Funds from operations (“FFO”), as defined by The National Association of Real Estate Investment Trusts (NAREIT), is calculated to be equal to net income (loss) applicable to common shareholders, as defined by U.S. GAAP, excluding extraordinary items as defined by U.S. GAAP, gains or losses from sales of previously depreciated real estate assets, impairment charges related to depreciable real estate assets, plus certain non-cash items such as real estate asset depreciation and amortization. FFO includes gains and losses realized on securities investments. FFO should be considered as a s supplemental measure of operating performance used by REITs. The Company believes that FFO is helpful to investors as one of several measures of the performance of a REIT. FFO excludes historical cost depreciation as an expense and may facilitate the comparison of REITs which have different cost basis. The items excluded from FFO are significant components in understanding the Company’s financial performance.FFFO (i) does not represent cash flow from operations as defined by generally accepted accounting principles; (ii) should not be considered as an alternative to net income a measure of operating performance or to cash flows from operating, investing and financing activities; and (iii) is not an alternative to cash flow as a measure of liquidity. FFO, as calculated by the Company, may not be comparable to similarly entitled measures reported by other REITs.Core FFO is calculated as FFO plus acquisition costs and cost of early extinguishment of debt. Normalized FFO is calculated as Core FFO excluding gains and losses realized on securities investments and certain one-time charges. Funds From Operations - * - Twelve Months Ended Twelve Months Ended Twelve Months Ended Twelve Months Ended Twelve Months Ended Twelve Months Ended Twelve Months Ended ($ in thousands, except per share values) December 31, December 31, December 31, December 31, December 31, December 31, December 31, 2012 2013 2014 2015 Net Income (Loss) Attributable to Common Shareholders $ 1,749 $ (1,720) $ (3,319) $ (6,123) Depreciation Expense 7,357 11,682 15,163 18,878 (Gain) Loss on Sales of Depreciable Assets 42 (19) (7) 80 Funds from Operations ("FFO") 9,148 9,943 11,837 12,835 Adjustments: Acquisition Costs 862 1,456 484 957 Cost of Early Extinguishment of Debt - - - 475 Core Funds from Operations ("Core FFO") 10,010 11,399 12,321 14,267 Adjustments: Gain on Sale of Securities Transactions, net (4,093) (4,056) (1,543) (204) Settlement of Memphis Mobile City Litigation - - - 125 Normalized Funds From Operations ("Normalized FFO") $ 5,917 $ 7,343 $ 10,778 $ 14,188 Weighted Average Shares Outstanding- Diluted 16,260 18,790 22,540 25,973 Net Income (Loss) Attributable to Common Shareholders per Share- Diluted $ 0.11 $ (0.09) $ (0.15) $ (0.24) FFO Per share- Diluted $ 0.56 $ 0.53 $ 0.53 $ 0.49 Core FFO Per Share- Diluted $ 0.62 $ 0.61 $ 0.55 $ 0.55 Normalized FFO Per Share- Diluted $ 0.36 $ 0.39 $ 0.48 $ 0.55