Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows (Unaudited)

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Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Operating Activities    
Net Income $ 15,518,557 $ 17,487,921
Adjustments to reconcile net income to net cash provided by operating activities:    
Deferred income tax, net (1,013,341) (260,762)
Depreciation, amortization and ARO accretion 13,286,595 12,949,644
Provision for loan losses 500,000 0
Non-cash settlement of accounts payable 0 (171,609)
Gain on sale of equipment (3,724) 0
Net distributions and dividend income, including recharacterization of income 0 148,649
Net realized and unrealized (gain) loss on other equity securities 867,134 (70,426)
Unrealized gain on derivative contract 0 (16,453)
Common stock issued under directors' compensation plan 37,500 30,000
Changes in assets and liabilities:    
Increase in deferred rent receivable (3,709,202) (3,588,136)
Decrease in accounts and other receivables 412,434 1,162,548
(Increase) decrease in prepaid expenses and other assets (326,372) 134,023
Increase in management fee payable 65,679 10,301
Increase (decrease) in accounts payable and other accrued liabilities 433,853 (53,621)
Decrease in current income tax liability (2,167,655) 0
Increase (decrease) in unearned revenue (1,383,757) 29,695
Net cash provided by operating activities 22,517,701 27,791,774
Investing Activities    
Purchases of property and equipment (47,883) (13,745)
Proceeds from sale of property and equipment 11,499 0
Return of capital on distributions received 0 61,828
Net cash (used in) provided by investing activities (36,384) 48,083
Financing Activities    
Debt financing costs (264,010) (2,512)
Net offering proceeds on Series A preferred stock 0 71,170,611
Dividends paid on Series A preferred stock (4,793,750) (3,433,984)
Dividends paid on common stock (17,270,766) (17,318,618)
Distributions to non-controlling interest 0 (480,488)
Payments on revolving line of credit 0 (44,000,000)
Principal payments on secured credit facilities (1,764,000) (4,389,261)
Net cash (used in) provided by financing activities (24,092,526) 1,545,748
Net Change in Cash and Cash Equivalents (1,611,209) 29,385,605
Cash and Cash Equivalents at beginning of period 15,787,069 7,895,084
Cash and Cash Equivalents at end of period 14,175,860 37,280,689
Supplemental Disclosure of Cash Flow Information    
Interest paid 5,546,660 5,777,328
Income taxes paid (net of refunds) 2,121,321 132,202
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 $ 610,219 $ 516,565