XML 17 R6.htm IDEA: XBRL DOCUMENT v3.5.0.2
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 9 Months Ended
Sep. 30, 2016
Sep. 30, 2015
Cash flows from operating activities:    
Net (loss) income $ (3,902,525) $ 877,255
Adjustments to reconcile net (loss) income to net cash provided by operating activities:    
Depreciation and amortization from continuing operations 7,723,372 5,560,525
Depreciation and amortization from discontinued operations   165,646
Stock compensation 388,602 350,014
Bad debt expense (54,405)  
Gain on sale of real estate assets, net (2,121,453) (5,936,010)
Impairment of real estate asset 700,000  
Amortization of financing costs 1,081,520 941,836
Amortization of above-market leases 139,417 161,163
Amortization of below-market leases (345,948) (94,196)
Changes in operating assets and liabilities:    
Other assets 339,618 (696,214)
Accounts payable and accrued liabilities 303,042 495,730
Accrued real estate taxes (473,886) 217,193
Net cash provided by operating activities 3,777,354 2,042,942
Cash flows from investing activities:    
Real estate acquisitions (15,774,855) (42,528,263)
Buildings and tenant improvements (3,713,626) (2,354,988)
Additions to deferred leasing costs (710,721) (332,927)
Proceeds received from sale of real estate assets 8,560,357 37,101,304
Restricted cash 2,992,873 (2,502,108)
Net cash used in investing activities (8,645,972) (10,616,982)
Cash flows from financing activities:    
Proceeds from mortgage notes payable, net of issuance costs 18,979,585 33,277,918
Repayment of mortgage notes payable (9,217,047) (29,723,904)
Repayment of mandatorily redeemable preferred stock (2,300,000)  
Proceeds from issuance of common stock   49,999
Proceeds from issuance of mandatorily redeemable preferred stock, net of offering costs   13,400,000
Contributions received from noncontrolling interests in excess of distributions paid 197,148 (63,359)
Repurchase of common stock (55,023) (147,774)
Series B accrued interest (1,311,778) 583,189
Dividends paid to stockholders (3,347,690) (3,291,978)
Net cash provided by financing activities 2,945,195 14,084,091
Net (decrease) increase in cash and cash equivalents (1,923,423) 5,510,051
Cash and cash equivalents - beginning of period 6,626,423 5,636,002
Cash and cash equivalents - end of period 4,703,000 11,146,053
Supplemental disclosure of cash flow information:    
Interest paid Series B preferred stock 5,080,417 2,244,411
Interest paid-mortgage notes payable 5,449,481 4,542,269
Non-cash investing and financing activities:    
Reinvestment of cash dividends 1,795,040 2,009,916
Accrual of dividends payable $ 1,155,498 $ 1,063,454