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Consolidated Statements of Operations and Comprehensive Income (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Revenues:        
Rental income $ 13,181 $ 10,204 $ 36,665 $ 27,668
Fee and other 594 325 1,765 1,137
Total revenues 13,775 10,529 38,430 28,805
Operating expenses:        
Real estate taxes 1,836 1,625 5,131 3,877
Property operating expenses 1,346 983 4,106 2,708
General and administrative 3,040 2,596 9,990 7,881
Depreciation and amortization 4,637 3,743 12,966 10,131
Total operating expenses 10,859 8,947 32,193 24,597
Income from operations 2,916 1,582 6,237 4,208
Other income 44 159 718 276
Interest expense, net:        
Contractual interest expense (1,670) (734) (3,467) (2,000)
Write-off and amortization of deferred financing fees (156) (295) (440) (585)
Loss on early extinguishment of debt 0 0 0 (202)
Interest income 0 1 1 2
Total interest expense, net (1,826) (1,028) (3,906) (2,785)
Income before income tax expense 1,134 713 3,049 1,699
Income tax benefit (expense) 16 (37) (13) (75)
Net income 1,150 676 3,036 1,624
Net income attributable to Operating Partnership unitholders’ non-controlling interests (219) (145) (557) (320)
Net income attributable to common stockholders $ 931 $ 531 $ 2,479 $ 1,304
Net income per share:        
Basic (in dollars per share) $ 0.04 $ 0.03 $ 0.10 $ 0.06
Diluted (in dollars per share) $ 0.04 $ 0.03 $ 0.10 $ 0.06
Weighted average common shares outstanding:        
Basic (in shares) 18,554,578 13,413,132 18,467,581 13,044,340
Diluted (in shares) 18,554,578 13,413,132 18,467,581 13,044,340
Comprehensive income:        
Net income $ 1,150 $ 676 $ 3,036 $ 1,624
Unrealized gain on derivative instruments 5,352 394 8,367 394
Comprehensive income 6,502 1,070 11,403 2,018
Comprehensive income attributable to Operating Partnership unitholders’ non-controlling interests (1,240) (229) (2,109) (404)
Comprehensive income attributable to common stockholders $ 5,262 $ 841 $ 9,294 $ 1,614