XML 15 R8.htm IDEA: XBRL DOCUMENT v3.26.1
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Cash flows from operating activities:    
Net loss $ (8,635,592) $ (7,240,686)
Adjustments to reconcile net loss to cash provided by (used in) operating activities:    
Depreciation 3,292,788 3,118,402
Amortization of debt issuance costs 159,852 367,285
Stock based compensation expense related to issuance of restricted stock 10,873 10,977
Equity in loss of unconsolidated real estate ventures 813,829 222,528
Unrealized derivative gain 377,141 158,595
Derivative fair value adjustment   410,657
Unrealized foreign currency adjustment 1,730,274 195,936
Changes in operating assets and liabilities:    
Other assets, net (723,741) (316,417)
Settlement of interest rate derivative   (2,030,731)
Accounts payable and accrued liabilities 689,391 831,030
Due to affiliates 3,544,117 2,978,762
Net cash provided by (used in) operating activities 1,258,932 (1,293,662)
Cash flows from investing activities:    
Additions to real estate facilities (1,345,026) (3,024,103)
Investments in unconsolidated real estate ventures (510,697) (986,166)
Return of capital on investments in unconsolidated real estate ventures 6,367,664  
Net cash provided by (used in) investing activities 4,511,941 (4,010,269)
Cash flows from financing activities:    
Proceeds from issuance of secured debt 340,390 170,533,452
Repayment of secured debt   (164,535,746)
Scheduled principal payments of secured debt (652,749) (655,276)
Debt issuance costs   (1,765,499)
Gross proceeds from issuance of common stock   7,245,023
Offering costs (170,444) (805,069)
Proceeds from issuance of Series C units   294,276
Redemption of common stock (193,867) (442,933)
Distributions paid to common stockholders (2,196,856) (2,047,641)
Distributions paid to noncontrolling interest in our Operating Partnership (84,089) (83,930)
Distributions paid to preferred stockholders (3,156,986) (3,148,361)
Net cash provided by (used in) financing activities (6,114,601) 4,588,296
Impact of foreign exchange rate changes on cash and restricted cash (31,065) 6,710
Net change in cash, cash equivalents and restricted cash (374,793) (708,925)
Cash, cash equivalents and restricted cash, beginning of year 9,918,161 17,565,564
Cash, cash equivalents and restricted cash, end of year 9,543,368 16,856,639
Supplemental disclosures and non-cash transactions:    
Cash paid for interest, net of amounts capitalized 3,725,190 3,336,189
Offering costs included in accounts payable and accrued liabilities 0 62,904
Other assets in due to affiliates 1,242,722  
Interest rate swap contract in other assets 156,554 790,781
Interest rate swap contracts in accounts payable and accrued liabilities 222,015 592,916
Foreign currency hedge contract in other assets   155,256
Foreign currency translation adjustment (674,141) 63,949
Issuance of shares pursuant to distribution reinvestment plan 1,653,126 1,600,498
Distributions payable to common and preferred stockholders 5,114,510 4,360,414
Distributions payable to noncontrolling interests in our Operating Partnership 28,964 28,964
Real estate and construction in process in accounts payable and accrued liabilities 1,029,992 714,142
Redemption of common stock in accounts payable and accrued liabilities 95,000 $ 174,377
Purchase of interest rate derivative in accounts payable and accrued liabilities $ 1,122,401