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v3.4.0.3

Condensed Consolidated Balance Sheets - USD ($) | Mar. 31, 2016 | Dec. 31, 2015
--- | --- | ---
ASSETS |  |  |
Investments in real estate, net |  | $ 249,983,400 | $ 221,783,425
Lease intangibles, net |  | 2,225,926 | 1,763,541
Cash and cash equivalents |  | 2,193,360 | 2,532,522
Deferred financing costs related to borrowings under line of credit, net |  | 128,424 | 132,495
Other assets, net |  | 2,439,519 | 2,472,042
Total assets |  | 256,970,629 | 228,684,025
LIABILITIES: |  |  |
Mortgage notes and bonds payable, net |  | 156,928,055 | 141,578,935
Borrowings under line of credit |  | 2,800,000 | 100,000
Accounts payable and accrued expenses |  | 4,746,694 | 3,495,339
Due to related parties | [1] | 628,421 | 565,593
Other liabilities |  | 8,427,252 | 4,937,439
Total liabilities |  | $ 173,530,422 | $ 150,677,306
Commitments and contingencies | [2] |  |
Stockholders' equity: |  |  |
Common stock, $0.001 par value; 20,000,000 shares authorized; 9,992,941 shares issued and outstanding as of March 31, 2016, and December 31, 2015 |  | $ 9,993 | $ 9,993
Additional paid-in capital |  | 87,494,870 | 86,892,095
Accumulated deficit |  | (9,860,106) | (8,895,369)
Total stockholders' equity |  | 77,644,757 | 78,006,719
Non-controlling interests in operating partnership |  | 5,795,450 |
Total equity |  | 83,440,207 | 78,006,719
TOTAL LIABILITIES AND EQUITY |  | $ 256,970,629 | $ 228,684,025
[1] | Refer to Note 4, "Related-Party Transactions," for additional information.
[2] | Refer to Note 7, "Commitments and Contingencies," for additional information.

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