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Consolidated Balance Sheets - USD ($)
Dec. 31, 2019
Dec. 31, 2018
Real estate assets and lease intangibles:    
Land $ 27,407,677 $ 26,816,105
Buildings and improvements 141,652,284 141,809,172
Tenant improvements 14,739,858 12,736,649
Lease intangibles 5,321,296 6,552,142
Real estate assets and lease intangibles held for investment, cost 189,121,115 187,914,068
Accumulated depreciation and amortization (30,204,185) (26,310,016)
Real estate assets and lease intangibles held for investment, net 155,088,209 161,604,052
Real estate assets held for sale, net 45,118,411 49,504,013
Real estate assets, net 200,206,620 211,108,065
Cash, cash equivalents and restricted cash 10,391,275 9,776,215
Deferred leasing costs, net 2,053,927 2,096,553
Goodwill 2,423,000 2,423,000
Other assets, net 5,709,586 7,646,207
TOTAL ASSETS 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 related to real estate assets held for sale, net 26,852,747 33,235,298
Mortgage notes payable, net 142,392,992 149,714,176
Note payable, net 12,238,692
Accounts payable and accrued liabilities 5,673,815 5,751,245
Accrued real estate taxes 2,987,601 3,094,380
Dividends payable 1,075,371
Lease liability, net 560,188
Below-market leases, net 309,932 495,927
Total liabilities 164,163,220 176,908,997
Commitments and contingencies
Stockholders’ Equity:    
Additional paid-in capital 152,129,120 151,670,625
Dividends in excess of accumulated losses (113,037,144) (111,343,840)
Total stockholders’ equity before noncontrolling interest 39,180,794 40,415,393
Noncontrolling interest 17,440,394 15,725,650
Total equity 56,621,188 56,141,043
TOTAL LIABILITIES AND EQUITY 220,784,408 233,050,040
Redeemable Convertible Preferred Stock Series B [Member]    
Liabilities:    
Mandatorily redeemable Series B Preferred Stock, net, $0.01 par value, $1,000 liquidating preference; shares authorized: 40,000; zero and 16,900 shares issued and outstanding at December 31, 2019 and December 31, 2018, respectively, net 16,777,898
Common Class A [Member]    
Stockholders’ Equity:    
Common stock Series A, $0.01 par value, shares authorized: 100,000,000; 8,881,842 and 8,860,711 shares issued and outstanding at December 31, 2019 and December 31, 2018, respectively $ 88,818 $ 88,608