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Condensed Consolidated Balance Sheets - USD ($)
Jun. 30, 2018
Dec. 31, 2017
Real estate assets and lease intangibles:    
Land $ 47,116,093 $ 45,723,707
Buildings and improvements 184,162,974 182,040,843
Tenant improvements 22,755,529 21,533,750
Lease intangibles 7,754,781 9,096,794
Real estate assets and lease intangibles held for investment, cost 261,789,377 258,395,094
Accumulated depreciation and amortization (40,371,894) (36,208,554)
Real estate assets and lease intangibles held for investment, net 221,417,483 222,186,540
Real estate assets held for sale, net 17,035,208 12,347,404
Real estate assets, net 238,452,691 234,533,944
Cash equivalents and restricted cash 12,450,950 8,310,575
Deferred leasing costs, net 1,937,874 1,892,066
Goodwill 2,423,000 2,423,000
Other assets, net 6,016,615 7,337,280
TOTAL ASSETS 261,281,130 254,496,865
Liabilities:    
Mortgage notes payable, net 156,516,517 154,452,779
Mortgage notes payable related to properties held for sale, net 14,108,332 5,869,958
Mortgage notes payable, net 170,624,849 160,322,737
Accounts payable and accrued liabilities 7,680,233 7,142,720
Accrued real estate taxes 1,513,928 3,013,993
Below-market leases, net 1,267,252 1,390,372
Total liabilities 211,709,512 202,454,697
Commitments and contingencies
Equity:    
Additional paid-in capital 151,121,902 151,121,902
Dividends and accumulated losses (117,868,715) (113,652,763)
Total stockholders' equity before noncontrolling interest 33,429,867 37,645,819
Noncontrolling interest 16,141,751 14,396,349
Total equity 49,571,618 52,042,168
TOTAL LIABILITIES AND EQUITY 261,281,130 254,496,865
Redeemable Convertible Preferred Stock Series B [Member]    
Liabilities:    
Mandatorily redeemable Series B Preferred Stock, net 30,623,250 30,584,875
Common Class A [Member]    
Equity:    
Common stock series A $ 176,680 $ 176,680