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 6 Months Ended
Jun. 30, 2013
Jun. 30, 2012
Jun. 30, 2013
Jun. 30, 2012
OPERATING REVENUES:        
Rental income $ 949,756 $ 811,900 $ 1,864,339 $ 1,625,375
Total operating revenues 949,756 811,900 1,864,339 1,625,375
OPERATING EXPENSES:        
Depreciation and amortization 177,323 90,381 337,359 185,746
Management fee 25,136 [1] 44,139 [1] 84,301 [1] 88,175 [1]
Incentive fee     41,037 [1]  
Administration fee 57,508 [1] 36,241 [1] 95,840 [1] 59,046 [1]
Professional fees 163,764 41,393 249,156 162,564
Acquisition-related expenses 4,266 3,555 21,137 16,209
Property operating expenses 28,972 27,131 47,467 37,175
General and administrative 195,401 12,084 314,179 23,411
Operating expenses before credits from Adviser 652,370 254,924 1,190,476 572,326
Credits to fees (41,037) [1]   (41,037) [1]  
Total operating expenses, net of credits to fees 611,333 254,924 1,149,439 572,326
OPERATING INCOME 338,423 556,976 714,900 1,053,049
OTHER INCOME (EXPENSE):        
Interest income 14,818 518 25,445 854
Other income   1,474   3,922
Interest expense (276,047) (255,479) (556,446) (472,932)
Total other expense (261,229) (253,487) (531,001) (468,156)
Net income before income taxes 77,194 303,489 183,899 584,893
Income tax provision (46,838) (139,016) (106,027) (267,916)
NET INCOME $ 30,356 $ 164,473 $ 77,872 $ 316,977
EARNINGS PER COMMON SHARE:        
Basic and diluted $ 0.00 $ 0.06 $ 0.01 $ 0.12
Distributions per common share $ 0.36   $ 0.44  
WEIGHTED AVERAGE SHARES OF COMMON STOCK OUTSTANDING-basic and diluted 6,530,264 2,750,000 5,893,618 2,750,000
[1] Refer to Note 4, "Related-Party Transactions," for additional information