XML 97 R9.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Cash Flow from Operating Activities:      
Net Income $ 114,972,858 $ 37,167,790 $ 41,719,424
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities:      
Depreciation and Amortization 15,797,278 16,135,502 12,663,959
Amortization of Intangible Liabilities to Income Property Revenue (2,382,874) (2,338,531) (2,193,957)
Loan Cost Amortization 443,902 495,438 509,263
Amortization of Discount on Convertible Debt 1,357,347 1,273,436 1,194,714
Gain on Disposition of Property, Plant, and Equipment and Intangible Assets (3,295,601) (3,650,858) (38)
Gain on Disposition of Assets Held for Sale (18,696,914) 1,119,362  
Gain on Sale of Equity Interest in Joint Ventures (127,518,231) (18,384,808)  
Discount Accretion on Commercial Loan Investments   (34,768)  
Accretion of Commercial Loan Origination Fees (134,780)   (25,232)
Non-Cash Imputed Interest on Commercial Loan Investment (193,943)    
Deferred Income Taxes 35,099,647 12,589,970 (8,953,981)
Unrealized Gain on Investment Securities (61,195)    
Non-Cash Compensation 2,688,292 1,684,250 1,437,223
Decrease (Increase) in Assets:      
Refundable Income Taxes 225,024 891,556 (172,589)
Assets Held for Sale 3,892,476    
Land and Development Costs (1,107,446) 5,477,221 12,477,581
Impact Fees and Mitigation Credits (1,860,556) 663,229 1,197,637
Other Assets (3,503,744) (522,436) (3,502,041)
Increase (Decrease) in Liabilities:      
Accounts Payable 349,192 (630,667) 362,411
Accrued and Other Liabilities 489,308 (4,357,411) 792,629
Deferred Revenue (539,564) 245,219 38,793
Liabilities Held for Sale (49,470)    
Income Taxes Payable 439,086    
Net Cash Provided By Operating Activities 16,410,092 47,823,494 57,545,796
Cash Flow from Investing Activities:      
Acquisition of Property, Plant, and Equipment and Intangible Lease Assets and Liabilities (150,704,654) (109,394,481) (94,627,373)
Acquisition of Commercial Loan Investments (34,296,450)   (2,940,000)
Acquisition of Land   (4,702,243)  
Cash Contribution for Interest in Joint Venture (83,972) (2,137,018)  
Proceeds from Disposition of Property, Plant, and Equipment, Net, and Assets Held for Sale 207,551,807 11,077,525  
Proceeds from Sale of Equity Interests in Joint Ventures 96,132,204 15,300,000  
Principal Payments Received on Commercial Loan Investments   11,960,467 15,000,000
Acquisition of Investment Securities (15,500,000)    
Net Cash Used In Investing Activities 103,098,935 (77,895,750) (82,567,373)
Cash Flow from Financing Activities:      
Proceeds from Long-Term Debt 141,500,000 106,300,000 63,500,000
Payments on Long-Term Debt (103,073,325) (55,996,954) (35,100,000)
Cash Paid for Loan Fees (634,431) (263,473) (532,814)
Cash Proceeds from Exercise of Stock Options and Stock Issuance   437,081 1,188,069
Cash Used to Purchase Common Stock (41,095,712) (9,837,242) (7,209,454)
Cash Paid for Vesting of Restricted Stock (303,315) (498,374) (394,254)
Dividends Paid (2,197,556) (1,484,167) (997,461)
Net Cash Provided By (Used In) Financing Activities (5,804,339) 38,656,871 20,454,086
Net Increase (Decrease) in Cash 113,704,688 8,584,615 (4,567,491)
Cash, Beginning of Year 21,199,998 12,615,383 17,182,874
Cash, End of Period 134,904,686 21,199,998 12,615,383
Reconciliation of Cash to the Consolidated Balance Sheets:      
Cash and Cash Equivalents 6,474,637 2,310,489 6,107,252
Restricted Cash 128,430,049 18,889,509 6,508,131
Total Cash as of December 31, 2019, 2018, and 2017, respectively $ 134,904,686 $ 21,199,998 $ 12,615,383