Annual report pursuant to Section 13 and 15(d)

Consolidated Balance Sheets

v3.8.0.1
Consolidated Balance Sheets - USD ($)
$ in Thousands
Dec. 31, 2017
Dec. 31, 2016
ASSETS    
Investment in real estate, net $ 449,486 $ 326,311
Lease intangibles, net 5,492 2,000
Cash and cash equivalents 2,938 2,438
Crop inventory 1,528 0
Other assets, net 2,834 3,236
TOTAL ASSETS 462,278 333,985
LIABILITIES:    
Borrowings under lines of credit 10,000 16,550
Mortgage notes and bonds payable, net 291,002 190,797
Series A cumulative term preferred stock, par value $0.001 per share; $25.00 per share liquidation preference; 2,000,000 shares authorized, 1,150,000 shares issued and outstanding as of December 31, 2017 and 2016, net 27,890 27,655
Accounts payable and accrued expenses 7,398 2,801
Due to related parties, net [1] 940 751
Other liabilities, net 7,097 7,654
Total liabilities 344,327 246,208
Commitments and contingencies [2]
Stockholders' equity:    
Common stock, $0.001 par value; 98,000,000 shares authorized, 13,791,574 shares issued and outstanding as of December 31, 2017; 18,000,000 shares authorized, 10,024,875 shares issued and outstanding as of December 31, 2016 14 10
Additional paid-in capital 129,705 90,082
Distributions in excess of accumulated earnings (19,802) (13,402)
Total stockholders’ equity 109,917 76,690
Non-controlling interests in Operating Partnership 8,034 11,087
Total equity 117,951 87,777
TOTAL LIABILITIES AND EQUITY $ 462,278 $ 333,985
[1] Refer to Note 6, “Related-Party Transactions,” for additional information.
[2] Refer to Note 8, “Commitments and Contingencies,” for additional information.