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Condensed Consolidated Statements of Cash Flows - USD ($)
3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2022
Mar. 31, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Dec. 31, 2021
Cash Flows from Operating Activities:            
Net (loss) income $ 4,450,767   $ 3,648,455 $ (5,232,053) $ 1,742,964  
Adjustments to reconcile net (loss) income to net cash provided by operating activities:            
Depreciation and amortization 3,598,592   3,814,503 10,581,765 11,817,529  
Stock compensation expense       1,740,852 2,115,341  
Amortization of deferred rents       (1,046,721) (950,694)  
Amortization of deferred lease incentives       323,347 192,235  
Write-offs and amortization of deferred financing costs and premium/discount       1,470,289 207,086  
Amortization of above-market lease intangibles       108,675 97,367  
Amortization of below-market lease intangibles       (971,536) (1,099,723)  
Reversal of impairment of real estate investment property       0 (400,999)  
Impairment of goodwill 0 $ 17,320,857 0 17,320,857 0 $ 0
Write-off of purchase deposit       375,000 0  
Gain on forgiveness of economic relief note payable 0   0 0 (517,000)  
Gain on sale of real estate investments (4,671,284)   (4,242,771) (13,074,162) (4,532,413)  
Unrealized gain on interest rate swap valuation       (530,997) (684,057)  
Write-off of unrealized gain on interest rate swaps       (788,016) 0  
Income from unconsolidated investment in a real estate property (64,358)   (75,403) (226,690) (222,705)  
Distributions from unconsolidated investment in a real estate property       179,531 247,929  
Change in operating assets and liabilities:            
(Increase) decrease in tenant receivables       (686,345) 613,626  
Increase in note receivable       0 (1,283,162)  
Decrease (increase) in prepaid and other assets       284,145 (667,634)  
Decrease in accounts payable, accrued and other liabilities       (501,178) (363,007)  
Net cash provided by operating activities       9,326,763 6,312,683  
Cash Flows from Investing Activities:            
Acquisitions of real estate investments       (127,144,029) (3,644,221)  
Additions to existing real estate investments       (3,855,719) (531,382)  
Additions to intangible assets       0 (195,750)  
Collection of note receivable from early termination of lease       1,836,767 0  
Collection of receivable from sale of real estate property       0 1,824,383  
Net proceeds from sale of real estate investments       66,489,004 22,840,026  
Purchase deposits, net       (195,614) 0  
Payment of lease incentives       (2,100,000) 0  
Net cash (used in) provided by investing activities       (64,969,591) 20,293,056  
Cash Flows from Financing Activities:            
Borrowings from credit facility term loan       150,000,000 0  
Borrowings from credit facility revolver, net       6,775,000 0  
Repayments of prior year credit facility revolver, net       (8,022,000) (6,000,000)  
Proceeds from mortgage notes payable       0 25,436,000  
Principal payments on mortgage notes payable       (130,421,220) (29,434,396)  
Refundable loan deposits       0 18,804  
Payments of deferred financing costs       (2,186,468) (381,076)  
Proceeds from issuance of preferred stock, net       0 47,570,374  
Proceeds from listed offering of common stock, net       114,500 2,911,744  
Payments of offering costs       (1,084,748) (946,914)  
Repurchases of common stock       (3,957,752) (16,881,466)  
Dividends paid to preferred stockholders       (2,909,028) 0  
Net cash provided by financing activities       2,962,196 19,727,618  
Net (decrease) increase in cash, cash equivalents and restricted cash       (52,680,632) 46,333,357  
Cash, cash equivalents and restricted cash, beginning of period   $ 58,407,520   58,407,520 8,377,530 8,377,530
Cash, cash equivalents and restricted cash, end of period $ 5,726,888   $ 54,710,887 5,726,888 54,710,887 $ 58,407,520
Supplemental Disclosure of Cash Flow Information:            
Cash paid for interest       5,152,425 6,116,202  
Supplemental Schedule of Noncash Investing and Financing Activities:            
Reclassification of tenant improvements from other assets to real estate investments       522,844 0  
Unpaid real estate improvements       512,908 0  
Deferred rents       0 683,605  
Deferred lease incentive       0 (2,128,538)  
Issuance of Class C OP Units in the acquisition of a real estate investment       32,809,551 0  
Reinvested distributions from common stockholders       2,866,846 3,399,731  
Accrued distributions and dividends       (31,794) 123,521  
Reclassification from redeemable common stock       0 8,247,216  
Decrease in share repurchase payable       0 (1,631,648)  
Real estate investments held for sale, net       31,510,762 24,585,739  
Other assets related to real estate investments held for sale       788,296 1,079,361  
Decrease in above-market lease intangibles, net       0 (50,549)  
Mortgage notes payable related to real estate investments held for sale, net       (21,699,912) (9,088,438)  
Other liabilities related to real estate investments held for sale       (383,282) (801,337)  
Increase in below-market lease intangibles, net       0 325,734  
Increase in interest swap derivatives       0 14,166  
Common Stock            
Cash Flows from Financing Activities:            
Distributions paid       (4,339,952) (2,565,452)  
Class C OP Units            
Cash Flows from Financing Activities:            
Distributions paid       $ (1,006,136) $ 0