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Condensed Consolidated Statements of Cash Flows - USD ($)
9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Cash Flows from Operating Activities:    
Net loss $ (52,097,300) $ (2,973,765)
Adjustments to reconcile net loss to net cash provided by operating activities:    
Depreciation and amortization 13,420,256 7,176,716
Stock compensation expense 522,183 281,667
Deferred rents (1,027,863) (991,009)
Amortization of deferred lease incentives 45,903 45,903
Amortization of deferred financing costs and premium 796,810 511,336
Amortization of above-market lease intangibles 134,412 72,784
Amortization of below-market lease intangibles (1,157,951) (355,793)
Impairment of real estate investment properties 9,506,525 0
Impairment of goodwill and intangible assets 34,572,403 0
Gain on sale of real estate investments (1,693,642) 0
Unrealized loss on interest rate swap valuation 1,019,840 1,095,547
Income from investments in unconsolidated entities (239,028) (167,558)
Distributions from investments in unconsolidated entities 542,140 716,215
Change in operating assets and liabilities:    
Increase in tenant receivables (563,259) (319,773)
Increase in prepaid and other assets (513,161) (102,872)
Increase in accounts payable, accrued and other liabilities 1,171,868 541,315
Decrease in due to affiliates (628,488) (967,518)
Net cash provided by operating activities 3,811,648 4,563,195
Cash Flows from Investing Activities:    
Additions to existing real estate investments (600,291) (181,972)
Additions to intangible assets (566,102) 0
Net proceeds from sale of real estate investments 15,364,073 0
Payment of tenant improvements 0 (3,387,699)
Payment of acquisition fees to affiliate 0 (5,459)
Costs related to pending merger with an affiliate 0 (1,005,523)
Additions to lease incentives (990,000) 0
Refund of refundable purchase deposit 0 100,000
Refundable purchase deposit 0 (2,000,000)
Net cash provided by (used in) investing activities 13,207,680 (6,480,653)
Cash Flows from Financing Activities:    
Borrowings from unsecured credit facility 4,260,000 4,869,000
Repayments of unsecured credit facility (6,000,000) (13,869,000)
Proceeds from mortgage notes payable 35,705,500 6,350,000
Principal payments on mortgage notes payable (36,421,500) (14,557,433)
Proceeds from economic relief notes payable 527,000 0
Principal payments on short-term notes payable (4,800,000) 0
Refundable loan deposits 0 (171,000)
Payments of deferred financing costs to third parties (389,662) (175,311)
Payments of financing fees to affiliates 0 (63,500)
Proceeds from issuance of common stock and investor deposits 10,378,762 34,559,949
Payments of offering costs (981,748) (1,206,930)
Liabilities for (payments of) selling commissions on Class S common stock 1,916 (632)
Repurchases of common stock (13,154,123) (8,379,336)
Distributions paid to common stockholders (4,071,697) (1,901,575)
Net cash (used in) provided by financing activities (14,945,552) 5,454,232
Net increase in cash, cash equivalents and restricted cash 2,073,776 3,536,774
Cash, cash equivalents and restricted cash, beginning of period 6,936,930 8,755,928
Cash, cash equivalents and restricted cash, end of period 9,010,706 12,292,702
Supplemental Disclosure of Cash Flow Information:    
Cash paid for interest 5,062,906 4,372,246
Supplemental Schedule of Noncash Investing and Financing Activities:    
Reclassification to redeemable common stock 4,393,863 2,823,079
Reinvested distributions from common stockholders 5,815,165 5,685,291
Real estate investments held for sale, net 23,033,118 0
Assets related to real estate investments held for sale 864,008 0
Mortgage notes payable related to real estate investments held for sale, net 14,671,370 0
Liabilities related to real estate investments held for sale 3,934,795 0
Increase in share repurchases payable 1,393,275 619,159
Accrued distributions 291,654 937,863
Unpaid capitalized costs related to pending merger with an affiliate $ 0 $ 620,647