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Consolidated Statements of Operations and Comprehensive Income - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Revenues:        
Rental income $ 161,780 $ 149,566 $ 478,134 $ 446,274
Fees and management income 2,856 2,168 7,943 7,192
Other property income 891 740 2,267 2,209
Total revenues 165,527 152,474 488,344 455,675
Operating Expenses:        
Property operating 27,528 24,274 81,461 74,010
Real estate taxes 19,569 19,028 57,897 55,481
General and administrative 11,114 10,385 34,060 33,604
Depreciation and amortization 68,328 58,706 189,706 176,871
Total operating expenses 126,539 112,393 363,124 339,966
Other:        
Interest expense, net (24,998) (21,522) (71,954) (61,663)
(Loss) gain on disposal of property, net (19) 53 (34) 1,070
Other expense, net (1,068) (4,883) (3,717) (6,542)
Net income 12,903 13,729 49,515 48,574
Net income attributable to noncontrolling interests (1,301) (1,484) (4,972) (5,259)
Net income attributable to stockholders $ 11,602 $ 12,245 $ 44,543 $ 43,315
Earnings per share of common stock:        
Net income per share attributable to stockholders - basic (in dollars per share) $ 0.09 $ 0.10 $ 0.36 $ 0.37
Net income per share attributable to stockholders - diluted (in dollars per share) $ 0.09 $ 0.10 $ 0.36 $ 0.37
Comprehensive income:        
Net income $ 12,903 $ 13,729 $ 49,515 $ 48,574
Other comprehensive loss:        
Change in unrealized value on interest rate swaps (10,505) (1,424) (9,596) (1,361)
Comprehensive income 2,398 12,305 39,919 47,213
Net income attributable to noncontrolling interests (1,301) (1,484) (4,972) (5,259)
Change in unrealized value on interest rate swaps attributable to noncontrolling interests 1,059 155 967 147
Reallocation of comprehensive (loss) income upon conversion of noncontrolling interests (3) 56 13 57
Comprehensive income attributable to stockholders $ 2,153 $ 11,032 $ 35,927 $ 42,158