Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flow

v3.8.0.1
Consolidated Statements of Cash Flow - USD ($)
 12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
Operating Activities      
Net Income $ 34,336,616 $ 30,991,408 $ 13,937,117
Adjustments to reconcile net income to net cash provided by operating activities:      
Deferred income tax, net (486,340) (151,313) (2,869,563)
Depreciation, amortization and ARO accretion 25,708,891 24,548,350 20,662,297
Provision for loan loss 0 5,014,466 13,784,137
Loss on extinguishment of debt 336,933 0 0
Non-cash settlement of accounts payable (221,609) 0 0
Loss on sale of equipment 4,203 0 0
Gain on repurchase of convertible debt 0 (71,702) 0
Net distributions and dividend income, including recharacterization of income 148,649 (117,004) (371,323)
Net realized and unrealized (gain) loss on other equity securities (1,531,827) (781,153) 1,063,613
Unrealized gain on derivative contract 0 (75,591) (70,333)
Settlement of derivative contract 0 (95,319) 0
Common stock issued under directors compensation plan 67,500 60,000 90,000
Changes in assets and liabilities:      
Increase in deferred rent receivables (7,184,005) (8,360,036) (5,016,950)
Decrease (increase) in accounts and other receivables 752,848 (174,390) 2,743,858
Decrease (increase) in financing note accrued interest receivable 0 95,114 (355,208)
(Increase) decrease in prepaid expenses and other assets (16,717) 329,735 (37,462)
Increase (decrease) in management fee payable 13,402 (28,723) 599,348
Decrease in accounts payable and other accrued liabilities (225,961) (231,151) (847,683)
Increase in income tax liability 2,204,626 0 0
Increase (decrease) in unearned revenue 2,884,362 155,961 (711,230)
Net cash provided by operating activities 56,791,571 51,108,652 42,600,618
Investing Activities      
Proceeds from sale of other equity securities 7,591,166 0 0
Proceeds from assets and liabilities held for sale 0 644,934 7,678,246
Deferred lease costs 0 0 (336,141)
Acquisition expenditures 0 0 (251,513,344)
Purchases of property and equipment, net (116,595) (191,926) (138,918)
Proceeds from asset foreclosure and sale 0 223,451 0
Increase in financing notes receivable 0 (202,000) (524,037)
Principal payment on financing note receivable 0 0 100,000
Return of capital on distributions received 120,906 4,631 121,578
Net cash provided by (used in) investing activities 7,595,477 479,090 (244,612,616)
Financing Activities      
Debt financing costs (1,462,741) (193,000) (1,617,991)
Net offering proceeds on Series A preferred stock 71,161,531 0 54,210,476
Net offering proceeds on common stock 0 0 73,184,679
Net offering proceeds on convertible debt 0 0 111,262,500
Repurchases of common stock 0 (2,041,851) 0
Repurchases of convertible debt 0 (899,960) 0
Dividends paid on Series A preferred stock (8,227,734) (4,148,437) (3,503,125)
Dividends paid on common stock (34,731,892) (34,896,727) (28,528,224)
Distributions to non-controlling interest (1,833,650) 0 (2,486,464)
Advances on revolving line of credit 10,000,000 44,000,000 45,392,332
Payments on revolving line of credit (54,000,000) 0 (77,533,609)
Proceeds from term debt 41,000,000 0 45,000,000
Principal payments on secured credit facilities (45,600,577) (60,131,423) (6,328,000)
Purchase of non-controlling interest (32,800,000) 0 0
Net cash (used in) provided by financing activities (56,495,063) (58,311,398) 209,052,574
Net Change in Cash and Cash Equivalents 7,891,985 (6,723,656) 7,040,576
Cash and Cash Equivalents at beginning of period 7,895,084 14,618,740 7,578,164
Cash and Cash Equivalents at end of period 15,787,069 7,895,084 14,618,740
Supplemental Disclosure of Cash Flow Information      
Interest paid 10,780,150 12,900,901 7,873,333
Income taxes paid (net of refunds) 199,772 37,736 747,406
Non-Cash Investing Activities      
Investment in other equity securities (1,161,034) 0 0
Change in accounts and other receivables 0 (450,000) 0
Change in accounts payable and accrued expenses related to acquisition expenditures 0 0 (614,880)
Change in accounts payable and accrued expenses related to issuance of financing and other notes receivable 0 0 (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 0 (1,776,549) 0
Non-Cash Financing Activities      
Change in accounts payable and accrued expenses related to the issuance of common equity 0 0 (72,685)
Change in accounts payable and accrued expenses related to debt financing costs 255,037 0 (43,039)
Reinvestment of distributions by common stockholders in additional common shares $ 962,308 $ 815,889 $ 817,915