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Consolidated Statements Of Operations (USD $)
Share data in Thousands, except Per Share data, unless otherwise specified
3 Months Ended 9 Months Ended
Sep. 30, 2012
Sep. 30, 2011
Sep. 30, 2012
Sep. 30, 2011
Revenues:        
Rental income from operating leases $ 9,070,000 $ 8,814,000 $ 26,975,000 $ 24,110,000
Advisory services income - related party 957,000 818,000 2,973,000 2,931,000
Lease termination fee income     0 109,000
Total revenues 10,027,000 9,632,000 29,948,000 27,150,000
Expenses:        
General and administrative 1,764,000 1,485,000 4,806,000 4,195,000
Property expense 2,380,000 2,236,000 6,792,000 5,913,000
Legal and professional 227,000 266,000 677,000 788,000
Real estate commissions 129,000 106,000 268,000 292,000
Acquisition costs   107,000   222,000
Depreciation and amortization 2,216,000 2,122,000 6,563,000 6,071,000
Impairment recovery - notes receivable (214,000)   (443,000)  
Total expenses 6,502,000 6,322,000 18,663,000 17,481,000
Operating income 3,525,000 3,310,000 11,285,000 9,669,000
Other income (expense):        
Interest and other income 125,000 126,000 362,000 383,000
Interest and other income - related party 236,000 123,000 393,000 184,000
Loss from Advised Funds (26,000) (74,000) (128,000) (324,000)
State income taxes (74,000) (134,000) (194,000) (188,000)
Interest expense (2,763,000) (2,648,000) (7,992,000) (7,266,000)
Income from continuing operations 1,023,000 703,000 3,726,000 2,458,000
Income (loss) from discontinued operations, net of taxes   (2,000)   145,000
Gain on sale of real estate acquired for resale, net of taxes   417,000   417,000
Income from discontinued operations   415,000   562,000
Net income $ 1,023,000 $ 1,118,000 $ 3,726,000 $ 3,020,000
Net income per share of common stock - basic and diluted        
Income before discontinued operations $ 0.07 $ 0.06 $ 0.29 $ 0.21
Income from discontinued operations   $ 0.04   $ 0.05
Net income $ 0.07 $ 0.10 $ 0.29 $ 0.26
Weighted average shares of common stock used to compute net income per share, basic and diluted 14,051 [1] 11,393 [1] 12,294 [1] 11,381 [1]
Distributions per share of common stock $ 0.20 $ 0.20 $ 0.60 $ 0.60
[1] Weighted average shares outstanding do not include unvested restricted shares totaling 440 and 207 for the three months ended September 30, 2012, and 2011, respectively and 297 and 207 for the nine months ended September 30, 2012 and 2011, respectively.