Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Operations and Comprehensive Income

v3.22.0.1
Consolidated Statements of Operations and Comprehensive Income - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Operating revenues      
Lease revenue $ 137,688 $ 133,152 $ 114,387
Revenues 137,688 133,152 114,387
Operating expenses      
Depreciation and amortization 60,311 55,424 52,039
Property operating expenses 27,098 26,004 12,592
Base management fee [1] 5,882 5,648 5,174
Incentive fee [1] 4,859 4,301 3,688
Administration fee [1] 1,448 1,598 1,690
General and administrative 3,218 3,259 3,235
Impairment charge 0 3,621 1,813
Total operating expense before incentive fee waiver 102,816 99,855 80,231
Incentive fee waiver [1] (16) 0 0
Total operating expenses 102,800 99,855 80,231
Other (expense) income      
Interest expense (26,887) (26,803) (28,279)
(Loss) gain on sale of real estate, net (1,148) 8,096 2,952
Other income 2,880 395 712
Total other expense, net (25,155) (18,312) (24,615)
Net income 9,733 14,985 9,541
Net loss (income) attributable (available) to OP Units held by Non-controlling OP Unitholders 40 (47) 87
Net income attributable to the Company 9,773 14,938 9,628
Distributions attributable to Series D, E, F, and G preferred stock (11,488) (10,973) (10,822)
Series A, B, and D preferred stock offering costs write off (2,141) 0 (2,674)
Distributions attributable to senior common stock (698) (816) (892)
Net (loss) income (attributable) available to common stockholders $ (4,554) $ 3,149 $ (4,760)
(Loss) earnings per weighted average share of common stock - basic & diluted      
(Loss) Income (attributable) available to common shareholders, Basic (in dollars per share) $ (0.12) $ 0.09 $ (0.16)
(Loss) Income (attributable) available to common shareholders, Diluted (in dollars per share) $ (0.12) $ 0.09 $ (0.16)
Weighted average shares of common stock outstanding      
Basic (in shares) 36,537,306 34,040,085 30,695,902
Diluted (in shares) 36,537,306 34,040,085 30,695,902
Distributions declared per common share (in dollars per share) $ 1.502175 $ 1.501800 $ 1.500000
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) 664,898 774,658 849,348
Comprehensive income      
Change in unrealized gain (loss) related to interest rate hedging instruments, net $ 2,854 $ (2,219) $ (1,978)
Other Comprehensive gain (loss) 2,854 (2,219) (1,978)
Comprehensive income 12,587 12,766 7,563
Comprehensive loss (income) attributable (available) to OP Units held by Non-controlling OP Unitholders 40 (47) 87
Total comprehensive income available to the Company $ 12,627 $ 12,719 $ 7,650
[1] Refer to Note 2 “Related-Party Transactions”