v3.26.3
Consolidated Statements of Operations and Comprehensive Income (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Sep. 30, 2026
Sep. 30, 2025
Revenues:        
Rental income $ 29,651 $ 23,692 $ 83,787 $ 67,902
Fee and other 627 634 1,721 1,925
Total revenues 30,278 24,326 85,508 69,827
Operating expenses:        
Real estate taxes 3,393 2,865 9,664 8,287
Property operating expenses 2,899 2,355 8,306 6,800
General and administrative 5,091 3,751 15,193 13,003
Casualty and impairment (gains) losses, net (39) 97 (213) (98)
Depreciation and amortization 7,033 6,109 20,163 17,647
Total operating expenses 18,377 15,177 53,113 45,639
Gain (loss) on sale of real estate assets 0 0 30 (49)
Income from operations 11,901 9,149 32,425 24,139
Other income 0 0 0 30
Interest expense, net:        
Contractual interest expense (4,274) (3,903) (12,976) (11,157)
Write-off and amortization of deferred financing fees and amortization of debt discounts (402) (215) (933) (637)
Loss on early extinguishment of debt (232) (142) (232) (142)
Interest income 2 0 2 7
Total interest expense, net (4,906) (4,260) (14,139) (11,929)
Income before income tax expense 6,995 4,889 18,286 12,240
Income tax expense (14) (6) (64) (30)
Net income 6,981 4,883 18,222 12,210
Net income attributable to operating partnership unitholders’ non-controlling interests (1,377) (1,073) (3,740) (2,704)
Net income attributable to common stockholders $ 5,604 $ 3,810 $ 14,482 $ 9,506
Net income per share:        
Basic (in dollars per share) $ 0.16 $ 0.13 $ 0.42 $ 0.32
Diluted (in dollars per share) $ 0.16 $ 0.13 $ 0.42 $ 0.32
Weighted average common shares outstanding:        
Basic (in shares) 30,341,104 24,627,866 28,282,282 23,810,318
Diluted (in shares) 30,586,891 24,627,866 28,556,965 23,810,318
Comprehensive income:        
Net income $ 6,981 $ 4,883 $ 18,222 $ 12,210
Unrealized gain (loss) on derivative instruments 6,315 (533) 8,606 (5,002)
Comprehensive income 13,296 4,350 26,828 7,208
Comprehensive income attributable to operating partnership unitholders’ non-controlling interests (2,623) (956) (5,468) (1,604)
Comprehensive income attributable to common stockholders $ 10,673 $ 3,394 $ 21,360 $ 5,604