Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Operations and Comprehensive Income

v3.20.1
Condensed Consolidated Statements of Operations and Comprehensive Income - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
OPERATING REVENUES:    
Lease revenue, net $ 15,280 $ 7,830
Total operating revenues 15,280 7,830
OPERATING EXPENSES:    
Depreciation and amortization 4,257 2,597
Property operating expenses 521 816
Base management fee 1,034 905
Incentive fee 1,334 0
Administration fee 384 306
General and administrative expenses 553 550
Total operating expenses 8,083 5,174
Credits to fees from Adviser 0 (569)
Total operating expenses, net of credits to fees 8,083 4,605
OTHER INCOME (EXPENSE):    
Other income 1,324 826
Interest expense (4,963) (3,453)
Dividends declared on Series A cumulative term preferred stock (458) (458)
Loss on dispositions of real estate assets, net (99) (32)
Property and casualty recovery 66 0
Income from investments in unconsolidated entities 34 0
Total other expense, net (4,096) (3,117)
NET INCOME 3,101 108
Net income attributable to non-controlling interests (42) (3)
NET INCOME ATTRIBUTABLE TO THE COMPANY 3,059 105
Dividends declared on Series B cumulative redeemable preferred stock (2,125) (601)
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS $ 934 $ (496)
EARNINGS (LOSS) PER COMMON SHARE:    
Basic and diluted (in dollars per share) $ 0.04 $ (0.03)
WEIGHTED-AVERAGE SHARES OF COMMON STOCK OUTSTANDING:    
Basic and diluted (in shares) 21,262,080 18,028,826
COMPREHENSIVE INCOME:    
Net income attributable to the Company $ 3,059 $ 105
Change in fair value related to interest rate hedging instruments (1,257) 0
COMPREHENSIVE INCOME ATTRIBUTABLE TO THE COMPANY $ 1,802 $ 105