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v3.3.1.900

Consolidated Statements of Operations - USD ($) | 12 Months Ended
--- | ---
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013
OPERATING REVENUES: |  |  |  |
Rental revenue |  | $ 11,888,091 | $ 7,170,318 | $ 4,027,687
Tenant recovery revenue |  | 13,370 | 14,604 | 10,451
Total operating revenues |  | 11,901,461 | 7,184,922 | 4,038,138
OPERATING EXPENSES: |  |  |  |
Depreciation and amortization |  | 3,113,492 | 1,735,644 | 722,455
Management fee | [1] | 1,343,384 | 1,079,534 | 195,609
Incentive fee | [1] |  |  | 41,037
Administration fee | [1] | 679,590 | 442,584 | 194,464
Professional fees |  | 474,797 | 595,163 | 615,879
Acquisition-related expenses |  | 467,048 | 520,352 | 153,725
Property operating expenses |  | 729,036 | 434,514 | 119,463
General and administrative expenses |  | 846,238 | 777,159 | 679,090
Operating expenses before credits from Adviser |  | 7,653,585 | 5,584,950 | 2,721,722
Credits to fees from Adviser | [1] | (320,905) |  | (41,037)
Total operating expenses, net of credits to fees |  | 7,332,680 | 5,584,950 | 2,680,685
OPERATING INCOME |  | 4,568,781 | 1,599,972 | 1,357,453
OTHER INCOME (EXPENSE): |  |  |  |
Other income |  | 48,531 | 47,520 | 56,234
Interest expense |  | (4,160,482) | (2,009,086) | (1,118,640)
Property and casualty recovery income, net |  | 97,232 | 262,963 |
Gain on sale of real estate |  | 14,483 |  |
Total other expense |  | (4,000,236) | (1,698,603) | (1,062,406)
Net income (loss) before income taxes |  | 568,545 | (98,631) | 295,047
Income tax provision |  |  | (26,502) | (1,519,730)
NET INCOME (LOSS) |  | $ 568,545 | $ (125,133) | $ (1,224,683)
EARNINGS (LOSS) PER COMMON SHARE: |  |  |  |
Basic and diluted |  | $ 0.07 | $ (0.02) | $ (0.20)
WEIGHTED AVERAGE SHARES OF COMMON STOCK OUTSTANDING - basic and diluted |  | 8,639,397 | 6,852,917 | 6,214,557
[1] | Refer to Note 4, "Related-Party Transactions," for additional information.

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