Annual report pursuant to Section 13 and 15(d)

Consolidated Balance Sheets

v3.10.0.1
Consolidated Balance Sheets - USD ($)
Dec. 31, 2018
Dec. 31, 2017
Assets    
Leased property, net of accumulated depreciation of $87,154,095 and $72,155,753 $ 398,214,355 $ 465,956,467
Property and equipment, net of accumulated depreciation of $15,969,346 and $12,643,636 109,881,552 113,158,872
Financing notes and related accrued interest receivable, net of reserve of $600,000 and $4,100,000 1,300,000 1,500,000
Note receivable 5,000,000 0
Other equity securities, at fair value 0 2,958,315
Cash and cash equivalents 69,287,177 15,787,069
Deferred rent receivable 25,942,755 22,060,787
Accounts and other receivables 5,083,243 3,786,036
Deferred costs, net of accumulated amortization of $1,290,236 and $623,764 2,838,443 3,504,916
Prepaid expenses and other assets 668,584 742,154
Deferred tax asset, net 4,948,203 2,244,629
Goodwill 1,718,868 1,718,868
Total Assets 624,883,180 633,418,113
Liabilities and Equity    
Secured credit facilities, net of debt issuance costs of $210,891 and $254,646 37,261,109 40,745,354
Unsecured convertible senior notes, net of discount and debt issuance costs of $1,180,729 and $1,967,917 112,777,271 112,032,083
Asset retirement obligation 7,956,343 9,170,493
Accounts payable and other accrued liabilities 3,493,490 2,333,782
Management fees payable 1,831,613 1,748,426
Income tax liability 0 2,204,626
Unearned revenue 6,552,049 3,397,717
Total Liabilities 169,871,875 171,632,481
Equity    
Series A Cumulative Redeemable Preferred Stock 7.375%, $125,555,675 and $130,000,000 liquidation preference ($2,500 per share, $0.001 par value), 10,000,000 authorized; 50,222 and 52,000 issued and outstanding at December 31, 2018 and December 31, 2017, respectively 125,555,675 130,000,000
Capital stock, non-convertible, $0.001 par value; 11,960,225 and $11,915,830 shares issued and outstanding at December 31, 2018 and December 31, 2017 (100,000,000 shares authorized) 11,960 11,916
Additional paid-in capital 320,295,969 331,773,716
Retained earnings 9,147,701 0
Total Equity 455,011,305 [1] 461,785,632
Total Liabilities and Equity $ 624,883,180 $ 633,418,113
[1] (2) The retained earnings balance at December 31, 2018 was generated due to the timing of quarterly dividends and quarterly net income. In the fourth quarter of 2018, net income was greater than dividends due to the gain on sale of leased property, net from the sale of the Portland Terminal Facility resulting in a retained earnings balance as of December 31, 2018.