Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Operations and Other Comprehensive Income

v3.8.0.1
Condensed Consolidated Statements of Operations and Other Comprehensive Income - USD ($)
 3 Months Ended
Mar. 31, 2018
Mar. 31, 2017
Operating revenues    
Rental revenue $ 25,591,000 $ 21,954,000
Tenant recovery revenue 762,000 360,000
Total operating revenues 26,353,000 22,314,000
Operating expenses    
Depreciation and amortization 11,586,000 9,921,000
Property operating expenses 2,792,000 1,380,000
Base management fee [1] 1,295,000 1,181,000
Incentive fee [1] 696,000 569,000
Administration fee [1] 387,000 360,000
General and administrative 646,000 551,000
Impairment charge 0 3,746,000
Total operating expenses 17,402,000 17,708,000
Other (expense) income    
Interest expense (6,213,000) (6,158,000)
Gain on sale of real estate, net 1,844,000 5,906,000
Other income 23,000 2,000
Total other expense, net (4,346,000) (250,000)
Net income 4,605,000 4,356,000
Distributions attributable to Series A, B and D preferred stock (2,582,000) (2,373,000)
Distributions attributable to senior common stock (232,000) (248,000)
Net income available to common stockholders $ 1,791,000 $ 1,735,000
Earnings per weighted average share of common stock - basic & diluted    
Loss attributable to common shareholders (in dollars per share) $ 0.06 $ 0.07
Weighted average shares of common stock outstanding    
Basic and Diluted (in shares) 28,420,995 24,963,926
Distributions declared per common share (in dollars per share) $ 0.375 $ 0.375
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) 895,222 958,194
Comprehensive income    
Change in unrealized gain related to interest rate hedging instruments, net $ 495,000 $ 0
Other Comprehensive income 495,000 0
Net income 4,605,000 4,356,000
Comprehensive income $ 5,100,000 $ 4,356,000
[1] Refer to Note 2 “Related-Party Transactions”