Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Operations and Comprehensive Income

v3.24.0.1
Consolidated Statements of Operations and Comprehensive Income - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Operating revenues      
Lease revenue $ 147,584 $ 148,981 $ 137,688
Total operating revenues 147,584 148,981 137,688
Operating expenses      
Depreciation and amortization 57,856 60,154 59,149
Property operating expenses 25,858 26,832 27,098
Base management fee [1] 6,380 6,331 5,882
Incentive fee [1] 0 5,270 4,859
Administration fee [1] 2,350 1,864 1,448
General and administrative 4,363 3,705 3,218
Impairment charge 19,296 12,092 0
Total operating expense before incentive fee waiver 116,103 116,248 101,654
Incentive fee waiver [1] 0 0 (16)
Total operating expenses 116,103 116,248 101,638
Other income (expense)      
Interest expense (37,330) (32,457) (26,887)
Gain on sale of real estate, net 7,737 10,052 (1,148)
Gain on debt extinguishment, net 2,830 0 0
Other income 204 454 2,880
Total other (expense), net (26,559) (21,951) (25,155)
Net income 4,922 10,782 10,895
Net loss attributable to OP Units held by Non-controlling OP Unitholders 63 23 40
Net income available to the Company 4,985 10,805 10,935
Distributions attributable to Series D, E, F, and G preferred stock (12,285) (11,903) (11,488)
Series D preferred stock offering costs write off 0 0 (2,141)
Distributions attributable to senior common stock (430) (458) (698)
Loss on extinguishment of Series F preferred stock (11) (10) 0
Gain on repurchase of Series G preferred stock 3 37 0
Net loss attributable to common stockholders $ (7,738) $ (1,529) $ (3,392)
Loss per weighted average share of common stock - basic & diluted      
Loss attributable to common stockholders, Basic (in dollars per share) $ (0.19) $ (0.04) $ (0.09)
Loss attributable to common stockholders, Diluted (in dollars per share) $ (0.19) $ (0.04) $ (0.09)
Weighted average shares of common stock outstanding      
Basic (in shares) 39,943,167 38,950,734 36,537,306
Diluted (in shares) 39,943,167 38,950,734 36,537,306
Distributions declared per common share (in dollars per share) $ 1.200000 $ 1.504800 $ 1.502175
Earnings per weighted average share of senior common stock (in dollars per share) $ 1.05 $ 1.05 $ 1.05
Weighted average shares of senior common stock outstanding - basic (in shares) 409,903 436,667 664,898
Comprehensive income      
Change in unrealized gain related to interest rate hedging instruments, net $ (4,853) $ 12,115 $ 2,854
Other Comprehensive (loss) gain (4,853) 12,115 2,854
Net income 4,922 10,782 10,895
Comprehensive income 69 22,897 13,749
Comprehensive loss attributable to OP Units held by Non-controlling OP Unitholders 63 23 40
Total comprehensive income available to the Company $ 132 $ 22,920 $ 13,789
[1] Refer to Note 2 “Related-Party Transactions”