Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Operations

v3.22.4
Consolidated Statements of Operations - USD ($)
shares in Thousands, $ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Revenue      
Rental revenue $ 137,167 $ 115,804 $ 93,518
Other income 116 132 212
Total revenue 137,283 115,936 93,730
Expenses      
General and administrative 16,545 16,453 11,935
Operating expenses 25,188 15,488 10,867
Management fees - related party 0 0 4,024
Depreciation expense 40,008 33,825 26,747
Amortization expense 16,715 13,050 9,606
Interest expense 25,230 19,696 18,680
Management internalization expense 0 0 14,005
Preacquisition expense 354 151 365
Total expenses 124,040 98,663 96,229
Income before gain on sale of investment property 13,243 17,273 (2,499)
Gain on sale of investment property 6,753 1,069 0
Net income (loss) 19,996 18,342 (2,499)
Less: Preferred stock dividends (5,822) (5,822) (5,822)
Less: Net (income) loss attributable to noncontrolling interest (854) (720) 574
Net income (loss) attributable to common stockholders $ 13,320 $ 11,800 $ (7,747)
Net income (loss) attributable to common stockholders per share - basic $ 0.20 $ 0.19 $ (0.17)
Net income (loss) attributable to common stockholders per share - diluted $ 0.20 $ 0.19 $ (0.17)
Weighted average shares outstanding - basic 65,462 60,640 46,256
Weighted average shares outstanding - diluted 65,462 60,640 46,256