Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows

v2.4.0.8
Condensed Consolidated Statements of Cash Flows (USD $)
 6 Months Ended
Jun. 30, 2014
Jun. 30, 2013
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net (loss) income $ (280,176) $ 77,872
Adjustments to reconcile net (loss) income to net cash provided by (used in) operating activities:    
Depreciation and amortization 618,517 337,359
Amortization of deferred financing fees 20,013 14,890
Amortization of deferred rent assets and liabilities, net (60,971) (52,956)
Property and casualty loss 250,478  
Changes in operating assets and liabilities:    
Other assets 81,945 (2,355,672)
Accounts payable, accrued expenses, and due to related parties (405,464) 9,688
Other liabilities 512,893 276,628
Net cash provided by (used in) operating activities 737,235 (1,692,191)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Acquisition of new real estate (11,161,635) (4,682,871)
Capital expenditures on existing real estate (1,221,664)  
Increase in restricted cash (1,488)  
Purchase of U.S. Treasuries 0 (19,994,981)
Maturity of U.S. Treasuries 0 20,000,000
Deposits on future acquisitions (200,000)  
Deposits refunded 50,000  
Net cash used in investing activities (12,534,787) (4,677,852)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from issuance of equity 0 56,703,960
Offering costs (124,972) (4,687,579)
Repayments on mortgage note payable (1,722,167) (1,228,715)
Borrowings from line of credit 9,900,000 1,600,000
Repayments on line of credit (7,000,000) (1,600,000)
Financing fees (521,553) (12,230)
Distributions paid (1,175,447) (2,873,316)
Net cash (used in) provided by financing activities (644,139) 47,902,120
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS (12,441,691) 41,532,077
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 16,271,282 873,474
CASH AND CASH EQUIVALENTS AT END OF PERIOD 3,829,591 42,405,551
NON-CASH INVESTING AND FINANCING INFORMATION:    
Non-cash additions to real estate 312,171 1,978
Offering costs included in accounts payable and accrued expenses 15,000  
Financing fees included in accounts payable and accrued expenses $ 1,336