Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Operations and Comprehensive Income

v3.24.3
Condensed Consolidated Statements of Operations and Comprehensive Income - USD ($)
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
OPERATING REVENUES:        
Lease revenue, net $ 22,571,000 $ 23,534,000 $ 63,667,000 $ 65,946,000
Other operating revenue 0 0 453,000 0
Total operating revenues 22,571,000 23,534,000 64,120,000 65,946,000
OPERATING EXPENSES:        
Depreciation and amortization 8,805,000 9,244,000 26,407,000 27,407,000
Property operating expenses 1,380,000 729,000 3,476,000 2,744,000
Base management fee 2,070,000 2,150,000 6,303,000 6,447,000
Incentive fee 109,000 789,000 109,000 789,000
Administration fee 683,000 619,000 1,839,000 1,708,000
General and administrative expenses 655,000 605,000 1,992,000 2,181,000
Impairment charge 2,106,000 0 2,106,000 0
Total operating expenses 15,808,000 14,136,000 42,232,000 41,276,000
Incentive fee waiver (109,000) 0 (109,000) 0
Total operating expenses, net of credits to fees 15,699,000 14,136,000 42,123,000 41,276,000
OTHER (EXPENSE) INCOME:        
Other income 370,000 382,000 3,295,000 3,365,000
Interest expense (5,402,000) (5,856,000) (16,492,000) (17,835,000)
Dividends declared on cumulative term preferred stock (755,000) (755,000) (2,264,000) (2,264,000)
(Loss) gain on dispositions of real estate assets, net (832,000) (4,000) 6,641,000 5,910,000
Property and casualty loss, net (275,000) 0 (284,000) (1,016,000)
Gain (loss) from investments in unconsolidated entities 28,000 (24,000) (143,000) (84,000)
Total other expense, net (6,866,000) (6,257,000) (9,247,000) (11,924,000)
NET INCOME 6,000 3,141,000 12,750,000 12,746,000
Net income attributable to non-controlling interests 0 0 0 0
NET INCOME ATTRIBUTABLE TO THE COMPANY 6,000 3,141,000 12,750,000 12,746,000
Dividends declared on cumulative redeemable preferred stock (6,024,000) (6,105,000) (18,247,000) (18,257,000)
Gain (loss) on extinguishment of cumulative redeemable preferred stock, net 231,000 0 505,000 (46,000)
NET LOSS ATTRIBUTABLE TO COMMON STOCKHOLDERS $ (5,787,000) $ (2,964,000) $ (4,992,000) $ (5,557,000)
NET LOSS PER COMMON SHARE:        
Basic (in dollars per share) $ (0.16) $ (0.08) $ (0.14) $ (0.16)
Diluted (in dollars per share) $ (0.16) $ (0.08) $ (0.14) $ (0.16)
WEIGHTED-AVERAGE SHARES OF COMMON STOCK OUTSTANDING:        
Basic (in shares) 35,838,442 35,822,123 35,838,442 35,698,458
Diluted (in shares) 35,838,442 35,822,123 35,838,442 35,698,458
NET INCOME        
Net income $ 6,000 $ 3,141,000 $ 12,750,000 $ 12,746,000
Change in fair value related to interest rate hedging instruments (2,565,000) 1,557,000 (1,591,000) 1,264,000
COMPREHENSIVE (LOSS) INCOME (2,559,000) 4,698,000 11,159,000 14,010,000
Comprehensive (loss) income attributable to non-controlling interests 0 0 0 0
COMPREHENSIVE (LOSS) INCOME ATTRIBUTABLE TO THE COMPANY $ (2,559,000) $ 4,698,000 $ 11,159,000 $ 14,010,000