Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Balance Sheets

v3.7.0.1
Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Jun. 30, 2017
Dec. 31, 2016
ASSETS    
Investments in real estate, net $ 405,222 $ 326,311
Lease intangibles, net 5,905 2,000
Cash and cash equivalents 2,766 2,438
Deferred financing costs related to borrowings under line of credit, net 217 239
Other assets, net 2,910 2,997
TOTAL ASSETS 417,020 333,985
LIABILITIES:    
Borrowings under lines of credit 35,050 16,550
Mortgage notes and bonds payable, net 236,941 190,797
Series A cumulative term preferred stock, par value $0.001 per share; $25.00 per share liquidation preference; 2,000,000 shares authorized, 1,150,000 shares issued and outstanding as of June 30, 2017, and December 31, 2016, net [1] 27,773 27,655
Accounts payable and accrued expenses 4,684 2,801
Due to related parties, net [2] 836 751
Other liabilities, net 7,260 7,654
Total liabilities 312,544 246,208
Commitments and contingencies [3]
Stockholders’ equity:    
Common stock, $0.001 par value; 18,000,000 shares authorized, 11,850,624 shares issued and outstanding as of June 30, 2017; 18,000,000 shares authorized, 10,024,875 shares issued and outstanding as of December 31, 2016 12 10
Additional paid-in capital 109,020 90,082
Accumulated deficit (15,941) (13,402)
Total stockholders’ equity 93,091 76,690
Non-controlling interests in the Operating Partnership 11,385 11,087
Total equity 104,476 87,777
TOTAL LIABILITIES AND EQUITY $ 417,020 $ 333,985
[1] Refer to Note 5, “Mandatorily-Redeemable Preferred Stock,” for additional information.
[2] Refer to Note 6, “Related-Party Transactions,” for additional information.
[3] Refer to Note 8, “Commitments and Contingencies,” for additional information.