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Consolidated Statements of Cash Flows (Unaudited) - USD ($)
6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Cash flows from operating activities:    
Net income (loss) $ (8,370,152) $ (5,996,976)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Depreciation and amortization 17,659,543 15,288,835
(Gain) Loss from investments in real estate-related assets (49,482) 426,848
Amortization of above-market lease intangibles 98,189 98,189
Amortization of below-market lease intangibles (978,005) (707,855)
Changes in assets and liabilities:    
Proceeds from investments in real estate-related assets 275,298 207,793
(Increase) in deferred rent receivable (1,206,310) (2,163,693)
Decrease in accrued preferred return receivable   81,018
Decrease in accrued income from mezzanine loan investment   72,498
(Increase) in prepaid expenses and other assets (1,898,921) (3,571,437)
(Decrease)/increase in due to related parties (462,715) 3,830,784
(Increase) in due from related party   (217,276)
Increase in deferred revenue 411,227 281,069
(Decrease) in distribution payable   (410,919)
(Decrease)/increase in restricted reserves (519,234) 196,361
(Decrease) in accounts payable and accrued expenses (2,754,376) 44,502
Increase in accrued interest payable 102,188 428,544
Net cash provided by operating activities 2,307,250 7,888,285
Cash flows from investing activities:    
Acquisition of real estate (412,545) (111,283,921)
Cash used in investing activities (412,545) (111,283,921)
Cash flows from financing activities:    
Borrowings under credit facility 14,000,000 26,500,000
Proceeds from issuance of common stock, net 33,270,125 98,522,452
Distributions (13,174,030) (6,634,942)
Payments for redemptions of common stock (23,404,406) (3,349,143)
Non-controlling interest distributions (6,880,330) (3,331,261)
Payment of deferred financing costs (442,790) (1,096,546)
Syndicated ownership interest   3,191,427
Net cash provided by financing activities 3,368,569 113,801,987
Net increase in cash and cash equivalents and restricted cash 5,263,274 10,406,351
Cash and cash equivalents and restricted cash, at beginning of period 38,533,421 19,026,144
Cash and cash equivalents and restricted cash, at end of period 43,796,695 29,432,495
Reconciliation of cash and cash equivalents and restricted cash    
Cash and cash equivalents 34,292,465 22,333,652
Restricted cash 9,504,230 7,098,843
Total cash and cash equivalents and restricted cash 43,796,695 29,432,495
Supplemental disclosure of cash flow information:    
Cash paid for interest 10,027,725 6,379,522
Non-cash investing and financing activities:    
Distribution reinvestment 3,393,475 2,505,530
Distributions payable $ 1,972,065 $ 2,329,932