Consolidated Statements of Cash Flows - USD ($)
|
12 Months Ended |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
| CASH FLOWS FROM OPERATING ACTIVITIES: |
|
|
|
| Net loss |
$ (18,773,402)
|
$ (11,745,815)
|
$ (4,375,226)
|
| Adjustments to reconcile consolidated net loss to net cash used in operating activities |
|
|
|
| Depreciation |
5,370,116
|
2,696,064
|
1,467,157
|
| Amortization |
11,512,346
|
4,691,665
|
1,535,044
|
| Loan cost amortization |
1,190,574
|
611,927
|
148,418
|
| Above (below) market lease amortization |
620,324
|
91,752
|
(654,005)
|
| Share-based compensation |
697,000
|
456,988
|
0
|
| Gain on disposal of properties |
(2,104,114)
|
0
|
0
|
| Provision for credit losses |
243,029
|
60,841
|
106,828
|
| Changes in assets and liabilities |
|
|
|
| Rent and other tenant receivables, net |
(1,449,996)
|
369,380
|
(731,327)
|
| Unbilled rent |
(258,037)
|
(234,066)
|
(31,234)
|
| Deferred costs and other assets, net |
(7,228,874)
|
(1,880,416)
|
(3,180,206)
|
| Accounts payable, accrued expenses and other liabilities |
78,967
|
(384,109)
|
2,623,291
|
| Net operating cash flows provided by discontinued operations |
797,769
|
824,769
|
639,690
|
| Net cash used in operating activities |
(9,304,298)
|
(4,441,020)
|
(2,451,570)
|
| CASH FLOWS FROM INVESTING ACTIVITIES: |
|
|
|
| Investment property acquisitions |
(62,027,081)
|
(17,640,587)
|
(14,736,679)
|
| Capital expenditures |
(531,258)
|
(521,405)
|
(707,089)
|
| Proceeds from Sale of Property Held-for-sale |
8,711,699
|
0
|
0
|
| Net investing cash flows from discontinued operations |
914,388
|
0
|
(7,138,386)
|
| Net cash used in investing activities |
(52,932,252)
|
(18,161,992)
|
(22,582,154)
|
| CASH FLOWS FROM FINANCING ACTIVITIES: |
|
|
|
| Dividends and distributions paid |
(14,192,289)
|
(5,432,518)
|
(2,886,574)
|
| Proceeds from sales of preferred stock, net of expenses |
83,415,894
|
37,242,941
|
3,943,936
|
| Conversion of preferred stock |
(25)
|
0
|
(7,168)
|
| Proceeds from sales of common stock |
0
|
0
|
11,862,198
|
| Net payments to related parties |
(9,547)
|
(681,699)
|
(380,243)
|
| Loan proceeds |
11,493,750
|
8,384,436
|
22,891,045
|
| Loan principal payments |
(17,033,559)
|
(8,036,354)
|
(11,214,280)
|
| Net financing cash flows from discontinued operations |
(101,237)
|
(59,129)
|
(73,299)
|
| Net cash from financing activities |
63,572,987
|
31,417,677
|
24,135,615
|
| INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS |
1,336,437
|
8,814,665
|
(898,109)
|
| CASH AND CASH EQUIVALENTS, beginning of period |
9,969,748
|
1,155,083
|
2,053,192
|
| CASH AND CASH EQUIVALENTS, end of period |
11,306,185
|
9,969,748
|
1,155,083
|
| Other Cash Transactions: |
|
|
|
| Cash paid for interest |
8,310,322
|
5,711,110
|
2,459,743
|
| Non-cash Transactions: |
|
|
|
| Debt incurred for acquisitions |
77,002,464
|
46,678,328
|
51,216,465
|
| Noncontrolling interests resulting from the issuance of common units |
1,574,551
|
7,990,234
|
945,271
|
| Conversion of senior convertible debt into Series C preferred stock |
3,000,000
|
0
|
0
|
| Accretion of preferred stock discounts |
8,925,220
|
379,584
|
0
|
| Deemed dividend for beneficial conversion feature |
$ 72,644,506
|
$ 0
|
$ 0
|