Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2016 |
Jun. 30, 2015 |
Jun. 30, 2016 |
Jun. 30, 2015 |
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Revenues: | ||||
Rental income | $ 14,203 | $ 10,196 | $ 28,276 | $ 20,237 |
Expense reimbursement | 1,562 | 1,145 | 3,344 | 2,036 |
Other | 327 | 293 | 750 | 621 |
Total Revenues | 16,092 | 11,634 | 32,370 | 22,894 |
Operating Expenses: | ||||
Property operating expenses | 6,236 | 4,127 | 12,398 | 8,243 |
Acquisition costs | 87 | 882 | 87 | 1,091 |
Stock based compensation | 615 | 507 | 1,157 | 916 |
General and administrative | 929 | 495 | 1,630 | 902 |
Base management fee | 327 | 109 | 659 | |
External advisor acquisition | 7,045 | |||
Depreciation and amortization | 6,520 | 4,494 | 13,071 | 8,900 |
Total Operating Expenses | 14,387 | 10,832 | 35,497 | 20,711 |
Operating income/(loss) | 1,705 | 802 | (3,127) | 2,183 |
Interest Expense: | ||||
Contractual interest expense | (3,139) | (2,103) | (6,885) | (4,112) |
Amortization of deferred financing costs | (250) | (185) | (471) | (354) |
Interest expense, net | (3,389) | (2,288) | (7,356) | (4,466) |
Change in fair value of earn-out | (600) | (600) | ||
Net gain on sale of real estate property | 15,934 | 15,934 | ||
Net income/(loss) | 14,250 | (2,086) | 5,451 | (2,883) |
Less: Net income attributable to noncontrolling interests in properties | (110) | (134) | (177) | (255) |
Less: Net (income)/loss attributable to Operating Partnership unitholders' noncontrolling interests | (2,613) | 422 | (874) | 598 |
Net income/(loss) attributable to stockholders | $ 11,527 | $ (1,798) | $ 4,400 | $ (2,540) |
Net income/(loss) per share: | ||||
Basic | $ 0.56 | $ (0.15) | $ 0.26 | $ (0.21) |
Diluted | $ 0.48 | $ (0.15) | $ 0.22 | $ (0.21) |
Weighted average common shares outstanding: | ||||
Basic | 20,729 | 12,365 | 16,746 | 12,328 |
Diluted | 24,235 | 12,365 | 20,237 | 12,328 |
Dividends/distributions declared per common share and unit | $ 0.235 | $ 0.235 | $ 0.235 | $ 0.235 |
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- Definition External advisor acquisition costs. No definition available.
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- Definition Net income loss attributable to non-controlling interest in properties. No definition available.
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- Definition Amount of amortization expense attributable to debt issuance costs. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition This element represents acquisition-related costs incurred to effect a business combination which costs have been expensed during the period. Such costs include finder's fees; advisory, legal, accounting, valuation, and other professional or consulting fees; general administrative costs, including the costs of maintaining an internal acquisitions department; and may include costs of registering and issuing debt and equity securities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Amount of increase (decrease) in the value of a contingent consideration liability, including, but not limited to, differences arising upon settlement. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Aggregate dividends declared during the period for each share of common stock outstanding. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition The current period expense charged against earnings on long-lived, physical assets not used in production, and which are not intended for resale, to allocate or recognize the cost of such assets over their useful lives; or to record the reduction in book value of an intangible asset over the benefit period of such asset; or to reflect consumption during the period of an asset that is not used in production. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Amount of expense incurred and directly related to generating revenue from leased and rented property or equipment. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- References No definition available.
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- Definition The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition The net gain (loss) resulting from sales and other disposals of real estate owned for investment purposes. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition The aggregate total of expenses of managing and administering the affairs of an entity, including affiliates of the reporting entity, which are not directly or indirectly associated with the manufacture, sale or creation of a product or product line. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Amount of the cost of borrowed funds accounted for as interest expense. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- References No definition available.
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- Definition The amount, during the lease term, of each minimum [capital] lease payment allocated to interest expense so as to produce a constant periodic rate of interest on the remaining balance of the capital lease obligation. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Amount of expenses related to the managing member or general partner for management of the day-to-day business functions of the limited liability company (LLC) or limited partnership (LP). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition The portion of profit or loss for the period, net of income taxes, which is attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Amount after tax of income (loss) attributable to redeemable noncontrolling partner in an operating partnership. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Generally recurring costs associated with normal operations except for the portion of these expenses which can be clearly related to production and included in cost of sales or services. Includes selling, general and administrative expense. No definition available.
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- References No definition available.
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- Definition The net result for the period of deducting operating expenses from operating revenues. No definition available.
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- Definition The total amount of revenue recognized for the period from operating leases, including minimum lease revenue, contingent revenue, percentage revenue and sublease revenue. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Amount of revenue and income classified as other. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- References No definition available.
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- Definition The aggregate amount of noncash, equity-based employee remuneration. This may include the value of stock or unit options, amortization of restricted stock or units, and adjustment for officers' compensation. As noncash, this element is an add back when calculating net cash generated by operating activities using the indirect method. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition In accordance with the provisions of their lease agreement, this element represents allowable charges due a landlord from its tenant. In retail store and office building leases, for example, tenant reimbursements may cover items such as taxes, utilities, and common area expenses. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition The average number of shares or units issued and outstanding that are used in calculating diluted EPS or earnings per unit (EPU), determined based on the timing of issuance of shares or units in the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- References No definition available.
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- Definition Number of [basic] shares or units, after adjustment for contingently issuable shares or units and other shares or units not deemed outstanding, determined by relating the portion of time within a reporting period that common shares or units have been outstanding to the total time in that period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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