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 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
OPERATING REVENUES:        
Lease revenue, net $ 12,359 $ 12,296 $ 27,154 $ 29,098
Crop sales 333 0 2,082 0
Other operating revenue 0 0 8 1
Total operating revenues 12,692 12,296 29,244 29,099
OPERATING EXPENSES:        
Depreciation and amortization 7,886 8,374 18,255 16,803
Property operating expenses 1,605 1,242 3,722 2,370
Cost of sales (256) 0 (414) 0
Base management fee 1,944 1,990 3,890 4,048
Capital gains fee credit 0 (188) 0 0
Administration fee 724 572 1,443 1,213
General and administrative expenses 905 520 1,629 1,203
Impairment charge 4,194 0 5,078 0
Total operating expenses 17,002 12,510 33,603 25,637
OTHER INCOME (EXPENSE):        
Other income 25 267 1,481 2,219
Interest expense (4,664) (4,976) (9,390) (10,154)
Dividends declared on cumulative term preferred stock 0 (755) (243) (1,509)
Gain (loss) on dispositions of real estate assets, net 438 (2,149) (21) 13,261
Property and casualty (loss) recovery, net (22) 0 (115) 137
Gain (loss) from investments in unconsolidated entities 73 (51) (117) (186)
Total other (expense) income, net (4,150) (7,664) (8,405) 3,768
NET (LOSS) INCOME (8,460) (7,878) (12,764) 7,230
Dividends declared on cumulative redeemable preferred stock (5,862) (6,002) (11,850) (12,004)
Gain on extinguishment of cumulative redeemable preferred stock, net 799 0 1,107 0
NET LOSS ATTRIBUTABLE TO COMMON STOCKHOLDERS $ (13,523) $ (13,880) $ (23,507) $ (4,774)
NET LOSS PER COMMON SHARE:        
Basic (in dollars per share) $ (0.32) $ (0.38) $ (0.56) $ (0.13)
Diluted (in dollars per share) $ (0.32) $ (0.38) $ (0.56) $ (0.13)
WEIGHTED-AVERAGE SHARES OF COMMON STOCK OUTSTANDING:        
Basic (in shares) 42,911,176 36,184,658 41,889,429 36,184,658
Diluted (in shares) 42,911,176 36,184,658 41,889,429 36,184,658
NET (LOSS) INCOME        
NET (LOSS) INCOME $ (8,460) $ (7,878) $ (12,764) $ 7,230
Change in fair value related to interest rate hedging instruments 349 (856) 427 (2,174)
COMPREHENSIVE (LOSS) INCOME $ (8,111) $ (8,734) $ (12,337) $ 5,056