Property Portfolio (Tables)
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9 Months Ended |
Sep. 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 September 30, 2017, resulting from these acquisitions is as follows: | | | Land | | Building | | Site & Tenant Improvements | | Acquired Lease Intangibles | | Gross Investment in Real Estate | | | Balances as of January 1, 2017 | | $ | 17,785,001 | | $ | 179,253,398 | | $ | 2,651,287 | | $ | 7,187,041 | | $ | 206,876,727 | | | Facility Acquired Date Acquired: | | | | | | | | | | | | | | | | | | Cape Coral 1/10/17 | | | 353,349 | | | 7,016,511 | | | - | | | - | | | 7,369,860 | | | Lewisburg 1/12/17 | | | 471,184 | | | 5,819,137 | | | 504,726 | | | 504,953 | | | 7,300,000 | | | Las Cruces 2/1/17 | | | 397,148 | | | 4,618,258 | | | - | | | - | | | 5,015,406 | | | Prescott 2/9/17 | | | 790,637 | | | 3,821,417 | | | - | | | - | | | 4,612,054 | | | Clermont 3/1/17 | | | - | | | 4,361,028 | | | 205,922 | | | 867,678 | | | 5,434,628 | | | Sandusky 3/10/17 | | | 409,204 | | | 3,997,607 | | | - | | | - | | | 4,406,811 | | | Great Bend 3/31/17 | | | 836,929 | | | 23,800,758 | | | - | | | - | | | 24,637,687 | | | Oklahoma City 3/31/17 | | | 2,086,885 | | | 37,713,709 | | | 1,876,730 | | | 7,822,676 | | | 49,500,000 | | | Sandusky 4/21/17 | | | 97,804 | | | 978,035 | | | - | | | - | | | 1,075,839 | | | Brockport 6/27/17 | | | 412,838 | | | 6,885,477 | | | 491,427 | | | 1,294,763 | | | 9,084,505 | | | Flower Mound 6/27/17 | | | 580,763 | | | 2,922,164 | | | 381,859 | | | 406,757 | | | 4,291,543 | | | Sherman facility 6/30/17 | | | 1,600,711 | | | 25,011,110 | | | - | | | - | | | 26,611,821 | | | Sandusky facility 8/15/17 | | | 55,734 | | | 1,214,999 | | | - | | | - | | | 1,270,733 | | | Lubbock facility 8/18/17 | | | 1,302,651 | | | 5,041,964 | | | 947,227 | | | 908,158 | | | 8,200,000 | | | Germantown 8/30/17 | | | 2,700,468 | | | 8,078,246 | | | 656,111 | | | 4,505,425 | | | 15,940,250 | | | Austin 9/25/17 | | | 6,957,821 | | | 28,507,662 | | | 1,373,336 | | | 3,811,181 | | | 40,650,000 | | | Total Additions1: | | | 19,054,126 | | | 169,788,082 | | | 6,437,338 | | | 20,121,591 | | | 215,401,137 | | | Balances as of September 30, 2017 | | $ | 36,839,127 | | $ | 349,041,480 | | $ | 9,088,625 | | $ | 27,308,632 | | $ | 422,277,864 | |
1The Lubbock facility acquisition included approximately $1,000,000 of OP Units issued as part of the total consideration. Additionally, an aggregate of $865,676 of intangible liabilities were acquired from the acquisitions that occurred during the nine months ended September 30, 2017, resulting in total gross investments funded using cash of $213,535,461.
