Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows

v2.4.0.8
Condensed Consolidated Statements of Cash Flows (USD $)
 6 Months Ended
Jun. 30, 2013
Jun. 30, 2012
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income $ 77,872 $ 316,977
Adjustments to reconcile net income to net cash (used in) provided by operating activities:    
Depreciation and amortization 337,359 185,746
Amortization of deferred financing fees 14,890 45,975
Amortization of acquired below market lease values (52,956)  
Deferred income taxes   (47,022)
Changes in operating assets and liabilities:    
Other assets (2,355,672) 77,896
Accounts payable, accrued expenses, and due to related parties 9,688 57,919
Other liabilities 276,628 (29,526)
Net cash (used in) provided by operating activities (1,692,191) 607,965
CASH FLOWS FROM INVESTING ACTIVITIES    
Real estate investments (4,682,871)  
Purchase of U.S. Treasuries (19,994,981)  
Maturity of U.S. Treasuries 20,000,000  
Deposits on future acquisitions   (150,000)
Deposits refunded   100,000
Net cash used in investing activities (4,677,852) (50,000)
CASH FLOWS FROM FINANCING ACTIVITIES    
Proceeds from issuance of equity, net of costs 52,016,381 (183,782)
Borrowings from mortgage notes payable   1,200,000
Repayments on mortgage notes payable (1,228,715) (917,120)
Borrowings from line of credit 1,600,000 100,000
Repayments on line of credit (1,600,000) (1,205,000)
Financing fees (12,230) (65,375)
Distributions paid (2,873,316)  
Net cash provided by (used in) financing activities 47,902,120 (1,071,277)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 41,532,077 (513,312)
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 873,474 2,003,854
CASH AND CASH EQUIVALENTS AT END OF PERIOD $ 42,405,551 $ 1,490,542