XML 64 R7.htm IDEA: XBRL DOCUMENT v2.4.0.6
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
12 Months Ended
Dec. 31, 2012
Dec. 31, 2011
Dec. 31, 2010
Cash Flows from Operating Activities      
Net income $ 18,603,594 $ 9,889,537 $ 15,627,834
Adjustments to reconcile net income to net cash provided by operating activities      
Depreciation 5,792,281 6,055,225 5,810,159
Amortization 1,712,530 1,105,087 409,920
Stock-based compensation 1,657,209 1,364,280 1,166,656
Impairment charge 0 13,500,000 8,140,000
Gain on extinguishment of debt 0 (2,360,231) 0
Gain on sale of assets (2,097,105) (110,212) (4,737,968)
(Increase) decrease in accounts receivable (1,358,374) 528,448 656,707
(Increase) decrease in other assets (864,294) 8,072 (114,467)
(Decrease) increase in accounts payable (1,358,147) 1,951,420 (101,367)
Decrease in deferred revenue (463,380) (6,951,591) (689,550)
Increase (decrease) in accrued interest (398,779) 513,041 (39,858)
Increase (decrease) in tenant deposits (19,814) 3,873 (16,883)
Net Cash Provided by Operating Activities 21,205,721 25,496,949 26,111,183
Cash Flows from Investing Activities      
Acquisition of real estate investments (including capitalized interest of $149,054 in 2012, $0 in 2011, and $319,235 in 2010) (84,516,078) (37,113,613) (47,024,502)
Payment of leasing costs (55,960) (197,259) (368,167)
Net proceeds from sale of assets 15,315,728 8,058,520 14,204,502
Net Cash Used In Investing Activities (69,256,310) (29,252,352) (33,188,167)
Cash Flows from Financing Activities      
Proceeds from common stock offering 35,042,235 0 31,072,752
Line-of-credit borrowings 101,220,945 119,244,291 46,896,908
Line-of-credit repayments (114,134,838) (91,180,647) (47,516,654)
Mortgage proceeds 48,640,000 0 0
Payments of mortgages payable (3,164,654) (4,229,352) (4,026,022)
Dividends paid (17,663,808) (16,803,705) (18,344,672)
Limited partners' distributions paid (556,188) (594,427) (709,143)
Repayments of payables for capital expenditures (424,321) (286,078) (352,430)
Payments for financing costs (1,641,418) (985,297) (39,149)
Net Cash Provided by Financing Activities 47,317,953 5,164,785 6,981,590
Net Increase (Decrease) in Cash and Cash Equivalents (732,636) 1,409,382 (95,394)
Cash and Cash Equivalents, beginning of period 2,002,663 593,281 688,675
Cash and Cash Equivalents, end of period 1,270,027 2,002,663 593,281
Supplemental Disclosure of Cash Flow Information      
Cash paid for interest (net of amounts capitalized) 4,722,042 4,458,292 4,487,923
Cash paid for income tax 318,289 220,202 293,720
Supplemental Disclosure of Non-Cash Investing and Financing Activities      
Shares issued under Stock Incentive Plan 2,175,831 2,312,056 2,068,866
Dividends and limited partners' distributions declared and unpaid 4,710,446 4,070,690 5,145,740
Real estate investments financed with accounts payable 122,080 424,321 286,078
Forgiveness of mortgage debt 9,173,789 0 0
Real estate acquisitions financed with debt assumption $ 18,220,528 $ 3,403,603 $ 0