Annual report pursuant to Section 13 and 15(d)

Consolidated Balance Sheets

v3.7.0.1
Consolidated Balance Sheets - USD ($)
Dec. 31, 2016
Dec. 31, 2015
Investment in real estate:    
Land $ 17,785,001 $ 4,563,852
Building 179,253,398 51,574,271
Site improvements 1,465,273 0
Tenant improvements 1,186,014 0
Real Estate Investment Property, at Cost, Total 199,689,686 56,138,123
Less: accumulated depreciation (3,323,915) (989,251)
Investment in real estate, net 196,365,771 55,148,872
Cash 19,671,131 9,184,270
Restricted cash 941,344 447,627
Tenant receivables 212,435 0
Escrow deposits 1,212,177 454,310
Acquired lease intangible assets, net 7,144,276 0
Deferred assets 704,537 93,646
Deferred financing costs, net 927,085 0
Other assets 140,374 0
Total assets 227,319,130 65,328,725
Liabilities:    
Accounts payable and accrued expenses 573,997 683,857
Dividends payable 3,604,037 0
Security deposits 719,592 0
Due to related parties, net 580,911 847,169 [1]
Acquired lease intangible liability, net 277,917 0
Convertible debenture, due to related party 0 40,030,134
Notes payable to related parties 421,000 421,000
Notes payable, net of unamortized discount of $1,061,602 and $302,892 at December 31, 2016 and December 31, 2015, respectively 38,413,298 23,485,173
Revolving credit facility 27,700,000 0
Total liabilities 72,290,752 65,467,333
Stockholders' equity (deficit):    
Preferred stock, $0.001 par value, 10,000,000 shares authorized; no shares issued and outstanding 0 0
Common stock $0.001 par value, 500,000,000 shares authorized at December 31, 2016 and December 31, 2015, respectively; 17,605,675 and 250,000 shares issued and outstanding at December 31, 2016 and December 31, 2015, respectively 17,606 250
Additional paid-in capital 171,997,396 3,011,790
Accumulated deficit (16,986,624) (3,150,648)
Total stockholders' equity (deficit) 155,028,378 (138,608)
Total liabilities and stockholders' equity (deficit) $ 227,319,130 $ 65,328,725
[1] Net amount repaid of $9,291 consists of $1,434,294 in management fee expense incurred, net of $1,443,585 of accrued management fees that were repaid to the Advisor. This is a cash flow operating activity.