Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Operations

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Consolidated Statements of Operations - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
OPERATING REVENUES:    
Lease revenue, net $ 40,692  
Lease revenue, net   $ 29,362
Other operating revenue 0 7,325
Total operating revenues 40,692 36,687
OPERATING EXPENSES:    
Depreciation and amortization 12,790 9,375
Property operating expenses 2,473 2,043
Base management fee 3,623 2,837
Incentive fee 847 0
Capital gains fee 0 628
Administration fee 1,207 1,275
General and administrative expenses 1,989 1,751
Other operating expenses 0 7,680
Total operating expenses 22,929 25,589
Credits to fees from Adviser (1,543) (1,014)
Total operating expenses, net of credits to fees 21,386 24,575
OTHER INCOME (EXPENSE):    
Other income 938 373
Interest expense (16,331) (12,130)
Dividends declared on Series A cumulative term preferred stock (1,833) (1,833)
(Loss) gain on dispositions of real estate assets, net (328) 5,532
Property and casualty recovery (loss), net 10 (194)
Loss on write-down of crop inventory 0 (1,094)
Total other expense, net (17,544) (9,346)
NET INCOME 1,762 2,766
Net income attributable to non-controlling interests (21) (137)
NET INCOME ATTRIBUTABLE TO THE COMPANY 1,741 2,629
Dividends declared on Series B cumulative redeemable preferred stock (4,240) (379)
NET (LOSS) INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS $ (2,499) $ 2,250
(LOSS) EARNINGS PER COMMON SHARE:    
Basic and diluted (in dollars per share) $ (0.13) $ 0.15
WEIGHTED AVERAGE SHARES OF COMMON STOCK OUTSTANDING    
Basic and diluted (in shares) 19,602,533 15,503,341
COMPREHENSIVE INCOME:    
Net income attributable to the Company $ 1,741 $ 2,629
Change in fair value related to interest rate hedging instruments (390) 0
COMPREHENSIVE INCOME ATTRIBUTABLE TO THE COMPANY $ 1,351 $ 2,629