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Consolidated Statements of Cash Flows (Unaudited) - USD ($)
3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Sep. 30, 2018
Sep. 30, 2017
Dec. 31, 2017
Cash Flows from Operating Activities:          
Net loss $ (20,671,331) $ (8,132,098) $ (37,635,602) $ (23,504,195) $ (33,623,841)
Adjustments to reconcile net loss to net cash provided by operating activities:          
Depreciation and amortization 17,855,195 17,036,633 52,920,337 51,161,020  
Loss on disposal of buildings and improvements     211,742 108,715  
Amortization of deferred financing costs 269,417 257,111 762,658 766,801  
Amortization of stock-based compensation     60,721 66,019  
Change in fair value of interest rate cap agreements     (641,013) 438,261  
Amortization of loan discount     207,074 266,238  
Loss on debt extinguishment 4,975,497 0 4,975,497 0  
Insurance claim recoveries     (331,716) (341,250)  
Changes in operating assets and liabilities:          
Rents and other receivables     (136,231) (17,315)  
Other assets     (351,980) 186,555  
Accounts payable and accrued liabilities     5,900,772 2,224,747  
Due to affiliates     (206,276) (1,173,002)  
Net cash provided by operating activities     25,735,983 30,182,594  
Cash Flows from Investing Activities:          
Additions to real estate investments     (13,049,961) (21,353,583)  
Purchase of interest rate cap agreements     43,200 0  
Proceeds from settlement of interest rate cap agreements     270,000 0  
Proceeds from insurance claims     331,716 341,250  
Net cash used in investing activities     (12,491,445) (21,012,333)  
Cash Flows from Financing Activities:          
Proceeds from issuance of mortgage notes payable     160,850,000 0  
Principal payments on mortgage notes payable     (611,223,676) (199,316)  
Borrowings from credit facilities     562,669,000 10,000,000  
Principal payments on credit facilities     (56,000,000) 0  
Payments of commissions on sale of common stock     (173,111) (176,811)  
Payment of deferred financing costs     (4,538,261) 0  
Payment of debt extinguishment costs     (1,019,491) 0  
Distributions to common stockholders (5,941,991) (5,561,473) (17,364,466) (16,302,516)  
Repurchase of common stock     (6,886,216) (3,952,041)  
Net cash provided by (used in) financing activities     26,313,779 (10,630,684)  
Net increase (decrease) in cash, cash equivalents and restricted cash     39,558,317 (1,460,423)  
Cash, cash equivalents and restricted cash, beginning of the period     38,667,705 38,815,266 38,815,266
Cash, cash equivalents and restricted cash, end of the period $ 78,226,022 $ 37,354,843 78,226,022 37,354,843 $ 38,667,705
Supplemental Disclosures of Cash Flow Information:          
Interest paid     29,474,797 23,401,164  
Supplemental Disclosures of Noncash Flow Transactions:          
Decrease in distributions payable     (77,561) (44,315)  
Distributions paid to common stockholders through common stock issuances pursuant to the distribution reinvestment plan     17,175,364 17,546,003  
(Decrease) increase in redeemable common stock     (36,397,062) 6,472,018  
(Decrease) increase in redemptions payable     (631,040) 1,043,310  
Decrease in accounts payable and accrued liabilities from additions to real estate investments     (1,590,676) (1,498,767)  
Decrease in due to affiliates from additions to real estate investments     (137,656) (159,779)  
Decrease in due to affiliates for commissions on sale of common stock     $ (205,525) $ (176,811)