v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
REVENUES        
Rental income $ 30,971 $ 30,128 $ 62,240 $ 59,858
Other operating interest 253 (1,043) 508 (695)
Total revenue 31,224 29,085 62,748 59,163
EXPENSES        
Property operating 5,865 5,585 12,234 11,680
General and administrative [1] 4,890 10,559 9,998 15,659
Depreciation and amortization 10,738 10,879 21,395 21,822
Total expenses 21,493 27,023 43,627 49,161
OTHER (EXPENSE) INCOME        
Gains on sale, net of loss and impairment of real estate assets 46 640 0 640
Interest expense (7,428) (6,592) (14,227) (12,944)
Credit loss reserve 0 (8,672) 0 (8,672)
Deferred income tax benefit 12 0 12 0
Interest and other income, net 3 5 6 8
Total other income (expense) (7,367) (14,619) (14,209) (20,968)
NET INCOME (LOSS) $ 2,364 $ (12,557) $ 4,912 $ (10,966)
NET INCOME (LOSS) PER COMMON SHARE        
Net income (loss) per common share - Basic (in dollars per share) $ 0.06 $ (0.50) $ 0.12 $ (0.47)
Net income (loss) per common share - Diluted (in dollars per share) $ 0.06 $ (0.50) $ 0.12 $ (0.47)
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING-BASIC (in shares) 27,016 26,803 27,004 26,768
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING-DILUTED (in shares) 27,016 26,803 27,004 26,768
[1]
(1) General and administrative expenses for the three and six months ended June 30, 2026 included stock-based compensation expense totaling approximately $2.8 million and $5.5 million, respectively. General and administrative expenses for the three and six months ended June 30, 2025 included severance and transition-related expenses totaling $1.3 million and non-cash stock-based compensation expense totaling approximately $7.1 million and $9.8 million, respectively, each including accelerated amortization of $4.6 million related to the termination of a former executive officer. See Note 9 – Stock Incentive Plan.