Item 8.01. Other Events

William J. Carden, the Chief Executive Officer, Chairman of the Board and a principal stockholder of the registrant, is a director of each of Evergreen Income and Growth REIT, Inc. ("EIGR") and American Spectrum REIT I ("ASRI"). The registrant is the property manager of the properties owned by EIGR and ASRI, but does not own any equity securities of EIGR or ASRI and does not currently manage either of those entities.

On April 17, 2012, Mr. Carden purchased 214,340 shares of the common stock of the registrant from EIGR in consideration for an unsecured promissory note issued by Mr. Carden in the principal amount of $919,518.60, representing a price of $4.29 per share, the market price of such stock on the date of purchase. The note is due and payable on April 17, 2017, and interest thereon, at the annual rate of prime plus 1%, is payable annually.

On August 3, 2012, Mr. Carden purchased 102,697 shares of the common stock of the registrant from ASRI in consideration for an unsecured promissory note issued by Mr. Carden in the principal amount of $308,091, representing a price of $3.00 per share, the market price of such stock on the date of purchase. The note is due and payable on August 3, 2017, and interest thereon, at the annual rate of prime plus 1%, is payable annually.