Exhibit 99.1
| Item 6. | Selected Financial Data |
The following selected financial data as of December 31, 2010, 2009, and 2008 and for the years ended December 31, 2010, 2009, and for the period from September 18, 2008 (date of inception) through December 31, 2008 should be read in conjunction with the accompanying consolidated financial statements and related notes thereto and Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations.” The selected financial data has been derived from our audited consolidated financial statements included in this Annual Report.
| | | | | | | | | | | | |
| | | As of
December 31, 2010 | | | As of
December 31, 2009 | | | As of
December 31, 2008 | |
Balance Sheet Data: | | | | | | | | | | | | |
Total investments in real estate, net | | $ | 45,797,000 | | | $ | 9,832,000 | | | $ | — | |
Cash and cash equivalents | | | 1,486,000 | | | | 1,106,000 | | | | 201,000 | |
Acquired lease intangibles, net | | | 8,125,000 | | | | 2,617,000 | | | | — | |
Total assets | | | 58,889,000 | | | | 15,605,000 | | | | 202,000 | |
Notes payable | | | 39,164,000 | | | | 10,490,000 | | | | — | |
Due to affiliates | | | 1,812,000 | | | | 1,489,000 | | | | — | |
Total liabilities | | | 44,733,000 | | | | 12,317,000 | | | | — | |
Total equity | | | 14,156,000 | | | | 3,288,000 | | | | 202,000 | |
| | | |
| | | For the year
Ended
December 31, 2010 | | | For the year
Ended
December 31, 2009 | | | For the period from
September 18, 2008
(Date of inception)
through
December 31, 2008 | |
Operating Data: | | | | | | | | | | | | |
Total revenue | | | 4,633,000 | | | | 128,000 | | | | — | |
Operating and maintenance expenses | | | 2,014,000 | | | | 112,000 | | | | — | |
General and administrative | | | 1,730,000 | | | | 658,000 | | | | — | |
Depreciation and amortization | | | 2,024,000 | | | | 44,000 | | | | — | |
Acquisition expenses | | | 1,353,000 | | | | 408,000 | | | | — | |
Interest expense | | | 2,009,000 | | | | 119,000 | | | | — | |
Loss before other income (expense) and discontinued operations | | | (4,497,000 | ) | | | (1,213,000 | ) | | | — | |
Income from discontinued operations | | | 101,000 | | | | 11,000 | | | | — | |
Interest income | | | 4,000 | | | | 2,000 | | | | — | |
Net loss | | | (4,392,000 | ) | | | (1,200,000 | ) | | | — | |
| | | | | | | | | | | | |
| | | As of
December 31, 2010 | | | As of
December 31, 2009 | | | As of
December 31, 2008 | |
Cash Flow Data: | | | | | | | | | | | | |
Cash flows used in operating activities | | | (1,374,000 | ) | | | (1,047,000 | ) | | | (1,000 | ) |
Cash flows used in investing activities | | | (16,523,000 | ) | | | (12,500,000 | ) | | | — | |
Cash flows provided by financing activities | | | 18,277,000 | | | | 14,452,000 | | | | 202,000 | |
Per Share Data: | | | | | | | | | | | | |
Net earnings (loss) per share – basic and diluted | | | | | | | | | | | | |
Continuing operations | | $ | (3.03 | ) | | $ | (17.29 | ) | | $ | — | |
Discontinued operations | | $ | 0.07 | | | $ | 0.15 | | | $ | — | |
Weighted average shares outstanding — basic and diluted | | | 1,483,179 | | | | 71,478 | | | | 22,222 | |
