Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

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Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $)
 3 Months Ended
Mar. 31, 2013
Mar. 31, 2012
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income $ 47,516 $ 152,504
Adjustments to reconcile net income to net cash used in operating activities:    
Depreciation and amortization 160,036 95,365
Amortization of deferred financing fees 7,404 4,957
Amortization of acquired below market lease values (29,061)  
Deferred income taxes   (5,262)
(Increase) decrease in other assets (2,425,907) 109,853
Increase in accounts payable, accrued expenses, and due to related parties (425,439) (29,790)
Decrease (increase) in other liabilities 103,883 (358,883)
Net cash used in operating activities (2,561,568) (31,256)
CASH FLOWS FROM INVESTING ACTIVITIES    
Increase in short-term investments (19,996,767)  
Deposits on future acquisitions (50,000)  
Net cash used in investing activities (20,046,767)  
CASH FLOWS FROM FINANCING ACTIVITIES    
Proceeds from issuance of equity, net of costs 52,573,062  
Repayments on mortgage notes payable (1,228,715) (917,120)
Financing fees (12,230) (18,500)
Distributions paid (522,421)  
Net cash provided by (used in) financing activities 50,809,696 (935,620)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 28,201,361 (966,876)
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 873,474 2,003,854
CASH AND CASH EQUIVALENTS AT END OF PERIOD $ 29,074,835 $ 1,036,978