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 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Operating revenues        
Lease revenue $ 43,989 $ 39,533 $ 85,898 $ 77,034
Total operating revenues 43,989 39,533 85,898 77,034
Operating expenses        
Depreciation and amortization 14,957 14,249 29,753 27,492 [1]
Property operating expenses 7,157 7,258 14,192 14,158
Base management fee [2] 1,745 1,640 3,480 3,207
Incentive fee [2] 597 709 1,195 1,348
Administration fee [2] 622 590 1,293 1,212
General and administrative 1,181 1,400 2,187 2,284
Impairment charge 0 9 0 9 [1]
Total operating expense before incentive fee waiver 26,259 25,855 52,100 49,710
Incentive fee waiver [2] (22) (709) (619) (709)
Total operating expenses 26,237 25,146 51,481 49,001
Other (expense) income        
Interest expense (11,397) (10,058) (22,851) (19,196)
Gain on sale of real estate, net 1,894 377 3,676 377 [1]
Other income (expense) 21 (72) (3) 559
Total other (expense) income, net (9,482) (9,753) (19,178) (18,260)
Net income 8,270 4,634 15,239 9,773 [1]
Net income available to OP Units held by Non-controlling OP Unitholders (4) (1) (7) (3)
Net income available to the Company 8,266 4,633 15,232 9,770
Distributions attributable to Series E, F, and G preferred stock (3,036) (3,085) (6,078) (6,193)
Distributions attributable to senior common stock (99) (101) (197) (202)
(Loss) gain on extinguishment of Series F preferred stock, net (7) 9 (3) (1)
Net income available to common stockholders $ 5,124 $ 1,456 $ 8,954 $ 3,374
Income per weighted average share of common stock - basic & diluted        
Income available to common stockholders basic (in dollars per share) $ 0.11 $ 0.03 $ 0.18 $ 0.07
Income available to common stockholders diluted (in dollars per share) $ 0.11 $ 0.03 $ 0.18 $ 0.07
Weighted average shares of common stock outstanding        
Basic (in shares) 48,407,119 46,219,663 48,407,056 45,417,792
Diluted (in shares) 48,407,119 46,219,663 48,407,056 45,417,792
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) 379,078 387,496 379,150 387,136
Comprehensive income (loss)        
Change in unrealized gain (loss) related to interest rate hedging instruments, net $ 3,740 $ (2,344) $ 6,467 $ (6,360) [1]
Other comprehensive income (loss) 3,740 (2,344) 6,467 (6,360)
Net income 8,270 4,634 15,239 9,773 [1]
Comprehensive income 12,010 2,290 21,706 3,413
Comprehensive income available to OP Units held by Non-controlling OP Unitholders (4) (1) (7) (3)
Total comprehensive income available to the Company $ 12,006 $ 2,289 $ 21,699 $ 3,410
[1] Prior period conformed to current presentation.
[2] Refer to Note 2 “Related Party Transactions”