Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Operations and Comprehensive Income

v3.23.2
Condensed Consolidated Statements of Operations and Comprehensive Income - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Operating revenues        
Lease revenue $ 38,658 $ 36,399 $ 75,212 $ 71,930
Total operating revenues 38,658 36,399 75,212 71,930
Operating expenses        
Depreciation and amortization 16,936 15,167 31,640 29,804
Property operating expenses 6,738 6,959 13,465 13,582
Base management fee [1] 1,605 1,577 3,210 3,124
Incentive fee [1] 0 1,339 0 2,679
Administrative fees [1] 546 399 1,110 861
General and administrative 1,068 958 2,131 1,955
Impairment charge 6,823 1,374 6,823 1,374
Total operating expenses 33,716 27,773 58,379 53,379
Other income (expense)        
Interest expense (9,081) (7,121) (17,909) (13,706)
Loss on sale of real estate, net (451) 0 (451) 0
Other income 2 119 107 223
Total other expense, net (9,530) (7,002) (18,253) (13,483)
Net (loss) income (4,588) 1,624 (1,420) 5,068
Net loss attributable to OP Units held by Non-controlling OP Unitholders 73 10 81 8
Net (loss) income (attributable) available to the Company (4,515) 1,634 (1,339) 5,076
Distributions attributable to Series E, F, and G preferred stock (3,058) (2,967) (6,080) (5,913)
Distributions attributable to senior common stock (106) (114) (215) (230)
Loss on extinguishment of Series F preferred stock (6) 0 (11) (5)
Gain on repurchase of Series G preferred stock 0 0 3 0
Net loss attributable to common stockholders $ (7,685) $ (1,447) $ (7,642) $ (1,072)
Loss per weighted average share of common stock - basic & diluted        
Loss attributable to common shareholders, Basic (in dollars per share) $ (0.19) $ (0.04) $ (0.19) $ (0.03)
Loss attributable to common shareholders, Diluted (in dollars per share) $ (0.19) $ (0.04) $ (0.19) $ (0.03)
Weighted average shares of common stock outstanding        
Basic (in shares) 39,978,674 38,745,751 39,950,672 38,326,531
Diluted (in shares) 39,978,674 38,745,751 39,950,672 38,326,531
Earnings per weighted average share of senior common stock (in dollars per share) $ 0.26 $ 0.26 $ 0.52 $ 0.52
Weighted average shares of senior common stock outstanding - basic (in shares) 407,099 435,364 413,438 442,364
Comprehensive income        
Change in unrealized gain related to interest rate hedging instruments, net $ 8,025 $ 2,603 $ 2,130 $ 6,870
Other Comprehensive gain 8,025 2,603 2,130 6,870
Net (loss) income (4,588) 1,624 (1,420) 5,068
Comprehensive income 3,437 4,227 710 11,938
Comprehensive loss attributable to OP Units held by Non-controlling OP Unitholders 73 10 81 8
Total comprehensive income available to the Company $ 3,510 $ 4,237 $ 791 $ 11,946
[1] Refer to Note 2 “Related-Party Transactions”