Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Operations and Comprehensive Income

v3.23.1
Condensed Consolidated Statements of Operations and Comprehensive Income - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
OPERATING REVENUES:    
Lease revenue, net $ 21,202 $ 19,943
Total operating revenues 21,202 19,943
OPERATING EXPENSES:    
Depreciation and amortization 9,119 8,346
Property operating expenses 1,128 703
Base management fee 2,149 2,037
Incentive fee 0 1,131
Administration fee 575 463
General and administrative expenses 786 684
Total operating expenses 13,757 13,364
OTHER INCOME (EXPENSE):    
Other income 2,620 2,767
Interest expense (6,036) (6,448)
Dividends declared on cumulative term preferred stock (755) (755)
Loss on dispositions of real estate assets, net (481) (976)
Property and casualty (loss) recovery, net (1,016) 49
Loss from investments in unconsolidated entities (27) (29)
Total other expense, net (5,695) (5,392)
NET INCOME 1,750 1,187
Net income attributable to non-controlling interests 0 (9)
NET INCOME ATTRIBUTABLE TO THE COMPANY 1,750 1,178
Dividends declared on cumulative redeemable preferred stock (6,068) (3,912)
Loss on extinguishment of cumulative redeemable preferred stock (2) (3)
Net loss attributable to common stockholders $ (4,320) $ (2,737)
LOSS PER COMMON SHARE:    
Basic (in dollars per share) $ (0.12) $ (0.08)
Diluted (in dollars per share) $ (0.12) $ (0.08)
WEIGHTED-AVERAGE SHARES OF COMMON STOCK OUTSTANDING:    
Basic (in shares) 35,547,397 34,285,002
Diluted (in shares) 35,547,397 34,285,002
NET INCOME    
Change in fair value related to interest rate hedging instruments $ (1,648) $ 4,730
COMPREHENSIVE INCOME 102 5,917
COMPREHENSIVE INCOME ATTRIBUTABLE TO THE COMPANY $ 102 $ 5,908