Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flow

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Consolidated Statements of Cash Flow - USD ($)
 12 Months Ended
Dec. 31, 2018
Dec. 31, 2017
Dec. 31, 2016
Operating Activities      
Net Income $ 43,711,876 $ 34,336,616 $ 30,991,408
Adjustments to reconcile net income to net cash provided by operating activities:      
Deferred income tax, net (1,845,710) (486,340) (151,313)
Depreciation, amortization and ARO accretion 26,361,907 25,708,891 24,548,350
Gain on sale of leased property (11,723,257) 0 0
Provision for loan (gain) loss (36,867) 0 5,014,466
Loss on extinguishment of debt 0 336,933 0
Non-cash settlement of accounts payable 0 (221,609) 0
(Gain) loss on sale of equipment (8,416) 4,203 0
Gain on repurchase of convertible debt 0 0 (71,702)
Net distributions and dividend income, including recharacterization of income 0 148,649 (117,004)
Net realized and unrealized (gain) loss on other equity securities 1,845,309 (1,531,827) (781,153)
Unrealized gain on derivative contract 0 0 (75,591)
Settlement of derivative contract 0 0 (95,319)
Loss on settlement of asset retirement obligation 310,941 0 0
Common stock issued under directors compensation plan 67,500 67,500 60,000
Changes in assets and liabilities:      
Increase in deferred rent receivables (7,038,848) (7,184,005) (8,360,036)
(Increase) decrease in accounts and other receivables (1,297,207) 752,848 (174,390)
Decrease in financing note accrued interest receivable 0 0 95,114
(Increase) decrease in prepaid expenses and other assets 73,505 (16,717) 329,735
Increase (decrease) in management fee payable 83,187 13,402 (28,723)
Increase (decrease) in accounts payable and other accrued liabilities 476,223 (225,961) (231,151)
Increase (decrease) in income tax liability (2,204,626) 2,204,626 0
Increase (decrease) in unearned revenue (152,777) 2,884,362 155,961
Net cash provided by operating activities 48,622,740 56,791,571 51,108,652
Investing Activities      
Proceeds from the sale of leased property 55,553,975 0 0
Proceeds from sale of other equity securities 449,067 7,591,166 0
Proceeds from assets and liabilities held for sale 0 0 644,934
Purchases of property and equipment, net (105,357) (116,595) (191,926)
Proceeds from asset foreclosure and sale 17,999 0 223,451
Principal payment on financing note receivable 236,867 0 0
Increase in financing notes receivable 0 0 (202,000)
Return of capital on distributions received 663,939 120,906 4,631
Net cash provided by investing activities 56,816,490 7,595,477 479,090
Financing Activities      
Debt financing costs (264,010) (1,462,741) (193,000)
Net offering proceeds on Series A preferred stock 0 71,161,531 0
Repurchases of common stock 0 0 (2,041,851)
Repurchases of convertible debt 0 0 (899,960)
Repurchases of Series A preferred stock (4,275,553) 0 0
Dividends paid on Series A preferred stock (9,587,500) (8,227,734) (4,148,437)
Dividends paid on common stock (34,284,059) (34,731,892) (34,896,727)
Distributions to non-controlling interest 0 (1,833,650) 0
Advances on revolving line of credit 0 10,000,000 44,000,000
Payments on revolving line of credit 0 (54,000,000) 0
Proceeds from term debt 0 41,000,000 0
Principal payments on secured credit facilities (3,528,000) (45,600,577) (60,131,423)
Purchase of non-controlling interest 0 (32,800,000) 0
Net cash used in financing activities (51,939,122) (56,495,063) (58,311,398)
Net Change in Cash and Cash Equivalents 53,500,108 7,891,985 (6,723,656)
Cash and Cash Equivalents at beginning of period 15,787,069 7,895,084 14,618,740
Cash and Cash Equivalents at end of period 69,287,177 15,787,069 7,895,084
Supplemental Disclosure of Cash Flow Information      
Interest paid 11,200,835 10,780,150 12,900,901
Income taxes paid (net of refunds) 2,136,563 199,772 37,736
Non-Cash Investing Activities      
Note receivable in consideration of the sale of leased property 5,000,000 0 0
Investment in other equity securities 0 (1,161,034) 0
Change in accounts and other receivables 0 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 0 (1,776,549)
Non-Cash Financing Activities      
Change in accounts payable and accrued expenses related to debt financing costs (255,037) 255,037 0
Reinvestment of distributions by common stockholders in additional common shares 1,509,830 962,308 815,889
Common stock issued upon conversion of convertible notes $ 42,654 $ 0 $ 0