Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Operations

v3.8.0.1
Consolidated Statements of Operations - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
OPERATING REVENUES:      
Rental revenue $ 25,111 $ 17,306 $ 11,888
Tenant recovery revenue 11 11 13
Total operating revenues 25,122 17,317 11,901
OPERATING EXPENSES:      
Depreciation and amortization 7,237 5,187 3,113
Property operating expenses 1,165 787 803
Acquisition-related expenses 127 246 467
Management fees [1] 2,041 1,542 1,343
Incentive fees [1] 688 350 0
Administration fees [1] 914 771 680
General and administrative expenses 1,628 1,378 1,247
Total operating expenses 13,800 10,261 7,653
Credits to fees from Adviser [1] (54) 0 (321)
Total operating expenses, net of credits to fees 13,746 10,261 7,332
OPERATING INCOME 11,376 7,056 4,569
OTHER INCOME (EXPENSE):      
Other income 206 109 49
Interest expense (9,762) (6,015) (4,160)
Distributions attributable to mandatorily-redeemable preferred stock (1,833) (677) 0
Property and casualty recovery 0 0 97
(Loss) gain on disposals of real estate assets, net (21) 0 14
Total other expense (11,410) (6,583) (4,000)
Net (loss) income (34) 473 569
Net loss (income) attributable to non-controlling interests 3 (25) 0
NET (LOSS) INCOME ATTRIBUTABLE TO THE COMPANY $ (31) $ 448 $ 569
(LOSS) EARNINGS PER COMMON SHARE:      
Basic and diluted (in dollars per share) $ 0.00 $ 0.04 $ 0.07
Weighted average common shares outstanding - basic and diluted (in shares) 12,055,791 10,007,350 8,639,397
[1] Refer to Note 6, “Related-Party Transactions,” for additional information.