Quarterly report pursuant to Section 13 or 15(d)

Consolidated Balance Sheets (Unaudited)

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Consolidated Balance Sheets (Unaudited) (USD $)
In Thousands
Jun. 30, 2011
Dec. 31, 2010
ASSETS    
Real estate, at cost $ 419,720 $ 401,017
Less: accumulated depreciation 48,537 43,659
Total real estate, net 371,183 357,358
Lease intangibles, net 32,804 26,747
Cash and cash equivalents 2,315 7,062
Restricted cash 2,358 2,288
Funds held in escrow 3,305 2,621
Deferred rent receivable 11,905 10,373
Deferred financing costs, net 3,096 3,326
Other assets 1,050 834
TOTAL ASSETS 428,016 410,609
LIABILITIES    
Mortgage notes payable 267,124 259,595
Borrowings under line of credit 8,200 27,000
Deferred rent liability 3,042 2,276
Asset retirement obligation liability 3,140 3,063
Accounts payable and accrued expenses 1,873 2,683
Due to Adviser 1,091 [1] 965 [1]
Other liabilities 3,686 3,652
Total Liabilities 288,156 299,234
STOCKHOLDERS' EQUITY    
Redeemable preferred stock, $0.001 par value; $25 liquidation preference; 2,300,000 shares authorized and 2,150,000 shares issued and outstanding at June 30, 2011 and December 31, 2010, respectively 2 2
Senior common stock, $0.001 par value; 7,500,000 shares authorized and; 59,057 shares issued and outstanding at June 30, 2011 and December 31, 2010, respectively 0 0
Common stock, $0.001 par value, 40,200,000 shares authorized and; 10,771,379 and 8,724,613 shares issued and outstanding at June 30, 2011 and December 31, 2010, respectively 11 9
Additional paid in capital 208,664 174,261
Notes receivable - employees (431) (963)
Distributions in excess of accumulated earnings (68,386) (61,934)
Total Stockholders' Equity 139,860 111,375
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 428,016 $ 410,609
[1] Refer to Note 2 Related-Party Transactions