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Condensed Consolidated Balance Sheets - USD ($)
Jun. 30, 2020
Dec. 31, 2019
Real estate assets and lease intangibles:    
Land $ 26,666,657 $ 26,914,284
Buildings and improvements 136,030,293 137,801,734
Tenant improvements 15,274,081 14,282,502
Lease intangibles 5,321,296 5,321,296
Real estate assets and lease intangibles held for investment, cost 183,292,327 184,319,816
Accumulated depreciation and amortization (31,698,035) (29,231,607)
Real estate assets and lease intangibles held for investment, net 151,594,292 155,088,209
Real estate assets held for sale, net 24,921,374 45,118,411
Real estate assets, net 176,515,666 200,206,620
Cash, cash equivalents and restricted cash 8,657,989 10,391,275
Deferred leasing costs, net 1,674,881 2,053,927
Goodwill 2,423,000 2,423,000
Other assets, net 4,949,592 5,709,586
TOTAL ASSETS 194,221,128 220,784,408
Liabilities:    
Mortgage notes payable, net 111,301,705 113,069,643
Mortgage notes payable related to properties held for sale, net 14,229,223 29,323,349
Mortgage notes payable, total net 125,530,928 142,392,992
Note payable, net 8,250,821 12,238,692
Accounts payable and accrued liabilities 4,957,035 5,673,815
Accrued real estate taxes 1,270,148 2,987,601
Lease liability, net 115,090 560,188
Below-market leases, net 226,346 309,932
Total liabilities 140,350,368 164,163,220
Commitments and contingencies (Note 9)
Equity:    
Additional paid-in capital 153,376,678 152,129,120
Dividends and accumulated losses (116,067,090) (113,037,144)
Total stockholders' equity before noncontrolling interest 37,398,838 39,180,794
Noncontrolling interest 16,471,922 17,440,394
Total equity 53,870,760 56,621,188
TOTAL LIABILITIES AND EQUITY 194,221,128 220,784,408
Common Class A    
Equity:    
Series A Common Stock, $0.01 par value, shares authorized: 100,000,000; 8,925,036 and 8,881,842 shares were both issued and outstanding at June 30, 2020 and December 31, 2019, respectively $ 89,250 $ 88,818