Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows

v3.8.0.1
Consolidated Statements of Cash Flows - USD ($)
 9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Operating activities    
Net loss $ (1,335,172) $ (4,423,588)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:    
Depreciation expense 5,372,308 1,528,281
Amortization of deferred financing costs 840,214 215,449
Amortization of acquired lease intangible assets 1,326,395 0
Amortization of above (below) market leases, net 13,970 0
Stock-based compensation expense 1,480,724 830,827
Advisory expense settled in OP Units 77,497 0
Changes in operating assets and liabilities:    
Restricted cash (1,144,705) (438,189)
Tenant receivables (404,306) (177,369)
Deferred assets (2,218,957) (222,324)
Other assets (21,890) 0
Accounts payable and accrued expenses 1,622,426 (267,627)
Security deposits and other 1,486,553 597,593
Accrued management fees due to related party 183,096 297,147
Net cash provided by (used in) operating activities 7,278,153 (2,059,800)
Investing activities    
Purchase of land, buildings, and other tangible and intangible assets and liabilities (213,535,461) (68,690,495)
Escrow deposits for purchase of properties (60,000) 394,310
Loans repayments from (made to) related party 38,428 [1] (39,000)
Pre-acquisition costs for purchase of properties 51,459 0
Net cash used in investing activities (213,505,574) (68,335,185)
Financing activities    
Net proceeds received from preferred stock offering 75,146,720 0
Net proceeds received from common equity offerings 33,794,625 137,358,367
Change in restricted cash 46,023 80,040
Escrow deposits required by third party lenders (25,488) (843,636)
Loans (repaid to) from related party (149) 29,986
Repayment of convertible debenture, due to related party 0 (10,000,000)
Proceeds from notes payable from acquisitions 0 41,320,900
Payments on notes payable from acquisitions 0 (24,011,168)
Proceeds from note payable from related party 0 450,000
Repayment of note payable from related party (421,000) (450,000)
Proceeds from revolving credit facility, net 98,400,000 0
Payments of deferred financing costs (2,792,692) (1,090,079)
Dividends paid to stockholders (10,815,248) (285,703)
Net cash provided by financing activities 193,332,791 142,558,707
Net (decrease) increase in cash and cash equivalents (12,894,630) 72,163,722
Cash and cash equivalents—beginning of period 19,671,131 9,184,270
Cash and cash equivalents—end of period 6,776,501 81,347,992
Supplemental cash flow information:    
Cash payments for interest 3,928,208 3,696,467
Noncash financing and investing activities:    
Accrued dividends payable 4,767,037 3,592,786
Stock Issued 0 30,030,134
Accrued preferred stock offering costs 187,717 0
Reclassification of common stock offering costs to additional paid-in capital 443,499 1,681,259
Reclassification of preferred stock offering costs to preferred stock balance 220,809 0
Accrued capitalized offering costs 49,409 0
Operating Partnership Units [Member]    
Noncash financing and investing activities:    
Stock Issued $ 1,000,000 $ 0
[1] Amount represents the net repayment of previous loans made by the Company to related parties. This represents a cash flow investing activity.