Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Operations and Comprehensive Income

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Condensed Consolidated Statements of Operations and Comprehensive Income - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Operating revenues        
Lease revenue $ 37,057 $ 38,658 $ 72,779 $ 75,212
Total operating revenues 37,057 38,658 72,779 75,212
Operating expenses        
Depreciation and amortization 16,015 16,936 29,341 31,640
Property operating expenses 5,807 6,738 11,692 13,465
Base management fee [1] 1,516 1,605 3,051 3,210
Incentive fee [1] 1,245 0 2,416 0
Administrative fee [1] 594 546 1,225 1,110
General and administrative 1,046 1,068 2,093 2,131
Impairment charge 0 6,823 493 6,823
Total operating expense before incentive fee waiver 26,223 33,716 50,311 58,379
Incentive fee waiver [1] (250) 0 (1,021) 0
Total operating expenses 25,973 33,716 49,290 58,379
Other income (expense)        
Interest expense (9,463) (9,081) (18,960) (17,909)
(Loss) gain on sale of real estate, net (47) (451) 236 (451)
Gain on debt extinguishment, net 0 0 300 0
Other income 26 2 60 107
Total other (expense), net (9,484) (9,530) (18,364) (18,253)
Net income (loss) 1,600 (4,588) 5,125 (1,420)
Net loss attributable to OP Units held by Non-controlling OP Unitholders 11 73 9 81
Net income (loss) available (attributable) to the Company 1,611 (4,515) 5,134 (1,339)
Distributions attributable to Series E, F, and G preferred stock (3,116) (3,058) (6,229) (6,080)
Distributions attributable to senior common stock (105) (106) (211) (215)
Loss on extinguishment of Series F preferred stock (4) (6) (7) (11)
Gain on repurchase of Series G preferred stock 0 0 0 3
Net loss attributable to common stockholders $ (1,614) $ (7,685) $ (1,313) $ (7,642)
Loss per weighted average share of common stock - basic & diluted        
Loss attributable to common stockholders, Basic (in dollars per share) $ (0.04) $ (0.19) $ (0.03) $ (0.19)
Loss attributable to common stockholders, Diluted (in dollars per share) $ (0.04) $ (0.19) $ (0.03) $ (0.19)
Weighted average shares of common stock outstanding        
Basic (in shares) 40,311,476 39,978,674 40,157,479 39,950,672
Diluted (in shares) 40,311,476 39,978,674 40,157,479 39,950,672
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) 402,817 407,099 402,837 413,438
Comprehensive income        
Change in unrealized gain related to interest rate hedging instruments, net $ 470 $ 8,025 $ 5,888 $ 2,130
Other comprehensive income 470 8,025 5,888 2,130
Net income (loss) 1,600 (4,588) 5,125 (1,420)
Comprehensive income 2,070 3,437 11,013 710
Comprehensive loss attributable to OP Units held by Non-controlling OP Unitholders 11 73 9 81
Total comprehensive income available to the Company $ 2,081 $ 3,510 $ 11,022 $ 791
[1] Refer to Note 2 “Related-Party Transactions”