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Consolidated Statements of Operations and Comprehensive Income (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Revenues:        
Rental income $ 17,364 $ 14,762 $ 33,969 $ 29,261
Fee and other 686 695 1,369 1,344
Total revenues 18,050 15,457 35,338 30,605
Operating expenses:        
Real estate taxes 2,385 2,029 4,687 4,012
Property operating expenses 2,118 1,414 4,471 3,038
General and administrative 3,920 3,610 8,213 7,769
Depreciation and amortization 5,518 4,781 10,819 9,618
Total operating expenses 13,941 11,834 28,190 24,437
Income from operations 4,109 3,623 7,148 6,168
Other income 15 125 65 239
Interest expense, net:        
Contractual interest expense (2,888) (2,302) (5,525) (4,347)
Write-off and amortization of deferred financing fees (181) (165) (362) (330)
Interest income 5 1 6 1
Total interest expense, net (3,064) (2,466) (5,881) (4,676)
Income before income tax expense 1,060 1,282 1,332 1,731
Income tax expense (28) (21) (44) (37)
Net income 1,032 1,261 1,288 1,694
Net income attributable to operating partnership unitholders’ non-controlling interests (215) (249) (265) (334)
Net income attributable to common stockholders $ 817 $ 1,012 $ 1,023 $ 1,360
Net income per share:        
Basic (in dollars per share) $ 0.02 $ 0.03 $ 0.01 $ 0.04
Diluted (in dollars per share) $ 0.02 $ 0.03 $ 0.01 $ 0.04
Weighted average common shares outstanding:        
Basic (in shares) 22,339,245 19,544,833 22,192,277 19,417,304
Diluted (in shares) 22,339,245 19,544,833 22,192,277 19,417,304
Comprehensive income:        
Net income $ 1,032 $ 1,261 $ 1,288 $ 1,694
Unrealized gain on derivative instruments 14 3,399 2,833 562
Comprehensive income 1,046 4,660 4,121 2,256
Comprehensive income attributable to operating partnership unitholders’ non-controlling interests (218) (921) (820) (448)
Comprehensive income attributable to common stockholders $ 828 $ 3,739 $ 3,301 $ 1,808