Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Operations and Comprehensive Income

v3.22.2.2
Condensed Consolidated Statements of Operations and Comprehensive Income - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Operating revenues        
Lease revenue $ 39,834 $ 34,334 $ 111,764 $ 102,381
Total operating revenues 39,834 34,334 111,764 102,381
Operating expenses        
Depreciation and amortization 15,764 14,760 45,672 45,661
Property operating expenses 6,536 6,807 20,118 20,278
Base management fee [1] 1,603 1,472 4,727 4,369
Incentive fee [1] 1,513 1,266 4,193 3,540
Administration fee [1] 481 382 1,342 1,016
General and administrative 833 811 2,788 2,540
Impairment charge 10,718 0 12,092 0
Total operating expense before incentive fee waiver 37,448 25,498 90,932 77,404
Incentive fee waiver [1] 0 0 0 (16)
Total operating expenses 37,448 25,498 90,932 77,388
Other income (expense)        
Interest expense (9,107) (6,688) (22,813) (20,338)
Gain (loss) on sale of real estate, net 8,902 0 8,902 (882)
Other income 316 2,350 538 2,884
Total other income (expense), net 111 (4,338) (13,373) (18,336)
Net income 2,497 4,498 7,459 6,657
Net loss (income) attributable (available) to OP Units held by Non-controlling OP Unitholders 4 (21) 12 42
Net income attributable to the Company 2,501 4,477 7,471 6,699
Distributions attributable to Series D, E, F, and G preferred stock (2,987) (2,868) (8,900) (8,571)
Series D preferred stock offering costs write off 0 0 0 (2,141)
Distributions attributable to senior common stock (114) (170) (344) (534)
Loss on extinguishment of Series F preferred stock 0 0 (5) 0
Net (loss) income (attributable) available to common stockholders $ (600) $ 1,439 $ (1,778) $ (4,547)
(Loss) income per weighted average share of common stock - basic & diluted        
(Loss) income (attributable) available to common shareholders (in dollars per share) $ (0.02) $ 0.04 $ (0.05) $ (0.13)
(Loss) income (attributable) available to common shareholders (in dollars per share) $ (0.02) $ 0.04 $ (0.05) $ (0.13)
Weighted average shares of common stock outstanding        
Basic (in shares) 39,504,734 36,768,779 38,723,581 36,296,414
Diluted (in shares) 39,504,734 36,768,779 38,723,581 36,296,414
Earnings per weighted average share of senior common stock (in dollars per share) $ 0.26 $ 0.26 $ 0.78 $ 0.78
Weighted average shares of senior common stock outstanding - basic (in shares) 431,064 642,742 438,556 680,878
Comprehensive income        
Change in unrealized gain related to interest rate hedging instruments, net $ 6,790 $ 421 $ 13,660 $ 2,125
Other Comprehensive gain 6,790 421 13,660 2,125
Net income 2,497 4,498 7,459 6,657
Comprehensive income 9,287 4,919 21,119 8,782
Comprehensive loss (income) attributable (available) to OP Units held by Non-controlling OP Unitholders 4 (21) 12 42
Total comprehensive income available to the Company $ 9,291 $ 4,898 $ 21,131 $ 8,824
[1] Refer to Note 2 “Related-Party Transactions”