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 ($)
 6 Months Ended
Jun. 30, 2015
Jun. 30, 2014
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (5,715) $ (280,176)
Adjustments to reconcile net loss to net cash provided by operating activities:    
Depreciation and amortization 1,503,435 618,517
Amortization of deferred financing costs 43,927 20,013
Amortization of deferred rent assets and liabilities, net (125,739) (60,971)
Property and casualty (recovery) loss, net (20,809) 250,478
Changes in operating assets and liabilities:    
Other assets 22,071 81,945
Accounts payable, accrued expenses, and due to related parties 330,717 (405,464)
Other liabilities (141,877) 512,893
Net cash provided by operating activities 1,606,010 737,235
CASH FLOWS FROM INVESTING ACTIVITIES:    
Acquisition of new real estate (35,279,105) (11,161,635)
Capital expenditures on existing real estate (1,589,150) (1,221,664)
Decrease (increase) in restricted cash 132,741 (1,488)
Deposits applied against real estate investments (550,000) (200,000)
Deposits refunded 100,000 50,000
Insurance proceeds received capitalized as real estate additions 20,809  
Net cash used in investing activities (37,164,705) (12,534,787)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from issuance of equity 14,895,206  
Offering costs (877,768) (124,972)
Borrowings from mortgage notes payable 25,450,280  
Repayments on mortgage note payable (206,475) (1,722,167)
Borrowings from line of credit 12,900,000 9,900,000
Repayments on line of credit (14,100,000) (7,000,000)
Payment of financing fees (116,333) (521,553)
Distributions paid (1,846,850) (1,175,447)
Net cash provided by (used in) financing activities 36,098,060 (644,139)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 539,365 (12,441,691)
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 2,619,342 16,271,282
CASH AND CASH EQUIVALENTS AT END OF PERIOD 3,158,707 3,829,591
NON-CASH INVESTING AND FINANCING INFORMATION:    
Non-cash additions to real estate [1] 1,421,863 312,171
Offering costs included in Accounts payable and accrued expenses 259,776 15,000
Financing fees included in Accounts payable and accrued expenses $ 14,382 $ 1,336
[1] 2015 non-cash real estate additions include $721,863 of additions included in Accounts payable and accrued expenses and $700,000 of contingent consideration, included in Other liabilities, owed in connection with a farm acquired during the six months ended June 30, 2015. 2014 non-cash real estate additions were all included in accounts payable and accrued expenses.