Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Operations and Comprehensive Income

v3.24.0.1
Consolidated Statements of Operations and Comprehensive Income - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
OPERATING REVENUES:      
Lease revenue, net $ 90,319 $ 89,236 $ 75,318
Other operating revenue 79 0 0
Total operating revenues 90,398 89,236 75,318
OPERATING EXPENSES:      
Depreciation and amortization 37,161 35,366 27,183
Property operating expenses 4,201 2,819 2,536
Base management fee 8,603 8,307 6,329
Incentive fee 1,771 3,225 3,901
Administration fee 2,255 2,005 1,526
General and administrative expenses 2,924 2,740 2,139
Write-off of costs associated with offering of Series C cumulative redeemable preferred stock 0 853 0
Total operating expenses 56,915 55,315 43,614
OTHER INCOME (EXPENSE):      
Other income 3,633 3,441 2,291
Interest expense (23,665) (25,738) (24,883)
Dividends declared on cumulative term preferred stock (3,019) (3,019) (3,068)
Gain (loss) on dispositions of real estate assets, net 5,208 (3,760) (2,537)
Property and casualty (loss) recovery, net (1,016) (56) 68
Loss from investments in unconsolidated entities (59) (73) (61)
Total other expense, net (18,918) (29,205) (28,190)
NET INCOME 14,565 4,716 3,514
Net income attributable to non-controlling interests 0 (8) (19)
NET INCOME ATTRIBUTABLE TO THE COMPANY 14,565 4,708 3,495
Dividends declared on cumulative redeemable preferred stock (24,371) (19,693) (12,235)
Loss on extinguishment of cumulative redeemable preferred stock (46) (25) (23)
NET LOSS ATTRIBUTABLE TO COMMON STOCKHOLDERS $ (9,852) $ (15,010) $ (8,763)
LOSS PER COMMON SHARE:      
Basic (in dollars per share) $ (0.28) $ (0.43) $ (0.29)
Diluted (in dollars per share) $ (0.28) $ (0.43) $ (0.29)
WEIGHTED AVERAGE SHARES OF COMMON STOCK OUTSTANDING      
Weighted average shares of common stock outstanding – basic (in shares) 35,733,742 34,563,460 30,357,268
Weighted average shares of common stock outstanding – diluted (in shares) 35,733,742 34,563,460 30,357,268
COMPREHENSIVE INCOME      
Net income $ 14,565 $ 4,716 $ 3,514
Change in fair value related to interest rate hedging instruments (1,641) 10,043 464
COMPREHENSIVE INCOME 12,924 14,759 3,978
Net income attributable to non-controlling interests 0 (8) (19)
COMPREHENSIVE INCOME ATTRIBUTABLE TO THE COMPANY $ 12,924 $ 14,751 $ 3,959