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CONSOLIDATED STATEMENTS OF INCOME (USD $)
In Thousands, except Per Share data
3 Months Ended 6 Months Ended
Jun. 30, 2011
Jun. 30, 2010
Jun. 30, 2011
Jun. 30, 2010
Revenues:        
Rental income, net $ 11,241 $ 10,323 $ 22,343 $ 20,079
Operating expenses:        
Depreciation and amortization 2,323 2,091 4,648 4,159
General and administrative (including $847, $647, $1,444 and $1,194, respectively, to related party) 2,053 1,913 3,802 3,566
Real estate acquisition costs 18 168 45 514
Real estate expenses 527 485 988 665
Leasehold rent 77 77 154 154
Total operating expenses 4,998 4,734 9,637 9,058
Operating income 6,243 5,589 12,706 11,021
Other income and expenses:        
Equity in earnings of unconsolidated joint ventures 105 128 135 253
Gain on disposition of real estate held by unconsolidated joint venture   107   107
Gain on settlement of debt 1,240   1,240  
Other income, including realized gain on sale of available-for-sale securities and interest income 40 174 53 225
Interest:        
Expense (3,333) (3,701) (6,974) (6,980)
Amortization of deferred financing costs (182) (150) (495) (292)
Income from continuing operations 4,113 2,147 6,665 4,334
Discontinued operations:        
Income from operations 97 252 277 486
Net gain on sale 932   932  
Income from discontinued operations 1,029 252 1,209 486
Net income $ 5,142 $ 2,399 $ 7,874 $ 4,820
Weighted average number of common shares outstanding:        
Basic (in shares) 14,078 11,453 13,419 11,424
Diluted (in shares) 14,178 11,453 13,469 11,453
Net income per common share - basic:        
Income from continuing operations (in dollars per share) $ 0.29 $ 0.19 $ 0.48 $ 0.38
Income from discontinued operations (in dollars per share) $ 0.07 $ 0.02 $ 0.09 $ 0.04
Net income per common share - basic (in dollars per share) $ 0.36 $ 0.21 $ 0.57 $ 0.42
Net income per common share - diluted:        
Income from continuing operations (in dollars per share) $ 0.28 $ 0.19 $ 0.48 $ 0.38
Income from discontinued operations (in dollars per share) $ 0.07 $ 0.02 $ 0.09 $ 0.04
Net income per common share - diluted (in dollars per share) $ 0.35 $ 0.21 $ 0.57 $ 0.42
Cash distribution declared per share of common stock (in dollars per share) $ 0.33 $ 0.30 $ 0.66 $ 0.60