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v2.4.0.8

Condensed Consolidated Statements of Operations (Unaudited) (USD $) | 3 Months Ended | 9 Months Ended
--- | --- | ---
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013
Condensed Consolidated Statements of Operations (Unaudited) [Abstract] |  |  |  |
Rental income | $ 4,973,982 | $ 4,725,963 | $ 14,223,066 | $ 14,559,692
Fee and other income | 111,137 | 63,404 | 333,763 | 255,540
Total Revenues | 5,085,119 | 4,789,367 | 14,556,829 | 14,815,232
Costs and expenses: |  |  |  |
Rental operating costs | 1,984,801 | 1,691,280 | 5,394,946 | 4,841,809
General and administrative | 1,200,536 | 1,166,374 | 3,889,185 | 3,606,963
Depreciation and amortization | 1,614,503 | 1,353,612 | 4,387,175 | 3,994,350
Total costs and expenses | 4,799,840 | 4,211,266 | 13,671,306 | 12,443,122
Income from operations | 285,279 | 578,101 | 885,523 | 2,372,110
Other income (expense): |  |  |  |
Interest expense - mortgage notes payable | (1,344,698) | (1,247,604) | (3,985,783) | (3,800,959)
Interest and amortization of issuance costs - Series B preferred stock | (353,014) | 0 | (353,014) | 0
Interest and other income | 15,418 | 16,609 | 75,577 | 108,304
Gain on sale of real estate | 1,221,680 | 169,460 | 2,426,004 | 1,026,371
Gain on dissolution of partnership assets | 0 | 0 | 302,831 | 0
Asset impairments | (950,000) | (1,500,000) | (950,000) | (1,500,000)
Total other expense, net | (1,410,614) | (2,561,535) | (2,484,385) | (4,166,284)
Net loss before noncontrolling interests | (1,125,335) | (1,983,434) | (1,598,862) | (1,794,174)
Income attributable to noncontrolling interests | 726,222 | 327,550 | 1,709,127 | 875,264
Net loss | $ (1,851,557) | $ (2,310,984) | $ (3,307,989) | $ (2,669,438)
Loss per common share: |  |  |  |
Basic and diluted (in dollars per share) | $ (0.11) | $ (0.14) | $ (0.20) | $ (0.16)
Weighted average number of common shares outstanding - basic and diluted (in shares) | 16,745,003 | 16,210,755 | 16,768,211 | 16,186,962

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