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CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Income:        
Rental income $ 38,473 $ 32,101 $ 74,935 $ 61,214
Other property income 93 50 142 80
Total income 38,566 32,151 75,077 61,294
Cost and Expenses:        
Property operating expenses 7,108 5,745 14,071 11,338
Real estate tax expense 4,261 4,243 9,515 7,973
General and administrative expenses 1,231 1,351 2,759 2,763
Business management fee 2,300 2,549 5,016 4,793
Depreciation and amortization 15,228 13,789 30,140 25,643
Total expenses 30,128 27,677 61,501 52,510
Other Income (Expense):        
Interest expense (10,806) (7,106) (21,215) (12,673)
Interest and other income (expense) 55   75 (1)
Net loss $ (2,313) $ (2,632) $ (7,564) $ (3,890)
Net loss per common share, basic $ (0.06) $ (0.07) $ (0.21) $ (0.11)
Net loss per common share, diluted $ (0.06) $ (0.07) $ (0.21) $ (0.11)
Weighted average number of common shares outstanding, basic 36,205,797 36,115,582 36,212,529 36,100,129
Weighted average number of common shares outstanding, diluted 36,205,797 36,115,582 36,212,529 36,100,129
Comprehensive income (loss):        
Net loss $ (2,313) $ (2,632) $ (7,564) $ (3,890)
Unrealized gain on derivatives 14,170 7,142 9,625 19,141
Reclassification adjustment for amounts included in net loss (3,849) 1,372 (7,334) 2,840
Comprehensive income (loss) $ 8,008 $ 5,882 $ (5,273) $ 18,091