Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flow

v3.6.0.2
Consolidated Statements of Cash Flow - USD ($)
 12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Operating Activities      
Net Income $ 30,991,408 $ 13,937,117 $ 8,570,013
Adjustments to reconcile net income to net cash provided by operating activities:      
Deferred income tax, net (151,313) (2,869,563) (4,069,500)
Depreciation, amortization and ARO accretion 24,548,350 20,662,297 14,289,017
Provision for loan loss 5,014,466 13,784,137 0
Gain on repurchase of convertible debt (71,702) 0 0
Net distributions and dividend income, including recharacterization of income (117,004) (371,323) 960,384
Net realized and unrealized (gain) loss on other equity securities (781,153) 1,063,613 (1,357,496)
Unrealized gain on derivative contract (75,591) (70,333) (70,720)
Settlement of derivative contract (95,319) 0 0
Common stock issued under directors compensation plan 60,000 90,000 30,000
Changes in assets and liabilities:      
Increase in accounts and other receivables (8,534,426) (2,273,092) (383,306)
Decrease (increase) in financing note accrued interest receivable 95,114 (355,208) 0
Decrease (increase) in prepaid expenses and other assets 329,735 (37,462) 96,743
(Decrease) increase in management fee payable (28,723) 599,348 468,961
Decrease in accounts payable and other accrued liabilities (231,151) (847,683) (2,276,773)
Increase (decrease) in unearned revenue 155,961 (711,230) 711,230
Net cash provided by operating activities 51,108,652 42,600,618 16,968,553
Investing Activities      
Proceeds from sale of long-term investment in other equity securities 0 0 10,806,879
Proceeds from assets and liabilities held for sale 644,934 7,678,246 0
Deferred lease costs 0 (336,141) 0
Acquisition expenditures 0 (251,513,344) (168,204,309)
Purchases of property and equipment, net (191,926) (138,918) (11,970)
Proceeds from asset foreclosure and sale 223,451 0 948
Increase in financing notes receivable (202,000) (524,037) (20,648,714)
Principal payment on financing note receivable 0 100,000 0
Return of capital on distributions received 4,631 121,578 981,373
Net cash provided (used) by investing activities 479,090 (244,612,616) (177,075,793)
Financing Activities      
Debt financing costs (193,000) (1,617,991) (3,269,429)
Net offering proceeds on Series A preferred stock 0 54,210,476 0
Net offering proceeds on common stock 0 73,184,679 141,797,913
Net offering proceeds on convertible debt 0 111,262,500 0
Repurchases of common stock (2,041,851) 0 0
Repurchases of convertible debt (899,960) 0 0
Dividends paid on Series A preferred stock (4,148,437) (3,503,125) 0
Dividends paid on common stock (34,896,727) (28,528,224) (15,187,976)
Distributions to non-controlling interest 0 (2,486,464) (2,737,712)
Advances on revolving line of credit 44,000,000 45,392,332 34,676,948
Payments on revolving line of credit 0 (77,533,609) (2,617,606)
Proceeds from term debt 0 45,000,000 0
Principal payments on credit facility (60,131,423) (6,328,000) (2,940,000)
Net cash (used) provided by financing activities (58,311,398) 209,052,574 149,722,138
Net Change in Cash and Cash Equivalents (6,723,656) 7,040,576 (10,385,102)
Cash and Cash Equivalents at beginning of period 14,618,740 7,578,164 17,963,266
Cash and Cash Equivalents at end of period 7,895,084 14,618,740 7,578,164
Supplemental Disclosure of Cash Flow Information      
Interest paid 12,900,901 7,873,333 2,762,903
Income taxes paid (net of refunds) 37,736 747,406 3,260,576
Non-Cash Investing Activities      
Change in accounts and other receivables (450,000) 0 0
Change in accounts payable and accrued expenses related to acquisition expenditures 0 (614,880) 270,615
Change in accounts payable and accrued expenses related to issuance of financing and other notes receivable 0 (39,248) 39,248
Net change in Assets Held for Sale, Property and equipment, Prepaid expenses and other assets, Accounts payable and other accrued liabilities and Liabilities held for sale (1,776,549) 0 0
Non-Cash Financing Activities      
Change in accounts payable and accrued expenses related to the issuance of common equity 0 (72,685) 72,685
Change in accounts payable and accrued expenses related to debt financing costs 0 (43,039) (176,961)
Reinvestment of distributions by common stockholders in additional common shares $ 815,889 $ 817,915 $ 140,108