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CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Income:      
Rental income $ 133,432 $ 118,957 $ 115,527
Other property income 214 183 162
Total income 133,646 119,140 115,689
Cost and Expenses:      
Property operating expenses 25,073 21,649 19,416
Real estate tax expense 17,210 14,388 14,505
General and administrative expenses 5,400 4,784 5,206
Business management fee 10,212 8,950 8,924
Depreciation and amortization 55,319 48,906 52,834
Total expenses 113,214 98,677 100,885
Other Income (Expense):      
Interest expense (33,069) (23,240) (25,349)
Interest and other income (19) (274) (157)
Net loss $ (12,618) $ (2,503) $ (10,388)
Net loss per common share, basic $ (0.35) $ (0.07) $ (0.29)
Net loss per common share, diluted $ (0.35) $ (0.07) $ (0.29)
Weighted average number of common shares outstanding, basic 36,134,801 36,031,088 36,021,040
Weighted average number of common shares outstanding, diluted 36,134,801 36,031,088 36,021,040
Comprehensive income (loss):      
Net loss $ (12,618) $ (2,503) $ (10,388)
Unrealized gain (loss) on derivatives 40,902 2,445 (16,497)
Reclassification adjustment for amounts included in net loss 737 7,654 5,837
Comprehensive income (loss) $ 29,021 $ 7,596 $ (21,048)