Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Operations (Unaudited)

 v2.3.0.11
Consolidated Statements of Operations (Unaudited) (USD $)
In Thousands, except Per Share data
 3 Months Ended 6 Months Ended
Jun. 30, 2011
Jun. 30, 2010
Jun. 30, 2011
Jun. 30, 2010
Operating revenues        
Rental income $ 10,729 $ 10,410 $ 21,164 $ 20,824
Interest income from mortgage note receivable   189   377
Tenant recovery revenue 87 82 170 165
Total operating revenues 10,816 10,681 21,334 21,366
Operating expenses        
Depreciation and amortization 3,475 3,390 6,845 6,712
Property operating expenses 202 230 499 474
Due diligence expense 131   (8) 22
Base management fee 435 [1] 296 [1] 787 [1] 609 [1]
Incentive fee 840 [1] 829 [1] 1,672 [1] 1,675 [1]
Administration fee 260 [1] 219 [1] 516 [1] 451 [1]
General and administrative 357 442 812 823
Total operating expenses before credits from Adviser 5,700 5,406 11,123 10,766
Credit to incentive fee (445) (56) (931) (56)
Total operating expenses 5,255 5,350 10,192 10,710
Other income (expense)        
Interest income - employee loans 9 43 19 86
Other income 1 5 45 8
Interest expense (4,201) (4,373) (8,356) (8,657)
Total other expense (4,191) (4,325) (8,292) (8,563)
Net income 1,370 1,006 2,850 2,093
Distributions attributable to preferred stock (1,024) (1,023) (2,047) (2,047)
Distributions attributable to senior common stock (15)   (31)  
Net income (loss) available to common stockholders $ 331 $ (17) $ 772 $ 46
Earnings per weighted average share of common stock        
Basic $ 0.04 $ 0 $ 0.08 $ 0.01
Diluted $ 0.04 $ 0 $ 0.08 $ 0.01
Weighted average shares of common stock outstanding        
Basic 9,782 8,545 9,522 8,552
Diluted 9,834 8,545 9,573 8,553
Earnings per weighted average share of senior common stock $ 0.26 $ 0.26 $ 0.52 $ 0.52
Weighted average shares of senior common stock outstanding - basic 59 1 59 1
[1] Refer to Note 2 Related-Party Transactions