Quarterly report [Sections 13 or 15(d)]

Condensed Consolidated Statements of Operations and Comprehensive Income

v3.25.3
Condensed Consolidated Statements of Operations and Comprehensive Income - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Operating revenues        
Lease revenue $ 40,841 $ 39,235 $ 117,875 $ 112,013
Total operating revenues 40,841 39,235 117,875 112,013
Operating expenses        
Depreciation and amortization 15,271 13,343 42,763 42,683 [1]
Property operating expenses 7,409 6,681 21,568 18,373
Base management fee [2] 1,701 1,528 4,908 4,580
Incentive fee [2] 709 1,146 2,057 3,562
Administration fee [2] 720 725 1,932 1,950
General and administrative 920 970 3,204 3,064
Impairment charge 0 4,549 9 5,043 [1]
Total operating expense before incentive fee waiver 26,730 28,942 76,441 79,255
Incentive fee waiver [2] (709) (396) (1,417) (1,417)
Total operating expenses 26,021 28,546 75,024 77,838
Other income (expense)        
Interest expense (10,704) (9,299) (29,900) (28,259)
(Loss) gain on sale of real estate, net (10) 10,319 367 10,554 [1]
Gain on debt extinguishment, net 0 0 0 300 [1]
Other income 31 12 590 73
Total other (expense) income, net (10,683) 1,032 (28,943) (17,332)
Net income 4,137 11,721 13,908 16,843 [1]
Net income available to OP Units held by Non-controlling OP Unitholders (1) (44) (4) (35)
Net income available to the Company 4,136 11,677 13,904 16,808
Distributions attributable to Series E, F, and G preferred stock (3,058) (3,106) (9,251) (9,334)
Distributions attributable to senior common stock (102) (106) (304) (317)
Gain (loss) on extinguishment of Series F preferred stock, net 6 2 5 (4)
Net income available to common stockholders $ 982 $ 8,467 $ 4,354 $ 7,153
Income per weighted average share of common stock - basic & diluted        
Income available to common stockholders basic (in dollars per share) $ 0.02 $ 0.20 $ 0.09 $ 0.17
Income available to common stockholders diluted (in dollars per share) $ 0.02 $ 0.20 $ 0.09 $ 0.17
Weighted average shares of common stock outstanding        
Basic (in shares) 46,877,686 42,790,685 45,909,771 41,041,621
Diluted (in shares) 46,877,686 42,790,685 45,909,771 41,041,621
Earnings per weighted average share of senior common stock (in dollars per share) $ 0.26 $ 0.27 $ 0.78 $ 0.79
Weighted average shares of senior common stock outstanding - basic (in shares) 386,723 399,520 387,628 401,723
Comprehensive (loss) income        
Change in unrealized loss related to interest rate hedging instruments, net $ (604) $ (10,456) $ (6,964) $ (4,568) [1]
Other comprehensive loss (604) (10,456) (6,964) (4,568)
Net income 4,137 11,721 13,908 16,843 [1]
Comprehensive income 3,533 1,265 6,944 12,275
Comprehensive income available to OP Units held by Non-controlling OP Unitholders (1) (44) (4) (35)
Total comprehensive income available to the Company $ 3,532 $ 1,221 $ 6,940 $ 12,240
[1] Prior period conformed to current presentation.
[2] Refer to Note 2 “Related Party Transactions”