Property Portfolio (Tables)
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6 Months Ended |
Jun. 30, 2017 |
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| Property, Plant and Equipment [Table Text Block] |
A rollforward of the gross investment in land, building and improvements as of June 30, 2017, resulting from the 12 acquisitions completed during the six months ended June 30, 2017, is as follows: | | | Land | | Building | | Site & Tenant Improvements | | Investment Subtotal | | Intangibles(1)
| | Gross Investment | | | Balances as of January 1, 2017 | | $ | 17,785,001 | | $ | 179,253,398 | | | 2,651,287 | | | 199,689,686 | | | 6,907,687 | | | 206,597,373 | | | Acquisitions: | | | | | | | | | | | | | | | | | | | | | Sherman facility | | | 1,600,711 | | | 25,011,110 | | | - | | | 26,611,821 | | | - | | | 26,611,821 | | | Flower Mound facility | | | 580,763 | | | 2,922,164 | | | 381,859 | | | 3,884,786 | | | 165,214 | | | 4,050,000 | | | Brockport facility | | | 412,838 | | | 6,885,477 | | | 491,427 | | | 7,789,742 | | | 880,258 | | | 8,670,000 | | | Sandusky facility (4/21/17) | | | 97,804 | | | 978,035 | | | - | | | 1,075,839 | | | - | | | 1,075,839 | | | Oklahoma City facilities | | | 2,086,885 | | | 37,713,709 | | | 1,876,730 | | | 41,677,324 | | | 7,822,676 | | | 49,500,000 | | | Great Bend facility | | | 836,929 | | | 23,800,758 | | | - | | | 24,637,687 | | | - | | | 24,637,687 | | | Sandusky facility (3/10/17) | | | 409,204 | | | 3,997,607 | | | - | | | 4,406,811 | | | - | | | 4,406,811 | | | Clermont facility | | | - | | | 4,361,028 | | | 205,922 | | | 4,566,950 | | | 658,050 | | | 5,225,000 | | | Prescott facility | | | 790,637 | | | 3,821,417 | | | - | | | 4,612,054 | | | - | | | 4,612,054 | | | Las Cruces facility | | | 397,148 | | | 4,618,258 | | | - | | | 5,015,406 | | | - | | | 5,015,406 | | | Cape Coral facility | | | 353,349 | | | 7,016,511 | | | - | | | 7,369,860 | | | - | | | 7,369,860 | | | Lewisburg facility | | | 471,184 | | | 5,819,137 | | | 504,726 | | | 6,795,047 | | | 504,953 | | | 7,300,000 | | | Total Additions: | | | 8,037,452 | | | 126,945,211 | | | 3,460,664 | | | 138,443,327 | | | 10,031,151 | | | 148,474,478 | | | Balances as of June 30, 2017 | | $ | 25,822,453 | | | 306,198,609 | | | 6,111,951 | | | 338,133,013 | | | 16,938,838 | | | 355,071,851 | |
| (1)
| Represents intangible assets acquired net of intangible liabilities acquired. |
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| Business Acquisition, Pro Forma Information [Table Text Block] |
The following table illustrates the unaudited pro forma consolidated revenue, net loss, and loss per share as if the five facilities that the Company acquired during the six months ended June 30, 2017 that were accounted for as business combinations (the Flower Mound, Brockport, OCOM, Clermont and Lewisburg facilities) had occurred as of January 1, 2016: The following is a summary of the pro forma financial information for the three and six months ended June 30, 2017 and 2016: | | | Three Months Ended June 30, | | Six Months Ended June 30, | | | | | 2017 | | 2016 | | 2017 | | 2016 | | | | | (unaudited) | | (unaudited) | | | | | | | | | | | | | | Revenue | | $ | 7,641,035 | | $ | 3,335,802 | | $ | 13,847,870 | | $ | 6,188,509 | | | Net loss | | $ | (762,297) | | $ | (1,280,701) | | $ | (1,943,257) | | $ | (3,922,046) | | | Loss per share | | $ | (0.04) | | $ | (0.90) | | $ | (0.11) | | $ | (3.82) | | | Weighted average shares outstanding | | | 17,644,137 | | | 1,426,656 | | | 17,624,906 | | | 1,025,821
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| Schedule of Acquired Finite-Lived Intangible Assets by Major Class [Table Text Block] |
The following is a summary of the carrying amount of intangible assets and liabilities as of June 30, 2017: | | | As of June 30, 2017 | | | | | | | Accumulated | | | | | | | Cost | | Amortization | | Net | | | Assets | | | | | | | | | In-place leases | | $ | 11,909,367 | | $ | (668,574) | | $ | 11,240,793 | | | Above market ground lease | | | 487,978 | | | (2,270) | | | 485,708 | | | Above market leases | | | 832,948 | | | (18,154) | | | 814,794 | | | Leasing costs | | | 4,853,575 | | | (176,656) | | | 4,676,919 | | | | | $ | 18,083,868 | | $ | (865,654) | | $ | 17,218,214 | | | | | | | | | | | | | | | Liabilities | | | | | | | | | | | | Below market leases | | $ | 1,145,030 | | $ | (32,464) | | $ | 1,112,566 | | The following is a summary of the carrying amount of intangible assets and liabilities as of December 31, 2016: | | | As of December 31, 2016 | | | | | | | Accumulated | | | | | | | Cost | | Amortization | | Net | | | Assets | | | | | | | | | | | | In-place leases | | $ | 5,826,556 | | $ | (34,789) | | $ | 5,791,767 | | | Above market leases | | | 74,096 | | | (443) | | | 73,653 | | | Leasing costs | | | 1,286,389 | | | (7,533) | | | 1,278,856 | | | | | $ | 7,187,041 | | $ | (42,765) | | $ | 7,144,276 | | | | | | | | | | | | | | | Liabilities | | | | | | | | | | | | Below market leases | | $ | 279,354 | | $ | (1,437) | | $ | 277,917
