Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Operations and Comprehensive Income

v3.22.0.1
Consolidated Statements of Operations and Comprehensive Income - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
OPERATING REVENUES:    
Lease revenue, net $ 75,318 $ 57,031
Total operating revenues 75,318 57,031
OPERATING EXPENSES:    
Depreciation and amortization 27,183 16,655
Property operating expenses 2,536 1,848
Base management fee 6,329 4,289
Incentive fee 3,901 3,038
Administration fee 1,526 1,448
General and administrative expenses 2,139 2,102
Total operating expenses 43,614 29,380
OTHER INCOME (EXPENSE):    
Other income 2,291 1,872
Interest expense (24,883) (20,621)
Dividends declared on Series A and Series D mandatorily-redeemable preferred stock (3,068) (1,833)
Loss on dispositions of real estate assets, net (2,537) (2,180)
Property and casualty recovery, net 68 70
Loss from investments in unconsolidated entities (61) (4)
Total other expense, net (28,190) (22,696)
NET INCOME 3,514 4,955
Net income attributable to non-controlling interests (19) (29)
NET INCOME ATTRIBUTABLE TO THE COMPANY 3,495 4,926
Dividends declared on Series B and Series C cumulative redeemable preferred stock (12,235) (9,278)
Other Preferred Stock Dividends and Adjustments (23) (44)
NET LOSS ATTRIBUTABLE TO COMMON STOCKHOLDERS $ (8,763) $ (4,396)
LOSS PER COMMON SHARE:    
Basic (in dollars per share) $ (0.29) $ (0.20)
Diluted (in dollars per share) $ (0.29) $ (0.20)
WEIGHTED AVERAGE SHARES OF COMMON STOCK OUTSTANDING    
Basic (in shares) 30,357,268 22,258,121
Diluted (in shares) 30,357,268 22,258,121
COMPREHENSIVE INCOME:    
Net income attributable to the Company $ 3,495 $ 4,926
Change in fair value related to interest rate hedging instruments 464 (1,110)
COMPREHENSIVE INCOME ATTRIBUTABLE TO THE COMPANY $ 3,959 $ 3,816