Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME

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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Sep. 30, 2021
Sep. 30, 2020
OPERATING REVENUES:        
Lease revenue, net $ 19,591 $ 13,989 $ 52,518 $ 41,907
Total operating revenues 19,591 13,989 52,518 41,907
OPERATING EXPENSES:        
Depreciation and amortization 6,944 3,909 19,280 12,010
Property operating expenses 696 287 2,031 1,525
Base management fee 1,748 1,078 4,494 3,159
Incentive fee 945 821 2,107 2,155
Administration fee 412 344 1,115 1,084
General and administrative expenses 462 419 1,582 1,462
Total operating expenses 11,207 6,858 30,609 21,395
OTHER INCOME (EXPENSE):        
Other income 20 323 2,274 1,668
Interest expense (6,126) (5,202) (18,460) (15,155)
Dividends declared on Series A and Series D cumulative term preferred stock (755) (458) (2,314) (1,375)
Loss on dispositions of real estate assets, net (1) (195) (1,841) (861)
Property and casualty recovery, net 0 (1) 0 (68)
(Loss) income from investments in unconsolidated entities     (42) 7
Total other expense, net (6,881) (5,550) (20,383) (15,648)
NET INCOME 1,503 1,581 1,526 4,864
Net income attributable to non-controlling interests (8) (13) (8) (52)
NET INCOME ATTRIBUTABLE TO THE COMPANY 1,495 1,568 1,518 4,812
Dividends declared on Series B and Series C cumulative redeemable preferred stock (3,111) (2,361) (8,814) (6,749)
Loss on extinguishment of Series B and Series C cumulative redeemable preferred stock (23) (44) (23) (44)
NET LOSS ATTRIBUTABLE TO COMMON STOCKHOLDERS $ (1,639) $ (837) $ (7,319) $ (1,981)
LOSS PER COMMON SHARE:        
Basic (in dollars per share) $ (0.05) $ (0.04) $ (0.25) $ (0.09)
Diluted (in dollars per share) $ (0.05) $ (0.04) $ (0.25) $ (0.09)
WEIGHTED-AVERAGE SHARES OF COMMON STOCK OUTSTANDING:        
Basic (in shares) 31,362,423 21,991,291 29,215,628 21,558,859
Diluted (in shares) 31,362,423 21,991,291 29,215,628 21,558,859
COMPREHENSIVE INCOME:        
Net income attributable to the Company $ 1,495 $ 1,568 $ 1,518 $ 4,812
Change in fair value related to interest rate hedging instruments 357 95 513 (1,331)
COMPREHENSIVE INCOME ATTRIBUTABLE TO THE COMPANY $ 1,852 $ 1,663 $ 2,031 $ 3,481