XML 43 R2.htm IDEA: XBRL DOCUMENT v3.20.1
Condensed Consolidated Balance Sheets - USD ($)
Mar. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Real estate assets and lease intangibles:      
Land $ 27,242,954 $ 27,024,601 $ 26,816,105
Buildings and improvements 140,172,074 139,267,377 141,809,172
Tenant improvements 14,968,991 14,282,502 12,736,649
Lease intangibles 5,321,296 5,321,296 6,552,142
Real estate assets and lease intangibles held for investment, cost 187,705,315 185,895,776 187,914,068
Real estate assets and lease intangibles held for investment, cost 187,705,315 185,895,776 187,914,068
Accumulated depreciation and amortization (30,603,911) (29,316,098) (26,310,016)
Real estate assets and lease intangibles held for investment, net 157,101,404 156,579,678 161,604,052
Real estate assets held for sale, net 22,090,530 43,626,942 49,504,013
Real estate assets, net 179,191,934 200,206,620 211,108,065
Cash, cash equivalents and restricted cash 8,982,679 10,391,275 9,776,215
Deferred leasing costs, net 1,745,325 2,053,927 2,096,553
Goodwill 2,423,000 2,423,000 2,423,000
Other assets, net 3,999,350 5,709,586 7,646,207
TOTAL ASSETS 196,342,288 220,784,408 233,050,040
Liabilities:      
Mortgage notes payable related to real estate assets held for investment, net   115,540,245 116,478,878
Mortgage notes payable, net 114,700,145 114,090,245  
Mortgage notes payable related to properties held for sale, net 12,423,400 28,302,747 33,235,298
Mortgage notes payable, total net 127,123,545 142,392,992 149,714,176
Note payable, net 7,632,556 12,238,692  
Accounts payable and accrued liabilities 4,034,753 5,673,815 5,751,245
Accrued real estate taxes 1,751,297 2,987,601 3,094,380
Dividends payable     1,075,371
Lease liability, net 121,203 560,188  
Below-market leases, net 267,337 309,932 495,927
Total liabilities 140,930,691 164,163,220 176,908,997
Commitments and contingencies
Equity:      
Additional paid-in capital 152,040,300 152,040,300 151,582,017
Dividends and accumulated losses (114,144,274) (113,037,144) (111,343,840)
Total stockholders' equity before noncontrolling interest 38,073,664 39,180,794 40,415,393
Noncontrolling interest 17,337,933 17,440,394 15,725,650
Total equity 55,411,597 56,621,188 56,141,043
TOTAL LIABILITIES AND EQUITY 196,342,288 220,784,408 233,050,040
Previously Reported      
Real estate assets and lease intangibles:      
Land   27,407,677  
Buildings and improvements   141,652,284  
Tenant improvements   14,739,858  
Lease intangibles   5,321,296  
Real estate assets and lease intangibles held for investment, cost   189,121,115  
Real estate assets and lease intangibles held for investment, cost   189,121,115  
Accumulated depreciation and amortization   (30,204,185)  
Real estate assets and lease intangibles held for investment, net   158,916,930  
Real estate assets held for sale, net   41,289,690  
Liabilities:      
Mortgage notes payable related to properties held for sale, net   26,852,747  
Redeemable Convertible Preferred Stock Series B      
Liabilities:      
Mandatorily redeemable Series B Preferred Stock, net     16,777,898
Common Class A      
Equity:      
Series A Common Stock $ 177,638 $ 177,638 $ 177,216