Quarterly report pursuant to Section 13 or 15(d)

Consolidated Balance Sheets (Unaudited)

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Consolidated Balance Sheets (Unaudited) (USD $)
In Thousands
Sep. 30, 2011
Dec. 31, 2010
ASSETS    
Real estate, at cost $ 420,241 $ 401,017
Less: accumulated depreciation 51,119 43,659
Total real estate, net 369,122 357,358
Lease intangibles, net 31,791 26,747
Cash and cash equivalents 2,410 7,062
Restricted cash 2,568 2,288
Funds held in escrow 4,051 2,621
Deferred rent receivable 12,151 10,373
Deferred financing costs, net 3,120 3,326
Other assets 1,880 834
TOTAL ASSETS 427,093 410,609
LIABILITIES    
Mortgage notes payable 266,008 259,595
Borrowings under line of credit 9,100 27,000
Deferred rent liability 3,144 2,276
Asset retirement obligation liability 3,179 3,063
Accounts payable and accrued expenses 1,268 2,683
Due to Adviser 739 [1] 965 [1]
Other liabilities 4,363 3,652
Total Liabilities 287,801 299,234
STOCKHOLDERS' EQUITY    
Redeemable preferred stock, $0.001 par value; $25 liquidation preference; 2,300,000 shares authorized and 2,150,000 shares issued and outstanding at September 30, 2011 and December 31, 2010, respectively 2 2
Senior common stock, $0.001 par value; 7,500,000 shares authorized and 59,057 shares issued and outstanding at September 30, 2011 and December 31, 2010, respectively    
Common stock, $0.001 par value, 40,200,000 shares authorized and 10,945,379 and 8,724,613 shares issued and outstanding at September 30, 2011 and December 31, 2010, respectively 11 9
Additional paid in capital 211,508 174,261
Notes receivable - employees (426) (963)
Distributions in excess of accumulated earnings (71,803) (61,934)
Total Stockholders' Equity 139,292 111,375
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 427,093 $ 410,609
[1] Refer to Note 2 Related-Party Transactions