Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows

v3.7.0.1
Consolidated Statements of Cash Flows - USD ($)
 6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Operating activities    
Net loss $ (1,940,708) $ (2,440,762)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:    
Depreciation expense 3,196,640 942,832
Amortization of deferred financing costs 499,577 152,845
Amortization of acquired lease intangible assets 802,908 0
Amortization of above (below) market leases (11,046) 0
Stock-based compensation expense 1,140,437 0
Capitalized deal costs charged to expense 5,450 0
Changes in operating assets and liabilities:    
Restricted cash (1,521,537) (319,499)
Tenant receivables (322,049) 0
Deferred assets (1,162,473) (131,419)
Accounts payable and accrued expenses 1,394,169 1,241,678
Security deposits and other 1,725,250 319,499
Accrued management fees due to related party 7,665 30,000
Net cash provided by (used in) operating activities 3,814,283 (204,826)
Investing activities    
Escrow deposits for purchase of properties 249,448 344,310
Loans repayments from (made to) related party 40,384 (39,040)
Pre-acquisition costs for purchase of properties 120,691 0
Purchase of land, buildings, and other tangible and intangible assets and liabilities (148,474,478) (37,946,139)
Net cash used in investing activities (148,063,955) (37,640,869)
Financing activities    
Net proceeds received from follow-on offering 29,553,232 0
Change in restricted cash 171,801 (210,452)
Escrow deposits required by third party lenders (16,980) (835,162)
Loans from related party 9,830 1,655,272
Proceeds from notes payable from acquisitions 0 41,320,900
Payments on notes payable from acquisitions 0 (9,410,182)
Proceeds from note payable from related party 0 450,000
Repayment of note payable from related party (421,000) 0
Proceeds from revolving credit facility, net 116,800,000 0
Payments of deferred initial public offering costs 0 (358,365)
Payments of deferred financing costs (2,277,024) (1,090,079)
Dividends paid to stockholders (7,207,521) (285,703)
Net cash provided by financing activities 136,612,338 31,236,229
Net decrease in cash and cash equivalents (7,637,334) (6,609,466)
Cash and cash equivalents—beginning of period 19,671,131 9,184,270
Cash and cash equivalents—end of period 12,033,797 2,574,804
Supplemental cash flow information:    
Cash payments for interest 2,479,834 1,034,945
Noncash financing and investing activities:    
Accrued dividends payable 3,700,936 0
Conversion of convertible debenture due to majority stockholder to common stock 0 15,000,000
Accrued deferred initial public offering costs 174,325 1,152,543
Reclassification of deferred follow-on offering costs to additional paid-in capital 394,092 0
Accrued capitalized deal costs $ 74,462 $ 0