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Condensed Consolidated Statements of Cash Flows - USD ($)
6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Cash Flows from Operating Activities:    
Net loss $ (51,033,196) $ (2,053,174)
Adjustments to reconcile net loss to net cash provided by operating activities:    
Depreciation and amortization 9,115,786 4,782,991
Stock compensation expense 350,900 176,667
Deferred rents (631,054) (683,886)
Amortization of deferred lease incentives 30,602 30,602
Amortization of deferred financing costs and premium 298,283 390,096
Amortization of above-market lease intangibles 98,966 48,523
Amortization of below-market lease intangibles (774,589) (237,196)
Impairment of real estate investment properties 9,506,525 0
Impairment of goodwill and intangible assets 34,572,403 0
Reserve for loan guarantee 3,125,037 0
Unrealized loss on interest rate swap valuation 1,292,752 874,016
Income from investments in unconsolidated entities (146,411) (129,988)
Distributions from investments in unconsolidated entities 334,189 418,730
Change in operating assets and liabilities:    
(Increase) decrease in tenant receivables (16,688) 196,660
Increase in prepaid and other assets (606,696) (311,094)
(Decrease) increase in accounts payable, accrued and other liabilities (1,515,624) 319,774
Decrease in due to affiliate (631,702) (936,590)
Decrease in operating lease right-of-use asset, net of decrease in operating lease liability 13,399 0
Net cash provided by operating activities 3,382,882 2,886,131
Cash Flows from Investing Activities:    
Additions to existing real estate investments (2,170,913) 0
Additions to intangible assets (533,041) 0
Payment of tenant improvements 0 (3,387,699)
Additions to lease incentives (990,000) 0
Refundable purchase deposit 0 (100,000)
Net cash used in investing activities (3,693,954) (3,487,699)
Cash Flows from Financing Activities:    
Borrowings from unsecured credit facility 4,260,000 4,869,000
Repayments of unsecured credit facility 0 (13,869,000)
Proceeds from mortgage notes payable 4,000,000 6,350,000
Principal payments on mortgage notes payable (2,003,558) (14,240,853)
Proceeds from economic relief notes payable 527,000 0
Principal payments on short-term notes payable (4,800,000) 0
Payments of deferred financing costs to third parties (56,997) (172,797)
Payments of financing fees to affiliates 0 (63,500)
Proceeds from issuance of common stock and investor deposits 9,427,526 26,340,968
Payments of offering costs (822,921) (899,863)
Payments of selling commissions on Class S common stock 0 (51,044)
Repurchases of common stock (9,987,775) (4,443,653)
Distributions paid to common stockholders (3,090,265) (1,182,318)
Net cash (used in) provided by financing activities (2,546,990) 2,636,940
Net (decrease) increase in cash, cash equivalents and restricted cash (2,858,062) 2,035,372
Cash, cash equivalents and restricted cash, beginning of period 6,936,930 8,755,928
Cash, cash equivalents and restricted cash, end of period 4,078,868 10,791,300
Supplemental Disclosure of Cash Flow Information:    
Cash paid for interest 3,367,143 2,979,031
Supplemental Schedule of Noncash Investing and Financing Activities:    
Reclassification from (to) redeemable common stock 4,393,863 (238,153)
Reinvested distributions from common stockholders 4,664,713 3,664,523
Real estate investments held for sale, net 17,926,407 0
Assets related to real estate investments held for sale 725,990 0
Mortgage notes payable related to real estate investments held for sale, net 9,549,467 0
Liabilities related to real estate investments held for sale 196,938 0
Increase in share repurchases payable 750,684 238,153
Accrued distributions $ 295,585 $ 896,291