Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows (Unaudited)

v3.7.0.1
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Operating Activities    
Net Income $ 17,487,921 $ 13,005,109
Adjustments to reconcile net income to net cash provided by operating activities:    
Deferred income tax, net (260,762) (370,609)
Depreciation, amortization and ARO accretion 12,949,644 12,149,782
Provision for loan loss 0 5,014,466
Non-cash settlement of accounts payable (171,609) 0
Gain on repurchase of convertible debt 0 (68,734)
Net distributions and dividend income, including recharacterization of income 148,649 (117,004)
Net realized and unrealized (gain) loss on other equity securities (70,426) 429,087
Unrealized gain on derivative contract (16,453) (132,094)
Common stock issued under directors compensation plan 30,000 30,000
Changes in assets and liabilities:    
Increase in deferred rent receivable (3,588,136) (4,777,761)
Decrease in accounts and other receivables 1,162,548 1,044,197
Decrease in financing note accrued interest receivable 0 95,114
Decrease (increase) in prepaid expenses and other assets 134,023 (143,996)
Increase (decrease) in management fee payable 10,301 (63,961)
Decrease in accounts payable and other accrued liabilities (53,621) (133,100)
Increase in unearned revenue 29,695 54,094
Net cash provided by operating activities 27,791,774 26,014,590
Investing Activities    
Proceeds from assets and liabilities held for sale 0 644,934
Purchases of property and equipment, net (13,745) (372,230)
Proceeds from asset foreclosure and sale 0 223,451
Increase in financing notes receivable 0 (202,000)
Return of capital on distributions received 61,828 2,134
Net cash provided by investing activities 48,083 296,289
Financing Activities    
Debt financing costs (2,512) (193,000)
Net offering proceeds on Series A preferred stock 71,170,611 0
Repurchases of common stock 0 (2,041,851)
Repurchases of convertible debt 0 (931,266)
Dividends paid on Series A preferred stock (3,433,984) (2,074,218)
Dividends paid on common stock (17,318,618) (17,570,352)
Distributions to non-controlling interest (480,488) 0
Advances on revolving line of credit 0 44,000,000
Payments on revolving line of credit (44,000,000) 0
Principal payments on secured credit facilities (4,389,261) (54,002,815)
Net cash provided (used) by financing activities 1,545,748 (32,813,502)
Net Change in Cash and Cash Equivalents 29,385,605 (6,502,623)
Cash and Cash Equivalents at beginning of period 7,895,084 14,618,740
Cash and Cash Equivalents at end of period 37,280,689 8,116,117
Supplemental Disclosure of Cash Flow Information    
Interest paid 5,777,328 6,758,715
Income taxes paid (net of refunds) 132,202 3,437
Non-Cash Investing Activities    
Change in accounts and other receivables 0 (450,000)
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 0 (1,776,549)
Non-Cash Financing Activities    
Reinvestment of distributions by common stockholders in additional common shares $ 516,565 $ 331,823