Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Operations

v3.3.1.900
Consolidated Statements of Operations - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Operating revenues      
Rental revenue $ 80,892 $ 71,211 $ 59,769
Tenant recovery revenue 1,753 2,079 1,574
Interest income from mortgage note receivable 1,121 466  
Total operating revenues 83,766 73,756 61,343
Operating expenses      
Depreciation and amortization 35,288 28,864 22,827
Property operating expenses 5,296 4,711 3,348
Acquisition related expenses 622 1,438 768
Base management fee [1] 3,474 2,798 2,014
Incentive fee [1] 4,650 4,305 4,201
Administration fee [1] 1,419 1,526 1,467
General and administrative 2,094 2,689 1,655
Impairment charge 622 14,238  
Total operating expenses before credit to incentive fee 53,465 60,569 36,280
Credit to base management fee [1]   (150)  
Credit to incentive fee [1] (2,500) (3,013) (3,457)
Total operating expenses 50,965 57,406 32,823
Other (expense) income      
Interest expense (28,014) (26,197) (24,351)
Gain on sale of real estate 1,538 1,240  
Gain on debt extinguishment   5,274  
Other income 14 174 101
Total other expense (29,205) (22,252) (26,993)
Net income (loss) 3,596 (5,902) 1,527
Distributions attributable to senior common stock (1,007) (542) (300)
Net income (loss) available (attributable) to common stockholders $ (1,505) $ (10,538) $ (2,867)
Loss per weighted average share of common stock - basic & diluted Loss attributable to common shareholders $ (0.07) $ (0.61) $ (0.22)
Weighted average shares of common stock outstanding      
Basic 21,159,597 17,253,503 13,164,244
Diluted 21,159,597 17,253,503 13,164,244
Earnings per weighted average share of senior common stock $ 1.05 $ 1.05 $ 1.04
Weighted average shares of senior common stock outstanding - basic 960,016 516,937 287,178
Series C Preferred Stock [Member]      
Other (expense) income      
Distributions attributable to Series C mandatorily redeemable preferred stock $ (2,743) $ (2,743) $ (2,743)
Series A and B Preferred Stock [Member]      
Other (expense) income      
Distributions attributable to Series A and B preferred stock $ (4,094) $ (4,094) $ (4,094)
[1] Refer to Note 2 "Related-Party Transactions"