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v3.6.0.2

Consolidated Statements of Operations - USD ($) | 12 Months Ended
--- | ---
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014
OPERATING REVENUES: |  |  |  |
Rental revenue |  | $ 17,305,469 | $ 11,888,091 | $ 7,170,318
Tenant recovery revenue |  | 11,148 | 13,370 | 14,604
Total operating revenues |  | 17,316,617 | 11,901,461 | 7,184,922
OPERATING EXPENSES: |  |  |  |
Depreciation and amortization |  | 5,187,249 | 3,113,492 | 1,735,644
Property operating expenses |  | 669,951 | 729,036 | 434,514
Acquisition-related expenses |  | 246,389 | 467,048 | 520,352
Management fees | [1] | 1,541,768 | 1,343,384 | 1,079,534
Incentive fees | [1] | 349,550 | 0 | 0
Administration fees | [1] | 771,255 | 679,590 | 442,584
General and administrative expenses |  | 1,493,868 | 1,321,035 | 1,372,322
Operating expenses before credits from Adviser |  | 10,260,030 | 7,653,585 | 5,584,950
Credits to fees from Adviser | [1] | 0 | (320,905) | 0
Total operating expenses, net of credits to fees |  | 10,260,030 | 7,332,680 | 5,584,950
OPERATING INCOME |  | 7,056,587 | 4,568,781 | 1,599,972
OTHER INCOME (EXPENSE): |  |  |  |
Other income |  | 109,354 | 48,531 | 47,520
Interest expense |  | (6,015,331) | (4,160,482) | (2,009,086)
Distributions attributable to mandatorily-redeemable preferred stock |  | (677,122) | 0 | 0
Property and casualty recovery income, net |  | 0 | 97,232 | 262,963
Gain on sale of real estate |  | 0 | 14,483 | 0
Total other expense |  | (6,583,099) | (4,000,236) | (1,698,603)
Net income (loss) before income taxes |  | 473,488 | 568,545 | (98,631)
Income tax provision |  | 0 | 0 | (26,502)
NET INCOME (LOSS) |  | 473,488 | 568,545 | (125,133)
Less: net income attributable to non-controlling interests |  | (25,386) | 0 | 0
NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY |  | $ 448,102 | $ 568,545 | $ (125,133)
EARNINGS (LOSS) PER COMMON SHARE: |  |  |  |
Basic and diluted (in dollars per share) |  | $ 0.04 | $ 0.07 | $ (0.02)
WEIGHTED AVERAGE SHARES OF COMMON STOCK OUTSTANDING - basic and diluted (in shares) |  | 10,007,350 | 8,639,397 | 6,852,917
[1] | Refer to Note 6, “Related-Party Transactions,” for additional information.

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