Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Operations and Comprehensive Income

v3.22.4
Consolidated Statements of Operations and Comprehensive Income - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Operating revenues      
Lease revenue $ 148,981 $ 137,688 $ 133,152
Total operating revenues 148,981 137,688 133,152
Operating expenses      
Depreciation and amortization 61,664 60,311 55,424
Property operating expenses 26,832 27,098 26,004
Base management fee [1] 6,331 5,882 5,648
Incentive fee [1] 5,270 4,859 4,301
Administration fee [1] 1,864 1,448 1,598
General and administrative 3,705 3,218 3,259
Impairment charge 12,092 0 3,621
Total operating expense before incentive fee waiver 117,758 102,816 99,855
Incentive fee waiver [1] 0 (16) 0
Total operating expenses 117,758 102,800 99,855
Other income (expense)      
Interest expense (32,457) (26,887) (26,803)
Gain (loss) on sale of real estate, net 10,052 (1,148) 8,096
Other income 454 2,880 395
Total other income (expense), net (21,951) (25,155) (18,312)
Net income 9,272 9,733 14,985
Net loss (income) attributable (available) to OP Units held by Non-controlling OP Unitholders 23 40 (47)
Net income attributable to the Company 9,295 9,773 14,938
Distributions attributable to Series D, E, F, and G preferred stock (11,903) (11,488) (10,973)
Series D preferred stock offering costs write off 0 (2,141) 0
Distributions attributable to senior common stock (458) (698) (816)
Loss on extinguishment of Series F preferred stock (10) 0 0
Gain on repurchase of Series G preferred stock 37 0 0
Net (loss) income (attributable) available to common stockholders $ (3,039) $ (4,554) $ 3,149
(Loss) income per weighted average share of common stock - basic & diluted      
(Loss) Income (attributable) available to common shareholders, Basic (in dollars per share) $ (0.08) $ (0.12) $ 0.09
(Loss) Income (attributable) available to common shareholders, Diluted (in dollars per share) $ (0.08) $ (0.12) $ 0.09
Weighted average shares of common stock outstanding      
Basic (in shares) 38,950,734 36,537,306 34,040,085
Diluted (in shares) 38,950,734 36,537,306 34,040,085
Distributions declared per common share (in dollars per share) $ 1.504800 $ 1.502175 $ 1.501800
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) 436,667 664,898 774,658
Comprehensive income      
Change in unrealized gain related to interest rate hedging instruments, net $ 12,115 $ 2,854 $ (2,219)
Other Comprehensive gain 12,115 2,854 (2,219)
Net income 9,272 9,733 14,985
Comprehensive income 21,387 12,587 12,766
Comprehensive loss (income) attributable (available) to OP Units held by Non-controlling OP Unitholders 23 40 (47)
Total comprehensive income available to the Company $ 21,410 $ 12,627 $ 12,719
[1] Refer to Note 2 “Related-Party Transactions”