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Consolidated Statements Of Operations (unaudited) (USD $)
3 Months Ended 6 Months Ended
Jun. 30, 2013
Jun. 30, 2012
Jun. 30, 2013
Jun. 30, 2012
Revenues:        
Rental income from operating leases $ 9,912,000 $ 8,976,000 $ 20,986,000 $ 17,905,000
Advisory services income - related party 872,000 885,000 1,715,000 2,016,000
Total revenues 10,784,000 9,861,000 22,701,000 19,921,000
Expenses:        
General and administrative 2,070,000 1,568,000 4,031,000 3,063,000
Property expense 2,671,000 2,244,000 5,854,000 4,506,000
Legal and professional 261,000 229,000 513,000 450,000
Real estate commissions 52,000 53,000 104,000 139,000
Acquisition costs 126,000   126,000  
Depreciation and amortization 2,738,000 2,120,000 6,037,000 4,347,000
Impairment recovery - notes receivable    (229,000)    (229,000)
Total expenses 7,918,000 5,985,000 16,665,000 12,276,000
Operating income 2,866,000 3,876,000 6,036,000 7,645,000
Other income (expense):        
Gain on sale of real estate acquired for investment       7,696,000   
Interest and other income 154,000 135,000 267,000 237,000
Interest and other income - related party 53,000 85,000 109,000 157,000
Gain on debt extinguishment            
Income (loss) from Advised Funds 192,000 (66,000) 44,000 (102,000)
State income tax expense (benefit) (17,000) 11,000 (15,000) (5,000)
Interest expense (2,267,000) (2,595,000) (4,760,000) (5,229,000)
Net income $ 981,000 $ 1,446,000 $ 9,377,000 $ 2,703,000
Net income per share of common stock - basic and diluted $ 0.06 $ 0.12 $ 0.59 $ 0.23
Weighted average shares of common stock used to compute net income per share, basic and diluted 15,609,000 [1] 11,420,000 [1] 15,600,000 [1] 11,406,000 [1]
Distributions per share of common stock $ 0.20 $ 0.20 $ 0.40 $ 0.40
[1] Weighted average shares outstanding do not include unvested shares of restricted stock totaling 563 and 233 for the three months ended June 30, 2013, and 2012, respectively, and 552 and 224 for the six months ended June 30, 2013 and 2012, respectively.