Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.7.0.1
Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Operating activities    
Net loss $ (6,353,450) $ (1,609,247)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation expense 2,334,664 659,671
Amortization of deferred financing costs 350,444 126,535
Amortization of acquired lease intangible assets 42,322 0
Amortization of above (below) market leases (994) 0
Stock-based compensation expense 1,684,812 0
Changes in operating assets and liabilities:    
Restricted cash (558,079) 0
Tenant receivables (212,435) 2,793
Deferred assets (681,242) (93,646)
Accounts payable and accrued expenses (39,509) 345,093
Security deposits 719,592 0
Accrued management fees due to related party (9,291) 360,000
Net cash used in operating activities (2,723,166) (208,801)
Investing activities    
Escrow deposits for purchase of properties 104,310 (439,433)
Loan repayments from (made to) related parties 137,727 (135,196)
Cash paid for pre-acquisition costs (140,374) 0
Acquisition of land, buildings, and other tangible and intangible assets and liabilities (150,459,250) (31,764,361)
Net cash used in investing activities (150,357,587) (32,338,990)
Financing activities    
Net proceeds received from initial public offering 137,288,016 0
Change in restricted cash 64,362 (249,908)
Escrow deposits required by third party lenders (862,177) 0
Loan (repayments to) received from related parties (394,694) 291,597
Proceeds from convertible debenture, due to related party 0 34,584,032
Repayments of convertible debenture, due to related party (10,000,000) 0
Proceeds from notes payable to related parties 1,950,000 382,805
Repayments of notes payable from related parties (1,950,000) 0
Proceeds received from revolving credit facility 27,700,000 0
Proceeds from notes payable related to acquisitions 41,320,900 7,377,500
Payments on notes payable related to acquisitions (25,634,065) (349,435)
Payments of deferred financing costs (2,036,239) (137,736)
Dividends paid to stockholders (3,878,489) (255,600)
Net cash provided by financing activities 163,567,614 41,643,255
Net increase in cash and cash equivalents 10,486,861 9,095,464
Cash and cash equivalents - beginning of period 9,184,270 88,806
Cash and cash equivalents - end of period 19,671,131 9,184,270
Supplemental cash flow information:    
Cash payments for interest 4,099,426 1,165,157
Noncash financing and investing activities:    
Conversion of convertible debenture due to related party to shares of common stock 30,030,134 0
Reclassification of deferred initial public offering costs to additional paid-in capital 1,681,259 0
Accrued dividends payable $ 3,604,037 $ 0