|
|
| Purchase of real estate |
(118,589,000)
|
(67,445,000)
|
(57,096,000)
|
| Improvements to real estate |
(4,868,000)
|
(3,868,000)
|
(769,000)
|
| Net proceeds from sales of real estate |
42,312,000
|
16,025,000
|
43,788,000
|
| Purchase of partner's interest in consolidated joint venture |
(446,000)
|
|
|
| Purchase of partner's interest in unconsolidated joint venture |
|
(6,300,000)
|
|
| Investment in unconsolidated joint ventures |
|
(12,686,000)
|
|
| Distributions of capital from unconsolidated joint ventures |
647,000
|
776,000
|
53,000
|
| Net proceeds from sale of available-for-sale securities (to related party in 2014) |
33,000
|
|
266,000
|
| Net cash used in investing activities |
(80,911,000)
|
(73,498,000)
|
(13,758,000)
|
| Cash flows from financing activities: |
|
|
|
| Scheduled amortization payments of mortgages payable |
(9,138,000)
|
(7,793,000)
|
(7,597,000)
|
| Repayment of mortgages payable |
(63,726,000)
|
(27,967,000)
|
(38,873,000)
|
| Proceeds from mortgage financings |
137,628,000
|
79,605,000
|
60,474,000
|
| Proceeds from sale of common stock, net |
25,787,000
|
6,457,000
|
3,768,000
|
| Proceeds from bank line of credit |
86,000,000
|
45,400,000
|
42,500,000
|
| Repayment on bank line of credit |
(94,250,000)
|
(40,400,000)
|
(52,500,000)
|
| Issuance of shares through dividend reinvestment plan |
3,107,000
|
4,284,000
|
4,449,000
|
| Payment of financing costs |
(2,220,000)
|
(897,000)
|
(1,782,000)
|
| Prepayment costs on debt |
(577,000)
|
(568,000)
|
(1,581,000)
|
| Capital contributions from non-controlling interests |
80,000
|
713,000
|
639,000
|
| Distributions to non-controlling interests |
(271,000)
|
(1,829,000)
|
(228,000)
|
| Cash distributions to common stockholders |
(28,230,000)
|
(25,599,000)
|
(23,601,000)
|
| Net cash provided by (used in) financing activities |
54,190,000
|
31,406,000
|
(14,332,000)
|
| Net increase (decrease) in cash and cash equivalents |
4,684,000
|
(7,608,000)
|
3,713,000
|
| Cash and cash equivalents at beginning of year |
12,736,000
|
20,344,000
|
16,631,000
|
| Cash and cash equivalents at end of year |
17,420,000
|
12,736,000
|
20,344,000
|
| Supplemental disclosures of cash flow information: |
|
|
|
| Cash paid during the period for interest expense |
17,310,000
|
15,986,000
|
16,403,000
|
| Cash paid during the year for income taxes |
36,000
|
70,000
|
90,000
|
| Cash paid during the year for Federal excise tax, net |
190,000
|
300,000
|
64,000
|
| Supplemental schedule of non-cash investing and financing activities: |
|
|
|
| Mortgage debt extinguished upon conveyance of the Company's Morrow, Georgia property to mortgagee by deed-in-lieu of foreclosure |
|
1,466,000
|
|
| Consolidation of real estate investment |
|
2,633,000
|
|
| Purchase accounting allocation - intangible lease assets |
8,194,000
|
5,776,000
|
4,771,000
|
| Purchase accounting allocation - intangible lease liabilities |
$ (6,288,000)
|
$ (5,365,000)
|
$ (4,376,000)
|