Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Operations and Comprehensive Income

v3.19.1
Condensed Consolidated Statements of Operations and Comprehensive Income - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2019
Mar. 31, 2018
Operating revenues    
Lease revenue $ 28,137 $ 26,353
Total operating revenues 28,137 26,353
Operating expenses    
Depreciation and amortization 13,010 11,586
Property operating expenses 3,068 2,792
Base management fee [1] 1,267 1,295
Incentive fee [1] 900 700
Administration fee [1] 400 400
General and administrative 657 646
Total operating expenses 19,266 17,402
Other (expense) income    
Interest expense (7,231) (6,213)
Gain on sale of real estate, net 2,952 1,844
Other income 81 23
Total other expense, net (4,198) (4,346)
Net income 4,673 4,605
Net income attributable to OP Units held by Non-controlling OP Unitholders (45) 0
Net income attributable to the Company 4,628 4,605
Distributions attributable to Series A, B and D preferred stock (2,612) (2,582)
Distributions attributable to senior common stock (224) (232)
Net income available to common stockholders $ 1,792 $ 1,791
Earnings per weighted average share of common stock - basic & diluted    
Earnings available to common shareholders (in dollars per share) $ 0.06 $ 0.06
Weighted average shares of common stock outstanding    
Basic and Diluted (in shares) 29,516,870 28,420,995
Earnings per weighted average share of senior common stock (in dollars per share) $ 0.26 $ 0.26
Weighted average shares of senior common stock outstanding - basic (in shares) 864,303 895,222
Comprehensive income    
Change in unrealized (loss) gain related to interest rate hedging instruments, net $ (722) $ 495
Other Comprehensive (loss) income (722) 495
Comprehensive income 3,951 5,100
Comprehensive income attributable to OP Units held by Non-controlling OP Unitholders (45) 0
Total comprehensive income attributable to the Company $ 3,906 $ 5,100
[1] Refer to Note 2 “Related-Party Transactions”