Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows (Unaudited)

v3.10.0.1
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Operating Activities    
Net Income $ 23,215,881 $ 27,097,030
Adjustments to reconcile net income to net cash provided by operating activities:    
Deferred income tax, net (1,751,615) (134,322)
Depreciation, amortization and ARO accretion 19,929,691 19,350,053
Provision for loan losses 500,000 0
Loss on extinguishment of debt 0 234,433
Non-cash settlement of accounts payable 0 (221,609)
(Gain) loss on sale of equipment (8,416) 4,203
Net distributions and dividend income, including recharacterization of income 0 148,649
Net realized and unrealized (gain) loss on other equity securities 1,797,281 (1,410,623)
Unrealized loss on derivative contract 0 13,154
Common stock issued under directors' compensation plan 67,500 67,500
Changes in assets and liabilities:    
Increase in deferred rent receivable (5,403,281) (5,383,904)
Decrease in accounts and other receivables 936,672 685,312
Increase in prepaid expenses and other assets (22,001) (105,866)
Increase in management fee payable 72,885 26,732
Increase in accounts payable and other accrued liabilities 2,436,421 2,437,100
Decrease in current income tax liability (2,172,200) 0
Increase in unearned revenue 121,731 29,695
Net cash provided by operating activities 39,720,549 42,837,537
Investing Activities    
Purchases of property and equipment (94,980) (50,924)
Proceeds from sale of property and equipment 17,999 0
Return of capital on distributions received 0 91,201
Net cash (used in) provided by investing activities (76,981) 40,277
Financing Activities    
Debt financing costs (264,010) (1,342,681)
Net offering proceeds on Series A preferred stock 0 71,161,531
Dividends paid on Series A preferred stock (7,190,625) (5,830,859)
Dividends paid on common stock (25,718,189) (26,034,749)
Distributions to non-controlling interest 0 (1,126,231)
Advances on revolving line of credit 0 10,000,000
Advances on revolving line of credit 0 (44,000,000)
Principal payments on secured credit facilities (2,646,000) (38,066,400)
Net cash used in financing activities (35,818,824) (35,239,389)
Net Change in Cash and Cash Equivalents 3,824,744 7,638,425
Cash and Cash Equivalents at beginning of period 15,787,069 7,895,084
Cash and Cash Equivalents at end of period 19,611,813 15,533,509
Supplemental Disclosure of Cash Flow Information    
Interest paid 6,404,134 6,301,929
Income taxes paid (net of refunds) 2,117,473 197,202
Non-Cash Financing Activities    
Change in accounts payable and accrued expenses related to debt financing costs (255,037) 0
Reinvestment of distributions by common stockholders in additional common shares 1,113,727 727,518
Common stock issued upon conversion of convertible notes $ 42,654 $ 0