Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Operations and Comprehensive Income

v3.23.1
Condensed Consolidated Statements of Operations and Comprehensive Income - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Operating revenues    
Lease revenue $ 36,554 $ 35,531
Total operating revenues 36,554 35,531
Operating expenses    
Depreciation and amortization 15,474 14,689
Property operating expenses 6,727 6,623
Base management fee [1] 1,605 1,547
Incentive fee [1] 0 1,340
Administration fee [1] 565 462
General and administrative 1,063 997
Total operating expenses 25,434 25,658
Other income (expense)    
Interest expense (8,828) (6,586)
Other income 105 104
Total other income (expense), net (8,723) (6,482)
Net income 2,397 3,391
Net loss (income) attributable (available) to OP Units held by Non-controlling OP Unitholders 7 (2)
Net income attributable to the Company 2,404 3,389
Distributions attributable to Series E, F, and G preferred stock (3,022) (2,946)
Distributions attributable to senior common stock (109) (116)
Loss on extinguishment of Series F preferred stock (5) (5)
Gain on repurchase of Series G preferred stock 3 0
Net (loss) income (attributable) available to common stockholders $ (729) $ 322
(Loss) income per weighted average share of common stock - basic & diluted    
(Loss) income (attributable) available to common shareholders, Basic (in dollars per share) $ (0.02) $ 0.01
(Loss) income (attributable) available to common shareholders, Diluted (in dollars per share) $ (0.02) $ 0.01
Weighted average shares of common stock outstanding    
Basic (in shares) 39,922,359 37,902,653
Diluted (in shares) 39,922,359 37,902,653
Earnings per weighted average share of senior common stock (in dollars per share) $ 0.26 $ 0.26
Weighted average shares of senior common stock outstanding - basic (in shares) 420,521 449,442
Comprehensive income    
Change in unrealized (loss) gain related to interest rate hedging instruments, net $ (5,895) $ 4,267
Other Comprehensive (loss) gain (5,895) 4,267
Net income 2,397 3,391
Comprehensive (loss) income (3,498) 7,658
Comprehensive loss (income) attributable (available) to OP Units held by Non-controlling OP Unitholders 7 (2)
Total comprehensive (loss) income available to the Company $ (3,491) $ 7,656
[1] Refer to Note 2 “Related-Party Transactions”