Quarterly report [Sections 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
Mar. 31, 2026
Mar. 31, 2025
OPERATING REVENUES:    
Lease revenue, net $ 14,795 $ 16,803
Crop sales 1,749 0
Other operating revenue 8 1
Total operating revenues 16,552 16,804
OPERATING EXPENSES:    
Depreciation and amortization 10,370 8,429
Property operating expenses 2,117 1,128
Cost of sales (158) 0
Base management fee 1,945 2,058
Capital gains fee 0 188
Administration fee 720 642
General and administrative expenses 723 682
Impairment charge 884 0
Total operating expenses 16,601 13,127
OTHER INCOME (EXPENSE):    
Other income 1,455 1,952
Interest expense (4,725) (5,177)
Dividends declared on cumulative term preferred stock (243) (755)
(Loss) gain on dispositions of real estate assets, net (459) 15,410
Property and casualty (loss) recovery, net (93) 137
Loss from investments in unconsolidated entities (191) (136)
Total other (expense) income, net (4,256) 11,431
NET (LOSS) INCOME (4,305) 15,108
Dividends declared on cumulative redeemable preferred stock (5,988) (6,002)
Gain on extinguishment of cumulative redeemable preferred stock, net 308 0
NET (LOSS) INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS $ (9,985) $ 9,106
NET (LOSS) INCOME PER COMMON SHARE:    
Basic (in dollars per share) $ (0.24) $ 0.25
Diluted (in dollars per share) $ (0.24) $ 0.25
WEIGHTED-AVERAGE SHARES OF COMMON STOCK OUTSTANDING:    
Basic (in shares) 40,856,330 36,184,658
Diluted (in shares) 40,856,330 36,184,658
NET (LOSS) INCOME    
NET (LOSS) INCOME $ (4,305) $ 15,108
Change in fair value related to interest rate hedging instruments 78 (1,318)
COMPREHENSIVE (LOSS) INCOME $ (4,227) $ 13,790