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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
REVENUES        
Rental income $ 29,335 $ 27,690 $ 85,582 $ 80,582
Other operating interest, net 304 1,045 906 3,139
Total revenue 29,639 28,735 86,488 83,721
EXPENSES        
Property operating 5,986 5,456 17,349 15,115
General and administrative [1] 4,935 3,618 14,249 23,610
Depreciation and amortization 10,927 11,208 31,981 29,445
Total expenses 21,848 20,282 63,579 68,170
OTHER (EXPENSE) INCOME        
Gain on sale (impairment) of depreciable real estate asset 5 (102) (135) (102)
Interest expense (6,253) (4,641) (17,301) (12,773)
Credit loss reserve 0 0 (11,000) 0
Deferred income tax expense 0 (221) 0 (306)
Interest and other income, net 206 3 514 777
Total other income (expense) (6,042) (4,961) (27,922) (12,404)
NET INCOME (LOSS) $ 1,749 $ 3,492 $ (5,013) $ 3,147
NET INCOME (LOSS) PER COMMON SHARE        
Net income (loss) per common share - Basic (in dollars per share) $ 0.04 $ 0.11 $ (0.27) $ 0.05
Net income (loss) per common share - Diluted (in dollars per share) $ 0.04 $ 0.11 $ (0.27) $ 0.05
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING-BASIC (in shares) 26,660 25,514 26,479 24,940
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING-DILUTED (in shares) 26,660 25,514 26,479 24,940
[1]
(1) General and administrative expenses for the nine months ended September 30, 2024 included stock-based compensation expense totaling approximately $7.4 million. General and administrative expenses for the nine months ended September 30, 2023 included stock-based compensation expense totaling approximately $17.9 million, including the accelerated amortization of stock-based compensation totaling approximately $11.8 million recognized upon the passing of our former CEO and President in the first quarter of 2023. See Note 9 – Stock Incentive Plan.