XML 12 R2.htm IDEA: XBRL DOCUMENT v3.20.2
Condensed Consolidated Balance Sheets - USD ($)
Sep. 30, 2020
Dec. 31, 2019
Real estate investments:    
Land $ 74,082,722 $ 86,775,988
Buildings and improvements 276,926,627 309,904,890
Tenant origination and absorption costs 24,274,555 27,266,610
Total investments in real estate property 375,283,904 423,947,488
Accumulated depreciation and amortization (28,856,496) (20,411,794)
Total investments in real estate property, net 346,427,408 403,535,694
Investment in unconsolidated entity 10,085,476 10,388,588
Total real estate investments, net 356,512,884 413,924,282
Real estate investments held for sale, net 23,033,118 0
Total real estate investments 379,546,002 413,924,282
Cash and cash equivalents 8,745,052 6,823,568
Restricted cash 265,654 113,362
Tenant receivables, net 6,958,611 6,224,764
Above-market lease intangibles, net 910,501 1,251,734
Due from affiliates 0 2,332
Prepaid expenses and other assets 2,317,708 1,867,777
Interest rate swap derivatives 0 34,567
Assets related to real estate investments held for sale 864,008 0
Operating lease right-of-use asset 0 2,386,877
Goodwill 17,320,857 50,588,000
Intangible assets, net 5,587,932 7,700,000
Total assets 422,516,325 490,917,263
Liabilities and Equity    
Mortgage notes payable, net 179,001,117 194,039,207
Mortgage notes payable related to real estate investments held for sale, net 14,671,370 0
Total mortgage notes payable, net 193,672,487 194,039,207
Unsecured credit facility, net 5,967,729 7,649,861
Short-term notes payable 0 4,800,000
Economic relief notes payable 527,000 0
Accounts payable, accrued and other liabilities 7,944,998 11,555,161
Share repurchases payable 1,393,275 0
Below-market lease intangibles, net 13,274,833 14,591,359
Due to affiliates 0 630,820
Interest rate swap derivatives 2,006,997 1,021,724
Liabilities related to real estate investments held for sale 3,934,795 0
Operating lease liability 0 2,386,877
Total liabilities 228,722,114 236,675,009
Commitments and contingencies
Redeemable common stock 8,282,554 14,069,692
Preferred stock, $0.001 par value, 50,000,000 shares authorized, no shares issued and outstanding 0 0
Additional paid-in-capital 227,745,917 220,714,676
Cumulative distributions and net losses (92,861,456) (31,168,948)
Total shareholders' equity 134,908,657 189,569,562
Noncontrolling interests in the Operating Partnership 50,603,000 50,603,000
Total equity 185,511,657 240,172,562
Total liabilities and equity 422,516,325 490,917,263
Common Class C    
Liabilities and Equity    
Common stock, value issued 24,008 23,647
Common Class S    
Liabilities and Equity    
Common stock, value issued $ 188 $ 187