
17.	Pro Forma Results of the Company

The following pro forma consolidated results of operations of the Company for the three and six months ended June 30, 2011 and 2010 assumes that the acquisition of 601 108th Avenue N.E., Bellevue, WA, was completed as of January 1, 2010. Pro forma data may not be indicative of the results that would have been reported had the acquisition actually occurred as of January 1, 2010, nor does it intend to be a projection of future results.


	Three Months Ended⁽¹⁾						Six Months Ended⁽¹⁾
	June 30,						June 30,
	2011			2010			2011			2010
	(in thousands except per share amounts)

Revenues	$	95,050		$	76,981		$	187,478		$	148,282
Net (loss) income available to common stockholders⁽²⁾⁽³⁾	$	(585	)	$	(1,544	)	$	(645	)	$	3,876
Net (loss) income available to common stockholders per share—basic⁽²⁾⁽³⁾	$	(0.02	)	$	(0.04	)	$	(0.02	)	$	0.07
Net (loss) income available to common stockholders per share—diluted⁽²⁾⁽³⁾	$	(0.02	)	$	(0.04	)	$	(0.02	)	$	0.07


(1)		The purchase of 601 108th Avenue N.E., Bellevue, WA, represents the largest acquisition and 52.1% of the total aggregate purchase price of the properties acquired during the six months ended June 30, 2011.

(2)		The pro forma earnings for the three and six months ended June 30, 2011 were adjusted to exclude non-recurring, acquisition-related expenses of $0.3 million incurred in 2011 for 601 108th Avenue N.E., Bellevue, WA. The pro forma data for the three and six months ended June 30, 2010 were adjusted to include these charges.

(3)		The pro forma earnings for all periods presented includes incremental interest expense associated with the pro forma borrowings under the Credit Facility. The pro forma interest expense estimate is calculated based on the applicable interest rate. Actual funding of the acquisition may be from different sources and the pro forma borrowing and related pro forma interest expense estimate assumed herein are not indicative of actual results.

The following table summarizes the results of operations for the property at 601 108th Avenue N.E., Bellevue, WA, from June 3, 2011, the date of acquisition, through June 30, 2011:


	(in thousands)

Revenues	$	1,425
Net income⁽¹⁾		7


(1)		Reflects the net operating income less depreciation for this property and amortization of acquisition-related intangibles.