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 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
OPERATING REVENUES:        
Lease revenue, net $ 21,270,000 $ 21,210,000 $ 41,096,000 $ 42,412,000
Other operating revenue 27,000 0 453,000 0
Total operating revenues 21,297,000 21,210,000 41,549,000 42,412,000
OPERATING EXPENSES:        
Depreciation and amortization 8,813,000 9,044,000 17,602,000 18,163,000
Property operating expenses 1,219,000 887,000 2,096,000 2,015,000
Base management fee 2,076,000 2,148,000 4,233,000 4,296,000
Administration fee 553,000 514,000 1,156,000 1,090,000
General and administrative expenses 772,000 790,000 1,337,000 1,577,000
Total operating expenses 13,433,000 13,383,000 26,424,000 27,141,000
OTHER (EXPENSE) INCOME:        
Other income 497,000 364,000 2,925,000 2,984,000
Interest expense (5,535,000) (5,942,000) (11,090,000) (11,979,000)
Dividends declared on cumulative term preferred stock (755,000) (755,000) (1,509,000) (1,509,000)
(Loss) gain on dispositions of real estate assets, net (2,800,000) 6,394,000 7,473,000 5,914,000
Property and casualty loss, net (9,000) 0 (9,000) (1,016,000)
Loss from investments in unconsolidated entities (85,000) (33,000) (171,000) (60,000)
Total other (expense) income, net (8,687,000) 28,000 (2,381,000) (5,666,000)
NET (LOSS) INCOME (823,000) 7,855,000 12,744,000 9,605,000
Net (loss) income attributable to non-controlling interests 0 0 0 0
NET (LOSS) INCOME ATTRIBUTABLE TO THE COMPANY (823,000) 7,855,000 12,744,000 9,605,000
Dividends declared on cumulative redeemable preferred stock (6,105,000) (6,084,000) (12,223,000) (12,152,000)
Gain (loss) on extinguishment of cumulative redeemable preferred stock, net 274,000 (44,000) 274,000 (46,000)
NET (LOSS) INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS $ (6,654,000) $ 1,727,000 $ 795,000 $ (2,593,000)
(LOSS) INCOME PER COMMON SHARE:        
Basic (in dollars per share) $ (0.19) $ 0.05 $ 0.02 $ (0.07)
Diluted (in dollars per share) $ (0.19) $ 0.05 $ 0.02 $ (0.07)
WEIGHTED-AVERAGE SHARES OF COMMON STOCK OUTSTANDING:        
Basic (in shares) 35,838,442 35,722,836 35,838,442 35,635,601
Diluted (in shares) 35,838,442 35,722,836 35,838,442 35,635,601
NET (LOSS) INCOME        
Net income (loss) $ (823,000) $ 7,855,000 $ 12,744,000 $ 9,605,000
Change in fair value related to interest rate hedging instruments (33,000) 1,355,000 975,000 (293,000)
COMPREHENSIVE (LOSS) INCOME (856,000) 9,210,000 13,719,000 9,312,000
Comprehensive (loss) income attributable to non-controlling interests 0 0 0 0
COMPREHENSIVE (LOSS) INCOME ATTRIBUTABLE TO THE COMPANY $ (856,000) $ 9,210,000 $ 13,719,000 $ 9,312,000