Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows

v3.5.0.2
Condensed Consolidated Statements of Cash Flows - USD ($)
 9 Months Ended
Sep. 30, 2016
Sep. 30, 2015
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (8,206,659) $ (16,676,843)
Adjustments to reconcile consolidated net loss to net cash from operating activities:    
Depreciation 5,751,164 3,600,673
Amortization 9,555,167 8,121,491
Loan cost amortization 1,464,347 938,383
Above (below) market lease amortization 69,209 566,646
Share-based compensation 426,500 506,000
Gain on sale of properties (688,824) 0
Provision for credit losses 196,311 214,316
Changes in assets and liabilities, net of acquisitions:    
Rent and other tenant receivables, net (250,604) (376,411)
Unbilled rent (220,995) (183,184)
Increase (Decrease) in Accounts Receivable, Related Parties (883,630) 85,730
Cash restricted for operating property reserves (1,256,976) (1,500,177)
Deferred costs and other assets, net 1,729,506 (393,361)
Accounts payable, accrued expenses and other liabilities 3,320,861 1,996,041
Net operating cash flows provided by discontinued operations (715) 665,158
Net cash from (used in) operating activities 11,004,662 (2,435,538)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Investment property acquisitions (8,679,750) (62,027,081)
Capital expenditures (1,586,974) (263,242)
Origination of notes receivable from related party (11,000,000) 0
Increase in capital property reserves (622,268) (1,728,872)
Increase in restricted cash (837,169) 0
Proceeds from sale of property held-for-sale 1,385,177 0
Net investing cash flows from discontinued operations 0 914,388
Net cash used in investing activities (21,340,984) (63,104,807)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Payments for deferred financing costs (3,571,405) (2,540,415)
Dividends and distributions paid (12,653,896) (10,083,178)
Proceeds from sales of preferred stock, net of expenses 61,387,058 83,415,894
Payments for Repurchase of Convertible Preferred Stock 0 25
Loan proceeds 20,100,000 0
Loan principal payments (29,575,012) (7,230,229)
Net financing cash flows used in discontinued operations (11,363) (80,172)
Net cash from financing activities 35,675,382 63,481,875
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 25,339,060 (2,058,470)
CASH AND CASH EQUIVALENTS, beginning of period 10,477,576 9,839,841
CASH AND CASH EQUIVALENTS, end of period 35,816,636 7,781,371
Non-Cash Transactions:    
Debt incurred for acquisitions 60,320,250 75,652,464
Noncontrolling interests resulting from the issuance of common units 3,499,383 1,574,551
Conversion of senior convertible debt into Series C preferred stock 0 3,000,000
Conversion of senior convertible debt into common stock 1,600,000 0
Accretion of preferred stock discounts 255,420 8,836,695
Deemed dividend related to beneficial conversion feature of preferred stock 0 72,644,506
Notes Issued 1,000,000 0
Other Cash Transactions:    
Cash paid for interest $ 8,258,885 $ 5,979,476