Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Operations

v3.5.0.2
Condensed Consolidated Statements of Operations - USD ($)
 3 Months Ended 6 Months Ended
Jun. 30, 2016
Jun. 30, 2015
Jun. 30, 2016
Jun. 30, 2015
OPERATING REVENUES:        
Rental revenue $ 4,241,612 $ 2,780,456 $ 7,921,085 $ 5,402,783
Tenant recovery revenue 2,829 3,397 6,032 6,794
Total operating revenues 4,244,441 2,783,853 7,927,117 5,409,577
OPERATING EXPENSES:        
Depreciation and amortization 1,334,973 711,803 2,311,683 1,503,435
Property operating expenses 158,578 156,405 338,781 362,170
Acquisition-related expenses 24,648 178,016 119,872 348,697
Management fees [1] 385,586 328,392 772,740 624,140
Incentive fee [1] 158,877 0 158,877 0
Administration fees [1] 179,377 177,852 391,237 308,788
General and administrative expenses 408,365 336,714 839,691 734,068
Operating expenses before credits from Adviser 2,650,404 1,889,182 4,932,881 3,881,298
Credits to fees from Adviser [1] 0 0 0 (320,905)
Total operating expenses, net of credits to fees 2,650,404 1,889,182 4,932,881 3,560,393
OPERATING INCOME 1,594,037 894,671 2,994,236 1,849,184
OTHER INCOME (EXPENSE):        
Other income 8,643 1,593 103,284 21,023
Interest expense (1,486,820) (947,362) (2,741,668) (1,896,731)
Property and casualty recovery, net 0 20,809 0 20,809
Total other expense (1,478,177) (924,960) (2,638,384) (1,854,899)
NET INCOME (LOSS) 115,860 (30,289) 355,852 (5,715)
Less net income attributable to non-controlling interests (8,047) 0 (13,623) 0
NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY $ 107,813 $ (30,289) $ 342,229 $ (5,715)
EARNINGS (LOSS) PER COMMON SHARE:        
Basic and diluted (in dollars per share) $ 0.01 $ 0.00 $ 0.03 $ 0.00
WEIGHTED AVERAGE SHARES OF COMMON STOCK OUTSTANDING        
Basic and diluted (in shares) 9,992,941 8,439,855 9,992,941 8,098,681
[1] Refer to Note 5, “Related-Party Transactions,” for additional information.