v3.26.1
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (Unaudited) - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Revenues    
Rental income $ 61,056 $ 61,440
Other income 2,488 1,776
Total revenues 63,544 63,216
Expenses    
Property operating expenses 12,343 12,468
Real estate taxes and insurance 8,079 9,002
Property management fees [1] 1,814 1,820
Advisory and administrative fees [2] 1,771 1,696
Corporate general and administrative expenses 4,473 4,457
Property general and administrative expenses 2,254 2,000
Depreciation and amortization 24,291 24,350
Total expenses 55,025 55,793
Operating income 8,519 7,423
Interest expense (15,442) (14,381)
Casualty loss 0 (163)
Equity in earnings of affiliate 68 55
Miscellaneous income 74 142
Net loss (6,781) (6,924)
Net loss attributable to redeemable noncontrolling interests in the OP (27) (27)
Net loss attributable to common stockholders (6,754) (6,897)
Other comprehensive loss    
Unrealized losses on interest rate derivatives (3,737) (10,172)
Total comprehensive loss (10,518) (17,096)
Comprehensive loss attributable to redeemable noncontrolling interests in the OP (42) (67)
Comprehensive loss attributable to common stockholders $ (10,476) $ (17,029)
Weighted average common shares outstanding - basic 25,398 25,448
Weighted average common shares outstanding - diluted [3] 25,398 25,448
Loss per share - basic $ (0.27) $ (0.27)
Loss per share - diluted $ (0.27) $ (0.27)
[1] Fees incurred to an affiliate of the noncontrolling limited partner of the OP (see Note 8).
[2] Fees incurred to the Adviser (see Note 9).
[3] If the Company sustains a net loss for the period presented, unvested restricted stock units are not included in the diluted earnings (loss) per share calculation.