Pro Forma Financial Information (unaudited)
The Company’s condensed pro forma financial results, assuming the acquisitions of Trail II, McNeil Ranch, Lake Cameron and Ashford Park were hypothetically completed on January 1, 2011 and the Company's acquisition of Summit II was hypothetically completed on February 1, 2013, which was the year in which Summit II was completed and commenced business operations, were:
|
| | | | | | | | | | | | | | |
| | | | Twelve months ended December 31, |
| | | | 2013 | | 2012 | | 2011 |
Pro forma: | | | | | | |
| Revenues | | $ | 33,983,320 |
| | $ | 23,217,895 |
| | $ | 17,031,215 |
|
| | | | | | | | |
| Net income (loss) | | $ | 1,839,032 |
| | $ | (2,131,564 | ) | | $ | (18,106,030 | ) |
| | | | | | | | |
| Net income (loss) attributable to the Company | | $ | 1,973,524 |
| | $ | (2,131,564 | ) | | $ | (18,106,030 | ) |
| | | | | | | | |
| Net (loss) income attributable to | | | | | | |
| common stockholders | $ | (9,036,318 | ) | | $ | (2,599,464 | ) | | $ | (18,106,030 | ) |
| | | | | | | | |
| Net (loss) income per share of Common Stock | | | | | | |
| attributable to common stockholders, basic | | | | | | |
| and diluted | | $ | (0.96 | ) | | $ | (0.50 | ) | | $ | (3.73 | ) |
| | | | | | | | |
| Weighted average number of shares of Common | | | | | | |
| Stock outstanding, basic and diluted | | 9,456,228 |
| | 5,172,260 |
| | 4,859,408 |
|
Adjustments for non-recurring charges were recorded to reflect the pro-forma acquisition fees payable to the Manager on January 1, 2011 and January 1, 2013, respectively. These pro forma results are not necessarily indicative of what historical performance would have been had these business combinations been effective January 1, 2011 (February 1, 2013 for Summit II), nor should they be interpreted as expectations of future results.
