Quarterly report [Sections 13 or 15(d)]

Condensed Consolidated Statements of Operations and Comprehensive Income

v3.25.1
Condensed Consolidated Statements of Operations and Comprehensive Income - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
OPERATING REVENUES:    
Lease revenue, net $ 16,803 $ 19,826
Other operating revenue 1 426
Total operating revenues 16,804 20,252
OPERATING EXPENSES:    
Depreciation and amortization 8,429 8,789
Property operating expenses 1,128 877
Base management fee 2,058 2,156
Capital gains fee 188 0
Administration fee 642 603
General and administrative expenses 682 566
Total operating expenses, net of credits to fees 13,127 12,991
OTHER INCOME (EXPENSE):    
Other income 1,952 2,428
Interest expense (5,177) (5,555)
Dividends declared on cumulative term preferred stock (755) (755)
Gain on dispositions of real estate assets, net 15,410 10,273
Property and casualty recovery, net 137 0
Loss from investments in unconsolidated entities (136) (85)
Total other income, net 11,431 6,306
NET INCOME 15,108 13,567
Net income attributable to non-controlling interests 0 0
NET INCOME ATTRIBUTABLE TO THE COMPANY 15,108 13,567
Dividends declared on cumulative redeemable preferred stock (6,002) (6,118)
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS $ 9,106 $ 7,449
NET INCOME PER COMMON SHARE:    
Basic (in dollars per share) $ 0.25 $ 0.21
Diluted (in dollars per share) $ 0.25 $ 0.21
WEIGHTED-AVERAGE SHARES OF COMMON STOCK OUTSTANDING:    
Basic (in shares) 36,184,658 35,838,442
Diluted (in shares) 36,184,658 35,838,442
NET INCOME    
Net income $ 15,108 $ 13,567
Change in fair value related to interest rate hedging instruments (1,318) 1,008
COMPREHENSIVE INCOME 13,790 14,575
Comprehensive income attributable to non-controlling interests 0 0
COMPREHENSIVE INCOME ATTRIBUTABLE TO THE COMPANY $ 13,790 $ 14,575