Condensed Consolidated Statements of Operations and Other Comprehensive Income (Loss) - USD ($) |
3 Months Ended | 9 Months Ended | |||||
|---|---|---|---|---|---|---|---|
Sep. 30, 2017 |
Sep. 30, 2016 |
Sep. 30, 2017 |
Sep. 30, 2016 |
||||
| Operating revenues | |||||||
| Rental revenue | $ 23,815,000 | $ 21,205,000 | $ 68,253,000 | $ 62,752,000 | |||
| Tenant recovery revenue | 550,000 | 384,000 | 1,294,000 | 1,226,000 | |||
| Interest income from mortgage note receivable | 0 | 0 | 0 | 385,000 | |||
| Total operating revenues | 24,365,000 | 21,589,000 | 69,547,000 | 64,363,000 | |||
| Operating expenses | |||||||
| Depreciation and amortization | 10,829,000 | 9,459,000 | 30,673,000 | 27,796,000 | |||
| Property operating expenses | 2,178,000 | 1,410,000 | 5,062,000 | 4,455,000 | |||
| Base management fee | [1] | 1,277,000 | 1,072,000 | 3,665,000 | 2,789,000 | ||
| Incentive fee | [1] | 640,000 | 564,000 | 1,760,000 | 1,837,000 | ||
| Administration fee | [1] | 293,000 | 311,000 | 993,000 | 1,086,000 | ||
| General and administrative | 650,000 | 570,000 | 1,776,000 | 1,882,000 | |||
| Impairment charge | 0 | 1,786,000 | 3,999,000 | 2,016,000 | |||
| Total operating expenses | 15,867,000 | 15,172,000 | 47,928,000 | 41,861,000 | |||
| Other (expense) income | |||||||
| Interest expense | (6,119,000) | (6,338,000) | (18,223,000) | (19,648,000) | |||
| Distributions attributable to Series C mandatorily redeemable preferred stock | 0 | (131,000) | 0 | (1,502,000) | |||
| Gain (loss) on sale of real estate, net | 1,000 | (24,000) | 3,993,000 | (24,000) | |||
| Other income | 3,000 | 3,000 | 14,000 | 337,000 | |||
| Total other expense, net | (6,115,000) | (6,490,000) | (14,216,000) | (20,837,000) | |||
| Net income (loss) | 2,383,000 | (73,000) | 7,403,000 | 1,665,000 | |||
| Distributions attributable to Series A, B and D preferred stock | (2,520,000) | (2,002,000) | (7,330,000) | (4,292,000) | |||
| Distributions attributable to senior common stock | (247,000) | (254,000) | (744,000) | (758,000) | |||
| Net loss attributable to common stockholders | $ (384,000) | $ (2,329,000) | $ (671,000) | $ (3,385,000) | |||
| Loss per weighted average share of common stock - basic & diluted | |||||||
| Loss attributable to common shareholders (in dollars per share) | $ (0.01) | $ (0.10) | $ (0.03) | $ (0.15) | |||
| Weighted average shares of common stock outstanding | |||||||
| Basic and Diluted (in shares) | 27,234,569 | 23,509,054 | 25,833,423 | 22,915,086 | |||
| Distributions declared per common share (in dollars per share) | $ 0.375 | $ 0.375 | $ 1.125 | $ 1.125 | |||
| Earnings per weighted average share of senior common stock (in dollars per share) | $ 0.26 | $ 0.26 | $ 0.79 | $ 0.79 | |||
| Weighted average shares of senior common stock outstanding - basic (in shares) | 932,636 | 959,552 | 947,238 | 961,041 | |||
| Other comprehensive income | |||||||
| Change in unrealized (loss) gain related to interest rate swap | $ (7,000) | $ 0 | $ 172,000 | $ 0 | |||
| Other comprehensive income | (7,000) | 0 | 172,000 | 0 | |||
| Net income (loss) | 2,383,000 | (73,000) | 7,403,000 | 1,665,000 | |||
| Comprehensive income (loss) | $ 2,376,000 | $ (73,000) | $ 7,575,000 | $ 1,665,000 | |||
| |||||||
| X | ||||||||||
- Definition Administration fee. No definition available.
