Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Operations

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Consolidated Statements of Operations (USD $)
In Thousands, except Per Share data, unless otherwise specified
 12 Months Ended
Dec. 31, 2011
Dec. 31, 2010
Dec. 31, 2009
Operating revenues      
Rental income $ 43,632 $ 41,180 $ 41,514
Interest income from mortgage note receivable   421 760
Tenant recovery revenue 344 327 335
Total operating revenues 43,976 41,928 42,609
Operating expenses      
Depreciation and amortization 14,149 13,264 13,161
Property operating expenses 986 971 915
Due diligence expense 700 412 41
Base management fee 1,629 [1] 1,199 [1] 1,401 [1]
Incentive fee 3,398 [1] 3,480 [1] 3,239 [1]
Administration fee 1,024 [1] 1,063 [1] 1,016 [1]
General and administrative 1,497 3,408 1,494
Total operating expenses before credits from Adviser 23,383 23,797 21,267
Credit to base management fee   (225)  
Credit to incentive fee (2,113) (158) (726)
Total operating expenses 21,270 23,414 20,541
Other income (expense)      
Interest income - employee loans 36 151 192
Other income 48 3,326 35
Interest expense (17,076) (17,063) (17,895)
Total other expense (16,992) (13,586) (17,668)
Income from continuing operations 5,714 4,928 4,400
Discontinued operations      
Income from discontinued operations     43
Gain on sale of real estate     160
Total discontinued operations     203
Net income 5,714 4,928 4,603
Distributions attributable to preferred stock (4,094) (4,094) (4,094)
Distributions attributable to senior common stock (62) (20)  
Net income available to common stockholders $ 1,558 $ 814 $ 509
Earnings per weighted average share of common stock - basic & diluted      
Income from continuing operations (net of dividends attributable to preferred stock) $ 0.15 $ 0.09 $ 0.04
Discontinued operations     $ 0.02
Net income available to common stockholders $ 0.15 $ 0.09 $ 0.06
Weighted average shares of common stock outstanding      
Basic 10,237 8,576 8,563
Diluted 10,289 8,601 8,563
Earnings per weighted average share of senior common stock $ 1.05 $ 0.81  
Weighted average shares of senior common stock outstanding - basic 59 25 0
[1] Refer to Note 2 Related-Party Transactions