Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Operations and Comprehensive Income

v3.23.3
Condensed Consolidated Statements of Operations and Comprehensive Income - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
OPERATING REVENUES:        
Lease revenue, net $ 23,534 $ 24,209 $ 65,946 $ 64,445
Total operating revenues 23,534 24,209 65,946 64,445
OPERATING EXPENSES:        
Depreciation and amortization 9,244 9,146 27,407 25,883
Property operating expenses 729 706 2,744 2,103
Base management fee 2,150 2,086 6,447 6,165
Incentive fee 789 505 789 1,636
Administration fee 619 543 1,708 1,470
General and administrative expenses 605 729 2,181 1,983
Write-off of costs associated with offering of Series C cumulative redeemable preferred stock 0 851 0 851
Total operating expenses 14,136 14,566 41,276 40,091
OTHER INCOME (EXPENSE):        
Other income 382 237 3,365 3,067
Interest expense (5,856) (6,476) (17,835) (19,446)
Dividends declared on cumulative term preferred stock (755) (755) (2,264) (2,264)
(Loss) gain on dispositions of real estate assets, net (4) (819) 5,910 (2,100)
Property and casualty (loss) recovery, net 0 0 (1,016) 49
Loss from investments in unconsolidated entities 24 24 84 54
Total other expense, net (6,257) (7,837) (11,924) (20,748)
NET INCOME 3,141 1,806 12,746 3,606
Net income attributable to non-controlling interests 0 (2) 0 (9)
NET INCOME ATTRIBUTABLE TO THE COMPANY 3,141 1,804 12,746 3,597
Dividends declared on cumulative redeemable preferred stock (6,105) (5,389) (18,257) (13,786)
Loss on extinguishment of cumulative redeemable preferred stock 0 (9) (46) (15)
Net loss attributable to common stockholders $ (2,964) $ (3,594) $ (5,557) $ (10,204)
LOSS PER COMMON SHARE:        
Basic (in dollars per share) $ (0.08) $ (0.10) $ (0.16) $ (0.30)
Diluted (in dollars per share) $ (0.08) $ (0.10) $ (0.16) $ (0.30)
WEIGHTED-AVERAGE SHARES OF COMMON STOCK OUTSTANDING:        
Basic (in shares) 35,822,123 34,607,440 35,698,458 34,472,018
Diluted (in shares) 35,822,123 34,607,440 35,698,458 34,472,018
NET INCOME        
Change in fair value related to interest rate hedging instruments $ 1,557 $ 3,199 $ 1,264 $ 10,491
COMPREHENSIVE INCOME 4,698 5,005 14,010 14,097
COMPREHENSIVE INCOME ATTRIBUTABLE TO THE COMPANY $ 4,698 $ 5,003 $ 14,010 $ 14,088