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 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
OPERATING REVENUES:        
Lease revenue, net $ 24,209 $ 19,591 $ 64,445 $ 52,518
Total operating revenues 24,209 19,591 64,445 52,518
OPERATING EXPENSES:        
Depreciation and amortization 9,146 6,944 25,883 19,280
Property operating expenses 706 696 2,103 2,031
Base management fee 2,086 1,748 6,165 4,494
Incentive fee 505 945 1,636 2,107
Administration fee 543 412 1,470 1,115
General and administrative expenses 729 462 1,983 1,582
Write-off of costs associated with offering of Series C cumulative redeemable preferred stock 851 0 851 0
Total operating expenses 14,566 11,207 40,091 30,609
OTHER INCOME (EXPENSE):        
Other income 237 20 3,067 2,274
Interest expense (6,476) (6,126) (19,446) (18,460)
Dividends declared on Series A and Series D cumulative term preferred stock (755) (755) (2,264) (2,314)
Loss on dispositions of real estate assets, net (819) (1) (2,100) (1,841)
Property and casualty recovery, net 0 0 49 0
Loss from investments in unconsolidated entities (24) (19) (54) (42)
Total other expense, net (7,837) (6,881) (20,748) (20,383)
NET INCOME 1,806 1,503 3,606 1,526
Net income attributable to non-controlling interests (2) (8) (9) (8)
NET INCOME ATTRIBUTABLE TO THE COMPANY 1,804 1,495 3,597 1,518
Dividends declared on Series B and Series C cumulative redeemable preferred stock (5,389) (3,111) (13,786) (8,814)
Loss on extinguishment of Series C cumulative redeemable preferred stock (9) (23) (15) (23)
Net loss attributable to common stockholders $ (3,594) $ (1,639) $ (10,204) $ (7,319)
LOSS PER COMMON SHARE:        
Basic (in dollars per share) $ (0.10) $ (0.05) $ (0.30) $ (0.25)
Diluted (in dollars per share) $ (0.10) $ (0.05) $ (0.30) $ (0.25)
WEIGHTED-AVERAGE SHARES OF COMMON STOCK OUTSTANDING:        
Basic (in shares) 34,607,440 31,362,423 34,472,018 29,215,628
Diluted (in shares) 34,607,440 31,362,423 34,472,018 29,215,628
COMPREHENSIVE INCOME :        
Net income attributable to the Company $ 1,804 $ 1,495 $ 3,597 $ 1,518
Change in fair value related to interest rate hedging instruments 3,199 357 10,491 513
COMPREHENSIVE INCOME ATTRIBUTABLE TO THE COMPANY $ 5,003 $ 1,852 $ 14,088 $ 2,031