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Condensed Consolidated Statements of Operations - USD ($)
3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Revenues    
Rental and other property revenues $ 3,172,181 $ 1,539,577
Real estate note investment interest 245,352 71,715
Total revenues 3,417,533 1,611,292
Expenses    
Property operations expense 1,348,135 655,284
Reimbursable operating expenses to related parties 257,044 236,509
Asset management fee to related party 886,307 449,653
Depreciation and amortization 1,338,430 843,984
General and administrative expenses 2,246,715 230,361
Total operating expenses 6,076,631 2,415,791
Other income (expense)    
Equity in earnings of unconsolidated real estate entities 951,454 240,096
Interest income 362 184,884
Interest expense (1,329,835) (537,971)
Total other expense (378,019) (112,991)
Total expenses before asset management fee waiver (6,454,650) (2,528,782)
Asset management fee waived by Advisor 27,128 127,440
Net expenses after asset management fee waiver (6,427,522) (2,401,342)
Net loss $ (3,009,989) $ (790,050)
Weighted-average shares outstanding (in shares) 12,232,289 9,483,288
Net loss per common share - basic and diluted (in dollars per share) $ (0.25) $ (0.08)