Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Balance Sheets (UNAUDITED)

v3.5.0.2
Condensed Consolidated Balance Sheets (UNAUDITED) - USD ($)
Sep. 30, 2016
Dec. 31, 2015
ASSETS    
Investments in real estate, net $ 309,237,004 $ 221,783,425
Lease intangibles, net 2,115,085 1,763,541
Cash and cash equivalents 2,396,852 2,532,522
Deferred financing costs related to borrowings under line of credit, net 128,038 132,495
Other assets, net 2,429,753 2,472,042
TOTAL ASSETS 316,306,732 228,684,025
LIABILITIES:    
Borrowings under line of credit 22,500,000 100,000
Mortgage notes and bonds payable, net 167,879,624 141,578,935
Series A cumulative term preferred stock, par value $0.001 per share; $25.00 per share liquidation preference; 2,000,000 shares authorized, 1,150,000 shares issued and outstanding as of September 30, 2016; zero shares authorized, issued or outstanding as of December 31, 2015, net [1] 27,601,050 0
Accounts payable and accrued expenses 2,222,547 3,495,339
Due to related parties, net [2] 636,541 565,593
Other liabilities, net 8,921,915 4,937,439
Total liabilities 229,761,677 150,677,306
Commitments and contingencies [3]
Stockholders’ equity:    
Common stock, $0.001 par value; 18,000,000 shares authorized, 10,024,875 shares issued and outstanding as of September 30, 2016; and 20,000,000 shares authorized, 9,992,941 shares issued and outstanding as of December 31, 2015 10,025 9,993
Additional paid-in capital 89,374,991 86,892,095
Accumulated deficit (12,197,348) (8,895,369)
Total stockholders’ equity 77,187,668 78,006,719
Non-controlling interests in operating partnership 9,357,387 0
Total equity 86,545,055 78,006,719
TOTAL LIABILITIES AND EQUITY $ 316,306,732 $ 228,684,025
[1] Refer to Note 5, “Mandatorily-Redeemable Preferred Stock,” for additional information.
[2] Refer to Note 6, “Related-Party Transactions,” for additional information.
[3] Refer to Note 8, “Commitments and Contingencies,” for additional information.