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Consolidated Statements of Cash Flows - USD ($)
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Cash flows from operating activities:      
Net income (loss) $ 19,301,506 $ (9,753,985) $ 725,351
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:      
Depreciation 5,359,748 5,671,415 5,584,240
Amortization of debt issuance costs 142,102 142,105 142,103
Stock based compensation expense related to issuance of restricted stock 15,499 14,166 14,246
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)
Discontinued operating activities 988,364 1,577,522 2,059,960
Discontinued operating activities - loss on extinguishment of debt [1] (286,719)    
Discontinued operating activities - gain on sale of real estate, net [2] (27,587,961)    
Increase (decrease) in cash, cash equivalents, and restricted cash from changes in assets and liabilities:      
Other assets (1,045,586) 368,573 (183,222)
Accounts payable and accrued liabilities (352,516) 333,837 616,803
Due to affiliates (1,643,630) 2,079,111 910,086
Discontinued operating activities - changes in assets and liabilities (719,593) 507,028 731,931
Net cash provided by (used in) operating activities (5,255,348) 939,772 (88,267)
Cash flows from investing activities:      
Additions to real estate (1,183,475) (2,367,012) (3,829,613)
Net proceeds from sale of real estate     48,503,131
Distributions of capital from equity method investments     979,131
Discontinued investing activities 70,649,776 (555,913) (200,464)
Net cash provided by (used in) investing activities 69,466,301 (2,922,925) 45,452,185
Cash flows from financing activities:      
Repayment of Tallahassee Nationwide mortgage loan     (23,500,000)
Scheduled principal payments of mortgage loans (1,744,272) (1,672,997) (937,856)
Debt issuance costs     (92,458)
Distributions paid to common stockholders (3,193,760)   (522,553)
Distributions paid to Operating Partnership unitholders (6,240)   (1,022)
Discontinued financing activities (55,578,989) (600,000) (17,650,000)
Net cash used in financing activities (60,523,261) (2,272,997) (42,703,889)
Net change in cash, cash equivalents, and restricted cash 3,687,692 (4,256,150) 2,660,029
Cash, cash equivalents, and restricted cash, beginning of year 8,288,459 12,544,609 9,884,580
Cash, cash equivalents, and restricted cash, end of year 11,976,151 8,288,459 12,544,609
Supplemental disclosures and non-cash transactions:      
Cash paid for interest - continuing and discontinued operations 8,118,959 9,011,353 8,241,981
Additions to real estate and construction in process in accounts payable and accrued liabilities   26,522 371,341
Distributions payable to preferred unit holders in our operating partnership $ 1,429,956 $ 1,341,278 $ 1,256,632
[1] Includes the write off of the net debt issuance costs associated with the $34.5 million Fayetteville Mortgage Loan and the $25.4 million KeyBank Bridge Loans in conjunction with the sale of the Fayetteville property in July 2024, along with the loss on the settlement of the interest rate cap.
[2] Relates to the net gain on the sale of the Fayetteville property, which was sold on July 31, 2024.