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Condensed Consolidated Statements of Cash Flows (USD $)
6 Months Ended
Jun. 30, 2012
Jun. 30, 2011
Cash flows from operating activities:    
Net income (loss) $ 1,197,850 $ 1,250,423
Adjustments to reconcile net income (loss) to net cash provided (used) by operating activities:    
Depreciation and amortization expense 3,056,181 2,634,551
Provision for loss on receivables 476,350 710,690
Non-cash loss on derivatives 780,497 888,554
Gain on sale of bonds (667,821) 0
Bond discount amortization (215,777) (241,075)
Gain on asset sold 0 (21,103)
Debt forgiveness 0 (104,988)
Changes in operating assets and liabilities, net of effect of acquisitions    
Increase (decrease) in interest receivable (1,073,526) (1,417,399)
Decrease (increase) in other assets 262,683 (551,180)
Increase (decrease) in accounts payable and accrued expenses 90,823 (62,587)
Net cash provided (used) by operating activities 3,907,260 3,085,886
Cash flows from investing activities:    
Capital expenditures (3,744,461) (2,634,679)
Acquisition of tax-exempt mortgage revenue bonds (10,164,815) (20,917,500)
Acquisition of partnerships, net of cash acquired 0 (24,779,613)
Proceeds from assets sold 0 36,500
Decrease (increase) in restricted cash 208,195 148,366
Restricted cash - debt collateral released 7,248,436 291,719
Cash released upon foreclosure 0 2,047,161
Proceeds from the sale of bonds 16,829,960 0
Proceeds from bond retirement 0 6,119,573
Transfer of cash to deconsolidated VIE upon deconsolidation 0 (5,135)
Principal payments received on taxable bonds 95,000 0
Principal payments received on tax-exempt mortgage revenue bonds 499,134 278,963
Net cash provided (used) by investing activities 10,971,449 (39,414,645)
Cash flows from financing activities:    
Distributions paid (7,714,741) (7,606,800)
Proceeds from Issuance of Common Stock 59,948,265 0
Net proceeds from equity raise of noncontrolling interest 4,037 0
Increase (decrease) in liabilities related to restricted cash (208,195) (148,366)
Proceeds from debt financing 3,167,342 32,128,584
Proceeds from line of credit borrowing 0 1,000,000
Deferred financing costs (34,188) (40,275)
Principal payments on debt financing (8,345,000) (285,000)
Principal payments on debt financing and mortgage payable (100,491) (98,034)
Net cash (used) provided by financing activities 46,717,029 24,950,109
Net increase (decrease) in cash and cash equivalents 61,595,738 (11,378,650)
Cash and cash equivalents at beginning of period, including discontinued operations 20,213,413 13,277,048
Cash and cash equivalents at end of period, including discontinued operations 81,809,151 1,898,398
Cash paid during the period for interest 2,077,832 2,500,829
Distributions declared but not paid 5,562,518 3,866,940
Capital expenditures financed through notes payable $ 73,765 $ 8,934,328