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 9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Sep. 30, 2021
Sep. 30, 2020
Operating revenues        
Lease revenue $ 34,334 $ 33,142 $ 102,381 $ 100,287
Total operating revenues 34,334 33,142 102,381 100,287
Operating expenses        
Depreciation and amortization 14,760 13,798 45,661 42,076
Property operating expenses 6,807 6,590 20,278 19,098
Base management fee [1] 1,472 1,418 4,369 4,219
Incentive fee [1] 1,266 1,128 3,540 3,301
Administration fee [1] 382 361 1,016 1,194
General and administrative 811 775 2,540 2,406
Impairment charge 0 1,184 0 2,905
Total operating expense before incentive fee waiver 25,498 25,254 77,404 75,199
Incentive fee waiver [1] 0 0 (16) 0
Total operating expenses 25,498 25,254 77,388 75,199
Other (expense) income        
Interest expense (6,688) (6,444) (20,338) (20,411)
Gain (loss) on sale of real estate, net 0 1,196 (882) 1,184
Other income 2,350 204 2,884 209
Total other expense, net (4,338) (5,044) (18,336) (19,018)
Net income 4,498 2,844 6,657 6,070
Net (income) loss (available) attributable to OP Units held by Non-controlling OP Unitholders (21) 2 42 39
Net income attributable to the Company 4,477 2,846 6,699 6,109
Distributions attributable to Series D, E, F, and G preferred stock (2,868) (2,771) (8,571) (8,137)
Series D preferred stock offering costs write off 0 0 (2,141) 0
Distributions attributable to senior common stock (170) (203) (534) (615)
Net income (loss) available (attributable) to common stockholders $ 1,439 $ (128) $ (4,547) $ (2,643)
Earnings (loss) per weighted average share of common stock - basic & diluted        
Income (loss) attributable to common shareholders, basic (in dollars per share) $ 0.04 $ (0.004) $ (0.13) $ (0.08)
Income (loss) attributable to common shareholders, diluted (in dollars per share) $ 0.04 $ (0.004) $ (0.13) $ (0.08)
Weighted average shares of common stock outstanding        
Basic (in shares) 36,768,779 34,075,147 36,296,414 33,884,007
Diluted (in shares) 36,768,779 34,075,147 36,296,414 33,884,007
Earnings per weighted average share of senior common stock (in dollars per share) $ 0.26 $ 0.26 $ 0.78 $ 0.79
Weighted average shares of senior common stock outstanding - basic (in shares) 642,742 768,550 680,878 779,526
Comprehensive income        
Change in unrealized gain (loss) related to interest rate hedging instruments, net $ 421 $ 276 $ 2,125 $ (2,733)
Other Comprehensive gain (loss) 421 276 2,125 (2,733)
Net income 4,498 2,844 6,657 6,070
Comprehensive income 4,919 3,120 8,782 3,337
Comprehensive (income) loss available (attributable) to OP Units held by Non-controlling OP Unitholders (21) 2 42 39
Total comprehensive income available to the Company $ 4,898 $ 3,122 $ 8,824 $ 3,376
[1] Refer to Note 2 “Related-Party Transactions”