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v3.5.0.2

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended
--- | --- | ---
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015
Operating revenues |  |  |  |  |
Rental revenue |  | $ 21,205 | $ 20,653 | $ 62,752 | $ 59,953
Tenant recovery revenue |  | 384 | 437 | 1,226 | 1,195
Interest income from mortgage note receivable |  | 0 | 285 | 385 | 835
Total operating revenues |  | 21,589 | 21,375 | 64,363 | 61,983
Operating expenses |  |  |  |  |
Depreciation and amortization |  | 9,459 | 9,006 | 27,796 | 26,160
Property operating expenses |  | 1,410 | 1,612 | 4,455 | 3,752
Acquisition related expenses |  | 149 | 138 | 275 | 589
Base management fee | [1] | 1,072 | 872 | 2,789 | 2,589
Incentive fee | [1] | 564 | 621 | 1,837 | 4,054
Administration fee | [1] | 311 | 326 | 1,086 | 1,054
General and administrative |  | 421 | 446 | 1,607 | 1,675
Impairment charge |  | 1,786 | 622 | 2,016 | 622
Total operating expenses before credit to incentive fee |  | 15,172 | 13,643 | 41,861 | 40,495
Credit to incentive fee | [1] | 0 | 0 |  | (2,500)
Total operating expenses |  | 15,172 | 13,643 | 41,861 | 37,995
Other (expense) income |  |  |  |  |
Interest expense |  | (6,338) | (7,142) | (19,648) | (20,912)
Distributions attributable to Series C mandatorily redeemable preferred stock |  | 131 | 686 | 1,502 | 2,057
Loss on sale of real estate |  | (24) | 0 | (24) | 0
Other income |  | 3 | 0 | 337 | 11
Total other expense, net |  | (6,490) | (7,828) | (20,837) | (22,958)
Net (loss) income |  | (73) | (96) | 1,665 | 1,030
Distributions attributable to Series A, B and D preferred stock |  | (2,002) | (1,023) | (4,292) | (3,070)
Distributions attributable to senior common stock |  | (254) | (263) | (758) | (748)
Net loss attributable to common stockholders |  | $ (2,329) | $ (1,382) | $ (3,385) | $ (2,788)
Loss per weighted average share of common stock - basic & diluted |  |  |  |  |
Loss attributable to common shareholders - basic and diluted (in dollars per share) |  | $ (0.10) | $ (0.06) | $ (0.15) | $ (0.13)
Weighted average shares of common stock outstanding |  |  |  |  |
Basic (in shares) |  | 23,509,054 | 21,403,808 | 22,915,086 | 20,820,559
Diluted (in shares) |  | 23,509,054 | 21,403,808 | 22,915,086 | 20,820,559
Earnings per weighted average share of senior common stock (in dollars per share) |  | $ 0.26 | $ 0.26 | $ 0.79 | $ 0.79
Weighted average shares of senior common stock outstanding - basic (in shares) |  | 959,552 | 993,069 | 961,041 | 948,347
[1] | Refer to Note 2 “Related-Party Transactions”

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