Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Balance Sheets

v2.4.0.8
Condensed Consolidated Balance Sheets (USD $)
Mar. 31, 2014
Dec. 31, 2013
ASSETS    
Real estate, at cost $ 79,121,324 $ 78,478,053
Less: accumulated depreciation (3,426,433) (3,166,870)
Total real estate, net 75,694,891 75,311,183
Lease intangibles, net 284,570 311,064
Cash and cash equivalents 13,546,471 16,271,282
Restricted cash 781 41
Short-term investments 680,611 680,443
Deferred financing costs, net 557,522 309,933
Deferred offering costs 122,968  
Other assets 735,824 789,518
TOTAL ASSETS 91,623,638 93,673,464
LIABILITIES    
Mortgage note payable 41,331,998 43,054,165
Borrowings under line of credit 100,000 100,000
Accounts payable and accrued expenses 1,035,079 1,097,270
Due to related parties 309,871 [1] 160,719 [1]
Other liabilities 901,504 749,318
TOTAL LIABILITIES 43,678,452 45,161,472
Commitments and contingencies    [2]    [2]
STOCKHOLDERS' EQUITY    
Common stock, $0.001 par value; 20,000,000 shares authorized; 6,530,264 shares issued and outstanding at both March 31, 2014, and December 31, 2013 6,530 6,530
Additional paid in capital 51,326,262 51,326,262
Distributions in excess of earnings (3,387,606) (2,820,800)
TOTAL STOCKHOLDERS' EQUITY 47,945,186 48,511,992
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 91,623,638 $ 93,673,464
[1] Refer to Note 4, "Related-Party Transactions," for additional information
[2] Refer to Note 8, "Commitments and Contingencies," for additional information