Annual report pursuant to Section 13 and 15(d)

Consolidated Balance Sheets

v2.4.0.8
Consolidated Balance Sheets (USD $)
Dec. 31, 2013
Dec. 31, 2012
ASSETS    
Real estate, at cost $ 78,478,053 $ 39,678,968
Less: accumulated depreciation (3,166,870) (2,535,084)
Total real estate, net 75,311,183 37,143,884
Lease intangibles, net 311,064 208,060
Cash and cash equivalents 16,271,282 873,474
Restricted cash 41  
Short-term investments 680,443 679,717
Deferred financing costs, net 309,933 304,150
Deferred offering costs   1,006,095
Other assets 789,518 770,468
TOTAL ASSETS 93,673,464 40,985,848
LIABILITIES    
Mortgage note payable 43,054,165 30,717,880
Borrowings under line of credit 100,000 100,000
Accounts payable and accrued expenses 1,097,270 913,649
Due to related parties 160,719 [1] 104,782 [1]
Deferred tax liability   743,676
Other liabilities 749,318 269,135
TOTAL LIABILITIES 45,161,472 32,849,122
Commitments and Contingencies    [2]    [2]
STOCKHOLDERS' EQUITY    
Common stock, $0.001 par value; 20,000,000 shares authorized; 6,530,264 and 2,750,000 sharesissued and outstanding at December 31, 2013, and December 31, 2012, respectively 6,530 2,750
Additional paid in capital 51,326,262  
(Distributions in excess of earnings) retained earnings (2,820,800) 8,133,976
TOTAL STOCKHOLDERS' EQUITY 48,511,992 8,136,726
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 93,673,464 $ 40,985,848
[1] Refer to Note 4, "Related-Party Transactions," for additional information
[2] Refer to Note 8, "Commitments and Contingencies," for additional information