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Consolidated Statements of Cash Flows (Unaudited) - USD ($)
6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Cash flows from operating activities:    
Net income (loss) $ (3,624,234) $ (8,370,152)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Depreciation and amortization 18,015,427 17,659,543
(Gain) from investments in real estate-related assets (80,557) (49,482)
(Realized Gain) from sale of investment in debt securities (1,634,920)  
Amortization of above-market lease intangibles 98,189 98,189
Amortization of below-market lease intangibles (978,005) (978,005)
Unrealized loss from investment in debt securities 454,123  
Changes in assets and liabilities:    
Proceeds from investments in real estate-related assets 206,473 275,298
(Increase) in deferred rent receivable (922,618) (1,206,310)
Decrease/(increase) in prepaid expenses and other assets 1,069,900 (1,898,921)
Increase/(decrease) in due to related parties 4,633,157 (462,715)
Decrease in deferred revenue 9,100 411,227
Increase in restricted reserves (1,797,802) (519,234)
(Decrease) in accounts payable and accrued expenses (1,333,445) (2,754,376)
(Decrease)/increase in accrued interest payable (105,661) 102,188
Net cash provided by operating activities 14,009,127 2,307,250
Cash flows from investing activities:    
Acquisition of real estate   (412,545)
Capital improvements to real estate (1,684,236)  
Proceeds from sale/repayment of investment in debt securities 10,399,997  
Net cash provided by/(used in) investing activities 8,715,761 (412,545)
Cash flows from financing activities:    
Borrowings under credit facility 12,000,000 14,000,000
Proceeds from issuance of common stock, net 6,875,030 33,270,125
Distributions (8,010,182) (13,174,030)
Payments for redemptions of common stock (31,754,409) (23,404,406)
Non-controlling interest distributions (7,034,093) (6,880,330)
Non-controlling interest contribution 100,000  
Payment of deferred financing costs (148,807) (442,790)
Net cash (used in)/provided by financing activities (27,972,461) 3,368,569
Net increase/(decrease) in cash and cash equivalents and restricted cash (5,247,573) 5,263,274
Cash and cash equivalents and restricted cash, at beginning of period 39,892,720 38,533,421
Cash and cash equivalents and restricted cash, at end of period 34,645,147 43,796,695
Reconciliation of cash and cash equivalents and restricted cash    
Cash and cash equivalents 25,472,948 34,292,465
Restricted cash 9,172,199 9,504,230
Total cash and cash equivalents and restricted cash 34,645,147 43,796,695
Supplemental disclosure of cash flow information:    
Cash paid for interest 12,859,619 10,027,725
Non-cash investing and financing activities:    
Distribution reinvestment 3,098,283 3,393,475
Distributions payable 1,726,933 1,972,065
Assumption of loans payable in conjunction with acquisitions of real estate   22,500,000
Acquired non-controlling interests $ (107,225) $ 19,087,232