Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows (Unaudited)

v3.8.0.1
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Operating Activities    
Net Income $ 27,097,030 $ 22,576,671
Adjustments to reconcile net income to net cash provided by operating activities:    
Deferred income tax, net (134,322) 17,418
Depreciation, amortization and ARO accretion 19,350,053 18,334,719
Provision for loan loss 0 5,014,466
Loss on extinguishment of debt 234,433 0
Non-cash settlement of accounts payable (221,609) 0
Loss on sale of equipment 4,203 0
Gain on repurchase of convertible debt 0 (71,702)
Net distributions and dividend income, including recharacterization of income 148,649 (117,004)
Net realized and unrealized gain on other equity securities (1,410,623) (1,001,771)
Unrealized loss (gain) on derivative contract 13,154 (105,567)
Common stock issued under directors compensation plan 67,500 60,000
Changes in assets and liabilities:    
Increase in deferred rent receivable (5,383,904) (6,564,143)
Decrease in accounts and other receivables 685,312 1,130,115
Decrease in financing note accrued interest receivable 0 95,114
(Increase) decrease in prepaid expenses and other assets (105,866) 49,227
Increase (decrease) in management fee payable 26,732 (20,148)
Increase in accounts payable and other accrued liabilities 2,437,100 1,913,875
Increase in unearned revenue 29,695 343,295
Net cash provided by operating activities 42,837,537 41,654,565
Investing Activities    
Proceeds from assets and liabilities held for sale 0 644,934
Purchases of property and equipment, net (50,924) (475,581)
Proceeds from asset foreclosure and sale 0 223,451
Increase in financing notes receivable 0 (202,000)
Return of capital on distributions received 91,201 3,393
Net cash provided by investing activities 40,277 194,197
Financing Activities    
Debt financing costs (1,342,681) (193,000)
Net offering proceeds on Series A preferred stock 71,161,531 0
Repurchases of common stock 0 (2,041,851)
Repurchases of convertible debt 0 (899,960)
Dividends paid on Series A preferred stock (5,830,859) (3,111,327)
Dividends paid on common stock (26,034,749) (26,311,075)
Distributions to non-controlling interest (1,126,231) 0
Advances on revolving line of credit 10,000,000 44,000,000
Payments on revolving line of credit (44,000,000) 0
Principal payments on secured credit facilities (38,066,400) (57,802,535)
Net cash used in financing activities (35,239,389) (46,359,748)
Net Change in Cash and Cash Equivalents 7,638,425 (4,510,986)
Cash and Cash Equivalents at beginning of period 7,895,084 14,618,740
Cash and Cash Equivalents at end of period 15,533,509 10,107,754
Supplemental Disclosure of Cash Flow Information    
Interest paid 6,301,929 7,829,619
Income taxes paid (net of refunds) 197,202 42,200
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 $ 727,518 $ 494,251