Annual report pursuant to Section 13 and 15(d)

Condensed Consolidated Statements of Operations

v3.24.0.1
Condensed Consolidated Statements of Operations - USD ($)
shares in Thousands, $ in Thousands
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Revenue      
Rental revenue $ 140,934 $ 137,167 $ 115,804
Other income 115 116 132
Total revenue 141,049 137,283 115,936
Expenses      
General and administrative 16,853 16,545 16,453
Operating expenses 28,082 25,188 15,488
Depreciation expense 41,266 40,008 33,825
Amortization expense 16,869 16,715 13,050
Interest expense 30,893 25,230 19,696
Preacquisition expense 44 354 151
Total expenses 134,007 124,040 98,663
Income before gain on sale of investment property 7,042 13,243 17,273
Gain on sale of investment property 15,560 6,753 1,069
Loss on extinguishment of debt (868) 0 0
Net income 21,734 19,996 18,342
Less: Preferred stock dividends (5,822) (5,822) (5,822)
Less: Net income attributable to noncontrolling interest (1,122) (854) (720)
Net income (loss) attributable to common stockholders $ 14,790 $ 13,320 $ 11,800
Net income (loss) attributable to common stockholders per share - basic $ 0.23 $ 0.20 $ 0.19
Net income (loss) attributable to common stockholders per share - diluted $ 0.23 $ 0.20 $ 0.19
Weighted average shares outstanding - basic 65,550 65,462 60,640
Weighted average shares outstanding - diluted 65,550 65,462 60,640