XML 21 R6.htm IDEA: XBRL DOCUMENT v3.3.1.900
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Cash Flows from Operating Activities      
Net income $ 39,762,455 $ 18,913,009 $ 20,189,611
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation 11,529,629 8,486,178 6,996,741
Amortization 4,956,245 2,616,533 1,746,792
Amortization from financing and credit facility costs 689,321 950,876 736,425
Stock-based compensation 1,992,241 1,986,835 1,812,532
Impairment charge 0 3,020,000 450,000
Loss on extinguishment of debt 179,867 0 0
(Gain) loss on sale of assets (12,135,036) 404,996 (946,347)
Increase in accounts receivable (2,910,592) (1,244,967) (1,102,713)
(Increase) decrease in other assets (197,380) 346,131 (780,069)
Increase (decrease) in accounts payable 1,043,064 (311,337) 716,435
Decrease in deferred revenue (463,380) (463,380) (463,380)
Increase (decrease) in accrued interest 241,366 250,597 135,446
Decrease in tenant deposits (7,548) (4,491) (23,814)
Net Cash Provided by Operating Activities 44,680,252 34,950,980 29,467,659
Cash Flows from Investing Activities      
Acquisition of real estate investments (223,870,660) (143,272,607) (75,920,083)
Development of real estate investments and other (including capitalized interest of $39,325 in 2015, $263,472 in 2014, and $566,793 in 2013) (6,970,271) (16,526,566) (14,619,386)
Payment of leasing costs (66,410) (354,336) (183,310)
Net proceeds from sale of assets 28,132,261 12,455,673 5,462,280
Net Cash Used In Investing Activities (202,775,080) (147,697,836) (85,260,499)
Cash Flows from Financing Activities      
Proceeds from common stock offering, net 92,259,603 73,302,116 93,393,056
Unsecured revolving credit facility borrowings 161,000,000 148,622,976 106,189,924
Unsecured revolving credit facility repayments (158,000,000) (143,122,976) (140,219,929)
Payments of mortgage notes payable (5,177,870) (12,766,704) (3,478,383)
Term loan payable proceeds 0 65,000,000 35,000,000
Senior unsecured notes proceeds 100,000,000 0 0
Dividends paid (32,992,155) (25,402,637) (20,859,476)
Limited partners' distributions paid (636,143) (590,951) (566,619)
Debt extinguishment costs (150,085) 0 0
Payments for financing costs (896,392) (1,432,391) (398,879)
Net Cash Provided by Financing Activities 155,406,958 103,609,433 69,059,694
Net (Decrease) Increase in Cash and Cash Equivalents (2,687,870) (9,137,423) 13,266,854
Cash and Cash Equivalents, beginning of period 5,399,458 14,536,881 1,270,027
Cash and Cash Equivalents, end of period 2,711,588 5,399,458 14,536,881
Supplemental Disclosure of Cash Flow Information      
Cash paid for interest (net of amounts capitalized) 11,548,099 7,824,594 6,149,649
Cash paid (refunded) for income tax 924 (355) (21,543)
Supplemental Disclosure of Non-Cash Investing and Financing Activities      
Shares issued under equity incentive plans 2,863,766 2,390,245 2,401,688
Dividends and limited partners' distributions declared and unpaid 9,757,988 8,048,404 6,243,933
Real estate acquisitions financed with debt assumption 0 5,631,183 0
Real estate investment financed with accounts payable $ 122,495 $ 0 $ 0