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v3.2.0.727

Condensed Consolidated Statements of Operations - USD ($) | 3 Months Ended | 6 Months Ended
--- | --- | ---
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014
OPERATING REVENUES: |  |  |  |  |
Rental revenue |  | $ 2,780,456 | $ 1,561,291 | $ 5,402,783 | $ 3,056,927
Tenant recovery revenue |  | 3,397 | 4,644 | 6,794 | 4,644
Total operating revenues |  | 2,783,853 | 1,565,935 | 5,409,577 | 3,061,571
OPERATING EXPENSES: |  |  |  |  |
Depreciation and amortization |  | 711,803 | 330,486 | 1,503,435 | 618,517
Management fee | [1] | 328,392 | 236,531 | 624,140 | 477,495
Administration fee | [1] | 177,852 | 65,047 | 308,788 | 131,205
Professional fees |  | 84,135 | 110,605 | 251,043 | 289,592
Acquisition-related expenses |  | 178,016 | 177,334 | 348,697 | 220,746
Property operating expenses |  | 156,405 | 81,480 | 362,170 | 147,065
General and administrative expenses |  | 252,579 | 206,975 | 483,025 | 424,290
Operating expenses before credits from Adviser |  | 1,889,182 | 1,208,458 | 3,881,298 | 2,308,910
Credits to fees from Adviser | [1] |  |  | (320,905) |
Total operating expenses, net of credits to fees |  | 1,889,182 | 1,208,458 | 3,560,393 | 2,308,910
OPERATING INCOME |  | 894,671 | 357,477 | 1,849,184 | 752,661
OTHER INCOME (EXPENSE): |  |  |  |  |
Interest and other income |  | 1,593 | 4,327 | 21,023 | 10,724
Interest expense |  | (947,362) | (405,797) | (1,896,731) | (779,837)
Property and casualty recovery (loss), net |  | 20,809 | (250,478) | 20,809 | (250,478)
Total other expense |  | (924,960) | (651,948) | (1,854,899) | (1,019,591)
Net loss before income taxes |  | (30,289) | (294,471) | (5,715) | (266,930)
Income tax provision |  |  | (6,623) |  | (13,246)
NET LOSS |  | $ (30,289) | $ (301,094) | $ (5,715) | $ (280,176)
LOSS PER COMMON SHARE: |  |  |  |  |
Basic and diluted |  | $ 0.00 | $ (0.05) | $ 0.00 | $ (0.04)
WEIGHTED AVERAGE SHARES OF COMMON STOCK OUTSTANDING - basic and diluted |  | 8,439,855 | 6,530,264 | 8,098,681 | 6,530,264
[1] | Refer to Note 4, "Related-Party Transactions," for additional information.

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