Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Operations and Comprehensive Income

v3.23.3
Condensed Consolidated Statements of Operations and Comprehensive Income - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Operating revenues        
Lease revenue $ 36,464 $ 39,834 $ 111,675 $ 111,764
Total operating revenues 36,464 39,834 111,675 111,764
Operating expenses        
Depreciation and amortization 12,485 15,474 44,125 45,279
Property operating expenses 6,821 6,536 20,286 20,118
Base management fee [1] 1,597 1,603 4,808 4,727
Incentive fee [1] 0 1,513 0 4,193
Administrative fee [1] 624 481 1,734 1,342
General and administrative 1,306 833 3,437 2,788
Impairment charge 6,754 10,718 13,577 12,092
Total operating expenses 29,587 37,158 87,967 90,539
Other income (expense)        
Interest expense (9,936) (9,107) (27,845) (22,813)
Gain on sale of real estate, net 4,696 8,902 4,245 8,902
Other income 155 316 262 538
Total other (expense) income, net (5,085) 111 (23,338) (13,373)
Net income 1,792 2,787 370 7,852
Net (income) loss (available) attributable to OP Units held by Non-controlling OP Unitholders (3) 4 78 12
Net income available to the Company 1,789 2,791 448 7,864
Distributions attributable to Series E, F, and G preferred stock (3,099) (2,987) (9,179) (8,900)
Distributions attributable to senior common stock (108) (114) (323) (344)
Loss on extinguishment of Series F preferred stock (1) 0 (12) (5)
Gain on repurchase of Series G preferred stock 0 0 3 0
Net loss attributable to common stockholders $ (1,419) $ (310) $ (9,063) $ (1,385)
Loss per weighted average share of common stock - basic & diluted        
Loss attributable to common shareholders, Basic (in dollars per share) $ (0.04) $ (0.01) $ (0.23) $ (0.04)
Loss attributable to common shareholders, Diluted (in dollars per share) $ (0.04) $ (0.01) $ (0.23) $ (0.04)
Weighted average shares of common stock outstanding        
Basic (in shares) 39,917,995 39,504,734 39,939,660 38,723,581
Diluted (in shares) 39,917,995 39,504,734 39,939,660 38,723,581
Earnings per weighted average share of senior common stock (in dollars per share) $ 0.27 $ 0.26 $ 0.79 $ 0.78
Weighted average shares of senior common stock outstanding - basic (in shares) 406,425 431,064 411,075 438,556
Comprehensive income        
Change in unrealized gain related to interest rate hedging instruments, net $ 5,089 $ 6,790 $ 7,218 $ 13,660
Other Comprehensive gain 5,089 6,790 7,218 13,660
Net income 1,792 2,787 370 7,852
Comprehensive income 6,881 9,577 7,588 21,512
Comprehensive (income) loss (available) attributable to OP Units held by Non-controlling OP Unitholders (3) 4 78 12
Total comprehensive income available to the Company $ 6,878 $ 9,581 $ 7,666 $ 21,524
[1] Refer to Note 2 “Related-Party Transactions”