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CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
6 Months Ended
Jun. 30, 2014
Jun. 30, 2013
Cash Flows from Operating Activities    
Net income $ 8,225,397 $ 9,921,755
Adjustments to reconcile net income to net cash provided by operating activities    
Depreciation 3,993,973 3,391,317
Amortization 1,475,340 1,210,406
Stock-based compensation 1,042,712 924,985
Impairment charge 2,800,000 0
Gain on sale of assets (122,747) (946,347)
(Increase) decrease in accounts receivable (530,922) 373,582
(Increase) decrease in other assets 236,269 (210,326)
Decrease in accounts payable (190,814) (285,052)
Decrease in deferred revenue (231,690) (231,690)
Increase (decrease) in accrued interest (38,177) 85,182
Decrease in tenant deposits (667) (7,750)
Net Cash Provided by Operating Activities 16,658,674 14,226,062
Cash Flows from Investing Activities    
Acquisition of real estate investments (35,105,026) (43,057,811)
Development of real estate investments (including capitalized interest of $113,547 in 2014, and $328,336 in 2013) (9,340,454) (6,441,212)
Payments of leasing costs (9,360) 0
Net proceeds from sale of assets 4,974,387 5,462,280
Net Cash Used In Investing Activities (39,480,453) (44,036,743)
Cash Flows from Financing Activities    
Proceeds from common stock offering (14,529) 44,802,340
Note payable borrowings 46,888,327 54,308,512
Note payable repayments (13,024,327) (57,198,587)
Payments of mortgages payable (10,968,737) (1,707,903)
Dividends paid (12,536,849) (10,003,574)
Limited partners' distributions paid (291,999) (281,571)
Repayments of payables for capital expenditures (144,074) (122,080)
Payments for financing costs 0 (31,282)
Net Cash Provided by Financing Activities 9,907,812 29,765,855
Net Decrease in Cash and Cash Equivalents (12,913,967) (44,826)
Cash and Cash Equivalents, beginning of period 14,536,881 1,270,027
Cash and Cash Equivalents, end of period 1,622,914 1,225,201
Supplemental Disclosure of Cash Flow Information    
Cash paid for interest (net of amounts capitalized) 3,395,409 2,823,767
Supplemental Disclosure of Non-Cash Investing and Financing Activities    
Shares issued under Stock Incentive Plan 2,325,235 2,296,908
Dividends and limited partners' distributions declared and unpaid 6,582,370 5,569,859
Real estate investments financed with accounts payable $ 105,275 $ 0