Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.6.0.2
Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net income (loss) $ 473,488 $ 568,545 $ (125,133)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:      
Depreciation and amortization 5,187,249 3,113,492 1,735,644
Amortization of deferred financing costs 241,302 106,806 53,286
Amortization of deferred rent assets and liabilities, net (178,457) (200,783) (194,267)
Allowance for doubtful accounts 71,517 10,219 0
Property and casualty recovery, net 0 (97,232) (262,963)
Insurance proceeds received utilized for repairs to real estate assets 0 9,965 89,688
Changes in operating assets and liabilities:      
Other assets (321,904) (124,023) (684,782)
Accounts payable, accrued expenses, and due to related parties 719,872 523,781 1,180,185
Other liabilities 2,209,455 843,065 1,751,964
Net cash provided by operating activities 8,402,522 4,753,835 3,543,622
CASH FLOWS FROM INVESTING ACTIVITIES:      
Acquisition of new real estate (84,592,610) (74,448,512) (68,626,968)
Capital expenditures on existing real estate (9,797,438) (3,246,646) (2,619,084)
Proceeds from sale of real estate 155,798 0 0
Decrease (increase) in restricted cash 0 132,741 (132,700)
Deposits on future acquisitions (500,000) (50,000) (350,000)
Deposits applied against real estate investments (966,725) (1,150,000) 0
Deposits refunded 200,000 200,000 50,000
Insurance proceeds received capitalized as real estate asset additions 0 87,267 344,512
Net cash used in investing activities (95,500,975) (78,475,150) (71,334,240)
CASH FLOWS FROM FINANCING ACTIVITIES:      
Proceeds from issuance of equity 360,472 23,132,910 15,024,003
Offering costs (271,791) (1,482,029) (950,965)
Borrowings from mortgage notes payable 54,403,000 60,841,476 41,188,600
Repayments on mortgage note payable (4,827,128) (625,680) (1,825,404)
Net borrowings from (repayments on) line of credit 16,450,000 (3,900,000) 3,900,000
Proceeds from issuance of Series A mandatorily redeemable preferred stock 28,750,000 0 0
Payment of financing fees (1,817,583) (273,003) (738,754)
Distributions paid on common and preferred stock (4,954,262) (4,059,179) (2,458,802)
Distributions paid to non-controlling interests in Operating Partnership (388,756) 0 0
Payment of contingent consideration (700,000) 0 0
Net cash provided by financing activities 87,003,952 73,634,495 54,138,678
NET DECREASE IN CASH AND CASH EQUIVALENTS (94,501) (86,820) (13,651,940)
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 2,532,522 2,619,342 16,271,282
CASH AND CASH EQUIVALENTS AT END OF PERIOD 2,438,021 2,532,522 2,619,342
Cash paid during the year for interest [1] 5,980,788 3,262,993 1,431,214
Cash paid during the year for income taxes 0 0 27,000
NON-CASH INVESTING AND FINANCING INFORMATION:      
Issuance of non-controlling interests in operating partnership in conjunction with acquisitions 14,352,993 0 0
Real estate additions included in Other assets 0 0 61,500
Real estate additions included in Accounts payable, accrued expenses and due to related parties 162,403 1,157,347 81,072
Real estate additions included in Other liabilities 1,391,654 1,572,365 585,947
Common stock offering and OP Unit issuance costs included in Accounts payable, accrued expenses and due to related parties 8,933 225,684 141,967
Financing fees included in Accounts payable, accrued expenses and due to related parties $ 8,001 $ 25,120 $ 44,313
[1] Includes distributions made to our Term Preferred Stock.