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Consolidated Statements of Cash Flows - USD ($)
3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Cash flows from operating activities:    
Net income (loss) $ (2,480,250) $ 8,147,216
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities:    
Depreciation and amortization 1,786,268 1,831,010
Amortization of debt issuance costs 80,214 95,081
Stock based compensation expense related to issuance of restricted stock 2,835 2,966
Loss on extinguishment of debt   1,985,602
Gain on sale of real estate, net   (12,101,937)
Gain on equity method investment   (573,430)
Increase (decrease) in cash, cash equivalents, and restricted cash from changes in assets and liabilities:    
Other assets 145,717 (47,251)
Accounts payable and accrued liabilities 426,549 70,487
Due to affiliates 432,759 (253,503)
Net cash provided by (used in) operating activities 394,092 (843,759)
Cash flows from investing activities:    
Additions to real estate (1,446,117) (302,744)
Net proceeds from sale of real estate   47,753,131
Distributions of capital from equity method investment   979,131
Net cash (used in) provided by investing activities (1,446,117) 48,429,518
Cash flows from financing activities:    
Principal payments of KeyBank Bridge Loans (150,000) (17,000,000)
Repayment of Tallahassee Nationwide mortgage loan   (23,500,000)
Scheduled principal payments of mortgage loans (428,845) (382,456)
Net cash used in financing activities (578,845) (40,882,456)
Net change in cash, cash equivalents, and restricted cash (1,630,870) 6,703,303
Cash, cash equivalents, and restricted cash, beginning of period 12,544,609 9,884,580
Cash, cash equivalents, and restricted cash, end of period 10,913,739 16,587,883
Supplemental disclosures and non-cash transactions:    
Cash paid for interest 2,203,447 2,015,763
Additions to real estate facilities and construction in process included in accounts payable and accrued liabilities 135,989 42,268
Distributions payable to preferred unit holders in our Operating Partnership $ 322,853 $ 301,981