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Condensed Consolidated Balance Sheets - USD ($)
Sep. 30, 2019
Dec. 31, 2018
Real estate assets and lease intangibles:    
Land $ 26,478,373 $ 26,816,105
Buildings and improvements 137,589,228 141,809,172
Tenant improvements 14,401,149 12,736,649
Lease intangibles 5,321,296 6,552,142
Real estate assets and lease intangibles held for investment, cost 183,790,046 187,914,068
Accumulated depreciation and amortization (28,830,984) (26,310,016)
Real estate assets and lease intangibles held for investment, net 154,959,062 161,604,052
Real estate assets held for sale, net 40,604,348 49,504,013
Real estate assets, net 195,563,410 211,108,065
Cash equivalents and restricted cash 11,071,439 9,776,215
Deferred leasing costs, net 1,973,023 2,096,553
Goodwill 2,423,000 2,423,000
Other assets, net 4,874,471 7,646,207
TOTAL ASSETS 215,905,343 233,050,040
Liabilities:    
Mortgage notes payable, net 112,969,378 116,478,878
Mortgage notes payable related to properties held for sale, net 27,005,630 33,235,298
Mortgage notes payable, total net 139,975,008 149,714,176
Note payable, net 11,623,164 0
Accounts payable and accrued liabilities 5,728,661 5,751,245
Accrued real estate taxes 2,277,014 3,094,380
Dividends payable 0 1,075,371
Lease liability, net 586,786  
Below-market leases, net 355,150 495,927
Total liabilities 160,545,783 176,908,997
Commitments and contingencies (Note 9)
Equity:    
Additional paid-in capital 151,597,426 151,582,017
Dividends and accumulated losses (112,878,063) (111,343,840)
Total stockholders' equity before noncontrolling interest 38,896,268 40,415,393
Noncontrolling interest 16,463,292 15,725,650
Total equity 55,359,560 56,141,043
TOTAL LIABILITIES AND EQUITY 215,905,343 233,050,040
Redeemable Convertible Preferred Stock Series B    
Liabilities:    
Mandatorily redeemable Series B Preferred Stock, net, $0.01 par value, $1,000 liquidating preference; shares authorized: 40,000; zero and 16900 shares issued and outstanding at September 30, 2019 and December 31, 2018, respectively, net 0 16,777,898
Common Class A    
Equity:    
Series A Common Stock, 0.01 par value, shares authorized: 100,000,000; 17,690,378 and 17,721,422 shares issued and outstanding at September 30, 2019 and December 31, 2018, respectively $ 176,905 $ 177,216