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Condensed Consolidated Statements of Operations and Comprehensive Income - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Revenues        
Rental revenue (including reimbursable) $ 31,167,000 $ 24,339,000 $ 89,347,000 $ 67,309,000
Interest income on loans receivable 2,244,000 674,000 5,145,000 1,671,000
Other revenue 550,000 0 550,000 0
Total revenues 33,961,000 25,013,000 95,042,000 68,980,000
Operating expenses        
Property 3,883,000 2,539,000 11,350,000 8,156,000
General and administrative 5,133,000 4,552,000 15,299,000 13,608,000
Depreciation and amortization 15,804,000 13,407,000 46,599,000 36,137,000
Provisions for impairment 1,538,000 0 4,374,000 1,114,000
Transaction costs 143,000 51,000 267,000 704,000
Total operating expenses 26,501,000 20,549,000 77,889,000 59,719,000
Other income (expense)        
Interest expense, net (3,946,000) (3,017,000) (13,412,000) (5,708,000)
Gain on sales of real estate, net 373,000 143,000 669,000 2,162,000
Loss on debt extinguishment 0 0 (128,000) 0
Other income, net 367,000 0 586,000 36,000
Total other income (expense), net (3,206,000) (2,874,000) (12,285,000) (3,510,000)
Net income before income taxes 4,254,000 1,590,000 4,868,000 5,751,000
Income tax (expense) benefit (15,000) (171,000) 60,000 (356,000)
Net income 4,239,000 1,419,000 4,928,000 5,395,000
Net income attributable to noncontrolling interests 24,000 16,000 32,000 63,000
Net income attributable to common stockholders $ 4,215,000 $ 1,403,000 $ 4,896,000 $ 5,332,000
Amounts available to common stockholders per common share:        
Basic (in dollars per share) $ 0.06 $ 0.03 $ 0.08 $ 0.11
Diluted (in dollars per share) $ 0.06 $ 0.03 $ 0.08 $ 0.11
Weighted average common shares:        
Basic (in shares) 67,112,587 50,449,735 62,123,334 47,679,870
Diluted (in shares) 68,048,369 51,384,758 62,897,957 48,657,049
Other comprehensive income:        
Net income $ 4,239,000 $ 1,419,000 $ 4,928,000 $ 5,395,000
Change in value on derivatives, net 6,466,000 13,887,000 6,875,000 21,436,000
Total comprehensive income 10,705,000 15,306,000 11,803,000 26,831,000
Comprehensive income attributable to noncontrolling interests 78,000 149,000 86,000 287,000
Comprehensive income attributable to common stockholders $ 10,627,000 $ 15,157,000 $ 11,717,000 $ 26,544,000