Quarterly report [Sections 13 or 15(d)]

Condensed Consolidated Statements of Operations and Comprehensive Income

v3.25.3
Condensed Consolidated Statements of Operations and Comprehensive Income - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
OPERATING REVENUES:        
Lease revenue, net $ 17,736 $ 22,571 $ 46,835 $ 63,667
Other operating revenue 49 0 50 453
Total operating revenues 17,785 22,571 46,885 64,120
OPERATING EXPENSES:        
Depreciation and amortization 8,395 8,805 25,198 26,407
Property operating expenses 1,383 1,380 3,753 3,476
Base management fee 1,992 2,070 6,040 6,303
Incentive fee 0 109 0 109
Administration fee 650 683 1,863 1,839
General and administrative expenses 556 655 1,760 1,992
Impairment charge 316 2,106 316 2,106
Total operating expenses 13,292 15,808 38,930 42,232
Incentive fee waiver 0 (109) 0 (109)
Total operating expenses, net of credits to fees 13,292 15,699 38,930 42,123
OTHER INCOME (EXPENSE):        
Other income 79 370 2,298 3,295
Interest expense (4,850) (5,402) (15,004) (16,492)
Dividends declared on cumulative term preferred stock (755) (755) (2,264) (2,264)
Gain (loss) on dispositions of real estate assets, net 3,062 (832) 16,323 6,641
Property and casualty (loss) recovery, net 0 (275) 137 (284)
Gain (loss) from investments in unconsolidated entities 58 28 (128) (143)
Total other (expense) income, net (2,406) (6,866) 1,362 (9,247)
NET INCOME 2,087 6 9,317 12,750
Dividends declared on cumulative redeemable preferred stock (6,002) (6,024) (18,006) (18,247)
Gain on extinguishment of cumulative redeemable preferred stock, net 0 231 0 505
NET LOSS ATTRIBUTABLE TO COMMON STOCKHOLDERS $ (3,915) $ (5,787) $ (8,689) $ (4,992)
NET LOSS PER COMMON SHARE:        
Basic (in dollars per share) $ (0.11) $ (0.16) $ (0.24) $ (0.14)
Diluted (in dollars per share) $ (0.11) $ (0.16) $ (0.24) $ (0.14)
WEIGHTED-AVERAGE SHARES OF COMMON STOCK OUTSTANDING:        
Basic (in shares) 36,190,889 35,838,442 36,186,758 35,838,442
Diluted (in shares) 36,190,889 35,838,442 36,186,758 35,838,442
NET INCOME        
NET INCOME $ 2,087 $ 6 $ 9,317 $ 12,750
Change in fair value related to interest rate hedging instruments (409) (2,565) (2,583) (1,591)
COMPREHENSIVE INCOME (LOSS) $ 1,678 $ (2,559) $ 6,734 $ 11,159