Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows

v3.5.0.2
Condensed Consolidated Statements of Cash Flows - USD ($)
 6 Months Ended
Jun. 30, 2016
Jun. 30, 2015
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income (loss) $ 355,852 $ (5,715)
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 2,311,683 1,503,435
Amortization of deferred financing costs 69,726 43,927
Amortization of deferred rent assets and liabilities, net (84,813) (125,739)
Property and casualty recovery, net 0 (20,809)
Allowance for doubtful accounts 50,820 0
Changes in operating assets and liabilities:    
Other assets 9,941 22,071
Accounts payable, accrued expenses and due to related parties 521,763 330,717
Other liabilities 3,029,581 (141,877)
Net cash provided by operating activities 6,264,553 1,606,010
CASH FLOWS FROM INVESTING ACTIVITIES:    
Acquisition of new real estate (34,375,908) (35,279,105)
Capital expenditures on existing real estate (7,883,458) (1,589,150)
Decrease in restricted cash 0 132,741
Deposits on future acquisitions (150,000) (200,000)
Deposits applied against real estate investments (416,725) (350,000)
Deposits refunded 200,000 100,000
Insurance proceeds received capitalized as real estate additions 0 20,809
Net cash used in investing activities (42,626,091) (37,164,705)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from issuance of equity 0 14,895,206
Offering costs (251,710) (877,768)
Borrowings from mortgage notes payable 24,813,000 25,450,280
Repayments on mortgage note payable (419,596) (206,475)
Net borrowings from (repayments on) line of credit 14,400,000 (1,200,000)
Payment of financing fees (77,512) (116,333)
Distributions paid on common stock (2,435,779) (1,846,850)
Distributions paid to non-controlling interests in Operating Partnership (122,137) 0
Net cash provided by financing activities 35,906,266 36,098,060
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS (455,272) 539,365
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 2,532,522 2,619,342
CASH AND CASH EQUIVALENTS AT END OF PERIOD 2,077,250 3,158,707
NON-CASH INVESTING AND FINANCING INFORMATION:    
Issuance of non-controlling interests in operating partnership in conjunction with acquisitions 6,451,853 0
Real estate additions included in Accounts payable, accrued expenses and due to related parties 1,485,479 1,421,863
Real estate additions included in Other liabilities 623,808 0
Real estate additions removed from Other liabilities 700,000 0
Common stock offering and OP Unit issuance costs included in Accounts payable, accrued expenses and due to related parties 13,598 259,776
Financing fees included in Accounts payable, accrued expenses and due to related parties $ 7,912 $ 14,382