| | |
For the Three Months Ended | | |
For the Nine Months Ended | |
| | |
September 30, | | |
September 30, | |
| | |
2024 | | |
2023 | | |
2024 | | |
2023 | |
| Revenues: | |
| | | |
| | | |
| | | |
| | |
| Rental (including tenant reimbursements) | |
$ | 76,052 | | |
$ | 77,286 | | |
$ | 230,219 | | |
$ | 228,734 | |
| Other | |
| 474 | | |
| 540 | | |
| 1,554 | | |
| 1,616 | |
| Total revenues | |
| 76,526 | | |
| 77,826 | | |
| 231,773 | | |
| 230,350 | |
| | |
| | | |
| | | |
| | | |
| | |
| Expenses: | |
| | | |
| | | |
| | | |
| | |
| Property expenses | |
| 7,295 | | |
| 6,318 | | |
| 20,867 | | |
| 17,700 | |
| General and administrative expense | |
| 9,330 | | |
| 10,981 | | |
| 28,553 | | |
| 31,924 | |
| Depreciation and amortization expense | |
| 17,944 | | |
| 16,678 | | |
| 52,567 | | |
| 50,096 | |
| Total expenses | |
| 34,569 | | |
| 33,977 | | |
| 101,987 | | |
| 99,720 | |
| Gain (loss) on sale of real estate | |
| — | | |
| — | | |
| (3,449 | ) | |
| — | |
| Income from operations | |
| 41,957 | | |
| 43,849 | | |
| 126,337 | | |
| 130,630 | |
| Interest income | |
| 2,685 | | |
| 2,075 | | |
| 8,435 | | |
| 6,625 | |
| Interest expense | |
| (4,427 | ) | |
| (4,330 | ) | |
| (13,136 | ) | |
| (13,322 | ) |
| Gain (loss) on exchange of Exchangeable Senior Notes | |
| — | | |
| — | | |
| — | | |
| 22 | |
| Net income | |
| 40,215 | | |
| 41,594 | | |
| 121,636 | | |
| 123,955 | |
| Preferred stock dividends | |
| (564 | ) | |
| (338 | ) | |
| (1,240 | ) | |
| (1,014 | ) |
| Net income attributable to common stockholders | |
$ | 39,651 | | |
$ | 41,256 | | |
$ | 120,396 | | |
$ | 122,941 | |
| Net income attributable to common stockholders per share: | |
| | | |
| | | |
| | | |
| | |
| Basic | |
$ | 1.38 | | |
$ | 1.46 | | |
$ | 4.21 | | |
$ | 4.36 | |
| Diluted | |
$ | 1.37 | | |
$ | 1.45 | | |
$ | 4.16 | | |
$ | 4.32 | |
| Weighted-average shares outstanding: | |
| | | |
| | | |
| | | |
| | |
| Basic | |
| 28,254,565 | | |
| 27,983,004 | | |
| 28,216,946 | | |
| 27,971,544 | |
| Diluted | |
| 28,579,687 | | |
| 28,265,605 | | |
| 28,548,050 | | |
| 28,248,054 | |
