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Condensed Consolidated Statements of Operations - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Revenues        
Rental revenue $ 48,717,000 $ 44,954,000 $ 99,671,000 $ 90,995,000
Income from investment in leases - Financing receivables 15,037,000 13,960,000 29,571,000 27,629,000
Total revenues 63,754,000 58,914,000 129,242,000 118,624,000
Expenses        
Rental property operating 6,701,000 3,397,000 12,788,000 10,686,000
General and administrative 7,530,000 4,264,000 11,510,000 7,572,000
Impairment charges 4,849,000 0 4,849,000 0
Management fee 10,323,000 4,986,000 18,804,000 9,058,000
Performance participation allocation 8,333,000 8,134,000 15,162,000 8,134,000
Depreciation and amortization 23,115,000 15,562,000 46,152,000 28,670,000
Total expenses 60,851,000 36,343,000 109,265,000 64,120,000
Other income (expense)        
Income from unconsolidated real estate affiliates 40,094,000 13,180,000 73,394,000 16,774,000
Net gain on dispositions of real estate 714,000 0 714,000 0
Interest expense (31,838,000) (28,207,000) (69,103,000) (52,333,000)
Interest income 2,854,000 2,055,000 6,099,000 3,944,000
Other income, net 751,000 34,000 515,000 29,000
Total other income (expense), net 12,575,000 (12,938,000) 11,619,000 (31,586,000)
Net income before income taxes 15,478,000 9,633,000 31,596,000 22,918,000
Income tax expense 1,108,000 0 1,412,000 0
Net income 14,370,000 9,633,000 30,184,000 22,918,000
Net income attributable to non-controlling interests (1,234,000) (1,787,000) (2,917,000) (4,762,000)
Net income attributable to ORENT shareholders $ 13,136,000 $ 7,846,000 $ 27,267,000 $ 18,156,000
Net income per common share– basic (in usd per share) $ 0.04 $ 0.06 $ 0.10 $ 0.16
Net income per common share – diluted (in usd per share) $ 0.04 $ 0.06 $ 0.10 $ 0.16
Weighted-average common shares outstanding, basic (in shares) 292,992,195 127,321,209 265,106,090 112,784,711
Weighted-average common shares outstanding, diluted (in shares) 321,947,289 127,337,421 293,952,425 112,800,923