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CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
9 Months Ended
Sep. 30, 2013
Sep. 30, 2012
Cash Flows from Operating Activities    
Net income $ 14,567,536 $ 13,856,859
Adjustments to reconcile net income to net cash provided by operating activities    
Depreciation 5,130,962 4,323,297
Amortization 1,827,470 1,313,904
Stock-based compensation 1,391,785 1,236,000
Impairment charge 450,000 0
Gain on sale of assets (946,347) (1,746,750)
(Increase) decrease in accounts receivable (201,050) (592,064)
(Increase) decrease in other assets (130,958) (1,463,254)
(Decrease) increase in accounts payable (549,019) (1,978,649)
Decrease in deferred revenue (347,535) (347,535)
Increase (decrease) in accrued interest 36,485 (242,269)
Increase (decrease) in tenant deposits (13,090) (19,814)
Net Cash Provided by Operating Activities 21,216,239 14,339,725
Cash Flows from Investing Activities    
Acquisition of real estate investments (including capitalized interest of $438,843 in 2013, $104,254 in 2012) (79,512,790) (44,849,100)
Payment of leasing costs (8,950) (14,241)
Net proceeds from sale of assets 5,462,280 15,330,481
Increase in restricted cash 0 (3,280,616)
Net Cash Used In Investing Activities (74,059,460) (32,813,476)
Cash Flows from Financing Activities    
Proceeds from common stock offering 44,802,340 35,042,235
Note payable borrowings 86,894,408 59,062,100
Note payable repayments (90,424,413) (60,665,998)
Payments of mortgages payable (2,586,204) (2,328,560)
Term loan payable proceeds 35,000,000 0
Dividends paid (15,430,910) (13,089,390)
Limited partners' distributions paid (424,095) (417,141)
Repayments of payables for capital expenditures (122,080) (424,321)
Payments for financing costs (311,522) (164,851)
Net Cash Provided by Financing Activities 57,397,524 17,014,074
Net (Decrease) in Cash and Cash Equivalents 4,554,304 (1,459,677)
Cash and Cash Equivalents, beginning of period 1,270,027 2,002,663
Cash and Cash Equivalents, end of period 5,824,331 542,986
Supplemental Disclosure of Cash Flow Information    
Cash paid for interest (net of amounts capitalized) 4,464,126 3,412,222
Supplemental Disclosure of Non-Cash Investing and Financing Activities    
Shares issued under Stock Incentive Plan 2,390,208 2,175,831
Dividends and limited partners' distributions declared and unpaid 5,571,089 4,711,946
Real estate investments financed with accounts payable 322,719 35,045
Forgiveness of mortgage debt 0 9,173,789
Real estate acquisitions financed with debt assumption $ 0 $ 18,220,528