Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Operations

v3.6.0.2
Consolidated Statements of Operations - USD ($)
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
OPERATING REVENUES:      
Rental revenue $ 17,305,469 $ 11,888,091 $ 7,170,318
Tenant recovery revenue 11,148 13,370 14,604
Total operating revenues 17,316,617 11,901,461 7,184,922
OPERATING EXPENSES:      
Depreciation and amortization 5,187,249 3,113,492 1,735,644
Property operating expenses 669,951 729,036 434,514
Acquisition-related expenses 246,389 467,048 520,352
Management fees [1] 1,541,768 1,343,384 1,079,534
Incentive fees [1] 349,550 0 0
Administration fees [1] 771,255 679,590 442,584
General and administrative expenses 1,493,868 1,321,035 1,372,322
Operating expenses before credits from Adviser 10,260,030 7,653,585 5,584,950
Credits to fees from Adviser [1] 0 (320,905) 0
Total operating expenses, net of credits to fees 10,260,030 7,332,680 5,584,950
OPERATING INCOME 7,056,587 4,568,781 1,599,972
OTHER INCOME (EXPENSE):      
Other income 109,354 48,531 47,520
Interest expense (6,015,331) (4,160,482) (2,009,086)
Distributions attributable to mandatorily-redeemable preferred stock (677,122) 0 0
Property and casualty recovery income, net 0 97,232 262,963
Gain on sale of real estate 0 14,483 0
Total other expense (6,583,099) (4,000,236) (1,698,603)
Net income (loss) before income taxes 473,488 568,545 (98,631)
Income tax provision 0 0 (26,502)
NET INCOME (LOSS) 473,488 568,545 (125,133)
Less: net income attributable to non-controlling interests (25,386) 0 0
NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY $ 448,102 $ 568,545 $ (125,133)
EARNINGS (LOSS) PER COMMON SHARE:      
Basic and diluted (in dollars per share) $ 0.04 $ 0.07 $ (0.02)
WEIGHTED AVERAGE SHARES OF COMMON STOCK OUTSTANDING - basic and diluted (in shares) 10,007,350 8,639,397 6,852,917
[1] Refer to Note 6, “Related-Party Transactions,” for additional information.