|
Condensed Consolidated Unaudited Statements of Cash Flows (USD $)
In Thousands, unless otherwise specified
|
6 Months Ended |
|
Jun. 30, 2013
|
Jun. 30, 2012
|
| Cash flows from operating activities: |
|
|
| Net income |
$ 6,971 |
$ 16,558 |
| Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
| Depreciation |
30,504 |
30,417 |
| Amortization of intangible lease assets and below market lease intangibles, net |
10,363 |
10,944 |
| Amortization of deferred financing costs |
3,306 |
3,458 |
| Amortization of premiums on mortgage notes receivable |
391 |
358 |
| Amortization of fair value adjustments of mortgage notes payable assumed |
926 |
949 |
| Bad debt (recovery) expense |
(321) |
55 |
| Impairment of real estate assets |
1,152 |
1,979 |
| Equity in income of unconsolidated joint venture |
0 |
(467) |
| Return on investment from unconsolidated joint venture |
0 |
467 |
| Gain on sale of real estate assets and property condemnation |
(305) |
(55) |
| Loss on interest rate swap |
529 |
0 |
| Changes in assets and liabilities: |
|
|
| Rents and tenant receivables |
(1,180) |
(3,110) |
| Prepaid expenses and other assets |
2,588 |
1,509 |
| Accounts payable and accrued expenses |
1,768 |
1,199 |
| Due to affiliates, deferred rental income and other liabilities |
(7,522) |
(3,312) |
| Net cash provided by operating activities |
49,170 |
60,949 |
| Cash flows from investing activities: |
|
|
| Investment in real estate and related assets and other capital expenditures |
(4,784) |
(4,249) |
| Principal repayments from mortgage notes receivable and real estate assets under direct financing leases |
2,076 |
1,765 |
| Return of investment from unconsolidated joint venture |
0 |
648 |
| Proceeds from sale of real estate assets and property condemnation |
14,019 |
75 |
| Change in restricted cash |
3,165 |
2,825 |
| Net cash provided by investing activities |
14,476 |
1,064 |
| Cash flows from financing activities: |
|
|
| Redemptions of common stock |
(121) |
(28,893) |
| Distributions to investors |
(65,027) |
(36,739) |
| Proceeds from notes payable and line of credit |
35,000 |
77,000 |
| Repayment of notes payable and line of credit |
(37,416) |
(98,035) |
| Payment of loan deposits |
0 |
(1,015) |
| Deferred financing costs paid |
(1,279) |
(144) |
| Net cash used in financing activities |
(68,843) |
(87,826) |
| Net decrease in cash and cash equivalents |
(5,197) |
(25,813) |
| Cash and cash equivalents, beginning of period |
21,384 |
53,205 |
| Cash and cash equivalents, end of period |
$ 16,187 |
$ 27,392 |