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| Finite-lived Intangible Assets Amortization Expense [Table Text Block] |
The following is a summary of the acquired lease intangible amortization for the three and six months ended June 30, 2017. The Company had no intangible assets or liabilities as of June 30, 2016 and therefore no amortization was incurred during the three and six months ended June 30, 2016. | | | Three Months Ended
June 30, 2017 | | Six Months Ended
June 30, 2017 | | | Amortization expense related to in-place leases | | $ | 353,263 | | $ | 633,785 | | | Amortization expense related to leasing costs | | $ | 106,045 | | $ | 169,123 | | | Decrease of rental revenue related to above market ground lease | | $ | 1,703 | | $ | 2,270 | | | Decrease of rental revenue related to above market leases | | $ | 14,276 | | $ | 17,711 | | | Increase of rental revenue related to below market leases | | $ | 18,825 | | $ | 31,027
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| Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] |
As of June 30, 2017, scheduled future aggregate net amortization of acquired lease intangible assets and liabilities for each fiscal year ended December 31 are listed below: | | | Net Increase (Decrease) in Revenue | | Net Increase in Expenses | | | 2017 | | $ | 32,931 | | $ | 985,736 | | | 2018 | | | 65,862 | | | 1,971,472 | | | 2019 | | | 65,862 | | | 1,971,472 | | | 2020 | | | 65,862 | | | 1,971,472 | | | 2021 | | | 63,017 | | | 1,356,859 | | | Thereafter | | | (481,470) | | | 7,660,701 | | | Total | | $ | (187,936) | | $ | 15,917,712
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| Lewisburg facility [Member] |
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| Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] |
The following table presents the preliminary purchase price allocation for the assets acquired as part of the acquisition: | Land and site improvements | | $ | 681,223 | | | Building and tenant improvements | | | 6,113,824 | | | In place leases | | | 373,380 | | | Leasing commissions and legal fees | | | 131,573 | | | Total purchase price | | $ | 7,300,000
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| Clermont Facility [Member] |
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| Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] |
The following table presents the preliminary purchase price allocation for the assets acquired as part of the acquisition: | Site improvements | | $ | 144,498 | | | Building and tenant improvements | | | 4,422,452 | | | In place leases | | | 254,515 | | | Above market lease intangibles | | | 487,978 | | | Leasing costs | | | 125,185 | | | Below market lease intangibles | | | (209,628) | | | Total purchase price | | $ | 5,225,000
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| Flower Mound Facility [Member] |
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| Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] |
The following table presents the preliminary purchase price allocation for the assets acquired as part of the acquisition: | Land and site improvements | | $ | 729,632 | | | Building and tenant improvements | | | 3,155,154 | | | In place leases | | | 222,334 | | | Leasing costs | | | 184,423 | | | Below market lease intangible | | | (241,543) | | | Total purchase price | | $ | 4,050,000
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| Brockport Facility [Member] |
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| Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] |
The following table presents the preliminary purchase price allocation for the assets acquired as part of the acquisition: | Land and site improvements | | $ | 693,042 | | | Building and tenant improvements | | | 7,096,700 | | | In place leases | | | 840,832 | | | Leasing costs | | | 453,931 | | | Below market lease intangible | | | (414,505) | | | Total purchase price | | $ | 8,670,000
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| Oklahoma City Facilities [Member] |
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| Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] |
The following table presents the preliminary purchase price allocation for the assets acquired as part of the acquisition: | Land and site improvements | | $ | 2,953,291 | | | Building and tenant improvements | | | 38,724,033 | | | Above market lease intangibles | | | 758,852 | | | In place leases | | | 4,391,750 | | | Leasing costs | | | 2,672,074 | | | Total purchase price | | $ | 49,500,000
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