Quarterly report pursuant to Section 13 or 15(d)

Consolidated Balance Sheets

v3.7.0.1
Consolidated Balance Sheets - USD ($)
Mar. 31, 2017
Dec. 31, 2016
Investment in real estate:    
Land $ 23,130,337 $ 17,785,001
Building 270,401,823 179,253,398
Site improvements 2,686,216 1,465,273
Tenant improvements 2,552,449 1,186,014
Real Estate Investment Property, at Cost, Total 298,770,825 199,689,686
Less: accumulated depreciation (4,669,968) (3,323,915)
Investment in real estate, net 294,100,857 196,365,771
Cash 8,356,599 19,671,131
Restricted cash 1,773,909 941,344
Tenant receivables 347,110 212,435
Escrow deposits 2,528,996 1,212,177
Acquired lease intangible assets, net 15,991,981 7,144,276
Deferred assets 1,087,148 704,537
Deferred financing costs, net 1,570,381 927,085
Other assets 11,484 140,374
Total assets 325,768,465 227,319,130
Liabilities:    
Accounts payable and accrued expenses 1,932,590 573,997
Dividends payable 3,651,817 3,604,037
Security deposits 2,099,844 719,592
Due to related parties, net 586,899 580,911
Acquired lease intangible liability, net 475,343 277,917
Notes payable to related parties 421,000 421,000
Notes payable, net of unamortized discount of $1,028,797 and $1,061,602 at March 31, 2017 and December 31, 2016, respectively 38,446,103 38,413,298
Revolving credit facility 128,900,000 27,700,000
Total liabilities 176,513,596 72,290,752
Stockholders' equity:    
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 March 31, 2017 and December 31, 2016, respectively; 17,605,675 shares issued and outstanding at March 31, 2017 and December 31, 2016, respectively 17,606 17,606
Additional paid-in capital 172,417,006 171,997,396
Accumulated deficit (23,179,743) (16,986,624)
Total stockholders' equity 149,254,869 155,028,378
Total liabilities and stockholders' equity $ 325,768,465 $ 227,319,130