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 $)
 3 Months Ended
Mar. 31, 2014
Mar. 31, 2013
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income $ 20,918 $ 47,516
Adjustments to reconcile net income to net cash provided by (used in) operating activities:    
Depreciation and amortization 288,031 160,036
Amortization of deferred financing fees 7,975 7,404
Amortization of deferred rent assets and liabilities, net (19,894) (29,061)
Changes in operating assets and liabilities:    
Other assets 53,526 (2,425,907)
Accounts payable, accrued expenses, and due to related parties (128,877) (425,439)
Other liabilities 172,080 103,883
Net cash provided by (used in) operating activities 393,759 (2,561,568)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Capital expenditures on exisiting real estate (503,299)  
Increase in restricted cash (740)  
Purchase of U.S. Treasuries   (19,996,767)
Deposits on future acquisitions (50,000) (50,000)
Deposits refunded 50,000  
Net cash used in investing activities (504,039) (20,046,767)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from issuance of equity   56,703,960
Offering costs (84,140) (4,130,898)
Repayments on mortgage note payable (1,722,167) (1,228,715)
Financing fees (220,500) (12,230)
Distributions paid (587,724) (522,421)
Net cash (used in) provided by financing activities (2,614,531) 50,809,696
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS (2,724,811) 28,201,361
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 16,271,282 873,474
CASH AND CASH EQUIVALENTS AT END OF PERIOD 13,546,471 29,074,835
NON-CASH OPERATING, INVESTING AND FINANCING INFORMATION:    
Additions to real estate included in accounts payable and accrued expenses 141,946  
Offering costs included in accounts payable and accrued expenses 38,828 237,021
Financing fees included in accounts payable and accrued expenses $ 35,064