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CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
12 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Dec. 31, 2011
Cash Flows from Operating Activities      
Net income $ 20,189,611 $ 18,603,594 $ 9,889,537
Adjustments to reconcile net income to net cash provided by operating activities      
Depreciation 6,996,741 5,792,281 6,055,225
Amortization 2,483,217 1,712,530 1,105,087
Stock-based compensation 1,812,532 1,657,209 1,364,280
Impairment charge 450,000 0 13,500,000
Gain on extinguishment of debt 0 0 (2,360,231)
Gain on sale of assets (946,347) (2,097,105) (110,212)
(Increase) decrease in accounts receivable (1,102,713) (1,358,374) 528,448
(Increase) decrease in other assets (780,069) (864,294) 8,072
(Decrease) increase in accounts payable 838,515 (1,358,147) 1,951,420
Decrease in deferred revenue (463,380) (463,380) (6,951,591)
Increase (decrease) in accrued interest 135,446 (398,779) 513,041
Increase (decrease) in tenant deposits (23,814) (19,814) 3,873
Net Cash Provided by Operating Activities 29,589,739 21,205,721 25,496,949
Cash Flows from Investing Activities      
Acquisition of real estate investments (75,920,083) (64,166,390) (35,657,158)
Development of real estate investments and other (including capitalized interest of $566,793 in 2013, $149,054 in 2012, and $0 in 2011) (14,619,386) (20,349,688) (1,456,455)
Payment of leasing costs (183,310) (55,960) (197,259)
Net proceeds from sale of assets 5,462,280 15,315,728 8,058,520
Net Cash Used In Investing Activities (85,260,499) (69,256,310) (29,252,352)
Cash Flows from Financing Activities      
Proceeds from common stock offering, net 93,393,056 35,042,235 0
Unsecured revolving credit facility borrowings 106,189,924 101,220,945 119,244,291
Unsecured revolving credit facility repayments (140,219,929) (114,134,838) (91,180,647)
Mortgage notes payable proceeds 0 48,640,000 0
Payments of mortgage notes payable (3,478,383) (3,164,654) (4,229,352)
Term loan payable proceeds 35,000,000 0 0
Dividends paid (20,859,476) (17,663,808) (16,803,705)
Limited partners' distributions paid (566,619) (556,188) (594,427)
Repayments of payables for capital expenditures (122,080) (424,321) (286,078)
Payments for financing costs (398,879) (1,641,418) (985,297)
Net Cash Provided by Financing Activities 68,937,614 47,317,953 5,164,785
Net Increase (Decrease) in Cash and Cash Equivalents 13,266,854 (732,636) 1,409,382
Cash and Cash Equivalents, beginning of period 1,270,027 2,002,663 593,281
Cash and Cash Equivalents, end of period 14,536,881 1,270,027 2,002,663
Supplemental Disclosure of Cash Flow Information      
Cash paid for interest (net of amounts capitalized) 6,149,649 4,722,042 4,458,292
Cash paid (refunded) for income tax (21,543) 318,289 220,202
Supplemental Disclosure of Non-Cash Investing and Financing Activities      
Shares issued under Stock Incentive Plan 2,401,688 2,175,831 2,312,056
Dividends and limited partners' distributions declared and unpaid 6,243,933 4,710,446 4,070,690
Forgiveness of mortgage debt 0 9,173,789 0
Real estate acquisitions financed with debt assumption $ 0 $ 18,220,528 $ 3,403,603