XML 15 R8.htm IDEA: XBRL DOCUMENT v3.25.3
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Cash flows from operating activities:    
Net loss $ (18,544,097) $ (25,462,171)
Adjustments to reconcile net loss to cash used in operating activities:    
Depreciation and amortization 9,634,973 12,075,901
Amortization of debt issuance costs 735,055 826,098
Stock based compensation expense related to issuance of restricted stock 32,827 27,117
Equity in loss of unconsolidated joint venture 1,211,896  
Unrealized derivative gain 297,119 232,784
Derivative fair value adjustment 410,657 1,944,534
Unrealized foreign currency adjustment (902,170) 2,539,244
Changes in operating assets and liabilities:    
Other assets, net 150,833 466,893
Purchase of interest rate derivative   (2,913,815)
Settlement of interest rate derivative (2,030,731)  
Accounts payable and accrued liabilities 1,045,796 (299,387)
Due to affiliates (12,083,162) 10,648,005
Net cash provided by (used in) operating activities (20,041,004) 85,203
Cash flows from investing activities:    
Additions to real estate facilities (10,299,092) (8,494,925)
Refund of deposits on acquisitions of real estate facilities   485,232
Investment in company owned life insurance (905,318) (890,957)
Investments in unconsolidated real estate ventures (4,925,607) (16,672,863)
Return of capital on investments in unconsolidated real estate ventures   16,099,042
Net cash used in investing activities (16,130,017) (9,474,471)
Cash flows from financing activities:    
Proceeds from issuance of secured debt 177,719,672 8,000,000
Repayment of secured debt (164,753,059) (4,764,241)
Scheduled principal payments of secured debt (1,105,853) (2,842,092)
Debt issuance costs (1,825,431)  
Gross proceeds from issuance of common stock 15,367,192 27,817,484
Offering costs (2,075,386) (2,699,312)
Proceeds from issuance of Series D preferred units 25,000,000  
Series D Preferred unit issuance costs (273,157)  
Proceeds from issuance of Series C Units 659,151 928,939
Redemption of common stock (3,900,935) (1,297,314)
Distributions paid to common stockholders (6,407,906) (5,642,968)
Distributions paid to noncontrolling interest in our Operating Partnership (255,843) (256,313)
Distributions paid to preferred stockholders (9,359,388) (9,382,405)
Net cash provided by financing activities 28,789,057 9,861,778
Impact of foreign exchange rate changes on cash and restricted cash 471,700 (442,012)
Net change in cash, cash equivalents and restricted cash (6,910,264) 30,498
Cash, cash equivalents and restricted cash, beginning of period 17,565,564 25,708,071
Cash, cash equivalents and restricted cash, end of period 10,655,300 25,738,569
Supplemental disclosures and non-cash transactions:    
Cash paid for interest, net of amounts capitalized 14,160,979 13,492,349
Offering costs included in accounts payable and accrued liabilities (1,042,933) 513,881
Interest rate swap contract in other assets 1,252,175  
Interest rate swap contracts in accounts payable and accrued liabilities 443,890 1,365,131
Foreign currency hedge contract in other assets 1,187,637 310,063
Foreign currency translation adjustment 1,585,179 1,533,186
Deposits applied to investments in unconsolidated real estate ventures   330,840
Debt issuance costs in due to affiliates   80,000
Issuance of shares pursuant to distribution reinvestment plan 4,984,554 4,194,003
Distributions payable 4,547,144 4,323,389
Real estate and construction in process in accounts payable and accrued liabilities 348,366 1,266,042
Real estate facilities in due to affiliates   104,166
Redemption of common stock in accounts payable and accrued liabilities $ 231,066 $ 511,652