Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Operations and Comprehensive Income

v3.24.1.u1
Condensed Consolidated Statements of Operations and Comprehensive Income - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Operating revenues    
Lease revenue $ 35,721 $ 36,554
Total operating revenues 35,721 36,554
Operating expenses    
Depreciation and amortization 13,326 14,704
Property operating expenses 5,884 6,727
Base management fee [1] 1,535 1,605
Incentive fee [1] 1,171 0
Administrative fee [1] 630 565
General and administrative 1,047 1,063
Impairment charge 493 0
Total operating expense before incentive fee waiver 24,086 24,664
Incentive fee waiver [1] (771) 0
Total operating expenses 23,315 24,664
Other income (expense)    
Interest expense (9,497) (8,828)
Gain on sale of real estate, net 283 0
Gain on debt extinguishment, net 300 0
Other income 34 105
Total other (expense), net (8,880) (8,723)
Net income 3,526 3,167
Net (income) loss (available) attributable to OP Units held by Non-controlling OP Unitholders (2) 7
Net income available to the Company 3,524 3,174
Distributions attributable to Series E, F, and G preferred stock (3,112) (3,022)
Distributions attributable to senior common stock (105) (109)
Loss on extinguishment of Series F preferred stock (3) (5)
Gain on repurchase of Series G preferred stock 0 3
Net income available to common stockholders $ 304 $ 41
Income per weighted average share of common stock - basic & diluted    
Income available to common stockholders, Basic (in dollars per share) $ 0.01 $ 0
Income available to common stockholders, Diluted (in dollars per share) $ 0.01 $ 0
Weighted average shares of common stock outstanding    
Basic (in shares) 40,003,481 39,922,359
Diluted (in shares) 40,003,481 39,922,359
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) 402,856 420,521
Comprehensive income    
Change in unrealized gain related to interest rate hedging instruments, net $ 5,417 $ (5,895)
Other comprehensive income (loss) 5,417 (5,895)
Net income 3,526 3,167
Comprehensive income (loss) 8,943 (2,728)
Comprehensive (income) loss (available) attributable to OP Units held by Non-controlling OP Unitholders (2) 7
Total comprehensive income (loss) available to the Company $ 8,941 $ (2,721)
[1] Refer to Note 2 “Related-Party Transactions”