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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
REVENUES        
Rental income $ 30,128 $ 27,905 $ 59,858 $ 56,247
Other operating interest (1,043) (389) (695) 602
Total revenue 29,085 27,516 59,163 56,849
EXPENSES        
Property operating 5,585 5,572 11,680 11,363
General and administrative [1] 10,559 4,760 15,659 9,314
Depreciation and amortization 10,879 10,792 21,822 21,054
Total expenses 27,023 21,124 49,161 41,731
OTHER (EXPENSE) INCOME        
Gains on sale, net of impairments of real estate assets 640 (140) 640 (140)
Interest expense (6,592) (5,986) (12,944) (11,048)
Credit loss reserve (8,672) (11,000) (8,672) (11,000)
Interest and other income, net 5 307 8 308
Total other income (expense) (14,619) (16,819) (20,968) (21,880)
NET LOSS $ (12,557) $ (10,427) $ (10,966) $ (6,762)
NET LOSS PER COMMON SHARE        
Net income (loss) per common share - Basic (in dollars per share) $ (0.50) $ (0.42) $ (0.47) $ (0.31)
Net income (loss) per common share - Diluted (in dollars per share) $ (0.50) $ (0.42) $ (0.47) $ (0.31)
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING-BASIC (in shares) 26,803 26,479 26,768 26,388
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING-DILUTED (in shares) 26,803 26,479 26,768 26,388
[1]
(1) General and administrative expenses for the three and six months ended June 30, 2025, included severance and transition-related expenses totaling $1.3 million related to a termination in the second quarter of 2025, as well as non-cash stock-based compensation expense totaling $7.1 million and $9.8 million, respectively, which includes accelerated amortization of $4.6 million related to a termination in the second quarter of 2025. General and administrative expenses for the three and six months ended June 30, 2024, included non-cash stock-based compensation expense totaling $2.5 million and $4.9 million, respectively.