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 Share data, unless otherwise specified
 12 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Dec. 31, 2011
Operating revenues      
Rental income $ 59,769 $ 50,915 $ 43,632
Tenant recovery revenue 1,574 355 344
Total operating revenues 61,343 51,270 43,976
Operating expenses      
Depreciation and amortization 22,827 16,831 14,149
Property operating expenses 3,348 1,588 986
Acquisitions related expense 768 949 700
Base management fee 2,014 [1] 1,467 [1] 1,629 [1]
Incentive fee 4,201 [1] 3,569 [1] 3,398 [1]
Administration fee 1,467 [1] 1,118 [1] 1,024 [1]
General and administrative 1,655 1,594 1,497
Total operating expenses before credit to incentive fee 36,280 27,116 23,383
Credit to incentive fee (3,457) [1] (2,221) [1] (2,113) [1]
Total operating expenses 32,823 24,895 21,270
Other income (expense)      
Interest expense (24,351) (20,226) (17,076)
Other income 101 127 84
Total other expense (26,993) (22,614) (16,992)
Net income 1,527 3,761 5,714
Distributions attributable to senior common stock (300) (113) (62)
Net (loss) income available to common stockholders (2,867) (445) 1,558
Earnings per weighted average share of common stock - basic & diluted      
(Loss) income from continuing operations (net of dividends attributable to preferred stock) $ (0.22) $ (0.04) $ 0.15
Net (loss) income available to common stockholders $ (0.22) $ (0.04) $ 0.15
Weighted average shares of common stock outstanding      
Basic 13,164,244 10,953,325 10,236,859
Diluted 13,164,244 10,953,325 10,288,711
Earnings per weighted average share of senior common stock $ 1.04 $ 1.06 $ 1.05
Weighted average shares of senior common stock outstanding - basic 287,178 106,721 59,258
Series C Preferred Stock [Member]
      
Other income (expense)      
Distributions attributable to Series C mandatorily redeemable preferred stock (2,743) (2,515)  
Series A and B Preferred Stock [Member]
      
Other income (expense)      
Distributions attributable to Series A and B preferred stock $ (4,094) $ (4,093) $ (4,094)
[1] Refer to Note 2 "Related-Party Transactions"