Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Operations and Comprehensive Income

v3.20.4
Consolidated Statements of Operations and Comprehensive Income - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
OPERATING REVENUES:    
Lease revenue, net $ 57,031 $ 40,692
Total operating revenues 57,031 40,692
OPERATING EXPENSES:    
Depreciation and amortization 16,655 12,790
Property operating expenses 1,848 2,473
Base management fee 4,289 3,623
Incentive fee 3,038 847
Administration fee 1,448 1,207
General and administrative expenses 2,102 1,989
Total operating expenses 29,380 22,929
Credits to fees from Adviser 0 (1,543)
Total operating expenses, net of credits to fees 29,380 21,386
OTHER INCOME (EXPENSE):    
Other income 1,872 938
Interest expense (20,621) (16,331)
Dividends declared on Series A cumulative term preferred stock (1,833) (1,833)
Loss on dispositions of real estate assets, net (2,180) (328)
Property and casualty recovery, net 70 10
Loss from investments in unconsolidated entities (4) 0
Total other expense, net (22,696) (17,544)
NET INCOME 4,955 1,762
Net income attributable to non-controlling interests (29) (21)
NET INCOME ATTRIBUTABLE TO THE COMPANY 4,926 1,741
Dividends declared on preferred stock (8,837) (4,240)
NET LOSS ATTRIBUTABLE TO COMMON STOCKHOLDERS $ (4,396) $ (2,499)
LOSS PER COMMON SHARE:    
Basic and diluted (in dollars per share) $ (0.20) $ (0.13)
WEIGHTED AVERAGE SHARES OF COMMON STOCK OUTSTANDING    
Basic and diluted (in shares) 22,258,121 19,602,533
COMPREHENSIVE INCOME:    
Net income attributable to the Company $ 4,926 $ 1,741
Change in fair value related to interest rate hedging instruments (1,110) (390)
COMPREHENSIVE INCOME ATTRIBUTABLE TO THE COMPANY 3,816 1,351
Series B Preferred Stock    
OTHER INCOME (EXPENSE):    
Other charges related to redemptions of Series B cumulative redeemable preferred stock (44) 0
Series C Preferred Stock    
OTHER INCOME (EXPENSE):    
Dividends declared on preferred stock $ (441) $ 0