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Consolidated Statements of Cash Flows (Unaudited) - USD ($)
3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Cash flows from operating activities:    
Net loss $ (7,240,686) $ (8,982,952)
Adjustments to reconcile net loss to cash used in operating activities:    
Depreciation and amortization 3,118,402 4,214,830
Amortization of debt issuance costs 367,285 276,258
Stock based compensation expense related to issuance of restricted stock 10,977 8,070
Equity in loss of unconsolidated joint venture 222,528  
Unrealized derivative gain 158,595 87,000
Derivative fair value adjustment 410,657 (951,943)
Unrealized foreign currency adjustment 195,936 2,206,103
Changes in operating assets and liabilities:    
Other assets, net (316,417) (66,166)
Purchase of interest rate derivative   (711,000)
Settlement of interest rate derivative (2,030,731)  
Accounts payable and accrued liabilities 831,030 (213,380)
Due to affiliates 2,978,762 3,347,491
Net cash used in operating activities (1,293,662) (785,689)
Cash flows from investing activities:    
Additions to real estate facilities (3,024,103) (2,253,847)
Investments in unconsolidated real estate ventures (986,166) (6,449,918)
Net cash used in investing activities (4,010,269) (8,703,765)
Cash flows from financing activities:    
Proceeds from issuance of secured debt 170,533,452  
Repayment of secured debt (164,535,746)  
Scheduled principal payments of secured debt (655,276) (385,375)
Debt issuance costs (1,765,499)  
Gross proceeds from issuance of common stock 7,245,023 10,586,181
Offering costs (805,069) (1,035,663)
Proceeds from issuance of Series C Units 294,276 359,926
Redemption of common stock (442,933) (118,560)
Distributions paid to common stockholders (2,047,641) (1,801,202)
Distributions paid to noncontrolling interest in our Operating Partnership (83,930) (84,870)
Distributions paid to preferred stockholders (3,148,361) (3,131,250)
Net cash provided by financing activities 4,588,296 4,389,187
Impact of foreign exchange rate changes on cash and restricted cash 6,710 (483,052)
Net change in cash, cash equivalents and restricted cash (708,925) (5,583,319)
Cash, cash equivalents and restricted cash, beginning of period 17,565,564 25,708,071
Cash, cash equivalents and restricted cash, end of period 16,856,639 20,124,752
Supplemental disclosures and non-cash transactions:    
Cash paid for interest, net of amounts capitalized 3,336,189 4,220,435
Offering costs included in accounts payable and accrued liabilities 62,904 222,836
Interest rate swap contract in other assets 790,781 663,978
Interest rate swap contracts in accounts payable and accrued liabilities 592,916 147,121
Foreign currency hedge contract in other assets 155,256  
Foreign currency translation adjustment 63,949 1,550,882
Deposits applied to investments in unconsolidated real estate ventures   333,765
Issuance of shares pursuant to distribution reinvestment plan 1,600,498 1,303,340
Distributions payable to common and preferred stockholders 4,360,414 4,265,856
Distributions payable to noncontrolling interests in our Operating Partnership 28,964 28,885
Real estate and construction in process in accounts payable and accrued liabilities 714,142 384,198
Redemption of common stock in accounts payable and accrued liabilities $ 174,377 784,542
Purchase of interest rate derivative in accounts payable and accrued liabilities   $ 415,000