Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows

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Consolidated Statements of Cash Flows - USD ($)
 6 Months Ended
Jun. 30, 2015
Jun. 30, 2014
Operating Activities    
Net Income (Loss) $ 9,093,945 $ 5,889,316
Adjustments to reconcile net income to net cash provided by operating activities:    
Deferred income tax, net (268,734) 402,318
Depreciation and amortization 8,216,190 6,802,882
Net distributions and dividend income, including recharacterization of income (371,323) 0
Net distributions and dividend income, including recharacterization of income (493,183) (3,378,208)
Unrealized gain on derivative contract (34,529) (34,932)
Common stock issued under directors compensation plan 60,000 0
Changes in assets and liabilities:    
Decrease in accounts and other receivables 22,280 563,997
Increase in financing note accrued interest receivable (342,874) 0
Increase in prepaid expenses and other assets (198,215) (94,053)
Increase in management fee payable 47,959 0
Decrease in accounts payable and other accrued liabilities (702,221) (366,777)
Increase in current income tax liability 292,214 421,887
Increase (decrease) in unearned revenue (711,230) 2,133,686
Net cash provided by operating activities 14,610,279 12,340,116
Investing Activities    
Proceeds from sale of leased property held for sale 7,678,246 0
Acquisition expenditures (249,925,974) (43,536,044)
Purchases of property and equipment (19,820) 0
Increase in financing notes receivable (39,248) (4,299,356)
Return of capital on distributions received 55,009 832,744
Net cash used in investing activities (242,251,787) (47,002,656)
Financing Activities    
Debt financing costs (132,041) (220,000)
Net offering proceeds on Series A preferred stock 54,210,476 0
Net offering proceeds on common stock 73,431,411 45,624,563
Net offering proceeds on convertible debt 111,262,500 0
Dividends paid on Series A preferred stock (1,428,906) 0
Dividends paid on common stock (11,952,944) (7,039,176)
Distributions to non-controlling interest (1,131,356) (1,421,562)
Advances on revolving line of credit 45,072,666 2,535,671
Payments on revolving line of credit (35,064,018) (2,617,606)
Principal payments on credit facility (1,764,000) (1,176,000)
Net cash provided by financing activities 232,503,788 35,685,890
Net Change in Cash and Cash Equivalents 4,862,280 1,023,350
Cash and Cash Equivalents at beginning of period 7,578,164 17,963,266
Cash and Cash Equivalents at end of period 12,440,444 18,986,616
Supplemental Disclosure of Cash Flow Information    
Interest paid 1,734,846 1,399,619
Income taxes paid (net of refunds) (2,999) 432,187
Non-Cash Operating Activities    
Change in accounts payable and accrued expenses related to accounts and other receivables 16,248 0
Non-Cash Investing Activities    
Change in accounts payable and accrued expenses related to intangibles and deferred costs 297,831 0
Change in accounts payable and accrued expenses related to acquisition expenditures (51,699) 627,970
Change in accounts payable and accrued expenses related to issuance of financing and other notes receivable (39,248) 0
Non-Cash Financing Activities    
Change in accounts payable and accrued expenses related to the issuance of common equity 176,338 0
Change in accounts payable and accrued expenses related to debt financing costs $ 157,059 (220,000)
Reinvestment of distributions by common stockholders in additional common shares   $ 61,329