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 6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Jun. 30, 2022
Jun. 30, 2021
OPERATING REVENUES:        
Lease revenue, net $ 20,293 $ 16,893 $ 40,236 $ 32,927
Total operating revenues 20,293 16,893 40,236 32,927
OPERATING EXPENSES:        
Depreciation and amortization 8,392 6,285 16,738 12,336
Property operating expenses 695 906 1,398 1,336
Base management fee 2,043 1,376 4,079 2,746
Incentive fee 0 0 1,131 1,162
Administration fee 463 347 926 703
General and administrative expenses 567 581 1,253 1,119
Total operating expenses 12,160 9,495 25,525 19,402
OTHER INCOME (EXPENSE):        
Other income 63 20 2,829 2,255
Interest expense (6,523) (6,141) (12,971) (12,334)
Dividends declared on Series A and Series D cumulative term preferred stock (755) (755) (1,509) (1,559)
Loss on dispositions of real estate assets, net (305) (1,042) (1,280) (1,840)
Property and casualty recovery, net 0 0 49 0
Loss from investments in unconsolidated entities 0 (11) (29) (24)
Total other expense, net (7,520) (7,929) (12,911) (13,502)
NET INCOME (LOSS) 613 (531) 1,800 23
Net loss (income) attributable to non-controlling interests 3 1 (6) 0
NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY 616 (530) 1,794 23
Dividends declared on Series B and Series C cumulative redeemable preferred stock (4,486) (2,939) (8,398) (5,702)
Loss on extinguishment of Series C cumulative redeemable preferred stock (3) 0 (6) 0
Net loss attributable to common stockholders $ (3,873) $ (3,469) $ (6,610) $ (5,679)
LOSS PER COMMON SHARE:        
Basic (in dollars per share) $ (0.11) $ (0.12) $ (0.19) $ (0.20)
Diluted (in dollars per share) $ (0.11) $ (0.12) $ (0.19) $ (0.20)
WEIGHTED-AVERAGE SHARES OF COMMON STOCK OUTSTANDING:        
Basic (in shares) 34,520,068 29,360,515 34,403,184 28,124,440
Diluted (in shares) 34,520,068 29,360,515 34,403,184 28,124,440
COMPREHENSIVE INCOME (LOSS):        
Net income (loss) attributable to the Company $ 616 $ (530) $ 1,794 $ 23
Increase (Decrease) in Fair Value of Interest Rate Fair Value Hedging Instruments 2,562 (1,211) 7,292 156
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY $ 3,178 $ (1,741) $ 9,086 $ 179