Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Equity

v3.19.3.a.u2
Consolidated Statements of Equity - USD ($)
Total
Capital Stock
Preferred Stock
Additional Paid-in Capital
Accumulated Other Comprehensive Income (Loss)
Retained Earnings (Deficit)
Non-Controlling Interest
Series A Cumulative Redeemable Preferred Stock
Series A Cumulative Redeemable Preferred Stock
Preferred Stock
Series A Cumulative Redeemable Preferred Stock
Additional Paid-in Capital
Beginning balance (in shares) at Dec. 31, 2016   11,886,216                
Beginning balance at Dec. 31, 2016 $ 433,909,480 $ 11,886 $ 56,250,000 $ 350,217,746 $ (11,196) $ 0 $ 27,441,044      
Increase (Decrease) in Stockholders' Equity [Roll Forward]                    
Net income 34,336,616         32,602,790 1,733,826      
Amortization related to de-designated cash flow hedges 13,813       11,196   2,617      
Total Comprehensive Income 34,350,429       11,196 32,602,790 1,736,443      
Issuance of Series A preferred stock               $ 71,161,531 $ 73,750,000 $ (2,588,469)
Series A preferred stock dividends (8,227,734)     (727,001)   (7,500,733)        
Common stock dividends (35,694,200)     (10,592,143)   (25,102,057)        
Common stock issued under director's compensation plan (in shares)   1,979                
Common stock issued under director's compensation plan 67,500 $ 2   67,498            
Distributions to Non-controlling interest (1,833,650)           (1,833,650)      
Purchase of non-controlling interest (32,910,032)     (5,566,195)     (27,343,837)      
Reinvestment of dividends paid to common stockholders (in shares)   27,635                
Reinvestment of dividends paid to common stockholders 962,308 $ 28   962,280            
Ending balance (in shares) at Dec. 31, 2017   11,915,830                
Ending balance at Dec. 31, 2017 461,785,632 $ 11,916 130,000,000 331,773,716 0 0 0      
Increase (Decrease) in Stockholders' Equity [Roll Forward]                    
Net income 43,711,876         43,711,876        
Total Comprehensive Income 43,711,876                  
Series A preferred stock dividends (9,587,500)         (9,587,500)        
Preferred stock repurchases [1] (4,275,553)   (4,444,325) 158,218   10,554        
Common stock dividends (35,793,889)     (10,806,660)   (24,987,229)        
Common stock issued under director's compensation plan (in shares)   1,807                
Common stock issued under director's compensation plan 67,500 $ 2   67,498            
Common stock issued upon conversion of convertible notes (in shares)   1,271                
Common stock issued upon conversion of convertible notes 42,654 $ 1   42,653     0      
Reinvestment of dividends paid to common stockholders (in shares)   41,317                
Reinvestment of dividends paid to common stockholders $ 1,509,830 $ 41   1,509,789            
Ending balance (in shares) at Dec. 31, 2018 11,960,225 11,960,225 [2]                
Ending balance at Dec. 31, 2018 [2] $ 455,011,305 $ 11,960 125,555,675 320,295,969 0 9,147,701 0      
Increase (Decrease) in Stockholders' Equity [Roll Forward]                    
Net income 4,079,495         4,079,495 0      
Total Comprehensive Income 4,079,495                  
Series A preferred stock dividends (9,255,121)     (4,627,561)   (4,627,560)        
Preferred stock repurchases [3] (60,550)   (62,500) 2,195   (245)        
Common stock dividends (39,504,487)     (21,293,224)   (18,211,263)        
Common stock issued upon exchange of convertible notes (in shares)   1,540,472                
Common stock issued upon exchange of convertible notes 61,871,302 $ 1,540   61,869,762            
Common stock issued upon conversion of convertible notes (in shares)   127,143                
Common stock issued upon conversion of convertible notes 4,193,664 $ 128   4,193,536            
Reinvestment of dividends paid to common stockholders (in shares)   11,076                
Reinvestment of dividends paid to common stockholders $ 403,831 $ 11   403,820            
Ending balance (in shares) at Dec. 31, 2019 13,638,916 13,638,916                
Ending balance at Dec. 31, 2019 $ 476,739,439 $ 13,639 $ 125,493,175 $ 360,844,497 $ 0 $ (9,611,872) $ 0      
[1] (1) In connection with the repurchases of Series A Preferred Stock during 2018, the deduction to preferred dividends of $10,554 represents the discount in the repurchase price paid compared to the carrying amount derecognized.
[2] (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.
[3] (3) In connection with the repurchases of Series A Preferred Stock during 2019, the addition to preferred dividends of $245 represents the premium in the repurchase price paid compared to the carrying amount derecognized.