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v3.3.0.814

Condensed Consolidated Statements of Operations - USD ($) | 3 Months Ended | 9 Months Ended
--- | --- | ---
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014
OPERATING REVENUES: |  |  |  |  |
Rental revenue |  | $ 3,080,240 | $ 1,771,106 | $ 8,483,023 | $ 4,828,033
Tenant recovery revenue |  | 3,313 | 6,569 | 10,108 | 11,213
Total operating revenues |  | 3,083,553 | 1,777,675 | 8,493,131 | 4,839,246
OPERATING EXPENSES: |  |  |  |  |
Depreciation and amortization |  | 809,445 | 447,251 | 2,312,880 | 1,065,769
Management fee | [1] | 356,871 | 300,552 | 981,011 | 778,047
Administration fee | [1] | 180,722 | 144,952 | 489,510 | 276,157
Professional fees |  | 113,165 | 164,269 | 364,208 | 453,861
Acquisition-related expenses |  | 62,190 | 114,140 | 410,887 | 334,886
Property operating expenses |  | 191,739 | 137,859 | 553,909 | 284,924
General and administrative expenses |  | 201,768 | 167,069 | 684,793 | 591,359
Operating expenses before credits from Adviser |  | 1,915,900 | 1,476,092 | 5,797,198 | 3,785,003
Credits to fees from Adviser | [1] |  |  | (320,905) |
Total operating expenses, net of credits to fees |  | 1,915,900 | 1,476,092 | 5,476,293 | 3,785,003
OPERATING INCOME |  | 1,167,653 | 301,583 | 3,016,838 | 1,054,243
OTHER INCOME (EXPENSE): |  |  |  |  |
Interest and other income |  | 26,688 | 9,809 | 47,711 | 20,532
Interest expense |  | (1,064,369) | (501,094) | (2,961,100) | (1,280,931)
Property and casualty recovery income, net |  | 76,423 | 296,934 | 97,232 | 46,456
Total other expense |  | (961,258) | (194,351) | (2,816,157) | (1,213,943)
Net income (loss) before income taxes |  | 206,395 | 107,232 | 200,681 | (159,700)
Income tax provision |  |  | (6,857) |  | (20,103)
NET INCOME (LOSS) |  | $ 206,395 | $ 100,375 | $ 200,681 | $ (179,803)
EARNINGS (LOSS) PER COMMON SHARE: |  |  |  |  |
Basic and diluted |  | $ 0.02 | $ 0.02 | $ 0.02 | $ (0.03)
WEIGHTED AVERAGE SHARES OF COMMON STOCK OUTSTANDING-basic and diluted |  | 9,060,314 | 6,605,264 | 8,422,748 | 6,555,539
[1] | Refer to Note 4, "Related-Party Transactions," for additional information.

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