Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows

v3.3.0.814
Consolidated Statements of Cash Flows - USD ($)
 9 Months Ended
Sep. 30, 2015
Sep. 30, 2014
Operating Activities    
Net Income $ 9,931,970 $ 8,167,219
Adjustments to reconcile net income to net cash provided by operating activities:    
Deferred income tax, net (2,222,706) 241,146
Depreciation, amortization and ARO accretion 14,757,322 10,434,769
Provision for loan loss 7,951,137 0
Net distributions and dividend income, including recharacterization of income (371,323) 823,499
Net realized and unrealized (gain) loss on other equity securities 915,568 (4,199,375)
Unrealized gain on derivative contract (48,494) (53,132)
Common stock issued under directors compensation plan 90,000 0
Changes in assets and liabilities:    
(Increase) decrease in accounts and other receivables (1,326,469) 271,624
Increase in financing note accrued interest receivable (488,880) 0
Increase in prepaid expenses and other assets (70,846) (170,830)
Increase in management fee payable 628,676 107,286
Increase (decrease) in accounts payable and other accrued liabilities 1,877,591 (175,707)
Increase (decrease) in current income tax liability 0 909,904
Increase (decrease) in unearned revenue (711,230) 1,422,458
Net cash provided by operating activities 30,912,316 17,778,861
Investing Activities    
Proceeds from sale of leased property held for sale 7,678,246 0
Deferred lease costs (329,220) 0
Acquisition expenditures (251,113,605) (45,524,755)
Purchases of property and equipment, net (113,262) (11,022)
Increase in financing notes receivable (39,248) (15,510,956)
Return of capital on distributions received 87,995 873,820
Net cash used in investing activities (243,829,094) (60,172,913)
Financing Activities    
Debt financing costs (1,342,288) (383,678)
Net offering proceeds on Series A preferred stock 54,210,476 0
Net offering proceeds on common stock 73,184,680 45,624,563
Net offering proceeds on convertible debt 111,262,500 0
Dividends paid on Series A preferred stock (2,466,015) 0
Dividends paid on common stock (19,929,939) (11,114,645)
Distributions to non-controlling interest (2,030,715) (2,079,303)
Advances on revolving line of credit 45,392,332 2,535,671
Payments on revolving line of credit (77,533,609) (2,617,606)
Proceeds from term debt 45,000,000 0
Principal payments on term debt (900,000) 0
Principal payments on credit facility (2,646,000) (2,058,000)
Net cash provided by financing activities 222,201,422 29,907,002
Net Change in Cash and Cash Equivalents 9,284,644 (12,487,050)
Cash and Cash Equivalents at beginning of period 7,578,164 17,963,266
Cash and Cash Equivalents at end of period 16,862,808 5,476,216
Supplemental Disclosure of Cash Flow Information    
Interest paid 2,657,567 2,104,349
Income taxes paid (net of refunds) 608,754 430,225
Non-Cash Operating Activities    
Change in accounts payable and accrued expenses related to prepaid assets and other expense 6,275 0
Non-Cash Investing Activities    
Change in accounts payable and accrued expenses related to intangibles and deferred costs 3,435 0
Change in accounts payable and accrued expenses related to acquisition expenditures (448,780) 408,778
Change in accounts payable and accrued expenses related to issuance of financing and other notes receivable (39,248) 0
Non-Cash Financing Activities    
Change in accounts payable and accrued expenses related to the issuance of common equity (72,685) 0
Change in accounts payable and accrued expenses related to debt financing costs 35,472 (68,660)
Reinvestment of distributions by common stockholders in additional common shares $ 471,706 $ 99,081