Quarterly report [Sections 13 or 15(d)]

Condensed Consolidated Statements of Operations and Comprehensive Income

v3.25.1
Condensed Consolidated Statements of Operations and Comprehensive Income - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Operating revenues    
Lease revenue $ 37,501 $ 35,721
Total operating revenues 37,501 35,721
Operating expenses    
Depreciation and amortization 13,243 13,326
Property operating expenses 6,900 5,884
Base management fee [1] 1,568 1,535
Incentive fee [1] 640 1,171
Administrative fee [1] 622 630
General and administrative 885 1,047
Impairment charge 0 493
Total operating expense before incentive fee waiver 23,858 24,086
Incentive fee waiver [1] 0 (771)
Total operating expenses 23,858 23,315
Other income (expense)    
Interest expense (9,138) (9,497)
Gain on sale of real estate, net 0 283
Gain on debt extinguishment, net 0 300
Other income 631 34
Total other expense, net (8,507) (8,880)
Net income 5,136 3,526
Net income available to OP Units held by Non-controlling OP Unitholders (2) (2)
Net income available to the Company 5,134 3,524
Distributions attributable to Series E, F, and G preferred stock (3,108) (3,112)
Distributions attributable to senior common stock (101) (105)
Loss on extinguishment of Series F preferred stock, net (10) (3)
Net income available to common stockholders $ 1,915 $ 304
Income per weighted average share of common stock - basic & diluted    
Income available to common stockholders, basic (in dollars per share) $ 0.04 $ 0.01
Income available to common stockholders, diluted (in dollars per share) $ 0.04 $ 0.01
Weighted average shares of common stock outstanding    
Basic (in shares) 44,607,012 40,003,481
Diluted (in shares) 44,607,012 40,003,481
Earnings per weighted average share of senior common stock (in dollars per share) $ 0.26 $ 0.26
Weighted average shares of senior common stock outstanding - basic (in shares) 388,686 402,856
Comprehensive (loss) income    
Change in unrealized (loss) gain related to interest rate hedging instruments, net $ (4,016) $ 5,417
Other comprehensive (loss) income (4,016) 5,417
Net income 5,136 3,526
Comprehensive income 1,120 8,943
Comprehensive income available to OP Units held by Non-controlling OP Unitholders (2) (2)
Total comprehensive income available to the Company $ 1,118 $ 8,941
[1] Refer to Note 2 “Related-Party Transactions”