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 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
OPERATING REVENUES:        
Lease revenue, net $ 13,989 $ 11,012 $ 41,907 $ 27,203
Total operating revenues 13,989 11,012 41,907 27,203
OPERATING EXPENSES:        
Depreciation and amortization 3,909 3,419 12,010 8,952
Property operating expenses 287 536 1,525 1,939
Base management fee 1,078 862 3,159 2,741
Incentive fee 821 0 2,155 0
Administration fee 344 311 1,084 866
General and administrative expenses 419 447 1,462 1,465
Total operating expenses 6,858 5,575 21,395 15,963
Credits to fees from Adviser 0 0 0 (1,542)
Total operating expenses, net of credits to fees 6,858 5,575 21,395 14,421
OTHER INCOME (EXPENSE):        
Other income 323 62 1,668 937
Interest expense (5,202) (4,401) (15,155) (11,396)
Dividends declared on Series A cumulative term preferred stock (458) (458) (1,375) (1,375)
Loss on dispositions of real estate assets, net (195) (134) (861) (154)
Property and casualty recovery, net 1 17 68 10
(Loss) income from investments in unconsolidated entities (19) 0 7 0
Total other expense, net (5,550) (4,914) (15,648) (11,978)
NET INCOME 1,581 523 4,864 804
Net loss (income) attributable to non-controlling interests (13) (6) (52) (9)
NET INCOME ATTRIBUTABLE TO THE COMPANY 1,568 517 4,812 795
NET LOSS ATTRIBUTABLE TO COMMON STOCKHOLDERS $ (837) $ (644) $ (1,981) $ (1,860)
LOSS PER COMMON SHARE:        
Basic and diluted (in dollars per share) $ (0.04) $ (0.03) $ (0.09) $ (0.10)
WEIGHTED-AVERAGE SHARES OF COMMON STOCK OUTSTANDING:        
Basic and diluted (in shares) 21,991,291 20,763,615 21,558,859 19,154,744
COMPREHENSIVE INCOME:        
Net income attributable to the Company $ 1,568 $ 517 $ 4,812 $ 795
Change in fair value related to interest rate hedging instruments 95 (347) (1,331) (347)
COMPREHENSIVE INCOME ATTRIBUTABLE TO THE COMPANY 1,663 170 3,481 448
Series B Preferred Stock        
OTHER INCOME (EXPENSE):        
Dividends declared (2,238) (1,161) (6,604) (2,655)
Other charges related to Series B cumulative redeemable preferred stock (44) 0 (44) 0
Series C Preferred Stock        
OTHER INCOME (EXPENSE):        
Dividends declared $ (123) $ 0 $ (145) $ 0