Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Operations and Comprehensive Income

v3.8.0.1
Consolidated Statements of Operations and Comprehensive Income - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
Operating revenues      
Rental revenue $ 92,811 $ 84,498 $ 80,892
Tenant recovery revenue 1,988 1,489 1,753
Interest income from mortgage note receivable 0 385 1,121
Total operating revenues 94,799 86,372 83,766
Operating expenses      
Depreciation and amortization 42,795 37,517 35,288
Property operating expenses 7,688 5,889 5,296
Base management fee [1] 4,959 3,930 3,474
Incentive fee [1] 2,422 2,381 4,650
Administration fee [1] 1,272 1,474 1,419
General and administrative 2,366 2,388 2,716
Impairment charge 6,835 2,016 622
Total operating expenses before credit to incentive fee 68,337 55,595 53,465
Credit to incentive fee [1]   0 (2,500)
Total operating expenses 68,337 55,595 50,965
Other (expense) income      
Interest expense (24,570) (25,902) (28,014)
Distributions attributable to Series C mandatorily redeemable preferred stock 0 (1,502) (2,743)
Gain on sale of real estate, net 3,993 242 1,538
Other income 52 343 14
Total other expense, net (20,525) (26,819) (29,205)
Net income 5,937 3,958 3,596
Distributions attributable to Series A, B and D preferred stock (9,890) (6,645) (4,094)
Distributions attributable to senior common stock (986) (1,011) (1,007)
Net loss attributable to common stockholders $ (4,939) $ (3,698) $ (1,505)
Loss per weighted average share of common stock - basic & diluted      
Loss attributable to common shareholders (in dollars per share) $ (0.19) $ (0.16) $ (0.07)
Weighted average shares of common stock outstanding      
Basic and diluted (in shares) 26,358,237 23,193,962 21,159,597
Distributions declared per common share $ 1.50 $ 1.50 $ 1.50
Earnings per weighted average share of senior common stock (in dollars per share) $ 1.05 $ 1.05 $ 1.05
Weighted average shares of senior common stock outstanding - basic (in shares) 938,779 960,667 960,016
Comprehensive income      
Change in unrealized gain related to interest rate hedging instruments, net $ 35 $ 0 $ 0
Other Comprehensive income 35 0 0
Comprehensive income $ 5,972 $ 3,958 $ 3,596
[1] Refer to Note 2 “Related-Party Transactions”