Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Balance Sheets

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Condensed Consolidated Balance Sheets - USD ($)
Jun. 30, 2015
Dec. 31, 2014
ASSETS    
Real estate, at cost $ 185,973,252 $ 148,371,478
Less: accumulated depreciation (5,482,928) (4,431,290)
Total real estate, net 180,490,324 143,940,188
Lease intangibles, net 2,069,351 1,317,575
Cash and cash equivalents 3,158,707 2,619,342
Restricted cash   132,741
Deferred financing costs, net 1,142,051 1,039,714
Deferred offering costs 133,770 248,731
Other assets 2,221,471 2,404,333
TOTAL ASSETS 189,215,674 151,702,624
LIABILITIES    
Mortgage notes and bonds payable 107,661,166 82,417,361
Borrowings under line of credit 2,800,000 4,000,000
Accounts payable and accrued expenses 2,882,542 1,925,251
Due to related parties [1] 630,618 471,101
Other liabilities 3,341,176 2,919,583
TOTAL LIABILITIES $ 117,315,502 $ 91,733,296
Commitments and contingencies [2]    
STOCKHOLDERS' EQUITY    
Common stock, $0.001 par value; 20,000,000 shares authorized; 9,060,314 and 7,753,717 shares issued and outstanding as of June 30, 2015, and December 31, 2014, respectively $ 9,061 $ 7,754
Additional paid in capital 79,148,411 65,366,309
Distributions in excess of earnings (7,257,300) (5,404,735)
TOTAL STOCKHOLDERS' EQUITY 71,900,172 59,969,328
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 189,215,674 $ 151,702,624
[1] Refer to Note 4, "Related-Party Transactions," for additional information.
[2] Refer to Note 7, "Commitments and Contingencies," for additional information.