Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Operations

v2.4.0.8
Condensed Consolidated Statements of Operations (USD $)
3 Months Ended
Mar. 31, 2014
Mar. 31, 2013
OPERATING REVENUES:    
Rental revenues $ 1,495,636 $ 914,583
Total operating revenues 1,495,636 914,583
OPERATING EXPENSES:    
Depreciation and amortization 288,031 160,036
Management fee 240,964 [1] 59,164 [1]
Incentive fee   41,037 [1]
Administration fee 66,158 [1] 38,332 [1]
Professional fees 178,987 85,392
Acquisition-related expenses 43,412 16,871
Property operating expenses 65,585 18,495
General and administrative expenses 217,315 118,778
Total operating expenses 1,100,452 538,105
OPERATING INCOME 395,184 376,478
OTHER INCOME (EXPENSE):    
Interest income 5,648 10,627
Other income 749  
Interest expense (374,040) (280,400)
Total other expense (367,643) (269,773)
Net income before income taxes 27,541 106,705
Income tax provision (6,623) (59,189)
NET INCOME $ 20,918 $ 47,516
EARNINGS PER COMMON SHARE:    
Basic and diluted $ 0.00 $ 0.01
Distributions per common share $ 0.09 $ 0.08
WEIGHTED AVERAGE SHARES OF COMMON STOCK OUTSTANDING-basic and diluted 6,530,264 5,249,898
[1] Refer to Note 4, "Related-Party Transactions," for additional information