Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Balance Sheets

v2.4.0.8
Condensed Consolidated Balance Sheets (USD $)
Jun. 30, 2013
Dec. 31, 2012
ASSETS    
Real estate, at cost $ 44,323,542 $ 39,678,968
Less: accumulated depreciation (2,818,185) (2,535,084)
Total real estate, net 41,505,357 37,143,884
Lease intangibles, net 192,099 208,060
Cash and cash equivalents 42,405,551 873,474
Short-term investments 680,059 679,717
Deferred financing costs, net 301,490 304,150
Deferred offering costs   1,006,095
Other assets 3,120,779 770,468
TOTAL ASSETS 88,205,335 40,985,848
LIABILITIES    
Mortgage note payable 29,489,165 30,717,880
Borrowings under line of credit 100,000 100,000
Accounts payable and accrued expenses 634,247 913,649
Due to related parties 74,116 [1] 104,782 [1]
Deferred tax liability 743,676 743,676
Other liabilities 492,807 269,135
TOTAL LIABILITIES 31,534,011 32,849,122
Commitments and Contingencies    [2]    [2]
STOCKHOLDERS' EQUITY    
Common stock, $0.001 par value; 20,000,000 shares authorized; 6,530,264 and 2,750,000 shares issued and outstanding at June 30, 2013, and December 31, 2012, respectively 6,530 2,750
Additional paid in capital 51,326,262  
Retained earnings 5,338,532 8,133,976
TOTAL STOCKHOLDERS' EQUITY 56,671,324 8,136,726
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 88,205,335 $ 40,985,848
[1] Refer to Note 4, "Related-Party Transactions," for additional information
[2] Refer to Note 8, "Commitments and Contingencies," for additional information