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CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Income:        
Rental income $ 37,438 $ 38,473 $ 74,787 $ 74,935
Other property income 62 93 180 142
Total income 37,500 38,566 74,967 75,077
Cost and Expenses:        
Property operating expenses 7,420 7,108 14,736 14,071
Real estate tax expense 4,710 4,261 9,493 9,515
General and administrative expenses 1,434 1,231 2,978 2,759
Business management fee 2,231 2,300 4,486 5,016
Depreciation and amortization 14,594 15,228 29,153 30,140
Total expenses 30,389 30,128 60,846 61,501
Other Income (Expense):        
Interest expense (10,386) (10,806) (20,816) (21,215)
Interest and other income 72 55 154 75
Net loss $ (3,203) $ (2,313) $ (6,541) $ (7,564)
Net loss per common share, basic $ (0.09) $ (0.06) $ (0.18) $ (0.21)
Net loss per common share, diluted $ (0.09) $ (0.06) $ (0.18) $ (0.21)
Weighted average number of common shares outstanding, basic 36,130,886 36,205,797 36,141,292 36,212,529
Weighted average number of common shares outstanding, diluted 36,130,886 36,205,797 36,141,292 36,212,529
Comprehensive income (loss):        
Net Income (Loss) $ (3,203) $ (2,313) $ (6,541) $ (7,564)
Unrealized gain on derivatives 3,187 14,170 13,253 9,625
Reclassification adjustment for amounts included in net loss (4,322) (3,849) (8,659) (7,334)
Comprehensive (loss) income $ (4,338) $ 8,008 $ (1,947) $ (5,273)