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Consolidated Statements of Cash Flows - USD ($)
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Cash Flows from Operating Activities:    
Net loss $ (4,511,318) $ (435,505)
Adjustments to reconcile net loss to net cash provided by operating activities:    
Depreciation and amortization 14,929,574 15,266,936
Stock and OP Units compensation expense 2,401,022 2,744,881
Amortization of deferred rents (1,665,925) 188,297
Amortization of deferred lease incentives 412,098 245,438
Amortization of deferred financing costs and premium/discount 484,930 369,286
Amortization of above-market lease intangibles 197,224 129,823
Amortization of below-market lease intangibles (1,202,711) (1,462,797)
Impairment (reversal of impairment) of real estate investment property 2,080,727 (400,999)
Impairment of goodwill and intangible assets 17,320,857 3,767,190
Write-off of purchase deposit 375,000 0
Gain on sale of real estate investments, net (12,196,371) (6,136,588)
Write-off of deferred financing costs upon early termination of mortgage notes payable 1,164,999 0
Gain on extinguishment of interest swaps (788,016) 0
Unrealized gain on interest rate swap valuation (25,733) (970,039)
Gain on forgiveness of economic relief note payable 0 (517,000)
Income from unconsolidated investment in a real estate property (278,002) (276,042)
Distributions from unconsolidated investment in a real estate property 211,921 337,072
Changes in operating assets and liabilities:    
Increase in tenant receivables (2,072,718) (913,208)
Increase in note receivable 0 (1,836,767)
Decrease (increase) in prepaid expenses and other assets 555,343 (1,348,856)
(Decrease) increase in accounts payable, accrued and other liabilities (744,080) 977,563
Net cash provided by operating activities 16,648,821 9,728,685
Cash Flows from Investing Activities:    
Acquisitions of real estate investments (127,144,030) (15,162,305)
Improvements to existing real estate investments (4,353,938) (1,356,038)
Additions to intangible assets 0 (195,750)
Collection of receivable from early termination of lease 1,836,767 0
Collection of receivable from sale of real estate property 0 1,824,383
Net proceeds from sale of real estate investments 70,662,287 37,719,998
Purchase deposits, net 84,452 (1,000,000)
Payment of lease incentives (2,148,731) 0
Net cash (used in) provided by investing activities (61,063,193) 21,830,288
Cash Flows from Financing Activities:    
Proceeds from lines of credit 150,000,000 0
Proceeds from long-term lines of credit 3,000,000 0
(Repayments) borrowings from prior credit facility revolver, net (8,022,000) 2,022,000
Proceeds from mortgage notes payable 0 25,436,000
Principal payments on mortgage notes payable (130,496,746) (36,569,537)
Refundable loan deposit 0 18,804
Payments of deferred financing costs (3,638,229) (404,971)
Proceeds from issuance of preferred stock, net 0 47,607,309
Proceeds from listed offering of common stock, net 114,500 4,336,086
Payment of offering costs (1,108,221) (1,418,334)
Repurchases of common stock (4,161,618) (19,082,962)
Dividends paid to preferred stockholders (3,830,903) 0
Net cash (used in) provided by financing activities (5,384,499) 18,471,017
Net (decrease) increase in cash, cash equivalents and restricted cash (49,798,871) 50,029,990
Cash, cash equivalents and restricted cash, beginning of year 58,407,520 8,377,530
Cash, cash equivalents and restricted cash, end of year 8,608,649 58,407,520
Supplemental disclosure of cash flow information:    
Cash paid for interest 7,768,212 8,053,000
Supplemental disclosure of noncash flow information:    
Reclassifications from redeemable common stock 0 10,346,127
Unpaid real estate improvements 522,845 0
Deferred lease incentives 0 (2,128,538)
Issuance of Class C OP Units in the acquisition of a real estate investment 32,809,550 0
Reinvested distributions from common stockholders 3,490,159 4,600,611
Reclassification of tenant improvements from other assets to real estate investments 0 73,037
Decrease in share repurchases payable 0 (2,980,559)
(Decrease) increase in accrued distributions (27,235) 36,972
Decrease (increase) in real estate investments held for sale 26,255,037 (6,925,023)
Decrease in assets related to real estate investments held for sale 775,531 291,065
Decrease in above-market lease intangibles 0 50,549
(Decrease) increase in mortgage notes payable related to real estate investments held for sale (21,699,912) 12,611,474
Decrease in liabilities related to real estate investments held for sale (267,850) (418,055)
Increase (decrease) in below-market lease intangibles 2,449 (325,734)
Decrease in interest swap derivatives 0 (14,166)
Common Stock    
Cash Flows from Financing Activities:    
Distributions paid (5,857,849) (3,473,378)
Class C OP Units    
Cash Flows from Financing Activities:    
Distributions paid $ (1,383,433) $ 0