Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME

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CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
OPERATING REVENUES:      
Lease revenue, net $ 84,763 $ 90,319 $ 89,236
Other operating revenue 453 79 0
Total operating revenues 85,216 90,398 89,236
OPERATING EXPENSES:      
Depreciation and amortization 35,055 37,161 35,366
Property operating expenses 5,334 4,201 2,819
Base management fee 8,370 8,603 8,307
Incentive fee 109 1,771 3,225
Administration fee 2,452 2,255 2,005
General and administrative expenses 2,625 2,924 2,740
Write-off of costs associated with offering of Series C cumulative redeemable preferred stock 0 0 853
Impairment charge 2,106 0 0
Total operating expenses 56,051 56,915 55,315
Incentive fee waiver (109) 0 0
Total operating expenses, net of credits to fees 55,942 56,915 55,315
OTHER INCOME (EXPENSE):      
Other income 3,378 3,633 3,441
Interest expense (21,885) (23,665) (25,738)
Dividends declared on cumulative term preferred stock (3,019) (3,019) (3,019)
Gain (loss) on dispositions of real estate assets, net 5,886 5,208 (3,760)
Property and casualty loss, net (284) (1,016) (56)
Loss from investments in unconsolidated entities (60) (59) (73)
Total other expense, net (15,984) (18,918) (29,205)
NET INCOME 13,290 14,565 4,716
Net income attributable to non-controlling interests 0 0 (8)
NET INCOME ATTRIBUTABLE TO THE COMPANY 13,290 14,565 4,708
Dividends declared on cumulative redeemable preferred stock (24,250) (24,371) (19,693)
Gain (loss) on extinguishment of cumulative redeemable preferred stock, net 505 (46) (25)
NET LOSS ATTRIBUTABLE TO COMMON STOCKHOLDERS $ (10,455) $ (9,852) $ (15,010)
LOSS PER COMMON SHARE:      
Basic (in dollars per share) $ (0.29) $ (0.28) $ (0.43)
Diluted (in dollars per share) $ (0.29) $ (0.28) $ (0.43)
WEIGHTED AVERAGE SHARES OF COMMON STOCK OUTSTANDING      
Basic (in shares) 35,909,956 35,733,742 34,563,460
Diluted (in shares) 35,909,956 35,733,742 34,563,460
NET INCOME:      
Net income $ 13,290 $ 14,565 $ 4,716
Change in fair value related to interest rate hedging instruments 266 (1,641) 10,043
COMPREHENSIVE INCOME 13,556 12,924 14,759
Comprehensive income attributable to non-controlling interests 0 0 (8)
COMPREHENSIVE INCOME ATTRIBUTABLE TO THE COMPANY $ 13,556 $ 12,924 $ 14,751