Financial Highlights

Period Ended
FY 2018
FY 2017
FY 2016
Balance Sheet (in thousands)
Real Estate 109,041 94,224 47,916
Real Estate (Less Accumulated Depreciation) 103,100 91,488 47,586
Secured Debt 74,948 68,720 35,168
Total Debt 74,948 68,720 35,168
Total Liabilities 84,212 76,609 40,322
Equity (Attributable to Common Shares) 35,806 23,678 9,761
Equity (Attributable to Partnership Units) 18,444 16,937 18,844
Total Equity 54,250 40,615 28,605
Total Assets 138,462 117,224 68,927
Income Statement (in thousands)
Rental Revenue 18,213 10,040 1,560
Interest Expense 3,259 2,122 425
Total Revenue 18,331 10,061 1,567
Net Income (2,630) (2,525) (3,173)
Net Income (Attributable to Common Shares) (1,650) (1,409) (1,916)
Net Income (Attributable to Partnership Units) (980) (1,116) (1,257)
FFO 7,124 3,357 (1,941)
Modified FFO 7,124 4,035 351
Total Expenses 20,960 12,585 4,739
Key Metrics (in thousands)
FFO Payout (%) 57.21% 88.61% (45.14)%
FFO/Total Revenue (%) 38.86% 31.72% (123.91)%
Total Debt/Gross Real Estate (%) 68.73% 72.93% 73.40%
Per Share Information ($)
FFO/Share $1.01 $0.63 $ (1.02)
Modified FFO per Share $1.01 $0.76 $ 0.18
Dividends Declared per Share $0.56375 $0.55 $ 0.3375
Principal Payments Schedule (in thousands)
Debt Due this Fiscal Year - - -
Debt Due during Next Fiscal Year 2,026 1,758 954
Debt Due during Second Fiscal Year 2,115 1,865 993
Debt Due during Third Fiscal Year 28,729 1,941 1,033
Debt Due during Fourth Fiscal Year 1,350 28,512 1,073
Debt Due Thereafter 41,166 35,144 31,353
Shareholder Data YTD Weighted Averages
Common shares/UPREIT Units Outstanding 7,047,029 5,298,534 1,900,496
UPREIT Units Outstanding 2,626,518 2,342,335 752,903
Common shares Outstanding 4,420,510 2,956,198 1,147,593