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 revenue $ 28,667 $ 26,591 $ 85,001 $ 79,538
Total operating revenues 28,667 26,591 85,001 79,538
Operating expenses        
Depreciation and amortization 12,979 11,807 38,611 35,166
Property operating expenses 3,202 2,638 9,330 8,247
Base management fee 1,292 [1] 1,242 [1] 3,852 3,798 [1]
Incentive fee [1] 965 785 2,720 2,215
Administration fee [1] 411 440 1,222 1,187
General and administrative 596 510 2,035 1,754
Total operating expenses 19,445 17,422 57,770 52,367
Other (expense) income        
Interest expense (7,170) (6,531) (21,406) (19,275)
Gain on sale of real estate, net 0 0 2,952 1,844
Other income 139 39 291 67
Total other expense, net (7,031) (6,492) (18,163) (17,364)
Net income 2,191 2,677 9,068 9,807
Net loss (income) attributable to OP Units held by Non-controlling OP Unitholders 16 0 (13) 0
Net income attributable to the Company 2,207 2,677 9,055 9,807
Distributions attributable to Series A, B and D preferred stock (2,612) (2,612) (7,837) (7,803)
Distributions attributable to senior common stock (226) (235) (675) (700)
Net (loss) income (attributable) available to common stockholders $ (631) $ (170) $ 543 $ 1,304
(Loss) earnings per weighted average share of common stock - basic & diluted        
(Loss) earnings (attributable) available to common shareholders (in dollars per share) $ (0.02) $ (0.01) $ 0.02 $ 0.05
Weighted average shares of common stock outstanding        
Basic and Diluted (in shares) 31,032,802 28,734,380 30,338,690 28,532,224
Earnings per weighted average share of senior common stock (in dollars per share) $ 0.26 $ 0.27 $ 0.78 $ 0.79
Weighted average shares of senior common stock outstanding - basic (in shares) 854,435 886,346 859,956 890,966
Comprehensive income        
Change in unrealized (loss) gain related to interest rate hedging instruments, net $ (624)   $ (2,335)  
Change in unrealized (loss) gain related to interest rate hedging instruments, net   $ 245   $ 1,028
Other Comprehensive (loss) income (624) 245 (2,335) 1,028
Comprehensive income 1,567 2,922 6,733 10,835
Comprehensive loss (income) attributable to OP Units held by Non-controlling OP Unitholders 16 0 (13) 0
Total comprehensive income attributable to the Company $ 1,583 $ 2,922 $ 6,720 $ 10,835
[1] Refer to Note 2 “Related-Party Transactions”