Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Operations (Unaudited)

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Consolidated Statements of Operations (Unaudited) (USD $)
In Thousands, except Per Share data
 3 Months Ended 9 Months Ended
Sep. 30, 2011
Sep. 30, 2010
Sep. 30, 2011
Sep. 30, 2010
Operating revenues        
Rental income $ 11,085 $ 10,209 $ 32,249 $ 31,034
Interest income from mortgage note receivable   44   421
Tenant recovery revenue 88 81 259 246
Total operating revenues 11,173 10,334 32,508 31,701
Operating expenses        
Depreciation and amortization 3,629 3,280 10,473 9,992
Property operating expenses 251 263 750 738
Due diligence expense 201   194 21
Base management fee 430 [1] 298 [1] 1,217 [1] 907 [1]
Incentive fee 877 [1] 1,070 [1] 2,549 [1] 2,746 [1]
Administration fee 242 [1] 357 [1] 759 [1] 808 [1]
General and administrative 381 2,014 1,193 2,837
Total operating expenses before credits from Adviser 6,011 7,282 17,135 18,049
Credit to incentive fee (828)   (1,759) (56)
Total operating expenses 5,183 7,282 15,376 17,993
Other income (expense)        
Interest income - employee loans 9 37 28 123
Other income   3,310 45 3,318
Interest expense (4,251) (4,371) (12,607) (13,028)
Total other expense (4,242) (1,024) (12,534) (9,587)
Net income 1,748 2,028 4,598 4,121
Distributions attributable to preferred stock (1,023) (1,023) (3,070) (3,070)
Distributions attributable to senior common stock (16) (4) (46) (5)
Net income available to common stockholders $ 709 $ 1,001 $ 1,482 $ 1,046
Earnings per weighted average share of common stock        
Basic $ 0.07 $ 0.12 $ 0.15 $ 0.12
Diluted $ 0.07 $ 0.12 $ 0.15 $ 0.12
Weighted average shares of common stock outstanding        
Basic 10,936 8,563 9,998 8,556
Diluted 10,988 8,577 10,050 8,561
Earnings per weighted average share of senior common stock $ 0.26 $ 0.26 $ 0.78 $ 0.79
Weighted average shares of senior common stock outstanding - basic 59 16 59 6
[1] Refer to Note 2 Related-Party Transactions