Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Operations and Comprehensive Income

v3.22.2
Condensed Consolidated Statements of Operations and Comprehensive Income - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Jun. 30, 2022
Jun. 30, 2021
Operating revenues        
Lease revenue $ 36,399 $ 33,371 $ 71,930 $ 68,047
Total operating revenues 36,399 33,371 71,930 68,047
Operating expenses        
Depreciation and amortization 15,219 14,191 29,907 30,901
Property operating expenses 6,959 6,910 13,582 13,471
Base management fee [1] 1,577 1,452 3,124 2,896
Incentive fee [1] 1,339 1,039 2,679 2,274
Administration fee [1] 399 338 861 634
General and administrative 958 1,073 1,955 1,729
Impairment charge 1,374 0 1,374 0
Total operating expense before incentive fee waiver 27,825 25,003 53,482 51,905
Incentive fee waiver [1] 0 (16) 0 (16)
Total operating expenses 27,825 24,987 53,482 51,889
Other (expense) income        
Interest expense (7,121) (6,486) (13,706) (13,650)
Loss on sale of real estate, net 0 0 0 (882)
Other income 119 223 223 534
Total other expense, net (7,002) (6,263) (13,483) (13,998)
Net income 1,572 2,121 4,965 2,160
Net loss attributable to OP Units held by Non-controlling OP Unitholders 10 21 8 63
Net income attributable to the Company 1,582 2,142 4,973 2,223
Distributions attributable to Series D, E, F, and G preferred stock (2,967) (2,856) (5,913) (5,703)
Series D preferred stock offering costs write off 0 (2,141) 0 (2,141)
Distributions attributable to senior common stock (114) (177) (230) (364)
Loss on extinguishment of Series F preferred stock 0 0 (5) 0
Net loss attributable to common stockholders $ (1,499) $ (3,032) $ (1,175) $ (5,985)
Loss per weighted average share of common stock - basic & diluted        
(Loss) Income (attributable) available to common shareholders, basic (in dollars per share) $ (0.04) $ (0.08) $ (0.03) $ (0.17)
(Loss) Income (attributable) available to common shareholders, diluted (in dollars per share) $ (0.04) $ (0.08) $ (0.03) $ (0.17)
Weighted average shares of common stock outstanding        
Basic (in shares) 38,745,751 36,394,767 38,326,531 36,056,317
Diluted (in shares) 38,745,751 36,394,767 38,326,531 36,056,317
Earnings per weighted average share of senior common stock (in dollars per share) $ 0.26 $ 0.26 $ 0.52 $ 0.52
Weighted average shares of senior common stock outstanding - basic (in shares) 435,364 676,941 442,364 700,262
Comprehensive income        
Change in unrealized gain (loss) related to interest rate hedging instruments, net $ 2,603 $ (720) $ 6,870 $ 1,704
Other Comprehensive gain (loss) 2,603 (720) 6,870 1,704
Net income 1,572 2,121 4,965 2,160
Comprehensive income 4,175 1,401 11,835 3,864
Comprehensive loss attributable to OP Units held by Non-controlling OP Unitholders 10 21 8 63
Total comprehensive income available to the Company $ 4,185 $ 1,422 $ 11,843 $ 3,927
[1] Refer to Note 2 “Related-Party Transactions”