Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Operations and Comprehensive Income

v3.25.0.1
Consolidated Statements of Operations and Comprehensive Income - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Operating revenues      
Lease revenue $ 149,388 $ 147,584 $ 148,981
Total operating revenues 149,388 147,584 148,981
Operating expenses      
Depreciation and amortization 55,786 57,856 60,154
Property operating expenses 25,418 25,858 26,832
Base management fee [1] 6,111 6,380 6,331
Incentive fee [1] 4,488 0 5,270
Administration fee [1] 2,567 2,350 1,864
General and administrative 3,879 4,363 3,705
Impairment charge 6,822 19,296 12,092
Total operating expense before incentive fee waiver 105,071 116,103 116,248
Incentive fee waiver [1] (2,263) 0 0
Total operating expenses 102,808 116,103 116,248
Other income (expense)      
Interest expense (37,395) (37,330) (32,457)
Gain on sale of real estate, net 14,229 7,737 10,052
Gain on debt extinguishment, net 300 2,830 0
Other income 326 204 454
Total other expense, net (22,540) (26,559) (21,951)
Net income 24,040 4,922 10,782
Net (income) loss (available) attributable to OP Units held by Non-controlling OP Unitholders (42) 63 23
Net income available to the Company 23,998 4,985 10,805
Distributions attributable to Series E, F, and G preferred stock (12,440) (12,285) (11,903)
Distributions attributable to senior common stock (420) (430) (458)
Loss on extinguishment of Series F preferred stock, net (14) (11) (10)
Gain on repurchase of Series G preferred stock 0 3 37
Net income (loss) available (attributable) to common stockholders $ 11,124 $ (7,738) $ (1,529)
Income (loss) per weighted average share of common stock - basic & diluted      
Income (loss) available (attributable) to common stockholders, basic (in dollars per share) $ 0.27 $ (0.19) $ (0.04)
Income (loss) available (attributable) to common stockholders, diluted (in dollars per share) $ 0.27 $ (0.19) $ (0.04)
Weighted average shares of common stock outstanding      
Basic (in shares) 41,766,263 39,943,167 38,950,734
Diluted (in shares) 41,766,263 39,943,167 38,950,734
Distributions declared per common share (in dollars per share) $ 1.2000 $ 1.2000 $ 1.5048
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) 398,828 409,903 436,667
Comprehensive income (loss)      
Change in unrealized gain (loss) related to interest rate hedging instruments, net $ 2,702 $ (4,853) $ 12,115
Other comprehensive income (loss) 2,702 (4,853) 12,115
Net income 24,040 4,922 10,782
Comprehensive income 26,742 69 22,897
Comprehensive (income) loss (available) attributable to OP Units held by Non-controlling OP Unitholders (42) 63 23
Total comprehensive income available to the Company $ 26,700 $ 132 $ 22,920
[1] Refer to Note 2 “Related-Party Transactions”