Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Operations and Comprehensive Income

v3.24.3
Condensed Consolidated Statements of Operations and Comprehensive Income - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Operating revenues        
Lease revenue $ 39,235 $ 36,464 $ 112,013 $ 111,675
Total operating revenues 39,235 36,464 112,013 111,675
Operating expenses        
Depreciation and amortization 13,343 12,485 42,683 44,125
Property operating expenses 6,681 6,821 18,373 20,286
Base management fee [1] 1,528 1,597 4,580 4,808
Incentive fee [1] 1,146 0 3,562 0
Administrative fee [1] 725 624 1,950 1,734
General and administrative 970 1,306 3,064 3,437
Impairment charge 4,549 6,754 5,043 13,577
Total operating expense before incentive fee waiver 28,942 29,587 79,255 87,967
Incentive fee waiver [1] (396) 0 (1,417) 0
Total operating expenses 28,546 29,587 77,838 87,967
Other income (expense)        
Interest expense (9,299) (9,936) (28,259) (27,845)
Gain on sale of real estate, net 10,319 4,696 10,554 4,245
Gain on debt extinguishment, net 0 0 300 0
Other income 12 155 73 262
Total other income (expense), net 1,032 (5,085) (17,332) (23,338)
Net income 11,721 1,792 16,843 370
Net (income) loss (available) attributable to OP Units held by Non-controlling OP Unitholders (44) (3) (35) 78
Net income available to the Company 11,677 1,789 16,808 448
Distributions attributable to Series E, F, and G preferred stock (3,106) (3,099) (9,334) (9,179)
Distributions attributable to senior common stock (106) (108) (317) (323)
Gain (loss) on extinguishment of Series F preferred stock, net 2 (1) (4) (12)
Gain on repurchase of Series G preferred stock 0 0 0 3
Net income (loss) available (attributable) to common stockholders $ 8,467 $ (1,419) $ 7,153 $ (9,063)
Income (loss) per weighted average share of common stock - basic & diluted        
Income (loss) available (attributable) to common stockholders, basic (in dollars per share) $ 0.20 $ (0.04) $ 0.17 $ (0.23)
Income (loss) available (attributable) to common stockholders, diluted (in dollars per share) $ 0.20 $ (0.04) $ 0.17 $ (0.23)
Weighted average shares of common stock outstanding        
Basic (in shares) 42,790,685 39,917,995 41,041,621 39,939,660
Diluted (in shares) 42,790,685 39,917,995 41,041,621 39,939,660
Earnings per weighted average share of senior common stock (in dollars per share) $ 0.27 $ 0.27 $ 0.79 $ 0.79
Weighted average shares of senior common stock outstanding - basic (in shares) 399,520 406,425 401,723 411,075
Comprehensive income        
Change in unrealized (loss) gain related to interest rate hedging instruments, net $ (10,456) $ 5,089 $ (4,568) $ 7,218
Other comprehensive (loss) income (10,456) 5,089 (4,568) 7,218
Net income 11,721 1,792 16,843 370
Comprehensive income 1,265 6,881 12,275 7,588
Comprehensive (income) loss (available) attributable to OP Units held by Non-controlling OP Unitholders (44) (3) (35) 78
Total comprehensive income available to the Company $ 1,221 $ 6,878 $ 12,240 $ 7,666
[1] Refer to Note 2 “Related-Party Transactions”