Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Operations and Comprehensive Income

v3.23.2
Condensed Consolidated Statements of Operations and Comprehensive Income - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
OPERATING REVENUES:        
Lease revenue, net $ 21,210 $ 20,293 $ 42,412 $ 40,236
Total operating revenues 21,210 20,293 42,412 40,236
OPERATING EXPENSES:        
Depreciation and amortization 9,044 8,392 18,163 16,738
Property operating expenses 887 695 2,015 1,398
Base management fee 2,148 2,043 4,296 4,079
Incentive fee 0 0 0 1,131
Administration fee 514 463 1,090 926
General and administrative expenses 790 567 1,577 1,253
Total operating expenses 13,383 12,160 27,141 25,525
OTHER INCOME (EXPENSE):        
Other income 364 63 2,984 2,829
Interest expense (5,942) (6,523) (11,979) (12,971)
Dividends declared on cumulative term preferred stock (755) (755) (1,509) (1,509)
Gain (loss) on dispositions of real estate assets, net 6,394 (305) 5,914 (1,280)
Property and casualty (loss) recovery, net 0 0 (1,016) 49
Loss from investments in unconsolidated entities 33 0 60 29
Total other income (expense), net 28 (7,520) (5,666) (12,911)
NET INCOME 7,855 613 9,605 1,800
Net loss (income) attributable to non-controlling interests 0 3 0 (6)
NET INCOME ATTRIBUTABLE TO THE COMPANY 7,855 616 9,605 1,794
Dividends declared on cumulative redeemable preferred stock (6,084) (4,486) (12,152) (8,398)
Loss on extinguishment of cumulative redeemable preferred stock (44) (3) (46) (6)
Net income (loss) attributable to common stockholders $ 1,727 $ (3,873) $ (2,593) $ (6,610)
INCOME (LOSS) PER COMMON SHARE:        
Basic (in dollars per share) $ 0.05 $ (0.11) $ (0.07) $ (0.19)
Diluted (in dollars per share) $ 0.05 $ (0.11) $ (0.07) $ (0.19)
WEIGHTED-AVERAGE SHARES OF COMMON STOCK OUTSTANDING:        
Basic (in shares) 35,722,836 34,520,068 35,635,601 34,403,184
Diluted (in shares) 35,722,836 34,520,068 35,635,601 34,403,184
NET INCOME        
Change in fair value related to interest rate hedging instruments $ 1,355 $ 2,562 $ (293) $ 7,292
COMPREHENSIVE INCOME 9,210 3,175 9,312 9,092
COMPREHENSIVE INCOME ATTRIBUTABLE TO THE COMPANY $ 9,210 $ 3,178 $ 9,312 $ 9,086