Summary of Significant Accounting Policies (Policies) |
6 Months Ended | |
|---|---|---|
Jun. 30, 2016 | ||
| Accounting Policies [Abstract] | ||
| Basis of Presentation and Significant Accounting Policies [Text Block] |
Basis of presentation The accompanying financial statements are unaudited and include the accounts of the Company and its wholly owned subsidiaries. The accompanying financial statements have been prepared in accordance with accounting policies 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, 2015. 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] |
Consolidation Policy The accompanying consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All material intercompany balances and transactions between the Company and its subsidiaries have been eliminated. See Note 1 “Organization” for the names of the Company’s wholly owned subsidiaries. |
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| Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, Policy [Policy Text Block] |
Restricted Cash Restricted cash represents cash required by a third party lender to be held by the Company as a reserve for debt service and a security deposit received from one of the Company’s tenants. The restricted cash balance as of June 30, 2016 and December 31, 2015 was $977,578 and $447,627, respectively, an increase of $529,951. This increase resulted primarily from a security deposit received on the Plano lease that was executed on January 28, 2016 of $319,499 as well as from an increase in restricted funds of $210,452 related to the West Mifflin and Omaha facility loans with Capital One, National Association (“Capital One”). |
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| Escrow Deposits Policy [Policy Text Block] |
Escrow Deposits Escrow deposits include funds held in escrow to be used for the acquisition of future properties as well as for the payment of taxes, insurance, and other amounts as stipulated by the Company’s third party loan agreements. The escrow balance as of June 30, 2016 and December 31, 2015 was $945,162 and $454,310, respectively, an increase of $490,852. This increase resulted primarily from required escrow deposits for taxes and insurance in the amount of $835,162 related to the Cantor Loan that was secured on March 31, 2016, partially offset by $344,310 in escrow funds that were expended to acquire three facilities during the six months ended June 30, 2016. Refer to Note 3 “Property Portfolio” and Note 4 “Notes Payable Related to Acquisitions,” respectively, for information regarding the three facilities acquired and details regarding the Cantor Loan. |
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| Deferred Charges, Policy [Policy Text Block] |
Deferred Assets The deferred asset balance of $1,735,973 as of June 30, 2016, consisted of $154,714 in deferred rent receivable and $1,581,259 in deferred transaction costs related to the Company’s initial public offering. In accordance with the provisions of Accounting Standards Codification (“ASC”) Topic 340, “Other Assets and Deferred Costs,” the Company is deferring specific incremental costs directly attributable to its offering of equity securities and will charge them against the gross proceeds of the offering as a reduction of additional paid-in capital. The deferred rent receivable balance was $23,295 at December 31, 2015, resulting in an increase of $131,419 during the current six-month period. The deferred transaction cost balance was $70,351 at December 31, 2015, resulting in an increase of $1,510,908 during the current six-month period, of which $358,365 was paid in cash and $1,152,543 was included as accrued expenses as of June 30, 2016. |
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| Security Deposit Liability [Policy Text Block] |
Security Deposit Liability The security deposit liability as of June 30, 2016 represents funds deposited by the Plano facility at the inception of its lease. See Note 3 “Property Portfolio” for additional information regarding the Plano facility acquisition. |