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Consolidated Balance Sheets - USD ($)
Dec. 31, 2017
Dec. 31, 2016
Real estate assets and lease intangibles:    
Land $ 45,723,707 $ 47,190,225
Buildings and improvements 182,040,843 180,590,935
Tenant improvements 21,533,750 20,148,272
Lease intangibles 9,096,794 12,663,629
Real estate assets and lease intangibles held for investment, cost 258,395,094 260,593,061
Accumulated depreciation and amortization (36,208,554) (32,665,688)
Real estate assets and lease intangibles held for investment, net 222,186,540 227,927,373
Real estate assets held for sale, net 12,347,404 12,594,836
Real estate assets, net 234,533,944 240,522,209
Cash equivalents and restricted cash 8,310,575 7,387,795
Deferred leasing costs, net 1,892,066 1,920,091
Goodwill 2,423,000 2,423,000
Other assets, net 7,337,280 5,745,982
TOTAL ASSETS 254,496,865 257,999,077
Liabilities:    
Mortgage notes payable held for investment, net 154,452,779 152,998,857
Mortgage notes payable related to real estate assets held for sale, net 5,869,958 5,887,254
Mortgage notes payable, net 160,322,737 158,886,111
Accounts payable and accrued liabilities 7,142,720 6,066,068
Accrued real estate taxes 3,013,993 2,318,990
Dividends payable   1,171,924
Below-market leases, net 1,390,372 1,698,086
Total liabilities 202,454,697 202,249,447
Commitments and contingencies
Equity:    
Additional paid-in capital 151,121,902 149,539,782
Dividends in excess of accumulated losses (113,652,763) (106,623,957)
Total stockholders' equity before noncontrolling interest 37,645,819 43,090,853
Noncontrolling interest 14,396,349 12,658,777
Total equity 52,042,168 55,749,630
TOTAL LIABILITIES AND EQUITY 254,496,865 257,999,077
Redeemable Convertible Preferred Stock Series B [Member]    
Liabilities:    
Mandatorily redeemable Series B Preferred Stock, net 30,584,875 32,108,268
Common Class A [Member]    
Equity:    
Common stock series A $ 176,680 $ 175,028