Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Operations

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Condensed Consolidated Statements of Operations (USD $)
In Thousands, except Share data, unless otherwise specified
 3 Months Ended 6 Months Ended
Jun. 30, 2014
Jun. 30, 2013
Jun. 30, 2014
Jun. 30, 2013
Operating revenues        
Rental revenue $ 17,620 $ 14,190 $ 34,205 $ 27,856
Tenant recovery revenue 770 68 1,321 437
Income from real estate and related assets held for sale 18,390 14,258 35,526 28,293
Operating expenses        
Depreciation and amortization 6,871 5,220 13,591 10,121
Property operating expenses 1,302 564 2,632 1,300
Acquisition related expenses 859 274 970 459
Base management fee 666 [1] 451 [1] 1,291 [1] 804 [1]
Incentive fee 1,527 [1] 933 [1] 2,767 [1] 1,864 [1]
Administration fee 485 [1] 367 [1] 977 [1] 730 [1]
General and administrative 490 477 957 866
Impairment charge     13,958  
Total operating expenses before credit to incentive fee 12,200 8,286 37,143 16,144
Credit to incentive fee (957) [1] (917) [1] (2,162) [1] (1,502) [1]
Total operating expenses 11,243 7,369 34,981 14,642
Other income (expense)        
Interest expense (6,509) (5,764) (12,784) (11,425)
Gain on sale of real estate 1,240   1,240  
Other income 27 12 74 29
Total other expense (5,928) (6,438) (12,842) (12,768)
Net income (loss) 1,219 451 (12,297) 883
Distributions attributable to senior common stock (110) (69) (210) (122)
Net income (loss) available (attributable) to common stockholders 86 (641) (14,554) (1,286)
Earnings (loss) per weighted average share of common stock - basic & diluted        
Income (loss) from continuing operations (net of dividends attributable to preferred stock) $ 0.01 $ (0.05) $ (0.90) $ (0.11)
Net income (loss) available to common stockholders $ 0.01 $ (0.05) $ (0.90) $ (0.11)
Weighted average shares of common stock outstanding        
Basic 16,547,793 12,380,402 16,149,467 11,808,701
Diluted 16,894,973 12,380,402 16,149,467 11,808,701
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 421,312 261,754 404,243 233,633
Series C Preferred Stock [Member]
        
Other income (expense)        
Distributions attributable to Series C mandatorily redeemable preferred stock (686) (686) (1,372) (1,372)
Series A and B Preferred Stock [Member]
        
Other income (expense)        
Distributions attributable to Series A and B preferred stock $ (1,023) $ (1,023) $ (2,047) $ (2,047)
[1] Refer to Note 2 "Related-Party Transactions"