Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Operations (Unaudited)

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Condensed Consolidated Statements of Operations (Unaudited) (USD $)
In Thousands, except Per Share data, unless otherwise specified
 3 Months Ended
Mar. 31, 2012
Mar. 31, 2011
Operating revenues    
Rental income $ 12,014 $ 10,435
Tenant recovery revenue 86 84
Total operating revenues 12,100 10,519
Operating expenses    
Depreciation and amortization 3,904 3,370
Property operating expenses 333 297
Due diligence expense 160 (138)
Base management fee (1) 393 [1] 352 [1]
Incentive fee (1) 899 [1] 832 [1]
Administration fee (1) 310 [1] 256 [1]
General and administrative 383 454
Total operating expenses before credits from Adviser 6,382 5,423
Credit to incentive fee (1) (585) [1] (486) [1]
Total operating expenses 5,797 4,937
Other income (expense)    
Interest income - employee loans 9 10
Other income 18 44
Interest expense (4,572) (4,156)
Distributions attributable to mandatorily redeemable preferred stock (457)  
Total other expense (5,002) (4,102)
Net income 1,301 1,480
Distributions attributable to preferred stock (1,023) (1,023)
Distributions attributable to senior common stock (19) (15)
Net income available to common stockholders $ 259 $ 442
Earnings per weighted average share of common stock - basic & diluted    
Income from continuing operations (net of dividends attributable to preferred stock) $ 0.02 $ 0.05
Net income available to common stockholders $ 0.02 $ 0.05
Weighted average shares of common stock outstanding    
Basic 10,945 9,258
Diluted 11,006 9,310
Earnings per weighted average share of senior common stock $ 0.27 $ 0.25
Weighted average shares of senior common stock outstanding - basic 70 59
[1] Refer to Note 2 Related-Party Transactions