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Condensed Consolidated Statements of Operations and Comprehensive Income - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Income        
Lease income, net $ 63,716 $ 57,859 $ 192,814 $ 174,562
Total income 64,062 58,757 193,954 177,436
Operating expenses        
Depreciation and amortization 30,318 24,021 85,339 71,055
Property operating 11,070 10,787 31,056 28,256
Real estate taxes 8,781 8,937 27,361 25,595
General and administrative 7,610 7,236 23,389 23,239
Total operating expenses 57,779 50,981 167,145 148,145
Other (expense) income        
Interest expense, net (9,555) (7,689) (28,441) (18,129)
Loss on extinguishment of debt 0 0 0 (96)
Gain on sale of investment properties 1,707 0 2,691 36,856
Equity in earnings (losses) of unconsolidated entities 67 352 (447) 3,784
Other income and expense, net 676 497 1,767 652
Total other (expense) income, net (7,105) (6,840) (24,430) 23,067
Net (loss) income $ (822) $ 936 $ 2,379 $ 52,358
Weighted-average common shares outstanding - basic (in shares) 67,531,335 67,427,571 67,521,110 67,398,713
Weighted-average common shares outstanding - diluted (in shares) 67,531,335 67,547,259 67,720,485 67,558,315
Net (loss) income per common share - basic (in dollars per share) $ (0.01) $ 0.01 $ 0.04 $ 0.78
Net (loss) income per common share - diluted (in dollars per share) (0.01) 0.01 0.04 0.77
Distributions declared per common share outstanding (in dollars per share) 0.22 0.21 0.65 0.62
Distributions paid per common share outstanding (in dollars per share) $ 0.22 $ 0.21 $ 0.64 $ 0.62
Comprehensive income        
Net (loss) income $ (822) $ 936 $ 2,379 $ 52,358
Unrealized gain on derivatives 5,978 11,992 13,496 32,912
Reclassification (to) from net income (4,213) (770) (11,089) 747
Comprehensive income 943 12,158 4,786 86,017
Other property income        
Income        
Income 346 304 1,060 886
Other fee income        
Income        
Income $ 0 $ 594 $ 80 $ 1,988