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CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
6 Months Ended
Jun. 30, 2012
Jun. 30, 2011
Cash Flows from Operating Activities    
Net income $ 9,831,826 $ 8,523,393
Adjustments to reconcile net income to net cash provided by operating activities    
Depreciation 2,913,540 2,987,351
Amortization 849,665 387,317
Stock-based compensation 824,000 718,714
Gain on sale of assets (2,067,467) 0
(Increase) decrease in accounts receivable 40,492 (1,340,828)
(Increase) decrease in other assets (1,316,173) 109,001
(Decrease) increase in accounts payable (1,826,965) 211,558
Decrease in deferred revenue (231,690) (344,775)
Increase (decrease) in accrued interest (253,140) 52,063
Decrease in tenant deposits (3,103) 3,167
Net Cash Provided by (Used In) Operating Activities 8,760,985 11,306,961
Cash Flows from Investing Activities    
Acquisition of real estate investments (25,573,379) (4,223,710)
Payment of leasing costs (14,241) (36,756)
Net proceeds from sale of assets 6,539,547 6,522,821
Increase in restricted cash (3,280,534) 0
Net Cash Provided by (Used In) Investing Activities (22,328,607) 2,262,355
Cash Flows from Financing Activities    
Proceeds from common stock offering 35,042,235 0
Line-of-credit borrowings 35,064,017 16,905,045
Line-of-credit repayments (47,073,509) (17,956,395)
Payments of mortgages payable (1,526,510) (2,725,931)
Dividends and limited partners' distributions paid (8,793,066) (9,236,347)
Repayments of payables for capital expenditures (424,321) (286,078)
Payments for financing costs (105,399) (11,034)
Net Cash Provided by (Used In) Financing Activities 12,183,447 (13,310,740)
Net Increase (Decrease) in Cash and Cash Equivalents (1,384,175) 258,576
Cash and Cash Equivalents, beginning of period 2,002,663 593,281
Cash and Cash Equivalents, end of period 618,488 851,857
Supplemental Disclosure of Cash Flow Information    
Cash paid for interest (net of amounts capitalized) 2,270,458 2,333,130
Supplemental Disclosure of Non-Cash Investing and Financing Activities    
Shares issued under Stock Incentive Plan 2,175,831 2,168,498
Dividends and limited partners' distributions declared and unpaid 4,715,306 4,075,324
Real estate investments financed with accounts payable 35,045 456,162
Forgiveness of mortgage debt 9,173,789 0
Real estate acquisitions financed with debt assumption $ 9,640,528 $ 0