Quarterly report [Sections 13 or 15(d)]

Condensed Consolidated Statements of Operations and Comprehensive Income

v3.26.1
Condensed Consolidated Statements of Operations and Comprehensive Income - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Operating revenues    
Lease revenue $ 41,909 $ 37,501
Total operating revenues 41,909 37,501
Operating expenses    
Depreciation and amortization 14,796 13,243 [1]
Property operating expenses 7,035 6,900
Base management fee [2] 1,735 1,568
Incentive fee [2] 597 640
Administration fee [2] 671 622
General and administrative 1,006 885
Total operating expense before incentive fee waiver 25,840 23,858
Incentive fee waiver [2] (597) 0
Total operating expenses 25,243 23,858
Other (expense) income    
Interest expense (11,453) (9,138)
Gain on sale of real estate, net 1,783 0 [1]
Other (expense) income (24) 631
Total other (expense) income, net (9,694) (8,507)
Net income 6,972 5,136 [1]
Net income available to OP Units held by Non-controlling OP Unitholders (3) (2)
Net income available to the Company 6,969 5,134
Distributions attributable to Series E, F, and G preferred stock (3,042) (3,108)
Distributions attributable to senior common stock (98) (101)
Gain (loss) on extinguishment of Series F preferred stock, net 4 (10)
Net income available to common stockholders $ 3,833 $ 1,915
Income per weighted average share of common stock - basic & diluted    
Income available to common stockholders basic (in dollars per share) $ 0.08 $ 0.04
Income available to common stockholders diluted (in dollars per share) $ 0.08 $ 0.04
Weighted average shares of common stock outstanding    
Basic (in shares) 48,406,993 44,607,012
Diluted (in shares) 48,406,993 44,607,012
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) 379,223 388,686
Comprehensive income (loss)    
Change in unrealized gain (loss) related to interest rate hedging instruments, net $ 2,727 $ (4,016) [1]
Other comprehensive income (loss) 2,727 (4,016)
Net income 6,972 5,136 [1]
Comprehensive income 9,699 1,120
Comprehensive income available to OP Units held by Non-controlling OP Unitholders (3) (2)
Total comprehensive income available to the Company $ 9,696 $ 1,118
[1] Prior period conformed to current presentation.
[2] Refer to Note 2 “Related Party Transactions”