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 $)
 9 Months Ended
Sep. 30, 2014
Sep. 30, 2013
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net (loss) income $ (179,803) $ 82,633
Adjustments to reconcile net (loss) income to net cash provided by (used in) operating activities:    
Depreciation and amortization 1,065,769 509,110
Amortization of deferred financing costs 35,648 22,375
Amortization of deferred rent assets and liabilities, net (120,666) (52,956)
Property and casualty recovery, net (46,456)  
Insurance proceeds received utilized for repairs to real estate assets 34,879  
Changes in operating assets and liabilities:    
Other assets (341,733) (2,314,283)
Accounts payable, accrued expenses, and due to related parties 280,924 (144,641)
Other liabilities 1,304,081 93,923
Net cash provided by (used in) operating activities 2,032,643 (1,803,839)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Acquisition of new real estate (37,899,921) (4,587,930)
Capital expenditures on existing real estate (1,839,082) (460,011)
Increase in restricted cash (2,244)  
Purchase of U.S. Treasuries   (19,994,981)
Maturity of U.S. Treasuries   20,000,000
Deposits on future acquisitions (592,000) (200,000)
Deposits refunded 50,000  
Insurance proceeds received capitalized as real estate asset additions 89,888  
Net cash used in investing activities (40,193,359) (5,242,922)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from issuance of equity 14,122,000 56,703,960
Offering costs (934,378) (4,687,580)
Borrowings from mortgage notes payable 12,513,600  
Repayments on mortgage note payable (1,722,167) (1,228,715)
Borrowings from line of credit 21,500,000 1,600,000
Repayments on line of credit (18,100,000) (1,600,000)
Financing fees (695,254) (12,230)
Distributions paid (1,763,171) (5,224,211)
Net cash provided by financing activities 24,920,630 45,551,224
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS (13,240,086) 38,504,463
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 16,271,282 873,474
CASH AND CASH EQUIVALENTS AT END OF PERIOD 3,031,196 39,377,937
NON-CASH INVESTING AND FINANCING INFORMATION:    
Non-cash additions to real estate 191,610 179,215
Offering costs included in accounts payable and accrued expenses 101,140  
Financing fees included in accounts payable and accrued expenses $ 26,684