Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (UNAUDITED)

v3.5.0.2
Condensed Consolidated Statements of Cash Flows (UNAUDITED) - USD ($)
 9 Months Ended
Sep. 30, 2016
Sep. 30, 2015
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income $ 390,454 $ 200,681
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 3,743,529 2,312,880
Amortization of deferred financing costs 135,310 74,191
Amortization of deferred rent assets and liabilities, net (128,825) (161,466)
Property and casualty recovery, net 0 (97,232)
Allowance for doubtful accounts 71,517 0
Changes in operating assets and liabilities:    
Other assets (152,562) 284,864
Accounts payable, accrued expenses and due to related parties (273,200) 258,613
Other liabilities 3,425,657 1,430,977
Net cash provided by operating activities 7,211,880 4,303,508
CASH FLOWS FROM INVESTING ACTIVITIES:    
Acquisition of new real estate (69,174,387) (64,885,127)
Capital expenditures on existing real estate (10,125,475) (3,044,851)
Proceeds from sale of real estate 155,799 0
Decrease in restricted cash 0 132,741
Deposits on future acquisitions (100,000) 0
Deposits applied against real estate investments (716,725) (1,000,000)
Deposits refunded 200,000 100,000
Insurance proceeds received capitalized as real estate additions 0 97,232
Net cash used in investing activities (79,760,788) (68,600,005)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from issuance of equity 360,472 14,895,206
Offering costs (241,845) (1,027,986)
Borrowings from mortgage notes payable 28,953,000 53,190,476
Repayments on mortgage note payable (2,606,030) (522,443)
Net borrowings from (repayments on) line of credit 22,400,000 1,000,000
Proceeds from issuance of mandatorily-redeemable preferred stock 28,750,000 0
Payment of financing fees (1,292,464) (222,560)
Distributions paid on common and preferred stock (3,676,091) (2,934,088)
Distributions paid to non-controlling interests in operating partnership (233,804) 0
Net cash provided by financing activities 72,413,238 64,378,605
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS (135,670) 82,108
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 2,532,522 2,619,342
CASH AND CASH EQUIVALENTS AT END OF PERIOD 2,396,852 2,701,450
NON-CASH INVESTING AND FINANCING INFORMATION:    
Issuance of non-controlling interests in operating partnership in conjunction with acquisitions 11,763,144 0
Real estate additions included in Accounts payable, accrued expenses and due to related parties 389,542 642,934
Real estate additions included in Other liabilities 809,188 700,000
Real estate additions removed from Other liabilities 700,000 0
Common stock offering and OP Unit issuance costs included in Accounts payable, accrued expenses and due to related parties 31,224 179,575
Financing fees included in Accounts payable, accrued expenses and due to related parties $ 58,740 $ 30,756