v3.26.3
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Sep. 30, 2026
Sep. 30, 2025
REVENUES        
Rental income $ 32,193 $ 30,814 $ 94,433 $ 90,672
Other operating interest 250 272 758 (423)
Total revenue 32,443 31,086 95,191 90,249
EXPENSES        
Property operating 5,975 5,930 18,209 17,610
General and administrative [1] 4,191 4,658 14,189 20,317
Depreciation and amortization 10,668 10,902 32,063 32,724
Total expenses 20,834 21,490 64,461 70,651
OTHER (EXPENSE) INCOME        
Losses on sale and impairment of real estate assets, net of gains on sale (1,039) (888) (1,039) (248)
Interest expense (7,515) (7,075) (21,742) (20,019)
Credit loss reserve 0 0 0 (8,672)
Deferred income tax benefit 0 0 12 0
Interest and other income, net 13 7 19 15
Total other income (expense) (8,541) (7,956) (22,750) (28,924)
NET INCOME (LOSS) $ 3,068 $ 1,640 $ 7,980 $ (9,326)
NET INCOME (LOSS) PER COMMON SHARE        
Net income (loss) per common share - Basic (in dollars per share) $ 0.09 $ 0.03 $ 0.22 $ (0.43)
Net income (loss) per common share - Diluted (in dollars per share) $ 0.09 $ 0.03 $ 0.22 $ (0.43)
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING-BASIC (in shares) 27,070 26,934 27,026 26,824
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING-DILUTED (in shares) 27,070 26,934 27,026 26,824
[1]
(1) General and administrative expenses for the three and nine months ended September 30, 2026 included stock-based compensation expense totaling approximately $1.9 million and $7.4 million, respectively. General and administrative expenses for the three and nine months ended September 30, 2025 included stock-based compensation expense totaling approximately $2.5 million and $12.3 million, respectively. General and administrative expenses for the nine months ended September 30, 2025 included severance and transition-related expenses totaling $1.3 million and accelerated non-cash stock-based compensation amortization of $4.6 million related to the termination of a former executive officer. See Note 9 – Stock Incentive Plan.