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CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
3 Months Ended
Mar. 31, 2013
Mar. 31, 2012
Cash Flows from Operating Activities    
Net income $ 5,392,258 $ 4,741,835
Adjustments to reconcile net income to net cash provided by operating activities    
Depreciation 1,611,451 1,449,778
Amortization 520,706 353,718
Stock-based compensation 470,110 412,000
Gain on sale of assets (946,347) (908,160)
(Increase) decrease in accounts receivable 441,789 197,360
(Increase) decrease in other assets (194,408) (288,822)
(Decrease) increase in accounts payable (411,442) (1,756,591)
Decrease in deferred revenue (115,845) (115,845)
Increase (decrease) in accrued interest 101,301 (260,676)
Increase (decrease) in tenant deposits (2,500) (1,400)
Net Cash Provided by Operating Activities 6,867,073 3,823,197
Cash Flows from Investing Activities    
Acquisition of real estate investments (including capitalized interest of $203,558 in 2013, $0 in 2012) (16,968,082) (9,726,161)
Payment of leasing costs 0 (625)
Net proceeds from sale of assets 5,462,280 627,118
Net Cash Used In Investing Activities (11,505,802) (9,099,668)
Cash Flows from Financing Activities    
Proceeds from common stock offering 44,810,620 35,042,235
Note payable borrowings 17,242,796 13,943,606
Note payable repayments (51,772,801) (40,002,806)
Payments of mortgages payable (850,027) (739,776)
Dividends paid (4,574,418) (3,940,766)
Limited partners' distributions paid (139,047) (139,047)
Repayments of payables for capital expenditures (122,080) (424,321)
Payments for financing costs (27,311)  
Net Cash Provided by Financing Activities 4,567,732 3,739,125
Net Increase (Decrease) in Cash and Cash Equivalents (70,997) (1,537,346)
Cash and Cash Equivalents, beginning of period 1,270,027 2,002,663
Cash and Cash Equivalents, end of period 1,199,030 465,317
Supplemental Disclosure of Cash Flow Information    
Cash paid for interest (net of amounts capitalized) 1,146,919 1,282,681
Supplemental Disclosure of Non-Cash Investing and Financing Activities    
Shares issued under Stock Incentive Plan 2,257,195 2,166,270
Dividends and limited partners' distributions declared and unpaid 5,571,680 4,697,001
Real estate investments financed with accounts payable 85,874 54,321
Forgiveness of mortgage debt $ 0 $ 9,173,789