XML 23 R6.htm IDEA: XBRL DOCUMENT  v2.3.0.11
Consolidated Statements of Cash Flows (USD $)
6 Months Ended
Jun. 30, 2011
Jun. 30, 2010
Cash Flows From Operating Activities    
Net income $ 8,523,393 $ 14,399,940
Adjustments to reconcile net income to net cash provided by operating activities    
Depreciation 2,987,351 2,869,498
Amortization 387,317 171,959
Stock-based compensation 718,714 562,000
Gain on sale of asset   (5,328,333)
(Increase) Decrease in accounts receivable (1,340,828) (1,018,269)
(Increase) Decrease in other assets 109,001 63,273
(Increase) Decrease in accounts payable 211,558 (373,981)
Decrease in deferred revenue (344,775) (344,775)
Increase (Decrease) in accrued interest 52,063 (41,690)
Increase (Decrease) in tenant deposits 3,167 (10,103)
Net Cash Provided By Operating Activities 11,306,961 10,949,519
Cash Flows From Investing Activities    
Acquisition of real estate investments (including capitalized interest of $-0- in 2011 and $148,507 in 2010) (4,223,710) (11,564,231)
Proceeds from sale of asset 6,522,821 9,761,601
Payments of leasing costs (36,756) (64,210)
Increase in cash - restricted   (2,096,699)
Net Cash Provided By (Used In) Investing Activities 2,262,355 (3,963,539)
Cash Flows From Financing Activities    
Proceeds from common stock offering   31,074,028
Payments of mortgages payable (2,725,931) (1,977,983)
Dividends and limited partners' distributions paid (9,236,347) (8,760,215)
Line-of-credit borrowings 16,905,045 11,385,005
Line-of-credit (repayments) (17,956,395) (38,685,005)
Repayments of capital expenditure payables (286,078) (352,430)
Payments of financing costs (11,034) (649)
Net Cash Used In Financing Activities (13,310,740) (7,317,249)
Net Decrease In Cash and Cash Equivalents 258,576 (331,269)
Cash and Cash Equivalents, beginning of period 593,281 688,675
Cash and Cash Equivalents, end of period 851,857 357,406
Supplemental Disclosure of Cash Flow Information    
Cash paid for interest (net of amounts capitalized) 2,333,130 2,304,508
Supplemental Disclosure of Non-Cash Transactions    
Dividends and limited partners' distributions declared and unpaid 4,075,324 5,131,722
Real estate investments financed with accounts payable $ 456,162 $ 1,689,409