Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Operations

v3.7.0.1
Condensed Consolidated Statements of Operations - USD ($)
 3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
Operating revenues    
Rental revenue $ 21,954,000 $ 20,657,000
Tenant recovery revenue 360,000 485,000
Interest income from mortgage note receivable 0 385,000
Total operating revenues 22,314,000 21,527,000
Operating expenses    
Depreciation and amortization 9,921,000 9,133,000
Property operating expenses 1,380,000 1,610,000
Base management fee [1] 1,181,000 861,000
Incentive fee [1] 569,000 618,000
Administration fee [1] 360,000 404,000
General and administrative 551,000 588,000
Impairment charge 3,746,000 43,000
Total operating expenses 17,708,000 13,257,000
Other (expense) income    
Interest expense (6,158,000) (6,731,000)
Distributions attributable to Series C mandatorily redeemable preferred stock 0 (686,000)
Gain on sale of real estate, net 5,906,000 0
Other income 2,000 0
Total other expense, net (250,000) (7,417,000)
Net income 4,356,000 853,000
Distributions attributable to Series A, B and D preferred stock (2,373,000) (1,027,000)
Distributions attributable to senior common stock (248,000) (252,000)
Net income (loss) available (attributable) to common stockholders $ 1,735,000 $ (426,000)
Earnings (loss) per weighted average share of common stock - basic & diluted    
Earnings (loss) attributable to common shareholders (in dollars per share) $ 0.07 $ (0.02)
Weighted average shares of common stock outstanding    
Basic and Diluted (in shares) 24,963,926 22,545,285
Earnings per weighted average share of senior common stock (in dollars per share) $ 0.26 $ 0.26
Weighted average shares of senior common stock outstanding - basic (in shares) 958,194 964,036
[1] Refer to Note 2 “Related-Party Transactions”