Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Balance Sheets

v2.4.1.9
Condensed Consolidated Balance Sheets (USD $)
Mar. 31, 2015
Dec. 31, 2014
ASSETS    
Real estate, at cost $ 169,933,003us-gaap_RealEstateInvestmentPropertyAtCost $ 148,371,478us-gaap_RealEstateInvestmentPropertyAtCost
Less: accumulated depreciation (4,943,804)us-gaap_RealEstateAccumulatedDepreciation (4,431,290)us-gaap_RealEstateAccumulatedDepreciation
Total real estate, net 164,989,199us-gaap_RealEstateInvestmentPropertyNet 143,940,188us-gaap_RealEstateInvestmentPropertyNet
Lease intangibles, net 1,679,594us-gaap_FiniteLivedIntangibleAssetsNet 1,317,575us-gaap_FiniteLivedIntangibleAssetsNet
Cash and cash equivalents 2,180,340us-gaap_CashAndCashEquivalentsAtCarryingValue 2,619,342us-gaap_CashAndCashEquivalentsAtCarryingValue
Restricted cash   132,741us-gaap_RestrictedCashAndCashEquivalents
Deferred financing costs, net 1,048,685us-gaap_DeferredFinanceCostsNet 1,039,714us-gaap_DeferredFinanceCostsNet
Deferred offering costs 290,348us-gaap_DeferredOfferingCosts 248,731us-gaap_DeferredOfferingCosts
Other assets 1,915,455us-gaap_OtherAssets 2,404,333us-gaap_OtherAssets
TOTAL ASSETS 172,103,621us-gaap_Assets 151,702,624us-gaap_Assets
LIABILITIES    
Mortgage notes and bonds payable 94,866,803us-gaap_SecuredLongTermDebt 82,417,361us-gaap_SecuredLongTermDebt
Borrowings under line of credit 11,800,000us-gaap_LineOfCredit 4,000,000us-gaap_LineOfCredit
Accounts payable and accrued expenses 2,391,221us-gaap_AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent 1,925,251us-gaap_AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent
Due to related parties 117,486us-gaap_DueToRelatedPartiesCurrentAndNoncurrent [1] 471,101us-gaap_DueToRelatedPartiesCurrentAndNoncurrent [1]
Other liabilities 3,753,349us-gaap_OtherLiabilities 2,919,583us-gaap_OtherLiabilities
TOTAL LIABILITIES 112,928,859us-gaap_Liabilities 91,733,296us-gaap_Liabilities
Commitments and contingencies    [2]    [2]
STOCKHOLDERS' EQUITY    
Common stock, $0.001 par value; 20,000,000 shares authorized; 7,753,717 shares issued and outstanding as of both March 31, 2015, and December 31, 2014 7,754us-gaap_CommonStockValue 7,754us-gaap_CommonStockValue
Additional paid in capital 65,361,309us-gaap_AdditionalPaidInCapitalCommonStock 65,366,309us-gaap_AdditionalPaidInCapitalCommonStock
Distributions in excess of earnings (6,194,301)us-gaap_RetainedEarningsAccumulatedDeficit (5,404,735)us-gaap_RetainedEarningsAccumulatedDeficit
TOTAL STOCKHOLDERS' EQUITY 59,174,762us-gaap_StockholdersEquity 59,969,328us-gaap_StockholdersEquity
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 172,103,621us-gaap_LiabilitiesAndStockholdersEquity $ 151,702,624us-gaap_LiabilitiesAndStockholdersEquity
[1] Refer to Note 4, "Related-Party Transactions," for additional information.
[2] Refer to Note 7, "Commitments and Contingencies," for additional information.