Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v2.4.1.9
Consolidated Statements of Cash Flows (USD $)
 12 Months Ended
Dec. 31, 2014
Dec. 31, 2013
Dec. 31, 2012
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net (loss) income $ (125,133)us-gaap_NetIncomeLoss $ (1,224,683)us-gaap_NetIncomeLoss $ 600,373us-gaap_NetIncomeLoss
Adjustments to reconcile net (loss) income to net cash provided by (used in) operating activities:      
Depreciation and amortization 1,735,644us-gaap_DepreciationDepletionAndAmortization 722,455us-gaap_DepreciationDepletionAndAmortization 474,480us-gaap_DepreciationDepletionAndAmortization
Amortization of deferred financing costs 53,286us-gaap_AmortizationOfFinancingCosts 30,024us-gaap_AmortizationOfFinancingCosts 59,472us-gaap_AmortizationOfFinancingCosts
Amortization of deferred rent assets and liabilities, net (194,267)land_AmortizationOfDeferredRentAssetAndLiabilityNet (68,617)land_AmortizationOfDeferredRentAssetAndLiabilityNet (45,852)land_AmortizationOfDeferredRentAssetAndLiabilityNet
Property and casualty recovery, net (262,963)us-gaap_GainOnBusinessInterruptionInsuranceRecovery    
Insurance proceeds received utilized for repairs to real estate assets 89,688land_InsuranceProceedsReceivedUtilizedForRepairsToRealEstateAssets    
Deferred income taxes   (743,676)us-gaap_DeferredIncomeTaxExpenseBenefit 568,675us-gaap_DeferredIncomeTaxExpenseBenefit
Changes in operating assets and liabilities:      
Other assets (684,782)us-gaap_IncreaseDecreaseInOtherOperatingAssets 25,205us-gaap_IncreaseDecreaseInOtherOperatingAssets (609,131)us-gaap_IncreaseDecreaseInOtherOperatingAssets
Accounts payable, accrued expenses, and due to related parties 1,180,185us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities 250,139us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities 235,090us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
Other liabilities 1,751,964us-gaap_IncreaseDecreaseInOtherOperatingLiabilities 548,800us-gaap_IncreaseDecreaseInOtherOperatingLiabilities (145,330)us-gaap_IncreaseDecreaseInOtherOperatingLiabilities
Net cash provided by (used in) operating activities 3,543,622us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations (460,353)us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations 1,137,777us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
CASH FLOWS FROM INVESTING ACTIVITIES:      
Acquisition of new real estate (68,626,968)us-gaap_PaymentsToAcquireRealEstate (37,871,978)us-gaap_PaymentsToAcquireRealEstate (7,499,644)us-gaap_PaymentsToAcquireRealEstate
Capital expenditures on existing real estate (2,619,084)us-gaap_PaymentsToDevelopRealEstateAssets (811,605)us-gaap_PaymentsToDevelopRealEstateAssets  
Increase in restricted cash (132,700)us-gaap_IncreaseDecreaseInRestrictedCash (41)us-gaap_IncreaseDecreaseInRestrictedCash  
Purchase of certificate of deposit     (679,717)us-gaap_ProceedsFromPaymentsForInInterestBearingDepositsInBanks
Purchase of U.S. Treasuries   (19,994,981)us-gaap_PaymentsToAcquireShortTermInvestments  
Maturity of U.S. Treasuries   20,000,000us-gaap_ProceedsFromSaleMaturityAndCollectionOfShorttermInvestments  
Deposits on future acquisitions (350,000)us-gaap_PaymentsForDepositsOnRealEstateAcquisitions (200,000)us-gaap_PaymentsForDepositsOnRealEstateAcquisitions (150,000)us-gaap_PaymentsForDepositsOnRealEstateAcquisitions
Deposits refunded 50,000land_ProceedsFromRefundOnDeposits 150,000land_ProceedsFromRefundOnDeposits 200,000land_ProceedsFromRefundOnDeposits
Insurance proceeds received capitalized as real estate asset additions 344,512land_InsuranceProceedsReceivedCapitalizedAsRealEstateAssetAdditions    
Net cash used in investing activities (71,334,240)us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations (38,728,605)us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations (8,129,361)us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
