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 ($)
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
OPERATING REVENUES:    
Lease revenue, net $ 19,826,000 $ 21,202,000
Other operating revenue 426,000 0
Total operating revenues 20,252,000 21,202,000
OPERATING EXPENSES:    
Depreciation and amortization 8,789,000 9,119,000
Property operating expenses 877,000 1,128,000
Base management fee 2,156,000 2,149,000
Administration fee 603,000 575,000
General and administrative expenses 566,000 786,000
Total operating expenses 12,991,000 13,757,000
OTHER INCOME (EXPENSE):    
Other income 2,428,000 2,620,000
Interest expense (5,555,000) (6,036,000)
Dividends declared on cumulative term preferred stock (755,000) (755,000)
Gain (loss) on dispositions of real estate assets, net 10,273,000 (481,000)
Property and casualty loss, net 0 (1,016,000)
Loss from investments in unconsolidated entities (85,000) (27,000)
Total other income (expense), net 6,306,000 (5,695,000)
NET INCOME 13,567,000 1,750,000
Net income attributable to non-controlling interests 0 0
NET INCOME ATTRIBUTABLE TO THE COMPANY 13,567,000 1,750,000
Dividends declared on cumulative redeemable preferred stock (6,118,000) (6,068,000)
Loss on extinguishment of cumulative redeemable preferred stock 0 (2,000)
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS $ 7,449,000 $ (4,320,000)
INCOME (LOSS) PER COMMON SHARE:    
Basic (in dollars per share) $ 0.21 $ (0.12)
Diluted (in dollars per share) $ 0.21 $ (0.12)
WEIGHTED-AVERAGE SHARES OF COMMON STOCK OUTSTANDING:    
Basic (in shares) 35,838,442 35,547,397
Diluted (in shares) 35,838,442 35,547,397
NET INCOME    
Change in fair value related to interest rate hedging instruments $ 1,008,000 $ (1,648,000)
COMPREHENSIVE INCOME 14,575,000 102,000
Net income attributable to non-controlling interests 0 0
COMPREHENSIVE INCOME ATTRIBUTABLE TO THE COMPANY $ 14,575,000 $ 102,000