Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Operations

v3.10.0.1
Consolidated Statements of Operations - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2018
Dec. 31, 2017
OPERATING REVENUES:    
Fixed rents $ 28,112 $ 24,807
Participation rents 1,210 304
Total rental revenues 29,322 25,111
Tenant recovery revenue 40 11
Other operating revenues 7,325 0
Total operating revenues 36,687 25,122
OPERATING EXPENSES:    
Depreciation and amortization 9,375 7,237
Property operating expenses 2,043 1,323
Base management fee 2,837 2,041
Incentive fee 0 688
Capital gains fee 628 0
Administration fee 1,275 914
General and administrative expenses 1,751 1,597
Other operating expenses 7,680 0
Total operating expenses 25,589 13,800
Credits to fees from Adviser (1,014) (54)
Total operating expenses, net of credits to fees 24,575 13,746
OTHER INCOME (EXPENSE):    
Other income 373 206
Interest expense and financing costs (12,130) (9,762)
Dividends declared on Series A cumulative term preferred stock (1,833) (1,833)
Gain (loss) on dispositions of real estate assets, net 5,532 (21)
Property and casualty loss (194) 0
Loss on write-down of crop inventory (1,094) 0
Total other income (expense), net (9,346) (11,410)
NET INCOME (LOSS) 2,766 (34)
Net (income) loss attributable to non-controlling interests (137) 3
NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY 2,629 (31)
Dividends declared on Series B cumulative redeemable preferred stock   0
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS $ 2,250 $ (31)
EARNINGS (LOSS) PER COMMON SHARE:    
Basic and diluted (in dollars per share) $ 0.15 $ 0.00
WEIGHTED AVERAGE SHARES OF COMMON STOCK OUTSTANDING    
Basic and diluted (in shares) 15,503,341 12,055,791
Distributions declared per common share (in dollars per share) $ 0.5319 $ 0.5238