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CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (Unaudited) - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Revenues        
Rental income $ 67,870 $ 66,500 $ 203,217 $ 189,949
Other income 1,968 1,551 5,417 4,654
Total revenues 69,838 68,051 208,634 194,603
Expenses        
Property operating expenses 15,322 12,370 44,080 42,669
Real estate taxes and insurance 8,832 9,419 28,186 27,670
Property management fees [1] 2,031 1,960 6,089 5,629
Advisory and administrative fees [2] 1,966 1,904 5,782 5,615
Corporate general and administrative expenses 4,906 3,818 12,897 11,116
Property general and administrative expenses 2,615 2,387 7,127 6,586
Depreciation and amortization 23,797 25,224 70,935 74,490
Total expenses 59,469 57,082 175,096 173,775
Operating income before gain on sales of real estate 10,369 10,969 33,538 20,828
Gain on sales of real estate 43,090   43,090  
Operating income 53,459 10,969 76,628 20,828
Interest expense (17,587) (11,766) (48,850) (34,804)
Gain (loss) on extinguishment of debt and modification costs (2,215)   (2,093)  
Casualty gain (loss) (100)   (980) 357
Gain on forfeited deposits     250  
Equity in earnings of affiliate 177   177  
Miscellaneous income 144 198 880 526
Net income (loss) 33,878 (599) 26,012 (13,093)
Net income (loss) attributable to redeemable noncontrolling interests in the Operating Partnership 129 (2) 99 (46)
Net income (loss) attributable to common stockholders 33,749 (597) 25,913 (13,047)
Other comprehensive income (loss)        
Unrealized gains (losses) on interest rate derivatives (744) 34,938 (4,820) 106,874
Total comprehensive income 33,134 34,339 21,192 93,781
Comprehensive income attributable to redeemable noncontrolling interests in the Operating Partnership 126 132 81 319
Comprehensive income attributable to common stockholders $ 33,008 $ 34,207 $ 21,111 $ 93,462
Weighted average common shares outstanding - basic 25,674 25,598 25,647 25,630
Weighted average common shares outstanding - diluted [3] 26,302 25,598 26,228 25,630
Earnings (loss) per share - basic $ 1.31 $ (0.02) $ 1.01 $ (0.51)
Earnings (loss) per share - diluted $ 1.28 $ (0.02) $ 0.99 $ (0.51)
[1] Fees incurred to an unaffiliated third party that is an affiliate of the noncontrolling limited partner of the Company’s Operating Partnership (see Note 8).
[2] Fees incurred to the Adviser (see Note 9).
[3] If the Company sustains a net loss for the period presented, unvested restricted stock units are not included in the diluted earnings per share calculation.