Annual report pursuant to Section 13 and 15(d)

Consolidated Balance Sheets

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Consolidated Balance Sheets - USD ($)
Dec. 31, 2018
Dec. 31, 2017
ASSETS    
Investment in real estate, net $ 538,953,000 $ 449,486,000
Lease intangibles, net 5,686,000 5,492,000
Cash and cash equivalents 14,730,000 2,938,000
Crop inventory 0.0 1,528,000
Other assets, net 5,750,000 2,834,000
TOTAL ASSETS 565,119,000 462,278,000
LIABILITIES:    
Borrowings under lines of credit 100,000 10,000,000
Notes and bonds payable, net 335,788,000 291,002,000
Series A cumulative term preferred stock, $0.001 par value; $25.00 per share liquidation preference; 2,000,000 shares authorized, 1,150,000 shares issued and outstanding as of December 31, 2018 and 2017, net 28,124,000 27,890,000
Accounts payable and accrued expenses 9,152,000 7,398,000
Due to related parties, net 945,000 940,000
Other liabilities, net 9,957,000 7,097,000
Total liabilities 384,066,000 344,327,000
Commitments and contingencies (Note 8)
Stockholders’ equity:    
Series B cumulative redeemable preferred stock, $0.001 par value; $25.00 per share liquidation preference; 6,500,000 shares authorized, 1,144,393 shares issued and outstanding as of December 31, 2018; no shares authorized, issued, or outstanding as of December 31, 2017 1,000 0
Common stock, $0.001 par value; 91,500,000 shares authorized, 17,891,340 shares issued and outstanding as of December 31, 2018; 98,000,000 shares authorized, 13,791,574 shares issued and outstanding as of December 31, 2017 18,000 14,000
Additional paid-in capital 202,053,000 129,705,000
Distributions in excess of accumulated earnings (25,826,000) (19,802,000)
Total stockholders’ equity 176,246,000 109,917,000
Non-controlling interests in Operating Partnership 4,807,000 8,034,000
Total equity 181,053,000 117,951,000
TOTAL LIABILITIES AND EQUITY $ 565,119,000 $ 462,278,000