Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Operations

v2.4.0.6
Consolidated Statements of Operations (USD $)
In Thousands, except Share data, unless otherwise specified
 12 Months Ended
Dec. 31, 2012
Dec. 31, 2011
Dec. 31, 2010
Operating revenues      
Rental income $ 50,915 $ 43,632 $ 41,180
Interest income from mortgage note receivable     421
Tenant recovery revenue 355 344 327
Total operating revenues 51,270 43,976 41,928
Operating expenses      
Depreciation and amortization 16,831 14,149 13,264
Property operating expenses 1,588 986 971
Due diligence expense 949 700 412
Base management fee (1) 1,467 [1] 1,629 [1] 1,199 [1]
Incentive fee (1) 3,569 [1] 3,398 [1] 3,480 [1]
Administration fee 1,118 [1] 1,024 [1] 1,063 [1]
General and administrative 1,594 1,497 3,408
Total operating expenses before credits from Adviser 27,116 23,383 23,797
Credit to base management fee (1)     (225) [1]
Credit to incentive fee (1) (2,221) [1] (2,113) [1] (158) [1]
Total operating expenses 24,895 21,270 23,414
Other income (expense)      
Interest expense (20,226) (17,076) (17,063)
Distributions attributable to mandatorily redeemable preferred stock (2,515)    
Other income 127 84 3,477
Total other expense (22,614) (16,992) (13,586)
Net income 3,761 5,714 4,928
Distributions attributable to preferred stock (4,093) (4,094) (4,094)
Distributions attributable to senior common stock (113) (62) (20)
Net (loss) income available to common stockholders $ (445) $ 1,558 $ 814
Earnings per weighted average share of common stock- basic & diluted      
(Loss) income from continuing operations (net of dividends attributable to preferred stock) $ (0.04) $ 0.15 $ 0.09
Net (loss) income available to common stockholders $ (0.04) $ 0.15 $ 0.09
Weighted average shares of common stock outstanding      
Basic 10,953,325 10,236,859 [1] 8,576,303
Diluted 10,953,325 10,288,711 8,601,153
Earnings per weighted average share of senior common stock $ 1.06 $ 1.05 $ 0.81
Weighted average shares of senior common stock outstanding - basic 107,000 59,000 25,000
[1] Refer to Note 2 "Related-Party Transactions"