v3.25.2
CONSOLIDATED STATEMENTS OF OPERATIONS AND OTHER COMPREHENSIVE INCOME - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Income from rental operations        
Real estate rental income $ 43,000 $ 39,297 $ 85,180 $ 76,558
Expenses from rental operations        
Operating expenses 16,631 15,969 34,466 32,292
Real estate taxes 4,222 4,769 8,082 8,928
Depreciation and amortization 6,696 7,015 13,721 12,924
Interest 6,371 5,585 12,641 10,941
Total expenses from rental operations 33,920 33,338 68,910 65,085
Administration of REIT 1,443 1,539 2,944 2,885
Total expenses 35,363 34,877 71,854 67,970
Income from operations 7,637 4,420 13,326 8,588
Other (loss) income        
Equity in losses of unconsolidated affiliates (979) (679) (1,898) (1,413)
Other income 257 387 394 780
Gain on sale or conversion of real estate investments   2,014   2,828
Gain on involuntary conversion   1    
Total other income (722) 1,723 (1,504) 2,195
Net income 6,915 6,143 11,822 10,783
Net income (loss) attributable to noncontrolling interest:        
Operating partnership 4,083 3,809 7,114 6,659
Partially owned properties (26) 31 (256) 82
Net income attributable to Sterling Real Estate Trust $ 2,858 $ 2,303 $ 4,964 $ 4,042
Net income attributable to Sterling Real Estate Trust per common share, basic (in dollars per share) $ 0.22 $ 0.2 $ 0.38 $ 0.36
Net income attributable to Sterling Real Estate Trust per common share, diluted (in dollars per share) $ 0.22 $ 0.2 $ 0.38 $ 0.36
Comprehensive income        
Net income $ 6,915 $ 6,143 $ 11,822 $ 10,783
Other comprehensive (loss) income:        
(Loss) gain on cash flow hedges (674) (264) (2,667) 3,243
Cash flow hedge (losses) gains reclassified to earnings (782) (163) (1,571) (2,153)
Total other comprehensive (loss) income (1,456) (427) (4,238) 1,090
Total comprehensive income 5,459 5,716 7,584 11,873
Comprehensive income attributable to noncontrolling interest 3,200 3,573 4,361 7,419
Comprehensive income attributable to Sterling Real Estate Trust $ 2,259 $ 2,143 $ 3,223 $ 4,454
Weighted average common shares outstanding, basic (in shares) 12,977,000 11,357,000 12,939,000 11,348,000
Weighted average common shares outstanding, diluted (in shares) 12,977,000 11,357,000 12,939,000 11,348,000