XML 17 R6.htm IDEA: XBRL DOCUMENT v3.10.0.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Cash flows from operating activities:    
Net loss $ (5,246,847) $ (2,355,925)
Adjustments to reconcile net loss to net cash provided by operating activities:    
Depreciation and amortization 6,873,828 7,346,640
Stock compensation 429,273 410,760
Bad debt expense 26,661 37,205
Gain on sale of real estate assets, net (795,521) (2,237,423)
Impairment of real estate assets 532,951  
Amortization of financing costs 414,896 956,956
Amortization of above-market leases 48,938 79,013
Amortization of below-market leases (172,223) (240,882)
Straight-line rent adjustment (259,600) (452,427)
Changes in operating assets and liabilities:    
Other assets 1,003,579 487,961
Accounts payable and accrued liabilities (40,994) 267,164
Accrued real estate taxes (558,596) 29,155
Net cash provided by operating activities 2,256,345 4,328,197
Cash flows from investing activities:    
Real estate acquisitions (15,225,886) (16,810,985)
Additions to buildings and tenant improvements (2,141,551) (3,156,986)
Additions to deferred leasing costs (582,823) (407,653)
Proceeds from sales of real estate, net 8,404,012 16,463,558
Net cash used in investing activities (9,546,248) (3,912,066)
Cash flows from financing activities:    
Proceeds from mortgage notes payable, net of issuance costs 21,679,160 13,342,994
Repayment of mortgage notes payable (11,063,157) (9,656,060)
Series B preferred stock costs   (153,500)
Redemption of mandatorily redeemable preferred stock   (2,000,000)
Contributions from noncontrolling interests net of distributions paid 204,425 1,592,414
Repurchase of common stock   (17,394)
Dividends paid to stockholders   (3,620,879)
Net cash provided by (used in) financing activities 10,820,428 (512,425)
Net increase (decrease) in cash equivalents and restricted cash 3,530,525 (96,294)
Cash equivalents and restricted cash - beginning of period 8,310,575 7,387,795
Cash equivalents and restricted cash - end of period 11,841,100 7,291,501
Supplemental disclosure of cash flow information:    
Interest paid Series B preferred stock 3,259,317 3,355,983
Interest paid-mortgage notes payable $ 5,749,421 5,441,424
Non-cash investing and financing activities:    
Reinvestment of cash dividends   $ 1,095,434