v3.26.3
Condensed Consolidated Statements of Operations and Comprehensive Income - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Sep. 30, 2026
Sep. 30, 2025
Operating revenues        
Lease revenue $ 42,419 $ 40,841 $ 128,317 $ 117,875
Total operating revenues 42,419 40,841 128,317 117,875
Operating expenses        
Depreciation and amortization 15,435 15,271 45,188 42,763 [1]
Property operating expenses 7,446 7,409 21,638 21,568
Base management fee [2] 1,762 1,701 5,242 4,908
Incentive fee [2] 547 709 1,742 2,057
Administration fee [2] 653 720 1,947 1,932
General and administrative 879 920 3,066 3,204
Impairment charge 6,518 0 6,518 9 [1]
Total operating expense before incentive fee waiver 33,240 26,730 85,341 76,441
Incentive fee waiver [2] (325) (709) (944) (1,417)
Total operating expenses 32,915 26,021 84,397 75,024
Other (expense) income        
Interest expense (11,613) (10,704) (34,464) (29,900)
(Loss) gain on sale of real estate, net 0 (10) 3,676 367 [1]
Other income 46 31 43 590
Total other (expense) income, net (11,567) (10,683) (30,745) (28,943)
Net (loss) income (2,063) 4,137 13,175 13,908 [1]
Net loss (income) attributable (available) to OP Units held by Non-controlling OP Unitholders 4 (1) (3) (4)
Net (loss) income (attributable) available to the Company (2,059) 4,136 13,172 13,904
Distributions attributable to Series E, F, and G preferred stock (3,032) (3,058) (9,110) (9,251)
Distributions attributable to senior common stock (100) (102) (298) (304)
Gain (loss) on extinguishment of Series F preferred stock, net 2 6 (2) 5
Net (loss) income (attributable) available to common stockholders $ (5,189) $ 982 $ 3,762 $ 4,354
Income per weighted average share of common stock - basic & diluted        
(Loss) income (attributable) available to common stockholders basic (in dollars per share) $ (0.11) $ 0.02 $ 0.08 $ 0.09
(Loss) income (attributable) available to common stockholders diluted (in dollars per share) $ (0.11) $ 0.02 $ 0.08 $ 0.09
Weighted average shares of common stock outstanding        
Basic (in shares) 48,468,220 46,877,686 48,427,668 45,909,771
Diluted (in shares) 48,468,220 46,877,686 48,427,668 45,909,771
Comprehensive income (loss)        
Change in unrealized gain (loss) related to interest rate hedging instruments, net $ 8,225 $ (604) $ 14,692 $ (6,964) [1]
Other comprehensive income (loss) 8,225 (604) 14,692 (6,964)
Net (loss) income (2,063) 4,137 13,175 13,908 [1]
Comprehensive income 6,162 3,533 27,867 6,944
Comprehensive loss (income) attributable (available) to OP Units held by Non-controlling OP Unitholders 4 (1) (3) (4)
Total comprehensive income available to the Company $ 6,166 $ 3,532 $ 27,864 $ 6,940
[1] Prior period conformed to current presentation.
[2] Refer to Note 2 “Related Party Transactions”