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Consolidated Statements of Cash Flows - USD ($)
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Cash Flows from Operating Activities:    
Net loss $ (4,415,992) $ (1,801,724)
Adjustments to reconcile net loss to net cash provided by operating activities:    
Depreciation and amortization 9,848,130 6,988,925
Stock issued as compensation expense 372,500 167,835
Deferred rents (1,309,272) (1,236,145)
Amortization of lease incentives 61,203 8,350
Amortization of deferred financing costs 638,200 927,535
Amortization of above-market lease intangibles 97,045 97,045
Amortization of below-market lease intangibles (646,745) (406,329)
Unrealized loss on interest rate swap valuation 820,496 157,613
Income from investments in unconsolidated entities (234,048) (226,024)
Distributions from investments in unconsolidated entities 1,029,786 896,670
Changes in operating assets and liabilities:    
Tenant receivables (946,209) (1,159,874)
Due from affiliate 0 17,356
Prepaid expenses and other assets (1,374,345) 8,592
Accounts payable, accrued and other liabilities 1,770,491 1,373,044
Due to affiliate (962,336) 69,020
Net cash provided by operating activities 4,748,904 5,881,889
Cash Flows from Investing Activities:    
Acquisition of real estate investments (24,820,410) (87,064,535)
Improvements to existing real estate investments (1,665,180) (1,730,666)
Payment of tenant improvements (3,486,927) 0
Payments of acquisition fees to affiliate (746,459) (2,702,043)
Cash acquired from acquisitions of affiliates 1,016,507 0
Investments in unconsolidated entities 0 (422,440)
Collection (payment) of refundable purchase deposits 100,000 (100,000)
Net cash used in investing activities (29,602,469) (92,019,684)
Cash Flows from Financing Activities:    
Borrowings from unsecured credit facility 12,609,000 36,450,000
Repayments of unsecured credit facility (13,869,000) (39,450,000)
Proceeds from mortgage notes payable 23,100,000 75,687,500
Principal payments on mortgage notes payable (14,879,217) (12,892,970)
Payments of deferred financing costs to third parties (495,148) (1,200,010)
Payments of financing fees to affiliates (107,500) (262,050)
Proceeds from issuance of common stock and investor deposits 34,555,691 44,223,885
Payment of offering costs (1,716,672) (1,500,285)
Payment of Class S commissions 1,302 (550)
Repurchases of common stock (12,145,903) (8,688,479)
Distributions paid to common stockholders (4,017,986) (1,656,073)
Net cash provided by financing activities 23,034,567 90,710,968
Net (decrease) increase in cash, cash equivalents and restricted cash (1,818,998) 4,573,173
Cash, cash equivalents and restricted cash, beginning of year 8,755,928 4,182,755
Cash, cash equivalents and restricted cash, end of year 6,936,930 8,755,928
Supplemental disclosure of cash flow information:    
Cash paid for interest 5,862,393 4,235,739
Supplemental disclosure of noncash flow information:    
Reclassifications to redeemable common stock 7,484,065 6,152,439
Distributions paid to common stockholders through common stock issuance pursuant to the dividend reinvestment plan 6,352,682 5,878,104
Reduction in lease incentive obligation 0 (853,232)
(Decrease) increase in share repurchases payable (584,676) 197,837
Increase in accrued dividends 214,851 747,640
Unpaid portion of real estate acquired 0 3,486,927
Unpaid portion of capitalized costs related to acquisitions of affiliates 1,570,622 0
Real estate properties acquired 148,054,617 0
Mortgage debt acquired 62,985,425 0
Net liabilities assumed 268,732 0
Cancellation of investment in REIT I 3,091,489 0
Class C common stock issued 81,708,971 0
Goodwill in self-management transaction 50,588,000 0
Intangible assets acquired 7,700,000 0
Operating lease right-of-use asset acquired / operating lease liability assumed 2,386,877 0
Notes payable and short-term credit facility acquired 6,230,820 0
Net liabilities assumed 1,561,580 0
Issuance of Class M OP Units and Class P OP Units in the Operating Partnership 50,603,000 0
Cancellation of investment in the Company $ 107,400 $ 0