Quarterly report [Sections 13 or 15(d)]

Condensed Consolidated Statements of Operations and Comprehensive Income

v3.25.2
Condensed Consolidated Statements of Operations and Comprehensive Income - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
OPERATING REVENUES:        
Lease revenue, net $ 12,296 $ 21,270 $ 29,098 $ 41,096
Other operating revenue 0 27 1 453
Total operating revenues 12,296 21,297 29,099 41,549
OPERATING EXPENSES:        
Depreciation and amortization 8,374 8,813 16,803 17,602
Property operating expenses 1,242 1,219 2,370 2,096
Base management fee 1,990 2,076 4,048 4,233
Capital gains fee credit (188) 0 0 0
Administration fee 572 553 1,213 1,156
General and administrative expenses 520 772 1,203 1,337
Total operating expenses 12,510 13,433 25,637 26,424
OTHER (EXPENSE) INCOME:        
Other income 267 497 2,219 2,925
Interest expense (4,976) (5,535) (10,154) (11,090)
Dividends declared on cumulative term preferred stock (755) (755) (1,509) (1,509)
(Loss) gain on dispositions of real estate assets, net (2,149) (2,800) 13,261 7,473
Property and casualty (loss) recovery, net 0 (9) 137 (9)
Loss from investments in unconsolidated entities (51) (85) (186) (171)
Total other (expense) income, net (7,664) (8,687) 3,768 (2,381)
NET (LOSS) INCOME (7,878) (823) 7,230 12,744
Dividends declared on cumulative redeemable preferred stock (6,002) (6,105) (12,004) (12,223)
Gain on extinguishment of cumulative redeemable preferred stock, net 0 274 0 274
NET (LOSS) INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS $ (13,880) $ (6,654) $ (4,774) $ 795
NET (LOSS) INCOME PER COMMON SHARE:        
Basic (in dollars per share) $ (0.38) $ (0.19) $ (0.13) $ 0.02
Diluted (in dollars per share) $ (0.38) $ (0.19) $ (0.13) $ 0.02
WEIGHTED-AVERAGE SHARES OF COMMON STOCK OUTSTANDING:        
Basic (in shares) 36,184,658 35,838,442 36,184,658 35,838,442
Diluted (in shares) 36,184,658 35,838,442 36,184,658 35,838,442
NET (LOSS) INCOME        
NET (LOSS) INCOME $ (7,878) $ (823) $ 7,230 $ 12,744
Change in fair value related to interest rate hedging instruments (856) (33) (2,174) 975
COMPREHENSIVE (LOSS) INCOME ATTRIBUTABLE TO THE COMPANY $ (8,734) $ (856) $ 5,056 $ 13,719