Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows

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Condensed Consolidated Statements of Cash Flows (USD $)
 9 Months Ended
Sep. 30, 2013
Sep. 30, 2012
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income $ 82,633 $ 357,408
Adjustments to reconcile net income to net cash (used in) provided by operating activities:    
Depreciation and amortization 509,110 306,257
Amortization of deferred financing fees 22,375 52,217
Amortization of deferred rent assets and liabilities, net (52,956) (16,791)
Deferred income taxes   (47,022)
Changes in operating assets and liabilities:    
Other assets (2,314,283) (355,962)
Accounts payable, accrued expenses, and due to related parties (144,641) 246,744
Other liabilities 93,923 (10,565)
Net cash (used in) provided by operating activities (1,803,839) 532,286
CASH FLOWS FROM INVESTING ACTIVITIES    
Acquisition of new real estate (4,587,930) (7,499,646)
Capital expenditures on existing real estate (460,011)  
Purchase of certificate of deposit   (679,549)
Purchase of U.S. Treasuries (19,994,981)  
Maturity of U.S. Treasuries 20,000,000  
Deposits on future acquisitions (200,000) (200,000)
Deposits refunded   200,000
Net cash used in investing activities (5,242,922) (8,179,195)
CASH FLOWS FROM FINANCING ACTIVITIES    
Proceeds from issuance of equity, net of costs 52,016,380  
Borrowings from mortgage notes payable   8,707,000
Repayments on mortgage notes payable (1,228,715) (917,120)
Borrowings from line of credit 1,600,000 3,100,000
Repayments on line of credit (1,600,000) (3,905,000)
Financing fees (12,230) (136,028)
Distributions paid (5,224,211)  
Net cash provided by financing activities 45,551,224 6,848,852
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 38,504,463 (798,057)
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 873,474 2,003,854
CASH AND CASH EQUIVALENTS AT END OF PERIOD 39,377,937 1,205,797
NON-CASH OPERATING, INVESTING AND FINANCING INFORMATION    
Accrued additions to real estate $ 179,215