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 6 Months Ended
Jun. 30, 2012
Jun. 30, 2011
Jun. 30, 2012
Jun. 30, 2011
Operating revenues        
Rental income $ 12,323 $ 10,729 $ 24,336 $ 21,164
Tenant recovery revenue 87 87 171 170
Total operating revenues 12,410 10,816 24,507 21,334
Operating expenses        
Depreciation and amortization 3,992 3,475 7,896 6,845
Property operating expenses 353 202 686 499
Due diligence expense 528 131 688 (8)
Base management fee (1) 372 [1] 435 [1] 765 [1] 787 [1]
Incentive fee (1) 787 [1] 840 [1] 1,686 [1] 1,672 [1]
Administration fee (1) 265 [1] 260 [1] 575 [1] 516 [1]
General and administrative 404 357 787 812
Total operating expenses before credits from Adviser 6,701 5,700 13,083 11,123
Credit to incentive fee (1) (674) [1] (445) [1] (1,259) [1] (931) [1]
Total operating expenses 6,027 5,255 11,824 10,192
Other income (expense)        
Interest income - employee loans 8 9 17 19
Other income 34 1 56 45
Interest expense (4,885) (4,201) (9,458) (8,356)
Distributions attributable to mandatorily redeemable preferred stock (686)   (1,143)  
Total other expense (5,529) (4,191) (10,528) (8,292)
Net income 854 1,370 2,155 2,850
Distributions attributable to preferred stock (1,024) (1,024) (2,047) (2,047)
Distributions attributable to senior common stock (22) (15) (41) (31)
Net (loss) income available to common stockholders $ (192) $ 331 $ 67 $ 772
Earnings per weighted average share of common stock- basic & diluted        
(Loss) income from continuing operations (net of dividends attributable to preferred stock) $ (0.02) $ 0.04 $ 0.01 $ 0.08
Net (loss) income available to common stockholders $ (0.02) $ 0.04 $ 0.01 $ 0.08
Weighted average shares of common stock outstanding        
Basic 10,945 9,782 10,945 9,522
Diluted 10,945 9,834 11,011 9,574
Earnings per weighted average share of senior common stock $ 0.26 $ 0.26 $ 0.53 $ 0.52
Weighted average shares of senior common stock outstanding - basic 84 59 76 59
[1] (1) Refer to Note 2 Related-Party Transactions