Annual report pursuant to Section 13 and 15(d)

Consolidated Balance Sheets

v2.4.0.6
Consolidated Balance Sheets (USD $)
In Thousands, unless otherwise specified
Dec. 31, 2011
Dec. 31, 2010
ASSETS    
Real estate, at cost $ 442,521 $ 401,017
Less: accumulated depreciation 53,784 43,659
Total real estate, net 388,737 357,358
Lease intangibles, net 37,670 26,747
Cash and cash equivalents 3,329 7,062
Restricted cash 2,473 2,288
Funds held in escrow 4,086 2,621
Deferred rent receivable, net 12,403 10,373
Deferred financing costs, net 3,473 3,326
Other assets 976 834
TOTAL ASSETS 453,147 410,609
LIABILITIES    
Mortgage notes payable 285,350 259,595
Borrowings under line of credit 18,700 27,000
Deferred rent liability, net 3,851 2,276
Asset retirement obligation liability 3,289 3,063
Accounts payable and accrued expenses 1,956 2,683
Due to Adviser 1,188 [1] 965 [1]
Other liabilities 3,499 3,652
Total Liabilities 317,833 299,234
STOCKHOLDERS' EQUITY    
Series A and B redeemable preferred stock, $0.001 par value; $25 liquidation preference; 2,300,000 shares authorized and 2,150,000 shares issued and outstanding at December 31, 2011 and December 31, 2010, respectively 2 2
Senior common stock, $0.001 par value; 7,500,000 shares authorized and 60,290 and 59,057 shares issued and outstanding at December 31, 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 December 31, 2011 and December 31, 2010, respectively 11 9
Additional paid in capital 211,553 174,261
Notes receivable - employees (422) (963)
Distributions in excess of accumulated earnings (75,830) (61,934)
Total Stockholders' Equity 135,314 111,375
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 453,147 $ 410,609
[1] Refer to Note 2 Related-Party Transactions