Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Operations and Comprehensive Income

v3.21.1
Condensed Consolidated Statements of Operations and Comprehensive Income - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
OPERATING REVENUES:    
Lease revenue, net $ 16,034 $ 15,280
Total operating revenues 16,034 15,280
OPERATING EXPENSES:    
Depreciation and amortization 6,051 4,257
Property operating expenses 429 521
Base management fee 1,369 1,034
Incentive fee 1,162 1,334
Administration fee 357 384
General and administrative expenses 539 553
Total operating expenses 9,907 8,083
OTHER INCOME (EXPENSE):    
Other income 2,235 1,324
Interest expense (6,193) (4,963)
Dividends declared on Series A and Series D cumulative term preferred stock (804) (458)
Loss on dispositions of real estate assets, net (798) (99)
Property and casualty recovery, net 0 66
(Loss) income from investments in unconsolidated entities (13) 34
Total other expense, net (5,573) (4,096)
NET INCOME 554 3,101
Net income attributable to non-controlling interests (1) (42)
NET INCOME ATTRIBUTABLE TO THE COMPANY 553 3,059
Dividends declared on Series B and Series C cumulative redeemable preferred stock (2,764) (2,125)
NET (LOSS) INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS $ (2,211) $ 934
(LOSS) INCOME PER COMMON SHARE:    
Basic and diluted (in dollars per share) $ (0.08) $ 0.04
WEIGHTED-AVERAGE SHARES OF COMMON STOCK OUTSTANDING:    
Basic and diluted (in shares) 26,874,630 21,262,080
COMPREHENSIVE INCOME:    
Net income attributable to the Company $ 553 $ 3,059
Change in fair value related to interest rate hedging instruments 1,367 (1,257)
COMPREHENSIVE INCOME ATTRIBUTABLE TO THE COMPANY $ 1,920 $ 1,802