XML 25 R9.htm IDEA: XBRL DOCUMENT v3.6.0.2
Consolidated Statements of Cash Flows - USD ($)
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Cash Flow from Operating Activities:      
Net Income $ 16,199,414 $ 8,289,317 $ 6,383,818
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities:      
Depreciation and Amortization 8,195,417 5,212,897 3,490,485
Amortization of Intangible Liabilities to Income Property Revenue (2,240,008) (158,599)  
Loan Cost Amortization 828,075 365,860 256,332
Amortization of Discount on Convertible Debt 1,120,859 852,368 0
Amortization of Discount on Investments   (6,555) (649,658)
Gain on Disposition of Property, Plant, and Equipment and Intangible Assets (12,758,770) (5,516,444)  
Gain on Disposition of Assets held for sale     (1,500)
Gain on Disposition of Assets held for sale (12,758,770) (5,516,444) (1,500)
Impairment Charges 2,180,730 510,041 421,040
Accretion of Commercial Loan Origination Fees (164,893) (74,781) (20,326)
Amortization of Fees on Acquisition of Commercial Loan Investments 36,382 3,618 29,711
Discount on Commercial Loan Investment Payoff 217,500    
Realized Loss (Gain) on Investment Securities 575,567 (163,189) (4,835)
Impairment Charge on Investment Securities   59,553  
Deferred Income Taxes 11,658,864 4,627,019 1,677,814
Non-Cash Compensation 3,178,883 2,186,408 1,271,924
Decrease (Increase) in Assets:      
Refundable Income Taxes (85,520) (591,191) (267,280)
Land and Development Costs 422,020 (4,005,182) 563,165
Impact Fees and Mitigation Credits 2,231,321 641,537 885,669
Net Pension Asset     407,670
Other Assets (4,128,648) (3,497,262) (2,110,730)
Increase (Decrease) in Liabilities:      
Accounts Payable (416,312) 1,075,192 (13,106)
Accrued and Other Liabilities (29,492) 3,373,508 674,700
Deferred Revenue (12,732,944) 12,006,067 (625,808)
Income Taxes Payable     (1,044,061)
Net Cash Provided By Operating Activities 14,288,445 25,190,182 11,325,024
Cash Flow from Investing Activities:      
Acquisition of Property, Plant, and Equipment and Intangible Lease Assets and Liabilities (42,623,497) (2,398,915) (1,959,673)
Acquisition of Property, Plant, and Equipment and Intangible Lease Assets and Liabilities through Business Combinations (49,926,604) (76,034,452) (42,166,499)
Acquisition of Commercial Loan Investments   (15,253,628) (30,187,748)
Acquisition of Land (4,778,790) (5,664,787)  
Decrease (Increase) in Restricted Cash 4,205,054 (9,620,425) (4,073,453)
Proceeds from Sale of Investment Securities 6,252,362 4,751,987 30,476
Proceeds from Sale of Put Options   92,902  
Acquisition of Investment Securities   (10,763,038)  
Proceeds from Disposition of Property, Plant, and Equipment 49,170,314 23,493,205 3,219,025
Principal Payments Received on Commercial Loan Investments 14,282,500 7,200,909 19,465,000
Net Cash Used In Investing Activities (23,418,661) (84,196,242) (55,672,872)
Cash Flow from Financing Activities:      
Proceeds from Long-Term Debt 70,050,000 137,675,000 91,775,000
Payments on Long-Term Debt (49,050,000) (70,540,011) (51,062,021)
Cash Paid for Loan Fees (400,586)    
Cash Proceeds from Exercise of Stock Options 157,197 1,019,837 1,228,118
Contributions from Noncontrolling Interest in Consolidated VIE 102,844    
Cash Used to Purchase Common Stock (7,431,896) (6,484,844) (927,912)
Cash from Excess Tax Benefit (Expense) from Vesting of Restricted Stock 299,845 (20,161) 687,354
Cash Paid for Vesting of Restricted Stock (196,206)    
Dividends Paid (682,097) (464,279) (404,008)
Net Cash Provided By Financing Activities 12,849,101 61,185,542 41,296,531
Net Increase in Cash 3,718,885 2,179,482 (3,051,317)
Cash, Beginning of Year 4,060,677 1,881,195 4,932,512
Cash, End of Period $ 7,779,562 $ 4,060,677 $ 1,881,195