Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Balance Sheets

v3.5.0.2
Condensed Consolidated Balance Sheets - USD ($)
Jun. 30, 2016
Dec. 31, 2015
ASSETS    
Investments in real estate, net $ 268,581,945 $ 221,783,425
Lease intangibles, net 2,033,221 1,763,541
Cash and cash equivalents 2,077,250 2,532,522
Deferred financing costs related to borrowings under line of credit, net 124,410 132,495
Other assets, net 2,368,283 2,472,042
Total assets 275,185,109 228,684,025
LIABILITIES:    
Mortgage notes and bonds payable, net 165,973,676 141,578,935
Borrowings under line of credit 14,500,000 100,000
Accounts payable and accrued expenses 3,945,411 3,495,339
Due to related parties [1] 736,121 565,593
Other liabilities 7,802,760 4,937,439
Total liabilities 192,957,968 150,677,306
Commitments and contingencies [2]
Stockholders’ equity:    
Common stock, $0.001 par value; 20,000,000 shares authorized; 9,992,941 shares issued and outstanding as of June 30, 2016, and December 31, 2015 9,993 9,993
Additional paid-in capital 87,494,872 86,892,095
Accumulated deficit (10,988,919) (8,895,369)
Total stockholders’ equity 76,515,946 78,006,719
Non-controlling interests in operating partnership 5,711,195 0
Total equity 82,227,141 78,006,719
TOTAL LIABILITIES AND EQUITY $ 275,185,109 $ 228,684,025
[1] Refer to Note 5, “Related-Party Transactions,” for additional information.
[2] Refer to Note 7, “Commitments and Contingencies,” for additional information.