Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Operations

v3.19.1
Consolidated Statements of Operations - USD ($)
shares in Thousands, $ in Thousands
 12 Months Ended
Dec. 31, 2018
Dec. 31, 2017
Dec. 31, 2016
Revenue      
Rental revenue $ 49,565 $ 28,511 $ 8,080
Expense recoveries 3,573 1,712 0
Other income 54 121 131
Total revenue 53,192 30,344 8,211
Expenses      
General and administrative 5,537 5,489 4,219
Operating expenses 3,720 1,860 73
Management fees - related party 4,422 [1] 3,123 [2] 1,434
Depreciation expense 13,644 7,929 2,335
Amortization expense 3,625 2,072 42
Interest expense 14,975 7,435 4,139
Acquisition fees 383 2,523 1,568
Acquisition fees – related party 0 0 754
Total expenses 46,306 30,431 14,564
Income (Loss) before Gain (Loss) on Sale of Properties 6,886 (87) (6,353)
Gain on sale of investment property 7,675 0 0
Net income (loss) 14,561 (87) (6,353)
Less: Preferred stock dividends (5,822) (1,714) 0
Less: Net (income) loss attributable to noncontrolling interest (1,071) 49 0
Net income (loss) attributable to common stockholders $ 7,668 $ (1,752) $ (6,353)
Net income (loss) attributable to common stockholders per share – basic and diluted $ 0.35 $ (0.09) $ (0.68)
Weighted average shares outstanding – basic and diluted 21,971 19,617 9,302
[1] Net amount accrued of $79 consists of $4,422 in management fee expense incurred, net of $4,343 of accrued management fees that were paid to the Advisor. This represents a cash flow operating activity.
[2] Net amount accrued of $443 consists of $3,123 in management fee expense incurred, net of $2,680 of accrued management fees that were paid to the Advisor. This represents a cash flow operating activity.