Annual report pursuant to Section 13 and 15(d)

Consolidated Balance Sheets

v3.3.1.900
Consolidated Balance Sheets - USD ($)
Dec. 31, 2015
Dec. 31, 2014
ASSETS    
Real estate, at cost $ 228,417,837 $ 148,371,478
Less: accumulated depreciation (6,634,412) (4,431,290)
Total real estate, net 221,783,425 143,940,188
Lease intangibles, net 1,763,541 1,317,575
Cash and cash equivalents 2,532,522 2,619,342
Restricted cash   132,741
Deferred financing costs, net 1,186,718 1,039,714
Other assets, net 2,472,041 2,653,064
TOTAL ASSETS 229,738,247 151,702,624
LIABILITIES    
Mortgage notes and bonds payable 142,633,157 82,417,361
Borrowings under line of credit 100,000 4,000,000
Accounts payable and accrued expenses 3,495,339 1,925,251
Due to related parties [1] 565,593 471,101
Other liabilities 4,937,439 2,919,583
TOTAL LIABILITIES $ 151,731,528 $ 91,733,296
Commitments and contingencies [2]
STOCKHOLDERS' EQUITY    
Common stock, $0.001 par value; 20,000,000 shares authorized; 9,992,941 and 7,753,717 shares issued and outstanding as of December 31, 2015, and December 31, 2014, respectively $ 9,993 $ 7,754
Additional paid in capital 86,892,095 65,366,309
Distributions in excess of earnings (8,895,369) (5,404,735)
TOTAL STOCKHOLDERS' EQUITY 78,006,719 59,969,328
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 229,738,247 $ 151,702,624
[1] Refer to Note 4, "Related-Party Transactions," for additional information.
[2] Refer to Note 7, "Commitments and Contingencies," for additional information.