XML 21 R6.htm IDEA: XBRL DOCUMENT v3.8.0.1
Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Cash flows from operating activities:    
Net loss $ (2,842,080) $ (5,571,083)
Adjustments to reconcile net loss to net cash provided by operating activities:    
Depreciation and amortization 9,710,265 10,256,185
Stock compensation 558,734 520,578
Bad debt expense 72,147 (196)
Gain on sale of real estate assets (2,623,469) (2,186,481)
Impairment of real estate assets 0 948,053
Amortization of financing costs 1,090,853 1,447,021
Amortization of above-market leases 100,846 170,566
Amortization of below-market leases (307,714) (456,393)
Straightline rent adjustment (624,562) (958,853)
Changes in operating assets and liabilities:    
Other assets (1,320,978) 1,028,158
Accounts payable and accrued liabilities 1,076,653 (1,392,693)
Accrued real estate taxes 695,003 (82,780)
Net cash provided by operating activities 5,585,698 3,722,082
Cash flows from investing activities:    
Real estate acquisitions (17,560,745) (23,667,535)
Buildings and tenant improvements (3,621,724) (4,150,213)
Additions to deferred leasing costs (521,599) (931,199)
Proceeds received from sale of real estate assets 20,613,616 9,768,417
Net cash used in investing activities (1,090,452) (18,980,530)
Cash flows from financing activities:    
Proceeds from mortgage notes payable, net of issuance costs 13,296,750 26,081,321
Repayment of mortgage notes payable (12,119,676) (10,266,235)
Redemption of mandatorily redeemable preferred stock (2,000,000) (2,300,000)
Series B stock costs (153,500)  
Contributions received from noncontrolling interests in excess of distributions paid 1,095,236 317,266
Repurchase of common stock (70,396) (55,031)
Dividends paid to stockholders (3,620,880) (4,517,287)
Net cash (used in) provided by financing activities (3,572,466) 9,260,034
Net increase (decrease) in cash equivalents and restricted cash 922,780 (5,998,414)
Cash equivalents and restricted cash - beginning of year 7,387,795 13,386,209
Cash equivalents and restricted cash - end of year 8,310,575 7,387,795
Supplemental disclosure of cash flow information:    
Interest paid Series B preferred stock 4,439,361 6,250,360
Interest paid-mortgage notes payable 7,391,172 7,244,413
Non-cash investing and financing activities:    
Reinvestment of cash dividends $ 1,095,434 2,364,387
Accrual of dividends payable   $ 1,171,924