Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Operations

v3.6.0.2
Consolidated Statements of Operations - USD ($)
 12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Operating revenues      
Rental revenue $ 84,498,000 $ 80,892,000 $ 71,211,000
Tenant recovery revenue 1,489,000 1,753,000 2,079,000
Interest income from mortgage note receivable 385,000 1,121,000 466,000
Total operating revenues 86,372,000 83,766,000 73,756,000
Operating expenses      
Depreciation and amortization 37,517,000 35,288,000 28,864,000
Property operating expenses 5,889,000 5,296,000 4,711,000
Acquisition related expenses 261,000 622,000 1,438,000
Base management fee [1] 3,930,000 3,474,000 2,798,000
Incentive fee [1] 2,381,000 4,650,000 4,305,000
Administration fee [1] 1,474,000 1,419,000 1,526,000
General and administrative 2,127,000 2,094,000 2,689,000
Impairment charge 2,016,000 622,000 14,238,000
Total operating expenses before credit to incentive fee 55,595,000 53,465,000 60,569,000
Credit to base management fee [1] 0 0 (150,000)
Credit to incentive fee [1]   (2,500,000) (3,013,000)
Total operating expenses 55,595,000 50,965,000 57,406,000
Other (expense) income      
Interest expense (25,902,000) (28,014,000) (26,197,000)
Distributions attributable to Series C mandatorily redeemable preferred stock (1,502,000) (2,743,000) (2,743,000)
Gain on sale of real estate, net 242,000 1,538,000 1,240,000
Gain on debt extinguishment 0 0 5,274,000
Other income 343,000 14,000 174,000
Total other expense, net (26,819,000) (29,205,000) (22,252,000)
Net income (loss) 3,958,000 3,596,000 (5,902,000)
Distributions attributable to Series A, B and D preferred stock (6,645,000) (4,094,000) (4,094,000)
Distributions attributable to senior common stock (1,011,000) (1,007,000) (542,000)
Net loss attributable to common stockholders $ (3,698,000) $ (1,505,000) $ (10,538,000)
Loss per weighted average share of common stock - basic & diluted, Loss attributable to common shareholders (in dollars per share) $ (0.16) $ (0.07) $ (0.61)
Weighted average shares of common stock outstanding      
Basic (in shares) 23,193,962 21,159,597 17,253,503
Diluted (in shares) 23,193,962 21,159,597 17,253,503
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) 960,667 960,016 516,937
[1] Refer to Note 2 “Related-Party Transactions”