CASH FLOWS FROM FINANCING ACTIVITIES:      
Proceeds from issuance of equity 15,024,003us-gaap_ProceedsFromIssuanceOrSaleOfEquity 56,703,960us-gaap_ProceedsFromIssuanceOrSaleOfEquity  
Offering costs (950,965)us-gaap_PaymentsOfStockIssuanceCosts (4,687,579)us-gaap_PaymentsOfStockIssuanceCosts (686,339)us-gaap_PaymentsOfStockIssuanceCosts
Borrowings from mortgage notes payable 41,188,600us-gaap_ProceedsFromIssuanceOfSecuredDebt 13,565,000us-gaap_ProceedsFromIssuanceOfSecuredDebt 8,707,000us-gaap_ProceedsFromIssuanceOfSecuredDebt
Repayments on mortgage note payable (1,825,404)us-gaap_RepaymentsOfSecuredDebt (1,228,715)us-gaap_RepaymentsOfSecuredDebt (917,120)us-gaap_RepaymentsOfSecuredDebt
Borrowings from line of credit 25,500,000us-gaap_ProceedsFromLongTermLinesOfCredit 1,600,000us-gaap_ProceedsFromLongTermLinesOfCredit 3,100,000us-gaap_ProceedsFromLongTermLinesOfCredit
Repayments on line of credit (21,600,000)us-gaap_RepaymentsOfLongTermLinesOfCredit (1,600,000)us-gaap_RepaymentsOfLongTermLinesOfCredit (4,205,000)us-gaap_RepaymentsOfLongTermLinesOfCredit
Financing fees (738,754)us-gaap_PaymentsOfFinancingCosts (35,807)us-gaap_PaymentsOfFinancingCosts (137,337)us-gaap_PaymentsOfFinancingCosts
Distributions paid (2,458,802)us-gaap_PaymentsOfDividends (9,730,093)us-gaap_PaymentsOfDividends  
Net cash provided by financing activities 54,138,678us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations 54,586,766us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations 5,861,204us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS (13,651,940)us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease 15,397,808us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease (1,130,380)us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 16,271,282us-gaap_CashAndCashEquivalentsAtCarryingValue 873,474us-gaap_CashAndCashEquivalentsAtCarryingValue 2,003,854us-gaap_CashAndCashEquivalentsAtCarryingValue
CASH AND CASH EQUIVALENTS AT END OF PERIOD 2,619,342us-gaap_CashAndCashEquivalentsAtCarryingValue 16,271,282us-gaap_CashAndCashEquivalentsAtCarryingValue 873,474us-gaap_CashAndCashEquivalentsAtCarryingValue
Cash paid during the year for interest 1,431,214us-gaap_InterestPaid 1,055,333us-gaap_InterestPaid 854,876us-gaap_InterestPaid
Cash paid during the year for income taxes 27,000us-gaap_IncomeTaxesPaid 2,274,727us-gaap_IncomeTaxesPaid [1] 464,772us-gaap_IncomeTaxesPaid
NON-CASH INVESTING AND FINANCING INFORMATION:      
Non-cash additions to real estate 667,019land_AdditionsToRealEstateIncludedInAccountsPayableAndAccruedExpensesAndLeaseHoldImprovements [2] 309,174land_AdditionsToRealEstateIncludedInAccountsPayableAndAccruedExpensesAndLeaseHoldImprovements  
Offering costs included in accounts payable and accrued expenses 141,967land_OfferingCostsIncludedInOtherAssetsAndAdditionalPaidInCapital [3]   319,756land_OfferingCostsIncludedInOtherAssetsAndAdditionalPaidInCapital
Financing fees included in accounts payable and accrued expenses 44,313land_FinancingFeesIncludedInAccountsPayableAndAccruedLiabilities    
Insurance proceeds included in Other assets $ 61,500land_InsuranceProceedsIncludedInOtherAssets [4]    
[1] Cash paid during 2013 for income taxes includes a $2.1 million tax prepayment made related to a deferred intercompany gain on prior-year land transfers.
[2] 2014 real estate additions include $81,072 of additions included in accounts payable and accrued expenses and $585,947 of leasehold improvements recorded during the year. 2013 real estate additions were all included in accounts payable and accrued expenses.
[3] 2014 non-cash offering costs consist of $110,200 included in "Other assets" and $31,767 included in "Additional paid in capital" on the Consolidated Balance Sheet.
[4] Insurance proceeds of $61,500 related to a fire-damaged structure on one of our properties were paid directly to the tenant in advance of construction.