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Condensed Consolidated Statements of Cash Flows - USD ($)
3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Cash Flows from Operating Activities:    
Net loss $ (4,578,921) $ (12,073,164)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:    
Depreciation and amortization 3,272,061 3,300,492
Stock compensation expense 660,169 511,865
Amortization of deferred rents (1,175,359) (110,505)
Amortization of deferred lease incentives 88,570 71,394
Write-offs and amortization of deferred financing costs and premium/discount 195,212 1,266,726
Amortization of (below) above market lease intangibles, net (196,283) (330,618)
Impairment of real estate investment property 3,499,438 0
Impairment of goodwill 0 17,320,857
Gain on sale of real estate investments 0 (6,875,086)
Unrealized loss on interest rate swap valuation 1,722,184 0
Write-off of unrealized gain on interest rate swaps 0 (788,016)
Income from unconsolidated investment in a real estate property (55,567) (95,464)
Distributions from unconsolidated investment in a real estate property 65,696 95,367
Change in operating assets and liabilities:    
Increase in tenant receivables (220,251) (634,127)
Increase in prepaid and other assets (122,884) (618,439)
Decrease in accounts payable, accrued and other liabilities (369,196) (2,124,592)
Net cash provided by (used in) operating activities 2,784,869 (1,083,310)
Cash Flows from Investing Activities:    
Acquisitions of real estate investments (11,913,361) (44,714,508)
Additions to existing real estate investments (308,547) (749,481)
Collection of note receivable from early termination of lease 0 195,000
Net proceeds from sale of real estate investments 0 38,911,538
Purchase deposits, net 112,200 (500,000)
Payment of lease incentives (10,815) (2,000,000)
Net cash used in investing activities (12,120,523) (8,857,451)
Cash Flows from Financing Activities:    
Borrowings from credit facility term loan 20,000,000 100,000,000
(Repayments of) borrowings from credit facility revolver, net (3,000,000) 20,775,000
Repayments of prior year credit facility revolver, net 0 (8,022,000)
Principal payments on mortgage notes payable (78,027) (130,277,534)
Payments of deferred financing costs 0 (2,186,468)
Proceeds from listed offering of common stock, net 0 114,500
Payments of offering costs 0 (189,412)
Repurchases of common stock (49,682) (852,721)
Dividends paid to preferred stockholders (921,875) (1,065,278)
Net cash provided by (used in) financing activities 14,007,109 (23,122,696)
Net increase (decrease) in cash and cash equivalents 4,671,455 (33,063,457)
Cash and cash equivalents, beginning of period 8,608,649 58,407,520
Cash and cash equivalents, end of period 13,280,104 25,344,063
Supplemental Disclosure of Cash Flow Information:    
Cash paid for interest 1,946,005 1,477,384
Supplemental Schedule of Noncash Investing and Financing Activities:    
Issuance of Class C OP Units in the acquisition of a real estate investment 0 32,809,550
Reinvested distributions from common stockholders 595,585 1,492,404
Unpaid real estate improvements 0 612,403
Reclassification of tenant improvements from other assets to real estate investments 0 73,323
Deferred lease incentive 0 100,000
Accrued distributions and dividends 5,363 124,698
Real estate investments held for sale, net 0 31,510,762
Other assets related to real estate investments held for sale 3,174 788,296
Mortgage notes payable related to real estate investments held for sale, net 0 (21,699,912)
Other liabilities related to real estate investments held for sale (65,963) (383,282)
Common Stock    
Cash Flows from Financing Activities:    
Distributions paid (1,566,010) (1,167,244)
Class C OP Units    
Cash Flows from Financing Activities:    
Distributions paid $ (377,297) $ (251,539)