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| Business Acquisition, Pro Forma Information [Table Text Block] |
The following table illustrates the unaudited pro forma consolidated revenue, net income (loss), and income (loss) per share as if the facilities that the Company acquired during the nine months ended September 30, 2017 that were accounted for as business combinations (the Austin, Germantown, Lubbock, Flower Mound, Brockport, OCOM, Clermont and Lewisburg facilities) had occurred on January 1, 2016. The following summary of pro forma financial information is for the three and nine months ended September 30, 2017 and 2016: | | | Three Months Ended September 30, | | Nine Months Ended September 30, | | | | | 2017 | | 2016 | | 2017 | | 2016 | | | | | | | | | | | | | | | | | | | | (unaudited) | | (unaudited) | | | | | | | | | | | | | | Revenue | | $ | 9,425,057 | | $ | 4,909,852 | | $ | 25,736,802 | | $ | 13,808,974 | | | Net income (loss) | | $ | 653,952 | | $ | (2,047,241) | | $ | (1,053,239) | | $ | (4,616,832) | | | Net income (loss) attributable to common stockholders | | $ | 428,546 | | $ | (2,047,241) | | $ | (1,284,133) | | $ | (4,616,832) | | | Income (loss) attributable to common stockholders per share basic and diluted | | $ | 0.02 | | $ | (0.12) | | $ | (0.07) | | $ | (0.71) | | | Weighted average shares outstanding basic and diluted | | | 21,522,251 | | | 17,371,743 | | | 18,938,367 | | | 6,514,230 | |
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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 September 30, 2017: | | | As of September 30, 2017 | | | | | | | Accumulated | | | | | | | Cost | | Amortization | | Net | | | Assets | | | | | | | | | In-place leases | | $ | 14,590,650 | | $ | (1,056,983) | | $ | 13,533,667 | | | Above market ground lease | | | 487,978 | | | (3,972) | | | 484,006 | | | Above market leases | | | 4,363,022 | | | (73,911) | | | 4,289,111 | | | Leasing costs | | | 7,866,982 | | | (311,734) | | | 7,555,248 | | | | | $ | 27,308,632 | | $ | (1,446,600) | | $ | 25,862,032 | | | | | | | | | | | | | | | Liabilities | | | | | | | | | | | | Below market leases | | $ | 1,145,030 | | $ | (64,907) | | $ | 1,080,123 | | 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 nine months ended September 30, 2017. The Company had no intangible assets or liabilities as of September 30, 2016 and therefore no amortization was incurred during the three and nine months ended September 30, 2016. | | | Three Months Ended | | Nine Months Ended | | | | | September 30, 2017 | | September 30, 2017 | | | Amortization expense related to in-place leases | | $ | 388,409 | | $ | 1,022,194 | | | Amortization expense related to leasing costs | | $ | 135,078 | | $ | 304,201 | | | Decrease of rental revenue related to above market ground lease | | $ | 1,702 | | $ | 3,972 | | | Decrease of rental revenue related to above market leases | | $ | 55,757 | | $ | 73,468 | | | Increase of rental revenue related to below market leases | | $ | 32,443 | | $ | 63,470 |
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| Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] |
As of September 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 Decrease in Revenue | | Net Increase in Expenses | | | 2017 | | $ | (113,108) | | $ | 650,590 | | | 2018 | | | (452,433) | | | 2,602,359 | | | 2019 | | | (452,433) | | | 2,602,359 | | | 2020 | | | (452,433) | | | 2,602,359 | | | 2021 | | | (455,278) | | | 1,987,746 | | | Thereafter | | | (1,767,309) | | | 10,643,502 | | | Total | | $ | (3,692,994) | | $ | 21,088,915 | |
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| Austin 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 | | $ | 7,222,455 | | | Building and tenant improvements | | | 29,616,364 | | | Above market lease intangible | | | 245,686 | | | In-place leases | | | 1,680,282 | | | Leasing costs | | | 1,885,213 | | | Total purchase price | | $ | 40,650,000 | | |
| Germantown 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 | | $ | 3,049,683 | | | Building and tenant improvements | | | 8,385,142 | | | Above market lease intangible | | | 3,284,388 | | | In-place leases | | | 586,812 | | | Leasing costs | | | 634,225 | | | Total purchase price | | $ | 15,940,250 | | |
| Lubbock 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 | | $ | 1,566,487 | | | Building and tenant improvements | | | 5,725,355 | | | In-place leases | | | 414,189 | | | Leasing costs | | | 493,969 | | | Total purchase price | | $ | 8,200,000 | | |