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Consolidated Statements of Cash Flows - USD ($)
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Cash flows from operating activities:    
Net income (loss) $ (11,408,268) $ (2,936,528)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Depreciation and amortization 33,775,679 16,642,727
Loss from investments in real estate-related assets 475,390 95,813
Amortization of above-market lease intangibles 196,378 134,097
Amortization of below-market lease intangibles (1,685,860) (924,998)
Changes in assets and liabilities:    
Proceeds from investments in real estate-related assets 360,466 412,801
(Increase) in deferred rent receivable (3,534,790) (3,928,109)
Decrease/(increase) in accrued preferred return receivable 81,018 (81,018)
Decrease/(increase) in accrued income from mezzanine loan investment 72,498 (72,498)
(Increase) in due from related party (160,422) (140,371)
(Increase) in prepaid expenses and other assets (4,224,009) (5,269,955)
Increase in due to related parties 4,577,069 1,350,821
(Decrease)/increase in deferred revenue (170,882) 834,308
Increase in restricted reserves 3,917,677 3,732,141
Increase/(decrease) in accounts payable and accrued expenses 89,001 (425,133)
(Decrease)/increase in distribution payable (410,919) 420,449
Increase in accrued interest payable 847,179 529,086
Net cash provided by operating activities 22,797,205 10,373,633
Cash flows from investing activities:    
Acquisition of real estate (112,626,398) (128,443,281)
Cash used in investing activities (112,626,398) (128,443,281)
Cash flows from financing activities:    
Borrowings and paydowns under credit facility (8,850,000) 28,850,000
Proceeds from issuance of common stock, net 153,477,026 77,661,566
Distributions (18,159,796) (7,489,752)
Payments from redemptions of common stock (8,937,536) (7,294,935)
Non-controlling interest distributions (9,450,480) (1,598,378)
Syndicated ownership interest 3,191,427 16,807,073
Payment of deferred financing costs (1,934,171) (3,364,612)
Net cash provided by financing activities 109,336,470 103,570,962
Net increase/(decrease) in cash and cash equivalents and restricted cash 19,507,277 (14,498,686)
Cash and cash equivalents and restricted cash, at beginning of period 19,026,144 33,524,830
Cash and cash equivalents and restricted cash, at end of period 38,533,421 19,026,144
Reconciliation of cash and cash equivalents and restricted cash    
Cash and cash equivalents 27,642,348 15,361,059
Restricted cash 10,891,073 3,665,085
Total cash and cash equivalents and restricted cash 38,533,421 19,026,144
Supplemental disclosure of cash flow information:    
Cash paid for interest 16,610,576 8,003,646
Non-cash investing and financing activities:    
Distribution reinvestment 5,784,435 3,788,095
Distributions payable 948,895 649,294
Assumption of loans payable in conjunction with acquisitions of real estate 115,731,250 246,892,000
Acquired non-controlling interests $ 132,570,081 $ 136,627,054