Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Operations

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Condensed Consolidated Statements of Operations - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Sep. 30, 2018
Sep. 30, 2017
OPERATING REVENUES:        
Rental revenue $ 8,013 $ 6,561 $ 21,333 $ 18,302
Tenant recovery revenue 2 3 11 8
Other operating revenues 2 0 7,313 0
Total operating revenues 8,017 6,564 28,657 18,310
OPERATING EXPENSES:        
Depreciation and amortization 2,374 2,051 6,805 5,123
Property operating expenses 621 267 1,381 796
Base management fee 690 523 2,102 1,446
Incentive fee 0 261 0 688
Capital gains fee 778 0 778 0
Administration fee 387 211 935 656
General and administrative expenses 443 386 1,350 1,227
Other operating expenses 175 0 7,673 0
Total operating expenses 5,468 3,699 21,024 9,936
Credits to fees from Adviser (796) (54) (970) (54)
Total operating expenses, net of credits to fees 4,672 3,645 20,054 9,882
OPERATING INCOME 3,345 2,919 8,603 8,428
OTHER INCOME (EXPENSE):        
Other income 1 4 324 190
Interest expense (3,082) (2,634) (8,728) (6,984)
Dividends declared on Series A cumulative term preferred stock (458) (458) (1,375) (1,375)
Gain (loss) on dispositions of real estate assets, net 6,247 (78) 6,247 (78)
Property and casualty loss 0 0 (129) 0
Loss on write-down of crop inventory (33) 0 (1,093) 0
Total other income (expense), net 2,675 (3,166) (4,754) (8,247)
NET INCOME (LOSS) 6,020 (247) 3,849 181
Net (income) loss attributable to non-controlling interests (337) 26 (206) (23)
NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY 5,683 (221) 3,643 158
Dividends declared on Series B cumulative redeemable preferred stock (90) 0 (92) 0
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS $ 5,593 $ (221) $ 3,551 $ 158
EARNINGS (LOSS) PER COMMON SHARE:        
Basic and diluted (in dollars per share) $ 0.35 $ (0.02) $ 0.23 $ 0.01
WEIGHTED-AVERAGE SHARES OF COMMON STOCK OUTSTANDING:        
Basic and diluted (in shares) 16,057,957 12,271,925 15,181,760 11,512,968