Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Operations

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Condensed Consolidated Statements of Operations - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Jun. 30, 2018
Jun. 30, 2017
OPERATING REVENUES:        
Rental revenue $ 6,632 $ 5,994 $ 13,320 $ 11,742
Tenant recovery revenue 2 2 8 4
Other operating revenues 4,760 0 7,311 0
Total operating revenues 11,394 5,996 20,639 11,746
OPERATING EXPENSES:        
Depreciation and amortization 2,242 1,599 4,430 3,071
Property operating expenses 318 259 746 542
Acquisition-related expenses 0 37 131 46
Management fee 754 530 1,411 924
Incentive fee 0 76 0 427
Administration fee 275 219 549 445
General and administrative expenses 367 370 790 782
Other operating expenses 5,140 0 7,498 0
Total operating expenses 9,096 3,090 15,555 6,237
Credits to fees from Adviser (174) 0 (174) 0
Total operating expenses, net of credits to fees 8,922 3,090 15,381 6,237
OPERATING INCOME 2,472 2,906 5,258 5,509
OTHER INCOME (EXPENSE):        
Other income 9 0 323 185
Interest expense (2,815) (2,193) (5,646) (4,350)
Distributions attributable to Series A cumulative term preferred stock (458) (458) (916) (916)
Property and casualty loss 0 0 (129) 0
Loss on write-down of inventory (1,060) 0 (1,060) 0
Total other expense, net (4,324) (2,651) (7,428) (5,081)
NET (LOSS) INCOME (1,852) 255 (2,170) 428
Net loss (income) attributable to non-controlling interests 110 (28) 131 (49)
NET (LOSS) INCOME ATTRIBUTABLE TO THE COMPANY (1,742) 227 (2,039) 379
Dividends declared on Series B cumulative redeemable preferred stock (3) 0 (3) 0
NET (LOSS) INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS $ (1,745) $ 227 $ (2,042) $ 379
(LOSS) EARNINGS PER COMMON SHARE:        
Basic and diluted (in dollars per share) $ (0.11) $ 0.02 $ (0.14) $ 0.03
WEIGHTED-AVERAGE SHARES OF COMMON STOCK OUTSTANDING:        
Basic and diluted (in shares) 15,506,512 11,850,624 14,736,400 11,127,199
Distributions declared per share of common stock $ 0.1329 $ 0.1305 $ 0.26565 $ 0.2595