Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Operations and Comprehensive Income

v3.20.4
Consolidated Statements of Operations and Comprehensive Income - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Operating revenues      
Lease revenue $ 133,152 $ 114,387  
Lease revenue     $ 106,798
Revenues 133,152 114,387 106,798
Operating expenses      
Depreciation and amortization 55,424 52,039 47,620
Property operating expenses 26,004 12,592 11,458
Base management fee [1] 5,648 5,174 5,054
Incentive fee [1] 4,301 3,688 3,042
Administration fee [1] 1,598 1,690 1,605
General and administrative 3,259 3,235 2,358
Impairment charge 3,621 1,813 0
Total operating expenses 99,855 80,231 71,137
Other (expense) income      
Interest expense (26,803) (28,279) (26,172)
Gain on sale of real estate, net 8,096 2,952 2,763
Other income 395 712 72
Total other expense, net (18,312) (24,615) (23,337)
Net income 14,985 9,541 12,324
Net (income) loss (available) attributable to OP Units held by Non-controlling OP Unitholders (47) 87 (4)
Net income attributable to the Company 14,938 9,628 12,320
Distributions attributable to Series A, B, D, E, and F preferred stock (10,973) (10,822) (10,416)
Series A and B Preferred Stock offering costs write off 0 (2,674) 0
Distributions attributable to senior common stock (816) (892) (931)
Net income (loss) available (attributable) to common stockholders $ 3,149 $ (4,760) $ 973
Earnings (loss) per weighted average share of common stock - basic & diluted      
(Loss) earnings (attributable) available to common shareholders (in dollars per share) $ 0.09 $ (0.16) $ 0.03
Weighted average shares of common stock outstanding      
Basic and Diluted (in shares) 34,040,085 30,695,902 28,675,934
Distributions declared per common share (in dollars per share) $ 1.5018 $ 1.5000 $ 1.5000
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) 774,658 849,348 887,081
Comprehensive income      
Change in unrealized loss related to interest rate hedging instruments, net $ (2,219) $ (1,978)  
Change in unrealized loss related to interest rate hedging instruments, net     $ (183)
Other Comprehensive loss (2,219) (1,978) (183)
Comprehensive income 12,766 7,563 12,141
Comprehensive (income) loss (available) attributable to OP Units held by Non-controlling OP Unitholders (47) 87 (4)
Total comprehensive income available to the Company $ 12,719 $ 7,650 $ 12,137
[1] Refer to Note 2 “Related-Party Transactions”