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, 2015
Sep. 30, 2014
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income (loss) $ 200,681 $ (179,803)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Depreciation and amortization 2,312,880 1,065,769
Amortization of deferred financing costs 74,191 35,648
Amortization of deferred rent assets and liabilities, net (161,466) (120,666)
Property and casualty recovery, net (97,232) (46,456)
Insurance proceeds received utilized for repairs to real estate assets   34,879
Changes in operating assets and liabilities:    
Other assets 284,864 (341,733)
Accounts payable, accrued expenses, and due to related parties 258,613 280,924
Other liabilities 1,430,977 1,304,081
Net cash provided by operating activities 4,303,508 2,032,643
CASH FLOWS FROM INVESTING ACTIVITIES:    
Acquisition of new real estate (64,885,127) (37,899,921)
Capital expenditures on existing real estate (3,044,851) (1,839,082)
Decrease (increase) in restricted cash 132,741 (2,244)
Deposits on future acquisitions   (592,000)
Deposits applied against real estate investments (1,000,000)  
Deposits refunded 100,000 50,000
Insurance proceeds received capitalized as real estate asset additions 97,232 89,888
Net cash used in investing activities (68,600,005) (40,193,359)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from issuance of equity 14,895,206 14,122,000
Offering costs (1,027,986) (934,378)
Borrowings from mortgage notes payable 53,190,476 12,513,600
Repayments on mortgage note payable (522,443) (1,722,167)
Net borrowings from line of credit 1,000,000 3,400,000
Payment of financing fees (222,560) (695,254)
Distributions paid (2,934,088) (1,763,171)
Net cash provided by financing activities 64,378,605 24,920,630
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 82,108 (13,240,086)
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 2,619,342 16,271,282
CASH AND CASH EQUIVALENTS AT END OF PERIOD 2,701,450 3,031,196
NON-CASH INVESTING AND FINANCING INFORMATION:    
Real estate additions included in Accounts payable and accrued expenses 642,934 191,610
Real estate additions included in Other liabilities 700,000  
Offering costs included in Accounts payable, accrued expenses and due to related parties 179,575 101,140
Financing fees included in Accounts payable and accrued expenses $ 30,756 $ 26,684