Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Operations and Comprehensive Income

v3.19.3
Condensed Consolidated Statements of Operations and Comprehensive Income - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Sep. 30, 2019
Sep. 30, 2018
OPERATING REVENUES:        
Lease revenues $ 11,012   $ 27,203  
Lease revenues   $ 8,015   $ 21,344
Other operating revenues 0 2 0 7,313
Total operating revenues 11,012 8,017 27,203 28,657
OPERATING EXPENSES:        
Depreciation and amortization 3,419 2,374 8,952 6,805
Property operating expenses 536 621 1,939 1,381
Base management fee 862 690 2,741 2,102
Capital gains fee 0 778 0 778
Administration fee 311 387 866 935
General and administrative expenses 447 443 1,465 1,350
Other operating expenses 0 175 0 7,673
Total operating expenses 5,575 5,468 15,963 21,024
Credits to fees from Adviser 0 (796) (1,542) (970)
Total operating expenses, net of credits to fees 5,575 4,672 14,421 20,054
OTHER INCOME (EXPENSE):        
Other income 62 1 937 324
Interest expense (4,401) (3,082) (11,396) (8,728)
Dividends declared on Series A cumulative term preferred stock (458) (458) (1,375) (1,375)
(Loss) gain on dispositions of real estate assets, net (134) 6,247 (154) 6,247
Property and casualty recovery (loss), net 17 0 10 (129)
Loss on write-down of crop inventory 0 (33) 0 (1,093)
Total other (expense) income, net (4,914) 2,675 (11,978) (4,754)
NET INCOME 523 6,020 804 3,849
Net income attributable to non-controlling interests (6) (337) (9) (206)
NET INCOME ATTRIBUTABLE TO THE COMPANY 517 5,683 795 3,643
Dividends declared on Series B cumulative redeemable preferred stock (1,161) (90) (2,655) (92)
NET (LOSS) GAIN ATTRIBUTABLE TO COMMON STOCKHOLDERS $ (644) $ 5,593 $ (1,860) $ 3,551
(LOSS) GAIN PER COMMON SHARE:        
Basic and diluted (in dollars per share) $ (0.03) $ 0.35 $ (0.10) $ 0.23
WEIGHTED-AVERAGE SHARES OF COMMON STOCK OUTSTANDING:        
Basic and diluted (in shares) 20,763,615 16,057,957 19,154,744 15,181,760
COMPREHENSIVE INCOME:        
Net income attributable to the Company $ 517 $ 5,683 $ 795 $ 3,643
Change in fair value related to interest rate hedging instruments (347) 0 (347) 0
COMPREHENSIVE INCOME ATTRIBUTABLE TO THE COMPANY $ 170 $ 5,683 $ 448 $ 3,643