Quarterly report [Sections 13 or 15(d)]

CONSOLIDATED STATEMENTS OF OPERATIONS

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CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Total revenues $ 34,304 $ 37,305 $ 70,575 $ 75,306
Operating expenses:        
Property operating 12,477 15,895 27,260 32,345
General and administrative 4,611 4,838 9,751 9,734
Depreciation and amortization 13,520 14,928 26,679 30,950
Impairments 0 19,503 6,296 21,212
Transaction related 312 75 571 139
Total operating expenses 30,920 55,239 70,557 94,380
Other income (expenses):        
Interest expense, net (7,330) (8,016) (14,580) (16,172)
Gain on disposition of real estate assets 28,826 891 28,826 891
Loss on extinguishment of debt, net (288) 0 (532) 0
Other income 63 404 306 657
Other expenses (1) (108) (3,320) (108)
Recovery of reserve on Member Loan 0 0 439 0
Equity in loss of unconsolidated joint venture, net 0 (271) 0 (517)
Total other income (expenses), net 21,270 (7,100) 11,139 (15,249)
Income (loss) before taxes 24,654 (25,034) 11,157 (34,323)
Provision for income taxes (71) (67) (142) (133)
Net income (loss) 24,583 (25,101) 11,015 (34,456)
Net income attributable to non-controlling interest (4) (2) (14) (8)
Net income (loss) attributable to common stockholders $ 24,579 $ (25,103) $ 11,001 $ (34,464)
Weighted average common shares outstanding - basic (in shares) 56,946 56,254 56,756 56,149
Weighted average common shares outstanding - diluted (in shares) 58,106 56,254 57,488 56,149
Net income (loss) per share attributable to common stockholders - basic (in dollars per share) $ 0.43 $ (0.45) $ 0.19 $ (0.61)
Net income (loss) per share attributable to common stockholders - diluted (in dollars per share) $ 0.42 $ (0.45) $ 0.19 $ (0.61)
Rental        
Total revenues $ 34,098 $ 37,102 $ 70,232 $ 74,899
Fee income from unconsolidated joint venture        
Total revenues $ 206 $ 203 $ 343 $ 407