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CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
Revenues        
Property related income $ 7,729 $ 5,787 $ 23,719 $ 17,113
Investment income on marketable securities 166 158 459 459
Total revenues 7,895 5,945 24,178 17,572
Expenses        
General and administrative expenses 491 470 1,518 1,510
Property operating expenses 1,985 1,830 6,371 5,435
Advisory fees 540 1,014 1,611 1,946
Depreciation 1,804 1,342 5,347 3,988
Amortization 1,418 1,128 4,348 3,428
Total operating expenses 6,238 5,784 19,195 16,307
Net realized (loss) gain upon sale of marketable securities (399) 274 (2,549) 539
Net unrealized change in fair value of investment in marketable securities 710 1,254 (648) 3,609
Operating income 1,968 1,689 1,786 5,413
Interest expense (1,732) (1,138) (5,445) (3,627)
Net income (loss) 236 551 (3,659) 1,786
Class A Shares        
Expenses        
Net income (loss) $ 56 $ 162 $ (900) $ 580
Net loss per common share:        
Basic and diluted net income (loss) per share (in usd per share) $ 0.02 $ 0.04 $ (0.24) $ 0.16
Class I Shares        
Expenses        
Net income (loss) $ 162 $ 340 $ (2,479) $ 1,080
Net loss per common share:        
Basic and diluted net income (loss) per share (in usd per share) $ 0.02 $ 0.04 $ (0.24) $ 0.15
Class T Shares        
Expenses        
Net income (loss) $ 15 $ 39 $ (237) $ 117
Net loss per common share:        
Basic and diluted net income (loss) per share (in usd per share) $ 0.02 $ 0.05 $ (0.24) $ 0.16
Class D Shares        
Expenses        
Net income (loss) $ 3 $ 10 $ (43) $ 9
Net loss per common share:        
Basic and diluted net income (loss) per share (in usd per share) $ 0.02 $ 0.06 $ (0.24) $ 0.14