v3.26.1
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Income:        
Rental income $ 37,783 $ 38,038 $ 76,516 $ 76,794
Other property income 58 87 235 136
Total income 37,841 38,125 76,751 76,930
Expenses:        
Property operating expenses 7,908 8,026 16,555 16,610
Real estate tax expense 4,688 4,604 9,399 9,108
General and administrative expenses 1,427 1,397 2,751 3,321
Business management fee 2,343 2,245 4,670 4,487
Depreciation and amortization 15,397 14,272 29,691 28,737
Total expenses 31,763 30,544 63,066 62,263
Other Income (Expense):        
Interest expense (10,036) (9,792) (19,930) (19,519)
Interest and other income (40) (55) (78) (95)
Gain on sale of investment property 4,985 0 4,985 0
Net income (loss) $ 1,067 $ (2,156) $ (1,182) $ (4,757)
Net income (loss) per common share, basic $ 0.03 $ (0.06) $ (0.03) $ (0.13)
Net income (loss) per common share, diluted $ 0.03 $ (0.06) $ (0.03) $ (0.13)
Weighted average number of common shares outstanding, basic 36,061,113 36,104,130 36,085,475 36,104,130
Weighted average number of common shares outstanding, diluted 36,068,394 36,104,130 36,085,475 36,104,130
Comprehensive income (loss):        
Net income (loss) $ 1,067 $ (2,156) $ (1,182) $ (4,757)
Unrealized gain (loss) on derivatives 5,129 (372) 8,805 (2,869)
Reclassification adjustment for amounts included in net income (loss) (1,893) (2,931) (3,814) (5,831)
Comprehensive income (loss) $ 4,303 $ (5,459) $ 3,809 $ (13,457)