XML 17 R6.htm IDEA: XBRL DOCUMENT v3.10.0.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Cash flows from operating activities:    
Net loss $ (3,648,060) $ (779,559)
Adjustments to reconcile net loss to net cash provided by operating activities:    
Depreciation and amortization 4,604,933 4,947,333
Stock compensation 286,182 273,840
Bad debt expense 26,661 1,000
Gain on sale of real estate assets, net (429,489) (2,027,051)
Amortization of financing costs 272,989 743,291
Amortization of above-market leases 37,401 55,663
Amortization of below-market leases (123,120) (167,763)
Straight-line rent adjustment (249,065) (317,390)
Changes in operating assets and liabilities:    
Other assets 1,190,605 570,693
Accounts payable and accrued liabilities 251,331 (277,060)
Accrued real estate taxes (1,500,066) (991,200)
Net cash provided by operating activities 720,302 2,031,797
Cash flows from investing activities:    
Real estate acquisitions (10,196,098) (9,694,785)
Additions to buildings and tenant improvements (1,808,140) (1,819,591)
Additions to deferred leasing costs (348,579) (233,069)
Proceeds from sales of real estate, net 4,215,867 13,942,848
Net cash (used in) provided by investing activities (8,136,950) 2,195,403
Cash flows from financing activities:    
Proceeds from mortgage notes payable, net of issuance costs 18,169,709 9,063,146
Repayment of mortgage notes payable (7,790,196) (8,233,285)
Series B preferred stock costs   (153,500)
Redemption of mandatorily redeemable preferred stock   (2,000,000)
Contributions from noncontrolling interests net of distributions paid 1,177,510 1,004,164
Repurchase of common stock   (17,394)
Dividends paid to stockholders   (2,384,398)
Net cash provided by (used in) financing activities 11,557,023 (2,721,267)
Net increase in cash equivalents and restricted cash 4,140,375 1,505,933
Cash equivalents and restricted cash - beginning of period 8,310,575 7,387,795
Cash equivalents and restricted cash - end of period 12,450,950 8,893,728
Supplemental disclosure of cash flow information:    
Interest paid Series B preferred stock 2,160,939 2,242,605
Interest paid-mortgage notes payable $ 3,795,201 3,732,411
Non-cash investing and financing activities:    
Reinvestment of cash dividends   1,107,870
Accrual of dividends payable   $ 1,224,122