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Consolidated Statements of Cash Flows (Unaudited)
3 Months Ended
Mar. 31, 2022
USD ($)
Mar. 31, 2021
USD ($)
Cash flows from operating activities:    
Net income (loss) $ (4,870,515) $ 213,516
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Depreciation and amortization 7,064,471 1,854,993
Loss from investments in real estate-related assets 369,467 261,807
Amortization of above-market lease intangibles 49,095 7,574
Amortization of below-market lease intangibles (247,748) (211,972)
Changes in assets and liabilities:    
Proceeds from investments in real estate-related assets 104,556 101,676
(Increase) in deferred rent receivable (1,470,132) (2,814,830)
Decrease/(increase) in accrued preferred return receivable 81,018 (81,018)
Decrease/(increase) in accrued income from mezzanine loan investment 72,498 (72,691)
(Increase) in prepaid expenses and other assets (1,423,579) (2,157,445)
Increase in due to related parties 3,692,679 20,590
(Decrease)/increase in deferred revenue (249,357) 9,712
(Decrease) in distribution payable (410,919)  
(Decrease)/increase in restricted reserves (855,943) 410,292
(Decrease) in accounts payable and accrued expenses (110,671) (491,881)
Increase in accrued interest payable 188,587 59,334
Net cash provided by/(used in) operating activities 1,983,507 (2,890,343)
Cash flows from investing activities:    
Acquisition of real estate (63,898,627) (23,770,988)
Cash used in investing activities (63,898,627) (23,770,988)
Cash flows from financing activities:    
Borrowings under credit facility 19,000,000  
Proceeds from issuance of common stock, net 50,509,768 10,556,963
Distributions (3,384,825) (1,555,656)
Payments for redemptions of common stock (1,714,806) (1,457,487)
Non-controlling interest distributions (1,253,891) (30,000)
Syndicated ownership interest 3,191,427  
Payment of deferred financing costs (52,332) (646,435)
Net cash provided by financing activities 66,295,341 6,867,385
Net increase in cash and cash equivalents and restricted cash 4,380,221 (19,793,946)
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 23,406,365 13,730,884
Reconciliation of cash and cash equivalents and restricted cash    
Cash and cash equivalents 20,289,635 11,119,462
Restricted cash 3,116,730 2,611,422
Supplemental disclosure of cash flow information:    
Cash paid for interest 2,507,071 1,004,174
Non-cash investing and financing activities:    
Distribution reinvestment 1,146,214 867,624
Distributions payable $ 1,004,233 659,881
Assumption of loans payable in conjunction with acquisitions of real estate   107,852,000
Acquired non-controlling interests   $ 43,771,127