Quarterly report [Sections 13 or 15(d)]

Condensed Consolidated Statements of Operations and Comprehensive Income

v3.25.2
Condensed Consolidated Statements of Operations and Comprehensive Income - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Operating revenues        
Lease revenue $ 39,533 $ 37,057 $ 77,034 $ 72,779
Total operating revenues 39,533 37,057 77,034 72,779
Operating expenses        
Depreciation and amortization 14,249 16,015 27,492 29,341 [1]
Property operating expenses 7,258 5,807 14,158 11,692
Base management fee [2] 1,640 1,516 3,207 3,051
Incentive fee [2] 709 1,245 1,348 2,416
Administration fee [2] 590 594 1,212 1,225
General and administrative 1,400 1,046 2,284 2,093
Impairment charge 9 0 9 493 [1]
Total operating expense before incentive fee waiver 25,855 26,223 49,710 50,311
Incentive fee waiver [2] (709) (250) (709) (1,021)
Total operating expenses 25,146 25,973 49,001 49,290
Other income (expense)        
Interest expense (10,058) (9,463) (19,196) (18,960)
Gain (loss) on sale of real estate, net 377 (47) 377 236 [1]
Gain on debt extinguishment, net 0 0 0 300 [1]
Other (expense) income (72) 26 559 60
Total other expense, net (9,753) (9,484) (18,260) (18,364)
Net income 4,634 1,600 9,773 5,125 [1]
Net (income) loss (available) attributable to OP Units held by Non-controlling OP Unitholders (1) 11 (3) 9
Net income available to the Company 4,633 1,611 9,770 5,134
Distributions attributable to Series E, F, and G preferred stock (3,085) (3,116) (6,193) (6,229)
Distributions attributable to senior common stock (101) (105) (202) (211)
Gain (loss) on extinguishment of Series F preferred stock, net 9 (4) (1) (7)
Net income (loss) available (attributable) to common stockholders $ 1,456 $ (1,614) $ 3,374 $ (1,313)
Income per weighted average share of common stock - basic & diluted        
Income (loss) available (attributable) to common stockholders, basic (in dollars per share) $ 0.03 $ (0.04) $ 0.07 $ (0.03)
Income (loss) available (attributable) to common stockholders, diluted (in dollars per share) $ 0.03 $ (0.04) $ 0.07 $ (0.03)
Weighted average shares of common stock outstanding        
Basic (in shares) 46,219,663 40,311,476 45,417,792 40,157,479
Denominator for diluted weighted average shares of common stock (in shares) 46,219,663 40,311,476 45,417,792 40,157,479
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) 387,496 402,817 387,136 402,837
Comprehensive (loss) income        
Change in unrealized (loss) gain related to interest rate hedging instruments, net $ (2,344) $ 470 $ (6,360) $ 5,888 [1]
Other comprehensive (loss) income (2,344) 470 (6,360) 5,888
Net income 4,634 1,600 9,773 5,125 [1]
Comprehensive income 2,290 2,070 3,413 11,013
Comprehensive (income) loss (available) attributable to OP Units held by Non-controlling OP Unitholders (1) 11 (3) 9
Total comprehensive income available to the Company $ 2,289 $ 2,081 $ 3,410 $ 11,022
[1] Prior period conformed to current presentation.
[2] Refer to Note 2 “Related-Party Transactions”