XML 18 R7.htm IDEA: XBRL DOCUMENT v3.23.3
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Cash flows from operating activities:    
Net loss $ (23,913,517) $ (9,960,595)
Adjustments to reconcile net loss to cash used in operating activities:    
Depreciation and amortization 10,659,854 4,248,199
Amortization of debt issuance costs 1,162,080 789,725
Stock based compensation expense related to issuance of restricted stock 17,754 17,754
Accretion of preferred equity costs 189,920  
Derivative fair value adjustment (885,694)  
Unrealized foreign currency adjustment 1,753,102 1,278,049
Changes in operating assets and liabilities:    
Other assets, net (954,705) (468,569)
Purchase of interest rate cap (1,878,000)  
Accounts payable and accrued liabilities 1,326,036 1,294,917
Due to affiliates 2,013,847 145,899
Net cash used in operating activities (10,509,323) (2,654,621)
Cash flows from investing activities:    
Purchase of real estate facilities (250,502,233) (160,100,702)
Additions to real estate facilities (5,643,405) (779,785)
Deposits on acquisitions of real estate facilities and investments in unconsolidated real estate ventures (1,585,202) (240,141)
Investment in company owned life insurance (876,293)  
Investments in unconsolidated real estate ventures (3,166,098) (378,714)
Net cash used in investing activities (261,773,231) (161,499,342)
Cash flows from financing activities:    
Proceeds from issuance of secured debt 179,324,261 118,844,752
Repayment of secured debt (50,000,000) (30,608,851)
Scheduled principal payments of secured debt (677,409)  
Prepaid debt issuance costs (42,000) (250,000)
Debt issuance costs (1,454,867) (1,325,011)
Gross proceeds from issuance of common stock 26,556,995 89,704,540
Offering costs (2,989,811) (7,986,801)
Proceeds from issuance of preferred equity in our Operating Partnership 15,000,000  
Redemption of preferred equity in our Operating Partnership (15,000,000)  
Preferred equity in our Operating Partnership issuance costs (189,920)  
Gross proceeds from issuance of preferred stock 150,000,000  
Preferred stock issuance costs (1,400,277)  
Redemption of common stock (178,024)  
Distributions paid to common stockholders (4,505,116) (2,372,829)
Distributions paid to noncontrolling interest in our Operating Partnership (256,003) (229,594)
Distributions paid to preferred shareholders (2,087,500)  
Distributions paid to preferred unitholders in our Operating Partnership (271,250)  
Net cash provided by financing activities 291,829,079 165,776,206
Impact of foreign exchange rate changes on cash and restricted cash (1,045,362) (807,829)
Net change in cash, cash equivalents and restricted cash 18,501,163 814,414
Cash, cash equivalents and restricted cash, beginning of period 7,791,544 4,580,759
Cash, cash equivalents and restricted cash, end of period 26,292,707 5,395,173
Supplemental disclosures and non-cash transactions:    
Cash paid for interest, net of amounts capitalized 10,134,055 1,926,716
Real estate facilities in due to affiliates 2,567,640  
Real estate and construction in process in accounts payable and accrued liabilities 323,124  
Debt issuance costs in due to affiliates 150,000  
Debt issuance costs in accounts payable and accrued liabilities 27,211  
Purchase of interest rate cap in accounts payable and accrued liabilities 1,401,000  
Proceeds from issuance of common stock in accounts payable and accrued liabilities (40,000) (478,400)
Offering costs included in accounts payable and accrued liabilities 588,184 891,748
Interest rate swap contracts in other assets 2,211,890  
Interest rate swap contracts in accounts payable and accrued liabilities   19,085
Foreign currency translation adjustment 1,708,378 295,568
Issuance of shares pursuant to distribution reinvestment plan 3,195,069 1,661,899
Distributions payable to common stockholders 918,052 676,811
Distributions payable to noncontrolling interests in our Operating Partnership 28,029 $ 27,134
Distributions payable to Preferred stockholders 3,131,250  
Redemption of common stock in accounts payable and accrued liabilities 241,074  
Deposits applied to acquisition of real estate $ 220,000