Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Balance Sheets

v2.4.0.8
Condensed Consolidated Balance Sheets (USD $)
Jun. 30, 2014
Dec. 31, 2013
ASSETS    
Real estate, at cost $ 90,394,803 $ 78,478,053
Less: accumulated depreciation (3,587,682) (3,166,870)
Total real estate, net 86,807,121 75,311,183
Lease intangibles, net 641,600 311,064
Cash and cash equivalents 3,829,591 16,271,282
Restricted cash 1,529 41
Short-term investments 680,781 680,443
Deferred financing costs, net 812,809 309,933
Deferred offering costs 139,972  
Other assets 857,696 789,518
TOTAL ASSETS 93,771,099 93,673,464
LIABILITIES    
Mortgage note payable 41,331,998 43,054,165
Borrowings under line of credit 3,000,000 100,000
Accounts payable and accrued expenses 676,627 1,097,270
Due to related parties 314,404 [1] 160,719 [1]
Other liabilities 1,391,701 749,318
TOTAL LIABILITIES 46,714,730 45,161,472
Commitments and contingencies    [2]    [2]
STOCKHOLDERS' EQUITY    
Common stock, $0.001 par value; 20,000,000 shares authorized; 6,530,264 shares issued and outstanding at both June 30, 2014, and December 31, 2013 6,530 6,530
Additional paid in capital 51,326,262 51,326,262
Distributions in excess of earnings (4,276,423) (2,820,800)
TOTAL STOCKHOLDERS' EQUITY 47,056,369 48,511,992
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 93,771,099 $ 93,673,464
[1] Refer to Note 4, "Related-Party Transactions," for additional information
[2] Refer to Note 8, "Commitments and Contingencies," for additional information