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Consolidated Statements of Cash Flows (Unaudited) - USD ($)
6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Cash flows from operating activities:    
Net loss $ (10,285,792) $ (17,485,559)
Adjustments to reconcile net loss to cash used in operating activities:    
Depreciation and amortization 6,398,481 8,225,768
Amortization of debt issuance costs 544,111 553,925
Stock based compensation expense related to issuance of restricted stock 21,954 16,140
Equity in loss of unconsolidated joint venture 607,602  
Unrealized derivative gain 218,241 174,001
Derivative fair value adjustment 410,657 (448,294)
Unrealized foreign currency adjustment (3,108,763) 3,357,638
Changes in operating assets and liabilities:    
Other assets, net 354,725 745,672
Purchase of interest rate derivative   (1,126,000)
Settlement of interest rate derivative (2,030,731)  
Accounts payable and accrued liabilities 629,036 510,133
Due to affiliates 4,864,206 7,747,400
Net cash provided by (used in) operating activities (1,376,273) 2,270,824
Cash flows from investing activities:    
Additions to real estate facilities (5,487,439) (4,477,240)
Investment in company owned life insurance (887,387)  
Investments in unconsolidated real estate ventures (2,562,445) (11,913,676)
Net cash used in investing activities (8,937,271) (16,390,916)
Cash flows from financing activities:    
Proceeds from issuance of secured debt 173,028,608  
Repayment of secured debt (164,753,059)  
Scheduled principal payments of secured debt (881,005) (1,397,353)
Debt issuance costs (1,805,431)  
Gross proceeds from issuance of common stock 15,170,192 18,882,572
Offering costs (1,809,770) (1,929,609)
Proceeds from issuance of Series C Units 573,002 637,242
Redemption of common stock (674,336) (903,578)
Distributions paid to common stockholders (4,194,779) (3,687,440)
Distributions paid to noncontrolling interest in our Operating Partnership (169,886) (170,591)
Distributions paid to preferred stockholders (6,236,717) (6,302,581)
Net cash provided by financing activities 8,246,819 5,128,662
Impact of foreign exchange rate changes on cash and restricted cash 671,828 (709,272)
Net change in cash, cash equivalents and restricted cash (1,394,897) (9,700,702)
Cash, cash equivalents and restricted cash, beginning of period 17,565,564 25,708,071
Cash, cash equivalents and restricted cash, end of period 16,170,667 16,007,369
Supplemental disclosures and non-cash transactions:    
Cash paid for interest, net of amounts capitalized 6,821,587 8,159,301
Change in offering costs included in accounts payable and accrued liabilities (882,357) 313,664
Interest rate swap contract in other assets 1,234,991 381,795
Interest rate swap contracts in accounts payable and accrued liabilities 371,144 110,168
Foreign currency hedge contract in other assets 1,190,074  
Foreign currency translation adjustment 2,475,802  
Deposits applied to investments in unconsolidated real estate ventures   331,335
Issuance of shares pursuant to distribution reinvestment plan 3,271,464 2,713,405
Distributions payable to common and preferred stockholders 4,405,393 4,186,425
Distributions payable to noncontrolling interests in our Operating Partnership 28,029 27,953
Real estate and construction in process in accounts payable and accrued liabilities 1,834,367 1,814,907
Real estate facilities in due to affiliates   104,614
Redemption of common stock in accounts payable and accrued liabilities $ 3,106,935 $ 391,073