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 9 Months Ended
Sep. 30, 2014
Sep. 30, 2013
Sep. 30, 2014
Sep. 30, 2013
OPERATING REVENUES:        
Rental revenue $ 1,771,106 $ 996,096 $ 4,828,033 $ 2,860,435
Tenant recovery revenue 6,569   11,213  
Total operating revenues 1,777,675 996,096 4,839,246 2,860,435
OPERATING EXPENSES:        
Depreciation and amortization 447,251 171,751 1,065,769 509,110
Management fee 300,552 [1] 19,485 [1] 778,047 [1] 103,786 [1]
Incentive fee       41,037 [1]
Administration fee 144,952 [1] 39,562 [1] 276,157 [1] 135,402 [1]
Professional fees 164,269 140,147 453,861 389,303
Acquisition-related expenses 114,140 59,970 334,886 81,107
Property operating expenses 137,859 24,564 284,924 72,031
General and administrative expenses 167,069 192,001 591,359 506,179
Operating expenses before credits from Adviser 1,476,092 647,480 3,785,003 1,837,955
Credits to fees from Adviser       (41,037) [1]
Total operating expenses, net of credits to fees 1,476,092 647,480 3,785,003 1,796,918
OPERATING INCOME 301,583 348,616 1,054,243 1,063,517
OTHER INCOME (EXPENSE):        
Interest income 971 17,594 10,945 43,039
Other income 8,838   9,587  
Interest expense (501,094) (276,044) (1,280,931) (832,490)
Property and casualty recovery, net 296,934   46,456  
Total other expense (194,351) (258,450) (1,213,943) (789,451)
Net income (loss) before income taxes 107,232 90,166 (159,700) 274,066
Income tax provision (6,857) (85,406) (20,103) (191,433)
NET INCOME (LOSS) $ 100,375 $ 4,760 $ (179,803) $ 82,633
EARNINGS (LOSS) PER COMMON SHARE:        
Basic and diluted $ 0.02 $ 0.00 $ (0.03) $ 0.01
Distributions per common share $ 0.09 $ 0.36 $ 0.27 $ 0.80
WEIGHTED AVERAGE SHARES OF COMMON STOCK OUTSTANDING-basic and diluted 6,605,264 6,530,264 6,555,539 6,108,165
[1] Refer to Note 4, "Related-Party Transactions," for additional information