Annual report [Section 13 and 15(d), not S-K Item 405]

Consolidated Statements of Operations and Comprehensive Income

v3.25.4
Consolidated Statements of Operations and Comprehensive Income - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Operating revenues      
Lease revenue $ 161,336 $ 149,388 $ 147,584
Total operating revenues 161,336 149,388 147,584
Operating expenses      
Depreciation and amortization 58,245 55,786 57,856
Property operating expenses 28,625 25,418 25,858
Base management fee [1] 6,641 6,111 6,380
Incentive fee [1] 2,765 4,488 0
Administration fee [1] 2,581 2,567 2,350
General and administrative 4,040 3,879 4,363
Impairment charge 9 6,822 19,296
Total operating expense before incentive fee waiver 102,906 105,071 116,103
Incentive fee waiver [1] (1,517) (2,263) 0
Total operating expenses 101,389 102,808 116,103
Other (expense) income      
Interest expense (41,914) (37,395) (37,330)
Gain on sale of real estate, net 367 14,229 7,737
Gain on debt extinguishment, net 0 300 2,830
Other income 892 326 204
Total other (expense) income, net (40,655) (22,540) (26,559)
Net income 19,292 24,040 4,922
Net (income) loss (available) attributable to OP Units held by Non-controlling OP Unitholders (6) (42) 63
Net income available to the Company 19,286 23,998 4,985
Distributions attributable to Series E, F, and G preferred stock (12,299) (12,440) (12,285)
Distributions attributable to senior common stock (406) (420) (430)
Gain (loss) on extinguishment of Series F preferred stock, net 10 (14) (11)
Gain on repurchase of Series G preferred stock 0 0 3
Net income (loss) available (attributable) to common stockholders $ 6,591 $ 11,124 $ (7,738)
Income (loss) per weighted average share of common stock - basic & diluted      
Income (loss) available (attributable) to common stockholders basic (in dollars per share) $ 0.14 $ 0.27 $ (0.19)
Income (loss) available (attributable) to common stockholders diluted (in dollars per share) $ 0.14 $ 0.27 $ (0.19)
Weighted average shares of common stock outstanding      
Basic (in shares) 46,538,232 41,766,263 39,943,167
Diluted (in shares) 46,538,232 41,766,263 39,943,167
Distributions declared per common share (in dollars per share) $ 1.20 $ 1.20 $ 1.20
Earnings per weighted average share of senior common stock (in dollars per share) $ 1.05 $ 1.05 $ 1.05
Weighted average shares of senior common stock outstanding - basic (in shares) 386,691 398,828 409,903
Comprehensive (loss) income      
Change in unrealized (loss) gain related to interest rate hedging instruments, net $ (7,349) $ 2,702 $ (4,853)
Other comprehensive (loss) income (7,349) 2,702 (4,853)
Net income 19,292 24,040 4,922
Comprehensive income 11,943 26,742 69
Comprehensive (income) loss (available) attributable to OP Units held by Non-controlling OP Unitholders (6) (42) 63
Total comprehensive income available to the Company $ 11,937 $ 26,700 $ 132
[1] Refer to Note 2 “Related-Party Transactions”