Real Estate (Tables)

6 Months Ended

Jun. 30, 2012

Real Estate [Abstract]

Schedule purchase price allocation and related financing activity

Land	$	2,600,000
Building and improvements		9,062,597
Tenant origination and absorption cost		4,437,403
	$	16,100,000
Credit Facility draw	$	9,660,000
Bridge Loan		6,200,000
Prepaid rent		13,000
Cash used and credits received to acquire property (deposits and closing costs, net)		227,000
	$	16,100,000

Land	$	3,773,000
Building and improvements		7,707,174
Tenant origination and absorption cost		1,322,919
In-place lease valuation (above market)		408,330
Debt premium		(211,423	)
	$	13,000,000
Mortgage payable assumed	$	6,908,270
Mezzanine Loan		5,971,385
Prepaid rent		2,912
Cash used and credits received to acquire property (deposits and closing costs, net)		117,433
	$	13,000,000

Land	$	2,650,000
Building and improvements		22,024,952
Tenant origination and absorption cost		7,070,642
In-place lease valuation (above market)		4,454,406
	$	36,200,000
Credit Facility draw	$	27,095,000
Mezzanine Loan		9,000,000
Rent		70,000
Cash used to acquire property (deposits and closing costs, net)		35,000
	$	36,200,000

Land	$	6,770,223
Building and improvements		26,357,255
Tenant origination and absorption cost		6,063,085
In-place lease valuation (above market)		809,437
	$	40,000,000
Credit Facility draw	$	22,000,000
Mezzanine Loan		12,400,000
Cash used to acquire property		5,600,000
	$	40,000,000

Schedule of in-place lease valuation

	Balance June 30, 2012			Balance December 31,  2011
In-place lease valuation (above market)	$	7,510,077		$	1,837,903
In-place lease valuation (above market)- accumulated amortization		(567,405	)		(321,965	)
In-place lease valuation (above market), net	$	6,942,672		$	1,515,938
In-place lease valuation (below market)	$	(9,950,752	)	$	(9,950,752	)
In-place lease valuation (below market)- accumulated amortization		1,106,177			661,345
In-place lease valuation (below market), net	$	(8,844,575	)	$	(9,289,407	)
Tenant origination and absorption cost	$	53,294,720		$	34,400,671
Tenant origination and absorption cost- accumulated amortization		(6,011,876	)		(3,924,882	)
Tenant origination and absorption cost, net	$	47,282,844		$	30,475,789

Schedule of amortization expense

	Amortization expense for the
	Six Months Ended June 30, 2012		Year Ended December 31, 2011
In-place lease valuation	$	199,392	$	381,670
Tenant origination and absorption cost	$	2,086,995	$	2,636,137

Schedule of restricted cash

	Balance December 31,  2011		Additions		Utilizations			Balance June 30,  2012
Plainfield (1)	$	408,333	$	50,000	$	(11,786	)	$	446,547
Will Partners (1)		152,319		52,515		—			204,834
Emporia Partners (2)		715,001		166,392		—			881,393
ITT (3)		344,212		—		—			344,212
Quad/Graphics (3)		260,000		—		—			260,000
GE ( 4 )		—		5,000		—			5,000
Total	$	1,879,865	$	273,907	$	(11,786	)	$	2,141,986

(1) Additions to the reserve balance are funded by the tenant.

(2) The balance at June 30, 2012 consisted of a replacement reserve of $0.5 million, which was funded by the contributing entity. Additionally, tax and insurance reserves totaling $0.4 million were funded by the tenant.

(3) Balance represents remaining reserves, which were initially funded by the Company at closing.

(4) Balance represents a restricted cash account controlled by the lender.

Schedule of future minimum net rent payments

2012	$	10,944,174
2013		22,128,564
2014		22,595,902
2015		22,890,763
2016		23,288,221
Thereafter		121,018,453
Total	$	222,866,077

Schedule of rental income from individual properties as a percentage of aggregate rental income received

Property	Location	Revenue as a  percentage of total rent
LTI	Carlsbad, CA		22.1	%
Plainfield	Plainfield, IL		14.0
AT&T (1)	Redmond, WA		13.6
Will Partners	Monee, IL		12.5
Renfro	Clinton, SC		10.1
Westinghouse ( 2 )	Cranberry Township, PA		8.5
Emporia Partners	Emporia, KS		7.4
Quad/Graphics	Loveland, CO		6.6
ITT	Los Angeles, CA		4.1
GE (3 )	Whippany, NJ		1.0
Travelers (4 )	Greenwood Village, CO		0.1
Total			100.0	%

(1) Total rental income for the AT&T property for the six months ended June 30, 2012 was $1.3 million, consisting of five months of rent based on an acquisition date of January 31, 2012.

(2) Total rental income for the Westinghouse property includes only three full months of rental income for the six months ended June 30, 2012, totaling $0.8 million, based on an acquisition date of March 22, 2012.

(3) Total rental income for the GE property for the six months ended June 30, 2012 was $0.1 million, consisting of one month of rent based on an acquisition date of May 31, 2012.

(4) Total rental income for the Travelers property for the six months ended June 30, 2012 was $0.01 million, consisting of two days of rent based on an acquisition date of June 29, 2012.

Schedule of pro forma financial information

	Three Months Ended June 30,					Six Months Ended June 30,
	2012		2011			2012		2011
Revenue	$	6,913,180	$	6,924,892		$	13,852,975	$	13,824,335
Net income (loss)	$	112,610	$	(165,493	)	$	397,361	$	(4,681,716	)
Net income (loss) attributable to common stockholders	$	16,431	$	(76,789	)	$	147,798	$	(2,008,456	)
Net income (loss) per share	$	—	$	(0.03	)	$	0.02	$	(0.77	)