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Consolidated Statements of Cash Flows - USD ($)
9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Cash flows from operating activities:    
Net (loss) income $ (7,412,760) $ 3,352,396
Adjustments to reconcile net (loss) income to net cash provided by (used in) operating activities:    
Depreciation 5,312,702 5,523,217
Amortization of debt issuance costs 240,637 285,245
Stock based compensation expense related to issuance of restricted stock 10,266 10,412
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 433,642 54,187
Accounts payable and accrued liabilities 868,142 493,293
Due to affiliates 1,901,983 791,228
Net cash provided by (used in) operating activities 1,354,612 (179,787)
Cash flows from investing activities:    
Additions to real estate (2,398,958) (1,984,200)
Net proceeds from sale of real estate   48,503,131
Distributions of capital from equity method investment   979,131
Net cash (used in) provided by investing activities (2,398,958) 47,498,062
Cash flows from financing activities:    
Principal payments of KeyBank Bridge Loans (450,000) (17,000,000)
Repayment of Tallahassee Nationwide mortgage loan   (23,500,000)
Scheduled principal payments of mortgage loans (1,256,211) (1,028,787)
Net cash used in financing activities (1,706,211) (41,528,787)
Net change in cash, cash equivalents, and restricted cash (2,750,557) 5,789,488
Cash, cash equivalents, and restricted cash, beginning of period 12,544,609 9,884,580
Cash, cash equivalents, and restricted cash, end of period 9,794,052 15,674,068
Supplemental disclosures and non-cash transactions:    
Cash paid for interest 6,738,061 6,083,984
Additions to real estate facilities and construction in process included in accounts payable and accrued liabilities 18,727 28,983
Distributions payable to preferred unit holders in our Operating Partnership $ 995,217 $ 931,906