XML 14 R4.htm IDEA: XBRL DOCUMENT v3.5.0.2
Consolidated Statements of Operations (Unaudited) - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2016
Jun. 30, 2015
Jun. 30, 2016
Jun. 30, 2015
OPERATING REVENUES:        
Fixed rent $ 2,294,702 $ 1,165,399 $ 4,376,534 $ 2,536,293
Participating rent 555,329 1,507,503 692,117 2,329,564
Recovery of real estate taxes 223,878 114,368 407,350 230,759
Other income 3,750 23,750 27,500 41,800
Total operating revenues 3,077,659 2,811,020 5,503,501 5,138,416
OPERATING EXPENSES:        
Depreciation 1,109,141 449,314 2,063,972 893,294
Management and performance fees—related party   1,335,651   2,024,796
Property operating expenses 586,758 364,172 1,171,866 804,414
Due diligence costs on non-consummated transactions     136,862  
Professional fees 450,320 135,130 844,569 234,311
Sub-advisory fees 800,061   1,446,133  
General and administrative expenses 1,084,835 81,700 2,694,240 146,715
Total operating expenses 4,031,115 2,365,967 8,357,642 4,103,530
OPERATING (LOSS) INCOME (953,456) 445,053 (2,854,141) 1,034,886
Interest income (807) (352) (1,679) (898)
Interest expense and financing costs 444,985 117,630 817,583 213,490
Total other expense 444,178 117,278 815,904 212,592
(LOSS) INCOME BEFORE LOSS ON SALE OF ASSETS (1,397,634) 327,775 (3,670,045) 822,294
Loss on sale of assets     (7,258)  
(LOSS) INCOME BEFORE INCOME TAXES (1,397,634) 327,775 (3,677,303) 822,294
Income tax provision 107,694 0 141,747 79,832
NET (LOSS) INCOME (1,505,328) 327,775 (3,819,050) 742,462
Less net (loss) income attributable to non-controlling interests (226,316) 133,981 (595,838) 262,738
NET (LOSS) INCOME ATTRIBUTABLE TO THE COMPANY $ (1,279,012) $ 193,794 $ (3,223,212) $ 479,724
(LOSS) EARNINGS PER WEIGHTED AVERAGE COMMON SHARE:        
Basic and diluted $ (0.08) $ 0.02 $ (0.19) $ 0.04
WEIGHTED AVERAGE SHARES OF COMMON STOCK OUTSTANDING:        
Basic and diluted 16,921,897 10,890,847 16,911,490 10,890,847