Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Operations and Comprehensive Income

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Consolidated Statements of Operations and Comprehensive Income - USD ($)
 12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Operating revenues      
Lease revenue $ 114,387,000    
Lease revenue   $ 106,798,000 $ 94,799,000
Revenues 114,387,000 106,798,000 94,799,000
Operating expenses      
Depreciation and amortization 52,039,000 47,620,000 42,795,000
Property operating expenses 12,592,000 11,458,000 7,688,000
Base management fee [1] 5,174,000 5,054,000 4,959,000
Incentive fee [1] 3,688,000 3,042,000 2,422,000
Administration fee [1] 1,690,000 1,605,000 1,272,000
General and administrative 3,235,000 2,358,000 2,366,000
Impairment charge 1,813,000 0 6,835,000
Total operating expenses 80,231,000 71,137,000 68,337,000
Other (expense) income      
Interest expense (28,279,000) (26,172,000) (24,570,000)
Gain on sale of real estate, net 2,952,000 2,763,000 3,993,000
Other income 712,000 72,000 52,000
Total other expense, net (24,615,000) (23,337,000) (20,525,000)
Net income 9,541,000 12,324,000 5,937,000
Net loss (income) attributable to OP Units held by Non-controlling OP Unitholders 87,000 (4,000) 0
Net income attributable to the Company 9,628,000 12,320,000 5,937,000
Distributions attributable to Series A, B, D, and E preferred stock (10,822,000) (10,416,000) (9,890,000)
Series A and B Preferred Stock offering costs write off (2,674,000) 0 0
Distributions attributable to senior common stock (892,000) (931,000) (986,000)
Net (loss) income (attributable) available to common stockholders $ (4,760,000) $ 973,000 $ (4,939,000)
(Loss) earnings per weighted average share of common stock - basic & diluted      
(Loss) earnings (attributable) available to common shareholders (in dollars per share) $ (0.16) $ 0.03 $ (0.19)
Weighted average shares of common stock outstanding      
Basic and Diluted (in shares) 30,695,902 28,675,934 26,358,237
Distributions declared per common share (in dollars per share) $ 1.50 $ 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) 849,348 887,081 938,779
Comprehensive income      
Change in unrealized (loss) gain related to interest rate hedging instruments, net $ (1,978,000)    
Change in unrealized (loss) gain related to interest rate hedging instruments, net   $ (183,000) $ 35,000
Other Comprehensive (loss) income (1,978,000) (183,000) 35,000
Comprehensive income 7,563,000 12,141,000 5,972,000
Comprehensive loss (income) attributable to OP Units held by Non-controlling OP Unitholders 87,000 (4,000) 0
Total comprehensive income attributable to the Company $ 7,650,000 $ 12,137,000 $ 5,972,000
[1] Refer to Note 2 “Related-Party Transactions”