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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
3 Months Ended
Mar. 31, 2016
Mar. 31, 2015
Cash Flows from Operating Activities    
Net income $ 7,586,325 $ 6,494,181
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation 3,377,814 2,571,170
Amortization 1,707,436 1,091,833
Amortization from financing and credit facility costs 170,105 58,779
Stock-based compensation 708,030 523,955
Loss on extinguishment of debt 0 179,867
(Gain) loss on sale of assets 0 (79,104)
(Increase) decrease in accounts receivable (388,837) (415,399)
(Increase) decrease in other assets 262,383 (826,915)
Increase (decrease) in accounts payable 2,202,807 (236,711)
Increase (decrease) in deferred revenue (115,845) (115,845)
Increase (decrease) in accrued interest 1,014,726 (89,380)
Increase (decrease) in tenant deposits 10,000 0
Net Cash Provided by Operating Activities 16,534,944 9,156,431
Cash Flows from Investing Activities    
Acquisition of real estate investments (33,486,435) (60,262,740)
Development of real estate investments and other (including capitalized interest of $7,269 in 2016 and $1,001 in 2015) (6,202,814) (272,324)
Payment of leasing costs (39,428) 0
Net proceeds from sale of assets 0 975,636
Net Cash Used In Investing Activities (39,728,677) (59,559,428)
Cash Flows from Financing Activities    
Proceeds from common stock offerings, net 1,991,840 (94,633)
Repurchase of common shares (703,053) 0
Unsecured revolving credit facility borrowings 42,000,000 64,500,000
Payments of mortgage notes payable (9,300,179) (3,082,805)
Dividends paid (9,596,345) (7,892,976)
Limited partners' distributions paid (161,643) (156,429)
Debt extinguishment costs 0 (150,084)
Repayments of payables for capital expenditures 0 (200,300)
Payments for financing costs (37,102) 0
Net Cash Provided by Financing Activities 24,193,518 52,922,773
Net Increase (Decrease) in Cash and Cash Equivalents 999,785 2,519,776
Cash and Cash Equivalents, beginning of period 2,711,588 5,399,458
Cash and Cash Equivalents, end of period 3,711,373 7,919,234
Supplemental Disclosure of Cash Flow Information    
Cash paid for interest (net of amounts capitalized) 2,484,494 2,367,949
Supplemental Disclosure of Non-Cash Investing and Financing Activities    
Shares issued under equity incentive plans 3,059,018 2,463,751
Dividends and limited partners' distributions declared and unpaid 9,812,376 8,077,605
Real estate investment financed with accounts payable $ 27,952 $ 24,452