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, 2019
Dec. 31, 2018
Dec. 31, 2017
Operating Activities      
Net Income $ 4,079,495 $ 43,711,876 $ 34,336,616
Adjustments to reconcile net income to net cash provided by operating activities:      
Deferred income tax, net 354,642 (1,845,710) (486,340)
Depreciation, amortization and ARO accretion 23,808,083 26,361,907 25,708,891
Gain on sale of leased property, net 0 (11,723,257) 0
Provision for loan gain 0 (36,867) 0
Loss on extinguishment of debt 33,960,565 0 336,933
Non-cash settlement of accounts payable 0 0 (221,609)
(Gain) loss on sale of equipment (7,390) (8,416) 4,203
Net distributions and other income, including recharacterization of income 0 0 148,649
Net realized and unrealized (gain) loss on other equity securities 0 1,845,309 (1,531,827)
Loss on settlement of asset retirement obligation 0 310,941 0
Common stock issued under directors' compensation plan 0 67,500 67,500
Changes in assets and liabilities:      
Increase in deferred rent receivables (3,915,347) (7,038,848) (7,184,005)
(Increase) decrease in accounts and other receivables 940,009 (1,297,207) 752,848
(Increase) decrease in prepaid expenses and other assets (136,108) 73,505 (16,717)
Increase (decrease) in management fee payable (161,663) 83,187 13,402
Increase (decrease) in accounts payable and other accrued liabilities 2,517,069 476,223 (225,961)
Increase (decrease) in income tax liability 0 (2,204,626) 2,204,626
Increase (decrease) in unearned revenue 339,749 (152,777) 2,884,362
Net cash provided by operating activities 61,779,104 48,622,740 56,791,571
Investing Activities      
Proceeds from the sale of leased property 0 55,553,975 0
Proceeds from sale of other equity securities 0 449,067 7,591,166
Purchases of property and equipment, net (372,934) (105,357) (116,595)
Proceeds from asset sale 7,000 17,999 0
Principal payment on financing note receivable 65,000 236,867 0
Principal payment on note receivable 5,000,000 0 0
Return of capital on distributions received 0 663,939 120,906
Net cash provided by investing activities 4,699,066 56,816,490 7,595,477
Financing Activities      
Debt financing costs (372,759) (264,010) (1,462,741)
Net offering proceeds on Series A preferred stock 0 0 71,161,531
Cash paid for extinguishment of convertible notes (78,939,743) 0 0
Net offering proceeds on convertible debt 116,355,125 0 0
Repurchases of Series A preferred stock (60,550) (4,275,553) 0
Dividends paid on Series A preferred stock (9,255,121) (9,587,500) (8,227,734)
Dividends paid on common stock (39,100,656) (34,284,059) (34,731,892)
Distributions to non-controlling interest 0 0 (1,833,650)
Advances on revolving line of credit 0 0 10,000,000
Payments on revolving line of credit 0 0 (54,000,000)
Proceeds from term debt 0 0 41,000,000
Principal payments on secured credit facilities (3,528,000) (3,528,000) (45,600,577)
Purchase of non-controlling interest 0 0 (32,800,000)
Net cash used in financing activities (14,901,704) (51,939,122) (56,495,063)
Net Change in Cash and Cash Equivalents 51,576,466 53,500,108 7,891,985
Cash and Cash Equivalents at beginning of period 69,287,177 15,787,069 7,895,084
Cash and Cash Equivalents at end of period 120,863,643 69,287,177 15,787,069
Supplemental Disclosure of Cash Flow Information      
Interest paid 6,834,439 11,200,835 10,780,150
Income taxes paid (net of refunds) 89,433 2,136,563 199,772
Non-Cash Investing Activities      
Note receivable in consideration of the sale of leased property 0 5,000,000 0
Investment in other equity securities 0 0 (1,161,034)
Non-Cash Financing Activities      
Change in accounts payable and accrued expenses related to debt financing costs 0 (255,037) 255,037
Reinvestment of distributions by common stockholders in additional common shares 403,831 1,509,830 962,308
Common stock issued upon exchange and conversion of convertible notes $ 66,064,966 $ 42,654 $ 0