v3.25.2
Consolidated Statements of Operations and Comprehensive (Loss) Income (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Revenues:        
Rental income $ 22,730 $ 17,364 $ 44,210 $ 33,969
Fee and other 621 686 1,291 1,369
Total revenues 23,351 18,050 45,501 35,338
Operating expenses:        
Real estate taxes 2,773 2,385 5,422 4,687
Property operating expenses 1,984 2,118 4,445 4,471
General and administrative 4,316 3,920 9,252 8,213
Casualty and impairment losses (gains), net (345) 0 (195) 0
Depreciation and amortization 5,914 5,518 11,538 10,819
Total operating expenses 14,642 13,941 30,462 28,190
Loss on sale of real estate assets 0 0 (49) 0
Income from operations 8,709 4,109 14,990 7,148
Other income 0 15 30 65
Interest expense, net:        
Contractual interest expense (3,817) (2,888) (7,254) (5,525)
Write-off and amortization of deferred financing fees and amortization of debt discount (211) (181) (422) (362)
Interest income 1 5 7 6
Total interest expense, net (4,027) (3,064) (7,669) (5,881)
Income before income tax expense 4,682 1,060 7,351 1,332
Income tax expense (10) (28) (24) (44)
Net income 4,672 1,032 7,327 1,288
Net income attributable to operating partnership unitholders’ non-controlling interests (1,058) (215) (1,631) (265)
Net income attributable to common stockholders $ 3,614 $ 817 $ 5,696 $ 1,023
Net income per share:        
Basic (in dollars per share) $ 0.12 $ 0.02 $ 0.19 $ 0.01
Diluted (in dollars per share) $ 0.12 $ 0.02 $ 0.19 $ 0.01
Weighted average common shares outstanding:        
Basic (in shares) 23,509,083 22,339,245 23,375,607 22,192,277
Diluted (in shares) 23,509,083 22,339,245 23,375,607 22,192,277
Comprehensive income:        
Net income $ 4,672 $ 1,032 $ 7,327 $ 1,288
Unrealized (loss) gain on derivative instruments (1,625) 14 (4,469) 2,833
Comprehensive income 3,047 1,046 2,858 4,121
Comprehensive income attributable to operating partnership unitholders’ non-controlling interests (690) (218) (648) (820)
Comprehensive income attributable to common stockholders $ 2,357 $ 828 $ 2,210 $ 3,301