Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Operations and Comprehensive Income

v3.21.2
Condensed Consolidated Statements of Operations and Comprehensive Income - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Jun. 30, 2021
Jun. 30, 2020
Operating revenues        
Lease revenue $ 33,371 $ 33,525 $ 68,047 $ 67,145
Total operating revenues 33,371 33,525 68,047 67,145
Operating expenses        
Depreciation and amortization 14,191 14,182 30,901 28,278
Property operating expenses 6,910 6,295 13,471 12,508
Base management fee [1] 1,452 1,389 2,896 2,801
Incentive fee [1] 1,039 1,119 2,274 2,173
Administration fee [1] 338 395 634 833
General and administrative 1,073 752 1,729 1,630
Impairment charge 0 1,721 0 1,721
Total operating expense before incentive fee waiver 25,003 25,853 51,905 49,944
Incentive fee waiver (16) 0 (16) 0
Total operating expenses 24,987 25,853 51,889 49,944
Other (expense) income        
Interest expense (6,486) (6,716) (13,650) (13,968)
Loss on sale of real estate, net 0 0 (882) (12)
Other income 223 9 534 4
Total other expense, net (6,263) (6,707) (13,998) (13,976)
Net income 2,121 965 2,160 3,225
Net loss attributable to OP Units held by Non-controlling OP Unitholders 21 28 63 37
Net income attributable to the Company 2,142 993 2,223 3,262
Distributions attributable to Series D, E, and F preferred stock (2,856) (2,688) (5,703) (5,366)
Series D preferred stock offering costs write off (2,141) 0 (2,141) 0
Distributions attributable to senior common stock (177) (204) (364) (411)
Net loss attributable to common stockholders $ (3,032) $ (1,899) $ (5,985) $ (2,515)
Loss per weighted average share of common stock - basic & diluted        
Loss attributable to common shareholders, basic (in dollars per share) $ (0.08) $ (0.06) $ (0.17) $ (0.07)
Loss attributable to common shareholders, diluted (in dollars per share) $ (0.08) $ (0.06) $ (0.17) $ (0.07)
Weighted average shares of common stock outstanding        
Basic (in shares) 36,394,767 33,939,826 36,056,317 33,787,386
Diluted (in shares) 36,394,767 33,939,826 36,056,317 33,787,386
Earnings per weighted average share of senior common stock (in dollars per share) $ 0.26 $ 0.26 $ 0.52 $ 0.52
Weighted average shares of senior common stock outstanding - basic (in shares) 676,941 776,718 700,262 785,074
Comprehensive income        
Change in unrealized (loss) gain related to interest rate hedging instruments, net $ (720) $ (481) $ 1,704 $ (3,009)
Other Comprehensive (loss) gain (720) (481) 1,704 (3,009)
Net income 2,121 965 2,160 3,225
Comprehensive income 1,401 484 3,864 216
Comprehensive loss attributable to OP Units held by Non-controlling OP Unitholders 21 28 63 37
Total comprehensive income available to the Company $ 1,422 $ 512 $ 3,927 $ 253
[1] Refer to Note 2 “Related-Party Transactions”