Summary of Significant Accounting Policies (Policies) |
9 Months Ended | |
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Sep. 30, 2017 | ||
| Accounting Policies [Abstract] | ||
| Basis of Accounting, Policy [Policy Text Block] |
Basis of presentation The accompanying consolidated financial statements are unaudited and are prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and the rules and regulations of the United States Securities and Exchange Commission (“SEC”). Certain information and footnote disclosures required for annual financial statements have been condensed or excluded pursuant to SEC rules and regulations. Accordingly, the accompanying financial statements do not include all of the information and footnotes required by GAAP for complete financial statements and should be read in conjunction with the audited financial statements and notes thereto for the fiscal year ended December 31, 2016. In the opinion of management, all adjustments of a normal and recurring nature necessary for a fair presentation of the financial statements for the interim periods have been made. |
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| Consolidation, Policy [Policy Text Block] |
Principles of Consolidation The accompanying consolidated financial statements include the accounts of the Company, including the Operating Partnership and its wholly-owned subsidiaries, and the interests in the Operating Partnership held by LTIP unit holders and OP Unit holders. The Company presents the portion of any equity it does not own but controls (and thus consolidates) as noncontrolling interest. Noncontrolling interest in the Company includes the LTIP units that have been granted to directors, employees and affiliates of the Company and the OP Units held by third parties. Refer to Note 5 “Stockholders’ Equity” and Note 7 “Stock-Based Compensation” and for additional information regarding the OP Units and LTIP units. The Company classifies noncontrolling interest as a component of consolidated equity on its Consolidated Balance Sheets, separate from the Company’s total stockholders’ equity. The Company’s net income or loss is allocated to noncontrolling interests based on the respective ownership or voting percentage in the Operating Partnership associated with such noncontrolling interests and is removed from consolidated income or loss on the Consolidated Statements of Operations in order to derive net income or loss attributable to common stockholders. The noncontrolling ownership percentage is calculated by dividing the aggregate number of LTIP units and OP Units held by the total number of units outstanding. Any future issuances of additional LTIP units or OP Units would change the noncontrolling ownership interest. |
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| Use of Estimates, Policy [Policy Text Block] |
Use of Estimates The preparation of the consolidated financial statements in conformity with GAAP requires the Company to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and footnotes. Actual results could differ from those estimates. |
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| Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, Policy [Policy Text Block] |
Restricted Cash The restricted cash balance as of September 30, 2017 and December 31, 2016 was $2,040,026 and $941,344, respectively. The restricted cash balance as of September 30, 2017 consisted of $337,242 of cash required by a third-party lender to be held by the Company as a reserve for debt service, $1,619,659 in security deposits received from facility tenants at the inception of their leases, and $83,125 in funds held by the Company from certain of its tenants that the Company collected to pay specific tenant expenses, such as real estate taxes and insurance, on the tenant’s behalf. The restricted cash balance as of December 31, 2016 consisted of $383,265 of cash required by a third party lender to be held by the Company as a reserve for debt service, a security deposit of $319,500, and $238,579 in funds held by the Company from certain of its tenants that the Company collected to pay specific tenant expenses, such as real estate taxes and insurance. |
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| Receivables, Policy [Policy Text Block] |
Tenant Receivables The tenant receivable balance as of September 30, 2017 and December 31, 2016 was $616,741 and $212,435, respectively. The balance as of September 30, 2017 consisted of $113,400 in funds owed from the Company’s tenants for rent that the Company had earned but had not yet received and $503,341 in funds owed by certain of the Company’s tenants for amounts the Company collects to pay specific tenant expenses, such as real estate taxes and insurance, on the tenants’ behalf. The balance as of December 31, 2016 consisted primarily of $50,922 in funds owed from the Company’s tenants for rent that the Company had earned but had not yet received and $161,513 in funds owed by certain of the Company’s tenants for amounts the Company collects to pay specific tenant expenses, such as real estate taxes and insurance, on the tenants’ behalf. |
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| Escrow Deposits [Policy Text Block] |
