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Consolidated Statements of Cash Flows (FY)
6 Months Ended 12 Months Ended
Jun. 30, 2021
USD ($)
Jun. 30, 2020
USD ($)
Dec. 31, 2020
USD ($)
Dec. 31, 2019
USD ($)
Cash Flows from Operating Activities:        
Net loss $ (1,905,491) $ (51,033,196) $ (49,141,910) $ (4,415,992)
Adjustments to reconcile net loss to net cash provided by operating activities:        
Depreciation and amortization 8,003,026 9,115,786 17,592,253 9,848,130
Stock issued as compensation expense 1,371,732 350,900 712,217 372,500
Deferred rents (702,978) (631,054) (1,591,012) (1,309,272)
Amortization of deferred lease incentives 105,541 30,602 61,204 61,203
Amortization of deferred financing costs and premiums     1,025,093 638,200
Amortization of above-market lease intangibles 64,913 98,966 169,857 97,045
Amortization of below-market lease intangibles (735,150) (774,589) (1,541,313) (646,745)
Impairment of real estate investment properties (400,999) 9,506,525 10,267,625 0
Impairment of goodwill and intangible assets (Note 3) 0 34,572,403 34,572,403 0
Reserve for loan guarantee 0 3,125,037    
Gain on forgiveness of economic relief note payable (517,000) 0    
Gain on sale of real estate investments, net (289,642) 0 (4,139,749) 0
Unrealized loss on interest rate swap valuation (517,719) 1,292,752 770,898 820,496
Income from investments in unconsolidated entities (147,302) (146,411) (296,780) (234,048)
Distributions from investments in unconsolidated entities 161,967 334,189 683,000 1,029,786
Amortization of deferred financing costs and premium/discount 199,693 298,283    
Changes in operating assets and liabilities:        
Decrease (increase) in tenant receivables 569,375 (16,688) 122,292 (946,209)
Increase in prepaid expenses and other assets (229,695) (606,696) (357,458) (1,374,345)
(Decrease) increase in accounts payable, accrued and other liabilities (1,946,918) (1,515,624) (2,703,292) 1,770,491
Decrease in due to affiliates 0 (631,702) (628,488) (962,336)
Operating lease right-of-use asset/operating lease liability, net 0 13,399    
Net cash provided by operating activities 3,083,353 3,382,882 5,576,840 4,748,904
Cash Flows from Investing Activities:        
Acquisition of real estate investments     0 (24,820,410)
Additions to intangible assets (111,750) (533,041) (566,102) 0
Collection of receivable from sale of real estate property 1,824,383 0    
Net proceeds from sale of real estate investments 13,221,509 0 27,008,028 0
Improvements to existing real estate investments     (673,631) (1,665,180)
Payment of tenant improvements     0 (3,486,927)
Payments of acquisition fees to affiliate     0 (746,459)
Cash acquired from acquisitions of affiliates     0 1,016,507
Payments of lease incentives 0 (990,000) (990,000) 0
Collection of refundable purchase deposit     0 100,000
Additions to existing real estate investments (309,717) (2,170,913)    
Net cash provided by (used in) investing activities 14,624,425 (3,693,954) 24,778,295 (29,602,469)
Cash Flows from Financing Activities:        
Borrowings from unsecured credit facility 6,000,000 4,260,000 4,260,000 12,609,000
Repayments of unsecured credit facility (9,000,000) 0 (6,000,000) (13,869,000)
Proceeds from mortgage notes payable 25,436,000 4,000,000 35,705,500 23,100,000
Principal payments on mortgage notes payable (24,399,915) (2,003,558) (45,299,688) (14,879,217)
Proceeds from economic relief note payable 0 527,000 517,000 0
Principal payments on short-term notes payable 0 (4,800,000) (4,800,000) 0
Payments of deferred financing costs to third parties (381,076) (56,997) (387,341) (495,148)
Refundable loan deposit (81,196) 0 (18,804) 0
Payments of financing fees to affiliates     0 (107,500)
Proceeds from issuance of common stock and investor deposits 2,299,380 9,427,526 10,908,856 34,555,691
Payments of offering costs (810,632) (822,921) (1,205,317) (1,716,672)
Liabilities for selling commissions on Class S common stock     736 1,302
Repurchases of common stock (13,046,857) (9,987,775) (17,576,261) (12,145,903)
Distributions paid to common stockholders (1,726,567) (3,090,265) (5,019,216) (4,017,986)
Net cash (used in) provided by financing activities (15,710,863) (2,546,990) (28,914,535) 23,034,567
Net increase (decrease) in cash, cash equivalents and restricted cash 1,996,915 (2,858,062) 1,440,600 (1,818,998)
Cash, cash equivalents and restricted cash, beginning of period 8,377,530 6,936,930 6,936,930 8,755,928
Cash, cash equivalents and restricted cash, end of period 10,374,445 4,078,868 8,377,530 6,936,930
Supplemental disclosure of cash flow information:        
Cash paid for interest 4,147,114 4,678,783 6,692,697 5,862,393
Supplemental disclosure of noncash flow information:        
Reclassifications to redeemable common stock     3,723,565 7,484,065
Reinvested distributions from common stockholders 2,262,231 4,664,713 6,958,534 6,352,682
Increase (decrease) in share repurchases payable     2,980,559 (584,676)
Increase in accrued distributions 23,256 295,585 275,922 214,851
Unpaid portion of capitalized costs related to acquisitions of affiliates     0 1,570,622
Real estate investments held for sale, net (19,209,993) (17,926,407) (25,217,972) 0
Assets related to real estate investments held for sale, net 408,096 725,990 (1,079,361) 0
Decrease in above-market lease intangibles, net     (50,549) 0
Mortgage notes payable related to real estate investments held for sale, net 4,707,012 9,549,467 9,088,438 0
Liabilities related to real estate investments held for sale, net 573,904 $ 196,938 801,337 0
Decrease in below-market lease intangibles, net     325,734 0
Decrease in interest swap derivatives     14,166 0
Goodwill in self-management transaction $ (17,320,857)   (17,320,857) (50,588,000)
BrixInvest        
Supplemental disclosure of noncash flow information:        
Net liabilities assumed     0 1,581,580
Goodwill in self-management transaction     0 (50,588,000)
Intangible assets acquired     0 (7,700,000)
Operating lease right-of-use asset acquired / operating lease liability assumed     (2,386,877) 2,386,877
Notes payable and short-term credit facility assumed     0 6,230,820
Issuance of Class M OP Units and Class P OP Units in the Operating Partnership     0 50,603,000
Cancellation of investment in the Company     0 107,400
REIT I        
Supplemental disclosure of noncash flow information:        
Real estate properties acquired     0 (148,054,617)
Mortgage debt assumed     0 62,985,425
Net liabilities assumed     0 268,732
Cancellation of investment in REIT I     0 3,091,489
Class C common stock issued     $ 0 $ 81,708,971