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Consolidated Statements of Operations and Comprehensive Income - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Revenues:        
Rental income $ 142,857,000 $ 128,826,000 $ 418,835,000 $ 386,784,000
Fees and management income 2,081,000 2,435,000 9,323,000 7,095,000
Other property income 716,000 1,073,000 2,175,000 1,906,000
Total revenues 145,654,000 132,334,000 430,333,000 395,785,000
Operating Expenses:        
Property operating 23,089,000 21,608,000 69,261,000 65,784,000
Real estate taxes 18,041,000 16,375,000 52,005,000 49,762,000
General and administrative 10,843,000 11,627,000 33,751,000 32,905,000
Depreciation and amortization 60,013,000 53,901,000 178,008,000 165,829,000
Impairment of real estate assets 0 698,000 0 6,754,000
Total operating expenses 111,986,000 104,209,000 333,025,000 321,034,000
Other:        
Interest expense, net (17,569,000) (18,570,000) (52,895,000) (57,765,000)
(Loss) gain on disposal of property, net (10,000) 14,093,000 4,151,000 31,678,000
Other expense, net (3,916,000) (7,086,000) (9,738,000) (25,595,000)
Net income 12,173,000 16,562,000 38,826,000 23,069,000
Net income attributable to noncontrolling interests (1,135,000) (1,929,000) (4,181,000) (2,739,000)
Net income attributable to stockholders $ 11,038,000 $ 14,633,000 $ 34,645,000 $ 20,330,000
Earnings per share of common stock:        
Net income per share attributable to stockholders - basic (in dollars per share) $ 0.09 $ 0.13 $ 0.30 $ 0.21
Net income per share attributable to stockholders - diluted (in dollars per share) $ 0.09 $ 0.13 $ 0.30 $ 0.21
Comprehensive loss:        
Net income $ 12,173,000 $ 16,562,000 $ 38,826,000 $ 23,069,000
Other comprehensive income:        
Change in unrealized value on interest rate swaps 14,008,000 4,488,000 51,415,000 19,981,000
Comprehensive income 26,181,000 21,050,000 90,241,000 43,050,000
Net income attributable to noncontrolling interests (1,135,000) (1,929,000) (4,181,000) (2,739,000)
Change in unrealized value on interest rate swaps attributable to noncontrolling interests (1,513,000) (562,000) (5,750,000) (2,471,000)
Reallocation of comprehensive income (loss) upon conversion of noncontrolling interests 57,000 0 277,000 (10,000)
Comprehensive income attributable to stockholders $ 23,590,000 $ 18,559,000 $ 80,587,000 $ 37,830,000