Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Operations and Comprehensive Income

v3.20.2
Condensed Consolidated Statements of Operations and Comprehensive Income - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
OPERATING REVENUES:        
Lease revenue, net $ 12,638 $ 8,362 $ 27,918 $ 16,192
Total operating revenues 12,638 8,362 27,918 16,192
OPERATING EXPENSES:        
Depreciation and amortization 3,843 2,936 8,100 5,533
Property operating expenses 717 586 1,238 1,403
Base management fee 1,047 974 2,081 1,879
Incentive fee 0 0 1,334 0
Administration fee 357 250 740 556
General and administrative expenses 490 469 1,044 1,018
Total operating expenses 6,454 5,215 14,537 10,389
Credits to fees from Adviser 0 (974) 0 (1,543)
Total operating expenses, net of credits to fees 6,454 4,241 14,537 8,846
OTHER INCOME (EXPENSE):        
Other income 21 48 1,345 874
Interest expense (4,990) (3,543) (9,953) (6,996)
Dividends declared on Series A cumulative term preferred stock (458) (458) (916) (916)
(Loss) gain on dispositions of real estate assets, net (567) 13 (666) (19)
Property and casualty (loss) recovery 0 (7) 66 (7)
(Loss) income from investments in unconsolidated entities (8) 0 26 0
Total other expense, net (6,002) (3,947) (10,098) (7,064)
NET INCOME 182 174 3,283 282
Net loss (income) attributable to non-controlling interests 2 (1) (39) (3)
NET INCOME ATTRIBUTABLE TO THE COMPANY 184 173 3,244 279
NET LOSS ATTRIBUTABLE TO COMMON STOCKHOLDERS $ (2,078) $ (720) $ (1,144) $ (1,215)
LOSS PER COMMON SHARE:        
Basic and diluted (in dollars per share) $ (0.10) $ (0.04) $ (0.05) $ (0.07)
WEIGHTED-AVERAGE SHARES OF COMMON STOCK OUTSTANDING:        
Basic and diluted (in shares) 21,418,455 18,641,738 21,340,268 18,336,975
COMPREHENSIVE INCOME:        
Net income attributable to the Company $ 184 $ 173 $ 3,244 $ 279
Change in fair value related to interest rate hedging instruments (169) 0 (1,426) 0
COMPREHENSIVE INCOME ATTRIBUTABLE TO THE COMPANY 15 173 1,818 279
Series B Preferred Stock        
OTHER INCOME (EXPENSE):        
Dividends declared on Series B cumulative redeemable preferred stock (2,241) (893) (4,367) (1,494)
Series C Preferred Stock        
OTHER INCOME (EXPENSE):        
Dividends declared on Series B cumulative redeemable preferred stock $ (21) $ 0 $ (21) $ 0