Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Operations and Comprehensive Income

v3.10.0.1
Consolidated Statements of Operations and Comprehensive Income - USD ($)
 12 Months Ended
Dec. 31, 2018
Dec. 31, 2017
Dec. 31, 2016
Operating revenues      
Rental revenue $ 103,268,000 $ 92,811,000 $ 84,498,000
Tenant recovery revenue 3,530,000 1,988,000 1,489,000
Interest income from mortgage note receivable 0 0 385,000
Revenues 106,798,000 94,799,000 86,372,000
Operating expenses      
Depreciation and amortization 47,620,000 42,795,000 37,517,000
Property operating expenses 11,458,000 7,688,000 5,889,000
Base management fee [1] 5,054,000 4,959,000 3,930,000
Incentive fee [1] 3,042,000 2,422,000 2,381,000
Administration fee [1] 1,605,000 1,272,000 1,474,000
General and administrative 2,358,000 2,366,000 2,388,000
Impairment charge 0 6,835,000 2,016,000
Total operating expenses 71,137,000 68,337,000 55,595,000
Other (expense) income      
Interest expense (26,172,000) (24,570,000) (25,902,000)
Distributions attributable to Series C Preferred Stock 0 0 (1,502,000)
Gain on sale of real estate, net 2,763,000 3,993,000 242,000
Other income 72,000 52,000 343,000
Total other expense, net (23,337,000) (20,525,000) (26,819,000)
Net income 12,324,000 5,937,000 3,958,000
Net income attributable to OP Units held by Non-controlling OP Unitholders (4,000) 0 0
Net income attributable to the company 12,320,000 5,937,000 3,958,000
Distributions attributable to Series A, B and D preferred stock (10,416,000) (9,890,000) (6,645,000)
Distributions attributable to senior common stock (931,000) (986,000) (1,011,000)
Net income (loss) available (attributable) to common stockholders $ 973,000 $ (4,939,000) $ (3,698,000)
Earnings (Loss) per weighted average share of common stock - basic & diluted      
Loss attributable to common shareholders (in dollars per share) $ 0.03 $ (0.19) $ (0.16)
Weighted average shares of common stock outstanding      
Basic and diluted (in shares) 28,675,934 26,358,237 23,193,962
Distributions declared per common share (in dollars per share) $ 1.5 $ 1.5 $ 1.5
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) 887,081 938,779 960,667
Comprehensive income      
Change in unrealized (loss) gain related to interest rate hedging instruments, net $ (183,000) $ 35,000 $ 0
Other Comprehensive income (183,000) 35,000 0
Comprehensive income 12,141,000 5,972,000 3,958,000
Comprehensive income attributable to OP Units held by Non-controlling OP Unitholders (4,000) 0 0
Total comprehensive income attributable to the Company $ 12,137,000 $ 5,972,000 $ 3,958,000
[1] Refer to Note 2 “Related-Party Transactions”