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 9 Months Ended
Sep. 30, 2013
Sep. 30, 2012
Sep. 30, 2013
Sep. 30, 2012
OPERATING REVENUES:        
Rental income $ 996,096 $ 848,461 $ 2,860,435 $ 2,473,837
Total operating revenues 996,096 848,461 2,860,435 2,473,837
OPERATING EXPENSES:        
Depreciation and amortization 171,751 120,511 509,110 306,257
Management fee 19,485 [1] 132,396 [1] 103,786 [1] 220,571 [1]
Incentive fee     41,037 [1]  
Administration fee 39,562 [1] 66,215 [1] 135,402 [1] 125,261 [1]
Professional fees 140,147 40,079 389,303 202,644
Acquisition-related expenses 59,970 103,314 81,107 119,523
Property operating expenses 24,564 64,568 72,031 101,743
General and administrative 192,001 15,759 506,179 39,170
Operating expenses before credits from Adviser 647,480 542,842 1,837,955 1,115,169
Credits to fees     (41,037) [1]  
Total operating expenses, net of credits to fees 647,480 542,842 1,796,918 1,115,169
OPERATING INCOME 348,616 305,619 1,063,517 1,358,668
OTHER INCOME (EXPENSE):        
Interest income 17,594 404 43,039 1,258
Other income   244   4,166
Interest expense (276,044) (246,585) (832,490) (719,517)
Total other expense (258,450) (245,937) (789,451) (714,093)
Net income before income taxes 90,166 59,682 274,066 644,575
Income tax provision (85,406) (19,251) (191,433) (287,167)
NET INCOME $ 4,760 $ 40,431 $ 82,633 $ 357,408
EARNINGS PER COMMON SHARE:        
Basic and diluted $ 0.00 $ 0.01 $ 0.01 $ 0.13
Distributions per common share $ 0.36   $ 0.80  
WEIGHTED AVERAGE SHARES OF COMMON STOCK OUTSTANDING-basic and diluted 6,530,264 2,750,000 6,108,165 2,750,000
[1] Refer to Note 4, "Related-Party Transactions," for additional information