XML 20 R7.htm IDEA: XBRL DOCUMENT v3.10.0.1
Consolidated Statements of Cash Flows - USD ($)
12 Months Ended
Dec. 31, 2018
Dec. 31, 2017
Dec. 31, 2016
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net Income (Loss) $ (36,215,571) $ 12,668,034 $ 11,534,559
Non-cash items included in Net Income (Loss):      
Depreciation 31,691,209 27,557,746 23,214,100
Amortization of Financing Costs 625,445 660,910 733,485
Stock Compensation Expense 1,613,110 1,314,491 1,064,678
Provision for Uncollectible Notes and Other Receivables 1,231,112 1,273,535 909,397
Gain on Sales of Marketable Securities, net (20,107) (1,747,528) (2,285,301)
Decrease in Fair Value of Marketable Securities 51,675,396 0 0
Loss on Sales of Investment Property and Equipment 131,129 80,930 2,163
Changes in Operating Assets and Liabilities:      
Inventory of Manufactured Homes (6,133,957) (144,791) (3,113,164)
Notes and Other Receivables, net of Notes Acquired with Acquisitions (6,438,255) (2,331,386) (1,204,014)
Prepaid Expenses and Other Assets (127,538) 557,116 (585,328)
Accounts Payable 912,706 (1,298) 145,747
Accrued Liabilities and Deposits 515,976 161,727 (1,878,718)
Tenant Security Deposits 714,528 807,938 665,605
Net Cash Provided by Operating Activities 40,175,186 40,857,424 29,203,209
CASH FLOWS FROM INVESTING ACTIVITIES:      
Purchase of Manufactured Home Communities, net of mortgages assumed (55,880,468) (61,669,247) (4,081,798)
Purchase of Investment Property and Equipment (52,970,053) (62,009,984) (58,184,812)
Proceeds from Sales of Investment Property and Equipment 2,754,508 2,299,670 1,114,503
Additions to Land Development Costs (13,220,398) (3,881,035) (3,728,869)
Purchase of Marketable Securities (18,555,424) (45,075,311) (27,518,151)
Proceeds from Sales of Marketable Securities 268,675 17,416,146 14,831,737
Net Cash Used in Investing Activities (137,603,160) (152,919,761) (77,567,390)
CASH FLOWS FROM FINANCING ACTIVITIES:      
Proceeds from Mortgages, net of mortgages assumed 28,192,000 44,420,000 31,804,000
Net Proceeds from Short Term Borrowings 23,651,656 26,401,635 406,935
Principal Payments of Mortgages and Loans (6,865,631) (34,970,645) (25,072,315)
Financing Costs on Debt (748,926) (641,471) (668,338)
Proceeds from Issuance of Preferred Stock, net of offering costs 48,247,280 138,975,847 49,120,853
Redemption of 8.25% Series A Preferred Stock 0 (91,595,000) 0
Proceeds from Registered Direct Placement of Common Stock, net of offering costs 0 22,518,238 0
Proceeds from Issuance of Common Stock in the DRIP, net of Dividend Reinvestments 30,038,166 57,506,016 20,012,393
Proceeds from Exercise of Stock Options 1,385,000 5,435,634 2,485,060
Preferred Dividends Paid (20,050,319) (16,665,934) (14,563,645)
Common Dividends Paid, net of Dividend Reinvestments (21,535,090) (20,780,223) (17,630,270)
Net Cash Provided by Financing Activities 82,314,136 130,604,097 45,894,673
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash (15,113,838) 18,541,760 (2,469,509)
Cash, Cash Equivalents and Restricted Cash at Beginning of Year 27,891,249 9,349,489 11,818,998
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT END OF YEAR $ 12,777,411 $ 27,891,249 $ 9,349,489