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Condensed Consolidated Balance Sheets - USD ($)
Mar. 31, 2019
Dec. 31, 2018
Real estate assets and lease intangibles:    
Land $ 29,067,893 $ 29,850,681
Buildings and improvements 148,339,806 152,642,115
Tenant improvements 16,613,335 15,457,302
Lease intangibles 6,552,142 6,552,142
Real estate assets and lease intangibles held for investment, cost 200,573,176 204,502,240
Accumulated depreciation and amortization (33,087,311) (31,732,241)
Real estate assets and lease intangibles held for investment, net 167,485,865 172,769,999
Real estate assets held for sale, net 34,720,372 38,338,066
Real estate assets, net 202,206,237 211,108,065
Cash equivalents and restricted cash 12,839,227 9,776,215
Deferred leasing costs, net 2,042,461 2,096,553
Goodwill 2,423,000 2,423,000
Other assets, net 5,555,299 7,646,207
TOTAL ASSETS 225,066,224 233,050,040
Liabilities:    
Mortgage notes payable, net 119,470,892 123,039,215
Mortgage notes payable related to properties held for sale, net 26,384,990 26,674,961
Mortgage notes payable, net 145,855,882 149,714,176
Accounts payable and accrued liabilities 5,056,822 5,751,245
Accrued real estate taxes 2,153,246 3,094,380
Dividends payable   1,075,371
Lease liability 514,015  
Below-market leases, net 448,328 495,927
Total liabilities 169,967,242 176,908,997
Commitments and contingencies (Note 8)
Equity:    
Additional paid-in capital 151,760,626 151,582,017
Dividends and accumulated losses (113,072,382) (111,343,840)
Total stockholders' equity before noncontrolling interest 38,865,585 40,415,393
Noncontrolling interest 16,233,397 15,725,650
Total equity 55,098,982 56,141,043
TOTAL LIABILITIES AND EQUITY 225,066,224 233,050,040
Redeemable Convertible Preferred Stock Series B [Member]    
Liabilities:    
Mandatorily redeemable Series B Preferred Stock, net 15,938,949 16,777,898
Common Class A [Member]    
Equity:    
Common stock series A $ 177,341 $ 177,216