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v3.4.0.3

Condensed Consolidated Statements of Operations - USD ($) | 3 Months Ended
--- | ---
Mar. 31, 2016 | Mar. 31, 2015
OPERATING REVENUES: |  |  |
Rental revenue |  | $ 3,679,474 | $ 2,622,327
Tenant recovery revenue |  | 3,203 | 3,397
Total operating revenues |  | 3,682,677 | 2,625,724
OPERATING EXPENSES: |  |  |
Depreciation and amortization |  | 976,710 | 791,632
Property operating expenses |  | 180,203 | 205,766
Acquisition-related expenses |  | 95,224 | 170,680
Management fees | [1] | 387,154 | 295,748
Administration fees | [1] | 211,860 | 130,936
General and administrative expenses |  | 431,326 | 397,354
Operating expenses before credits from Adviser |  | 2,282,477 | 1,992,116
Credits to fees from Adviser | [1] |  | (320,905)
Total operating expenses, net of credits to fees |  | 2,282,477 | 1,671,211
OPERATING INCOME |  | 1,400,200 | 954,513
OTHER INCOME (EXPENSE): |  |  |
Other income |  | 94,641 | 19,430
Interest expense |  | (1,254,849) | (949,369)
Total other expense |  | (1,160,208) | (929,939)
NET INCOME |  | 239,992 | 24,574
Less net income attributable to non-controlling interests |  | (5,576) |
NET INCOME ATTRIBUTABLE TO THE COMPANY |  | $ 234,416 | $ 24,574
EARNINGS PER COMMON SHARE: |  |  |
Basic and diluted |  | $ 0.02 | $ 0.00
WEIGHTED AVERAGE SHARES OF COMMON STOCK OUTSTANDING Basic and diluted |  | 9,992,941 | 7,753,717
[1] | Refer to Note 4, "Related-Party Transactions," for additional information.

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