Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Balance Sheets (Unaudited)

v2.4.0.6
Condensed Consolidated Balance Sheets (Unaudited) (USD $)
In Thousands, unless otherwise specified
Mar. 31, 2012
Dec. 31, 2011
ASSETS    
Real estate, at cost $ 452,161 $ 442,521
Less: accumulated depreciation 56,572 53,784
Total real estate, net 395,589 388,737
Lease intangibles, net 39,878 37,670
Cash and cash equivalents 5,689 3,329
Restricted cash 3,054 2,473
Funds held in escrow 4,555 4,086
Deferred rent receivable, net 12,666 12,403
Deferred financing costs, net 5,540 3,473
Other assets 1,003 976
TOTAL ASSETS 467,974 453,147
LIABILITIES    
Mortgage notes payable 282,065 285,350
Borrowings under line of credit 0 18,700
Series C mandatorily redeemable preferred stock, par value $0.001 per share; $25 per share liquidation preference; 1,700,000 shares and no shares authorized; and 1,540,000 shares and no shares issued and outstanding at March 31, 2012 and December 31, 2011, respectively 38,500 0
Deferred rent liability, net 3,593 3,851
Asset retirement obligation liability 3,329 3,289
Accounts payable and accrued expenses 3,305 1,956
Due to Adviser (1) 1,046 [1] 1,188 [1]
Other liabilities 4,465 3,499
Total Liabilities 336,303 317,833
Commitments and contingencies (2)    [2]    [2]
STOCKHOLDERS' EQUITY    
Series A and B redeemable preferred stock, par value $0.001 per share; $25 per share liquidation preference; 2,300,000 shares authorized and 2,150,000 shares issued and outstanding at March 31, 2012 and December 31, 2011, respectively 2 2
Senior common stock, par value $0.001 per share; 7,500,000 shares authorized and 78,063 and 60,290 shares issued and outstanding at March 31, 2012 and December 31, 2011, respectively      
Common stock, par value $0.001 per share, 38,500,000 shares authorized and 10,945,379 shares issued and outstanding at March 31, 2012 and December 31, 2011, respectively 11 11
Additional paid in capital 211,755 211,553
Notes receivable - employees (421) (422)
Distributions in excess of accumulated earnings (79,676) (75,830)
Total Stockholders' Equity 131,671 135,314
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 467,974 $ 453,147
[1] Refer to Note 2 Related-Party Transactions
[2] Refer to Note 7 Commitments and Contingencies