Escrow Deposits Escrow deposits include funds held in escrow to be used for the acquisition of properties in the future and for the payment of taxes, insurance, and other amounts as stipulated by the Company’s Cantor Loan, as hereinafter defined. The escrow balance as of September 30, 2017 and December 31, 2016 was $1,297,665 and $1,212,177, respectively |
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| Deferred Assets [Policy Text Block] |
Deferred Assets The deferred assets balance as of September 30, 2017 and December 31, 2016 was $2,923,494 and $704,537, respectively. The balance as of September 30, 2017 consisted of $2,776,735 in deferred rent receivables resulting from the recognition of revenue from leases with fixed annual rental escalations on a straight line basis and the balance of $146,759 represented other deferred costs. The December 31, 2016 balance of $704,537 consisted of deferred rent receivables. |
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| Other Assets [Policy Text Block] |
Other Assets Other assets primarily consists of capitalized costs related to the Company’s property acquisitions. Costs that are incurred prior to the completion of the acquisition of a property are capitalized if all of the following conditions are met: (a) the costs are directly identifiable with the specific property, (b) the costs would be capitalized if the property were already acquired, and (c) acquisition of the property is probable. These costs are included with the value of the acquired property upon completion of the acquisition. The costs are charged to expense when it is probable that the acquisition will not be completed. The other assets balance was $160,214 as of September 30, 2017, which consisted of $138,324 in capitalized costs related to property acquisitions and $21,890 in a prepaid asset. The balance as of December 31, 2016 was $140,374, and consisted solely of capitalized costs related to property acquisitions. |
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| Security Deposit Liability [Policy Text Block] |
Security Deposits and Other The security deposits and other liability balance as of September 30, 2017 and December 31, 2016 was $2,206,145 and $719,592, respectively. The balance as of September 30, 2017 consisted of security deposits of $1,619,679 and a tenant impound liability of $586,466 related to amounts owed for specific tenant expenses, such as real estate taxes and insurance. The balance as of December 31, 2016 consisted of security deposits of $319,500 and a tenant impound liability of $400,092 related to amounts owed for specific tenant expenses, such as real estate taxes and insurance. |
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| Earnings Per Share, Policy [Policy Text Block] |
Net Income (Loss) Attributable to Common Stockholders Per Share The Company uses the treasury stock method to compute diluted net income or loss attributable to common stockholders per share. Basic net income or loss per share of common stock is computed by dividing net income or loss attributable to common stockholders by the weighted average number of shares of common stock outstanding for the period. Diluted net income or loss per share of common stock is computed by dividing net income or loss attributable to common stockholders by the sum of the weighted average number of shares of common stock outstanding plus any potential dilutive shares for the period. The Company considered the requirements of the two-class method when computing earnings per share and determined that there would be no difference in its reported results if the two-class method was utilized. |
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| Reclassification, Policy [Policy Text Block] |
Reclassification The Company reclassified the line item “Acquired Lease Intangible Assets, Net” on its Consolidated Balance Sheets as of December 31, 2016, to present the gross intangible assets acquired as part of its business combination transactions as a separate line item within the category “Investment in Real Estate” and also reclassified the related accumulated amortization balance on the intangible assets acquired to the line item “Accumulated Depreciation and Amortization.” This reclassification was made to conform to the Company’s presentation of those balances as of September 30, 2017. The Company’s Consolidated Statements of Operations for the three and nine months ended September 30, 2017 and 2016 includes the expense line item “Operating Expenses” which primarily includes both reimbursable property operating expenses that the Company pays on behalf of certain of its tenants, including real estate taxes and insurance, non-reimbursable property operating expenses, and other operating expenses. Reimbursements of tenant operating expenses are recorded on a gross basis (i.e., the Company recognizes an equivalent increase in revenue (expense recoveries) and expense (operating expenses)). Prior to the third quarter of 2017, the Company recorded property operating expenses in the “General and Administrative” expense line item. Accordingly for prior periods these expenses have been reclassified from the “General and Administrative” expense line item into the “Operating Expenses” line item within the Company’s Consolidated Statements of Operations. |