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Condensed Consolidated Statements of Operations and Comprehensive Income - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Income        
Lease income, net $ 67,056 $ 64,268 $ 133,549 $ 129,098
Total income 67,423 64,687 134,221 129,892
Operating expenses        
Depreciation and amortization 28,790 28,263 56,958 55,021
Property operating 10,243 9,756 20,242 19,986
Real estate taxes 9,046 8,952 18,027 18,580
General and administrative 8,661 8,048 16,635 15,779
Total operating expenses 56,740 55,019 111,862 109,366
Other (expense) income        
Interest expense, net (9,640) (9,377) (19,274) (18,886)
Gain on sale of investment properties 0 984 0 984
Equity in earnings (losses) of unconsolidated entities 0 149 0 (514)
Other income and expense, net 455 644 1,313 1,091
Total other (expense) income, net (9,185) (7,600) (17,961) (17,325)
Net income $ 1,498 $ 2,068 $ 4,398 $ 3,201
Weighted-average common shares outstanding - basic (in shares) 67,900,275 67,523,105 67,887,402 67,515,913
Weighted-average common shares outstanding - diluted (in shares) 68,327,263 67,711,848 68,299,657 67,683,226
Net income per common share - basic (in dollars per share) $ 0.02 $ 0.03 $ 0.06 $ 0.05
Net income per common share - diluted (in dollars per share) 0.02 0.03 0.06 0.05
Distributions declared per common share outstanding (in dollars per share) 0.23 0.22 0.45 0.43
Distributions paid per common share outstanding (in dollars per share) $ 0.23 $ 0.22 $ 0.44 $ 0.42
Comprehensive income        
Net income $ 1,498 $ 2,068 $ 4,398 $ 3,201
Unrealized gain on derivatives, net 2,386 10,835 9,705 7,518
Reclassification to net income (3,314) (3,984) (6,631) (6,876)
Comprehensive income 570 8,919 7,472 3,843
Other property income        
Income        
Income 367 419 672 714
Other fee income        
Income        
Income $ 0 $ 0 $ 0 $ 80