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Statements of Operations - USD ($)
shares in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
Revenues:        
Rental and other property revenues $ 114,831,000 $ 105,049,000 $ 338,271,000 $ 298,569,000
Interest income on loan and note receivable 10,649,000 12,608,000 34,495,000 35,989,000
Revenue from Related Parties 609,000 2,546,000 3,750,000 9,980,000
miscellaneous revenues 608,000 0 4,560,000 1,023,000
Revenues 126,697,000 120,203,000 381,076,000 345,561,000
Operating expenses:        
Property operating and maintenance 19,278,000 16,493,000 52,919,000 43,236,000
Payments to Employees 6,054,000 5,360,000 16,965,000 14,845,000
Management Fee Expense 983,000 3,534,000 4,028,000 10,174,000
Provision for Other Credit Losses (152,000) 0 5,463,000 0
Real Estate Taxes and Insurance 16,078,000 14,474,000 48,109,000 42,646,000
Real estate taxes   0   0
General and administrative 7,898,000 1,364,000 23,109,000 4,171,000
Employee Benefits and Share-based Compensation 582,000 305,000 1,058,000 922,000
Depreciation, Depletion and Amortization 51,794,000 46,239,000 153,096,000 137,191,000
Asset management and G&A 0 8,611,000 3,099,000 24,649,000
Share-based Compensation (152,000) 0 5,463,000 0
Depreciation and amortization 51,794,000 46,239,000 153,096,000 137,191,000
Allowance for Loan and Lease Losses, Loans Acquired 0 (5,530,000) (1,963,000) (16,144,000)
Other Expenses 577,000 818,000 179,828,000 1,143,000
Total operating expenses 103,092,000 97,198,000 487,674,000 278,977,000
manager's fees deferred 0 3,081,000 1,136,000 8,505,000
Operating Expenses 103,092,000 94,117,000 486,538,000 270,472,000
Operating Income (Loss) 23,605,000 26,086,000 (105,462,000) 75,089,000
Income (Loss) from Equity Method Investments, Net of Dividends or Distributions (120,000) 0 (120,000) 0
Gain on Sale of Investments 3,261,000 0 3,261,000 4,000
Interest Expense 29,879,000 28,799,000 90,608,000 83,166,000
change in fair value of variable interest entities 0 591,000 0 1,316,000
Gain (Loss) on Extinguishment of Debt 518,000 15,000 6,674,000 84,000
gain on sale of financial instruments 49,000 0 528,000 747,000
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest (3,602,000) (2,137,000) (199,075,000) (6,094,000)
Net Income (Loss) Attributable to Noncontrolling Interest 108,000 59,000 3,515,000 138,000
Gains (Losses) on Sales of Investment Real Estate 0 0 0 4,000
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest 26,746,000 26,086,000 (102,321,000) 75,093,000
Income (Loss) from Continuing Operations, Including Portion Attributable to Noncontrolling Interest (3,602,000) (2,137,000) (199,075,000) (6,094,000)
Net loss attributable to the Company (3,494,000) (2,078,000) (195,560,000) (5,956,000)
Preferred Stock Dividends, Income Statement Impact 35,909,000 29,446,000 104,601,000 82,527,000
net income attributable to unvested restricted stockholders (96,000) (5,000) (109,000) (14,000)
Deemed noncash dividend     499,000 358,000
Net Income (Loss) Available to Common Stockholders, Basic $ (39,499,000) $ (31,529,000) $ (300,270,000) $ (88,497,000)
Income (Loss) from Continuing Operations, Per Basic and Diluted Share $ (0.79) $ (0.71) $ (6.21) $ (2.02)
Weighted Average Number of Shares Outstanding, Basic 49,689 44,703 48,351 43,703
Dividends, Common Stock, Cash $ 8,876,000 $ 11,823,000 $ 29,991,000 $ 34,599,000
Common Stock, Dividends, Per Share, Declared $ 0.175 $ 0.2625 $ 0.6125 $ 0.785
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) $ 0 $ 0 $ 0 $ 747,000