|
| X | ||||||||||
- Definition Base management fee. No definition available.
|
| X | ||||||||||
- Definition Distributions attributable to senior common stock. No definition available.
|
| X | ||||||||||
- Definition Earnings per weighted average share of senior common stock. No definition available.
|
| X | ||||||||||
- Definition Incentive fee. No definition available.
|
| X | ||||||||||
- Definition Interest income from mortgage note receivable. No definition available.
|
| X | ||||||||||
- Definition Property Operating Expenses No definition available.
|
| X | ||||||||||
- Definition Weighted average shares of senior common stock outstanding - basic. No definition available.
|
| X | ||||||||||
- Definition Amount of write-down of assets recognized in the income statement. Includes, but is not limited to, losses from tangible assets, intangible assets and goodwill. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
- Definition Aggregate dividends declared during the period for each share of common stock outstanding. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
- Definition Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income. Excludes changes in equity resulting from investments by owners and distributions to owners. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- Definition The current period expense charged against earnings on long-lived, physical assets not used in production, and which are not intended for resale, to allocate or recognize the cost of such assets over their useful lives; or to record the reduction in book value of an intangible asset over the benefit period of such asset; or to reflect consumption during the period of an asset that is not used in production. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- Definition The amount of net income or loss for the period per each share in instances when basic and diluted earnings per share are the same amount and reported as a single line item on the face of the financial statements. Basic earnings per share is the amount of net income or loss for the period per each share of common stock or unit outstanding during the reporting period. Diluted earnings per share includes the amount of net income or loss for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period. No definition available.
|
| X | ||||||||||
- Definition The difference between the carrying value and the sale price of real estate or properties that were intended to be sold or held for capital appreciation or rental income. This element refers to the gain (loss) included in earnings and not to the cash proceeds of the sale. This element is a noncash adjustment to net income when calculating net cash generated by operating activities using the indirect method. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
- Definition The aggregate total of expenses of managing and administering the affairs of an entity, including affiliates of the reporting entity, which are not directly or indirectly associated with the manufacture, sale or creation of a product or product line. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
- Definition Amount of the cost of borrowed funds accounted for as interest expense. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
- Definition Amount of interest expense classified as other. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
- Definition The portion of profit or loss for the period, net of income taxes, which is attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
- Definition Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities; of income (loss) available to common shareholders. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
- Definition The aggregate amount of income or expense from ancillary business-related activities (that is to say, excluding major activities considered part of the normal operations of the business). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- Definition Generally recurring costs associated with normal operations except for the portion of these expenses which can be clearly related to production and included in cost of sales or services. Includes selling, general and administrative expense. No definition available.
|
| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- Definition The total amount of revenue recognized for the period from operating leases, including minimum lease revenue, contingent revenue, percentage revenue and sublease revenue. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
- Definition Amount after tax and reclassification adjustments of other comprehensive income (loss). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
- Definition Amount after tax of increase (decrease) in accumulated gain (loss) from derivative instruments designated and qualifying as the effective portion of cash flow hedges and an entity's share of an equity investee's increase (decrease) in deferred hedging gain (loss). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
- Definition Amount of income related to nonoperating activities, classified as other. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
- Definition The aggregate revenue from real estate operations during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- Definition Dividends paid to preferred stock holders that is redeemable solely at the option of the issuer. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
- Definition In accordance with the provisions of their lease agreement, this element represents allowable charges due a landlord from its tenant. In retail store and office building leases, for example, tenant reimbursements may cover items such as taxes, utilities, and common area expenses. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
- Definition Average number of shares or units issued and outstanding that are used in calculating basic and diluted earnings per share (EPS). No definition available.
|
| X | ||||||||||
- References No definition available.
|