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Consolidated Statements of Cash Flows (Unaudited) - USD ($)
9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Cash flows from operating activities:    
Net loss $ (25,462,171) $ (23,913,517)
Adjustments to reconcile net loss to cash used in operating activities:    
Depreciation and amortization 12,075,901 10,659,854
Amortization of debt issuance costs 826,098 1,162,080
Stock based compensation expense related to issuance of restricted stock 27,117 17,754
Accretion of preferred equity costs 0 189,920
Unrealized derivative gain 232,784  
Derivative fair value adjustment 1,944,534 (885,694)
Unrealized foreign currency adjustment 2,539,244 1,753,102
Changes in operating assets and liabilities:    
Other assets, net 466,893 (954,705)
Purchase of interest rate derivative (2,913,815) (1,878,000)
Accounts payable and accrued liabilities (299,387) 1,326,036
Due to affiliates 10,648,005 2,013,847
Net cash provided by (used in) operating activities 85,203 (10,509,323)
Cash flows from investing activities:    
Purchase of real estate facilities   (250,502,233)
Additions to real estate facilities (8,494,925) (5,643,405)
Deposits on acquisitions of real estate facilities   (1,585,202)
Refund of deposits on acquisitions of real estate facilities 485,232  
Investment in company owned life insurance (890,957) (876,293)
Investments in unconsolidated real estate ventures (16,672,863) (3,166,098)
Return of capital on investments in unconsolidated real restate ventures 16,099,042  
Net cash used in investing activities (9,474,471) (261,773,231)
Cash flows from financing activities:    
Proceeds from issuance of secured debt 8,000,000 179,324,261
Repayment of secured debt (4,764,241) (50,000,000)
Scheduled principal payments of secured debt (2,842,092) (677,409)
Prepaid debt issuance costs   (42,000)
Debt issuance costs   (1,454,867)
Gross proceeds from issuance of common stock 27,817,484 26,556,995
Offering costs (2,699,312) (2,989,811)
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)
Proceeds from issuance of Series C Units 928,939  
Redemption of common stock (1,297,314) (178,024)
Distributions paid to common stockholders (5,642,968) (4,505,116)
Distributions paid to noncontrolling interest in our Operating Partnership (256,313) (256,003)
Distributions paid to preferred stockholders (9,382,405) (2,087,500)
Distributions paid to preferred unitholders in our Operating Partnership   (271,250)
Net cash provided by financing activities 9,861,778 291,829,079
Impact of foreign exchange rate changes on cash and restricted cash (442,012) (1,045,362)
Net change in cash, cash equivalents and restricted cash 30,498 18,501,163
Cash, cash equivalents and restricted cash, beginning of year 25,708,071 7,791,544
Cash, cash equivalents and restricted cash, end of year 25,738,569 26,292,707
Supplemental disclosures and non-cash transactions:    
Cash paid for interest, net of amounts capitalized 13,492,349 10,134,055
Real estate facilities in due to affiliates 104,166 2,567,640
Deposits applied to investments in unconsolidated real estate ventures 330,840  
Debt issuance costs in due to affiliates 80,000 150,000
Purchase of interest rate cap in accounts payable and accrued liabilities   1,401,000
Debt issuance costs in accounts payable and accrued liabilities   27,211
Proceeds from issuance of common stock in accounts payable and accrued liabilities   (40,000)
Offering costs included in accounts payable and accrued liabilities 513,881 588,184
Interest rate swap contract in other assets   2,211,890
Interest rate swap contracts in accounts payable and accrued liabilities 1,365,131  
Foreign currency hedge contract in other assets 310,063  
Foreign currency translation adjustment 1,533,186 1,708,378
Issuance of shares pursuant to distribution reinvestment plan 4,194,003 3,195,069
Distributions payable to common and preferred stockholders 4,295,436 4,049,302
Distributions payable to noncontrolling interests in our Operating Partnership 27,953 28,029
Real estate and construction in process in accounts payable and accrued liabilities 1,266,042 323,124
Redemption of common stock in accounts payable and accrued liabilities $ 511,652 241,074
Deposits applied to acquisition of real estate   $ 220,000