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Condensed Consolidated Balance Sheets - USD ($)
Jun. 30, 2019
Dec. 31, 2018
Real estate assets and lease intangibles:    
Land $ 29,906,354 $ 29,850,681
Buildings and improvements 150,703,421 152,642,115
Tenant improvements 17,143,107 15,457,302
Lease intangibles 6,382,637 6,552,142
Real estate assets and lease intangibles held for investment, cost 204,135,519 204,502,240
Accumulated depreciation and amortization (34,237,272) (31,732,241)
Real estate assets and lease intangibles held for investment, net 169,898,247 172,769,999
Real estate assets held for sale, net 35,827,398 38,338,066
Real estate assets, net 205,725,645 211,108,065
Cash equivalents and restricted cash 11,652,864 9,776,215
Deferred leasing costs, net 2,185,514 2,096,553
Goodwill 2,423,000 2,423,000
Other assets, net 5,741,653 7,646,207
TOTAL ASSETS 227,728,676 233,050,040
Liabilities:    
Mortgage notes payable, net 121,423,081 123,039,215
Mortgage notes payable related to properties held for sale, net 26,681,682 26,674,961
Mortgage notes payable, total net 148,104,763 149,714,176
Accounts payable and accrued liabilities 6,937,212 5,751,245
Accrued real estate taxes 1,522,889 3,094,380
Dividends payable 1,082,947 1,075,371
Lease liability, net 613,074  
Below-market leases, net 401,386 495,927
Total liabilities 174,662,271 176,908,997
Commitments and contingencies (Note 8)
Equity:    
Additional paid-in capital 151,692,674 151,582,017
Dividends and accumulated losses (115,414,927) (111,343,840)
Total stockholders' equity before noncontrolling interest 36,454,906 40,415,393
Noncontrolling interest 16,611,499 15,725,650
Total equity 53,066,405 56,141,043
TOTAL LIABILITIES AND EQUITY 227,728,676 233,050,040
Redeemable Convertible Preferred Stock Series B [Member]    
Liabilities:    
Mandatorily redeemable Series B Preferred Stock, net 16,000,000 16,777,898
Common Class A [Member]    
Equity:    
Common stock series A $ 177,159 $ 177,216