Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME

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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
OPERATING REVENUES:    
Lease revenue, net $ 19,943 $ 16,034
Total operating revenues 19,943 16,034
OPERATING EXPENSES:    
Depreciation and amortization 8,346 6,051
Property operating expenses 703 429
Base management fee 2,037 1,369
Incentive fee 1,131 1,162
Administration fee 463 357
General and administrative expenses 684 539
Total operating expenses 13,364 9,907
OTHER INCOME (EXPENSE):    
Other income 2,767 2,235
Interest expense (6,448) (6,193)
Dividends declared on Series A and Series D cumulative term preferred stock (755) (804)
Loss on dispositions of real estate assets, net (976) (798)
Property and casualty recovery, net (49) 0
Loss from investments in unconsolidated entities (29)  
Total other expense, net (5,392) (5,573)
NET INCOME 1,187 554
Net income attributable to non-controlling interests (9) (1)
NET INCOME ATTRIBUTABLE TO THE COMPANY 1,178 553
Dividends declared on Series B and Series C cumulative redeemable preferred stock (3,912) (2,764)
Loss on extinguishment of Series C cumulative redeemable preferred stock (3) 0
NET LOSS ATTRIBUTABLE TO COMMON STOCKHOLDERS $ (2,737) $ (2,211)
LOSS PER COMMON SHARE:    
Basic (in dollars per share) $ (0.08) $ (0.08)
Diluted (in dollars per share) $ (0.08) $ (0.08)
WEIGHTED-AVERAGE SHARES OF COMMON STOCK OUTSTANDING:    
Basic (in shares) 34,285,002 26,874,630
Diluted (in shares) 34,285,002 26,874,630
COMPREHENSIVE INCOME:    
Net income attributable to the Company $ 1,178 $ 553
Change in fair value related to interest rate hedging instruments 4,730 1,367
COMPREHENSIVE INCOME ATTRIBUTABLE TO THE COMPANY $ 5,908 $ 1,920