Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Balance Sheets

v2.4.0.8
Condensed Consolidated Balance Sheets (USD $)
Sep. 30, 2014
Dec. 31, 2013
ASSETS    
Real estate, at cost $ 117,118,271 $ 78,478,053
Less: accumulated depreciation (3,934,269) (3,166,870)
Total real estate, net 113,184,002 75,311,183
Lease intangibles, net 761,178 311,064
Cash and cash equivalents 3,031,196 16,271,282
Restricted cash 2,285 41
Short-term investments 680,952 680,443
Deferred financing costs, net 996,223 309,933
Deferred offering costs 134,193  
Other assets 1,831,396 789,518
TOTAL ASSETS 120,621,425 93,673,464
LIABILITIES    
Mortgage notes payable 53,845,598 43,054,165
Borrowings under line of credit 3,500,000 100,000
Accounts payable and accrued expenses 928,729 1,097,270
Due to related parties 448,138 [1] 160,719 [1]
Other liabilities 2,109,267 749,318
TOTAL LIABILITIES 60,831,732 45,161,472
Commitments and contingencies    [2]    [2]
STOCKHOLDERS' EQUITY    
Common stock, $0.001 par value; 20,000,000 shares authorized; 7,680,264 and 6,530,264 shares issued and outstanding as of September 30, 2014, and December 31, 2013, respectively 7,680 6,530
Additional paid in capital 64,545,787 51,326,262
Distributions in excess of earnings (4,763,774) (2,820,800)
TOTAL STOCKHOLDERS' EQUITY 59,789,693 48,511,992
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 120,621,425 $ 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