Real Estate (Notes)

3 Months Ended

Mar. 31, 2017

REAL ESTATE

As of March 31, 2017, Pillarstone OP owned 14 commercial properties in the Dallas and Houston areas comprised of approximately 1.5 million square feet of gross leasable area.

Unaudited pro forma results of operations. The following unaudited pro forma results summarized below reflect our consolidated results of operations as if the acquisition of the Property had occurred on January 1, 2016. Revenue and net income attributable to the Property of $4.2 million and $679,000, respectively, have been included in our results of operations for the three months ended March 31, 2017. The related acquisition expenses of approximately $400,000 for the year ended December 31, 2016 have been reflected as a pro forma expense as of January 1, 2016. The unaudited consolidated pro forma results of operations is not necessarily indicative of what the actual results of operations would have been, assuming the transactions had been completed as set forth above, nor do they purport to represent our results of operations for future periods.



	Three Months Ended March 31,
(in thousands, except per share data)	2017			2016
	Actuals			Pro Forma
Total property revenues	$	4,164		$	4,088
Net income	$	526		$	590
Net loss attributable to Common Shareholders	$	(27	)	$	(249	)

Basic and Diluted Earnings Per Share:	$	(0.07	)	$	(0.61	)