1 EXHIBIT 99.2
This presentation contains certain financial information not derived in accordance with the United States generally accepted accounting principles (GAAP). These items include, but are not limited to, earnings before interest, income taxes, depreciation and amortization (EBITDA), EBITDA for real estate (EBITDAre); funds from operations (FFO); adjusted funds from operations (AFFO); interest expense, adjusted; liquidity; net debt; net operating income (NOI); and cash NOI. These measures (and the methodologies used to derive them) may not be comparable to those used by other companies. Refer to the glossary for a detailed explanation of these terms and reconciliations to the most directly comparable GAAP measure, as well as others appearing in the supplement. Management considers each item an important supplemental measure of operating and financial performance and believes they are frequently used by interested parties in the evaluation of real estate investment trusts. These measures should not be considered as alternatives, or superior measures, to net income or loss as an indicator of the Company's performance and should be considered only as a supplement to net income or loss and cash flows from operating, investing or financing activities as measures of profitability and/or liquidity, computed in accordance with GAAP. All quarterly information presented in this supplement is unaudited and should be read in conjunction with the Company’s audited consolidated financial statements (and the notes thereto) included in the Annual Report on Form 10-K for the year ended December 31, 2021, as filed with the SEC on March 29, 2022. Certain statements contained herein, other than historical fact, may be considered “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and are intended to be covered by the safe harbor provided by the same. These statements are based on management’s current expectations and beliefs and are subject to a number of trends and uncertainties. No forward-looking statement is intended to, nor shall it, serve as a guarantee of future performance. You can identify the forward-looking statements by the use of words such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “outlook,” “plan,” “potential,” “predict,” “project,” “seek,” “should,” “will” and other similar terms and phrases, including references to assumptions and forecasts of future results. Forward-looking statements are subject to various risks and uncertainties and factors that could cause actual results to differ materially from the expectations of Sila Realty Trust, Inc. (the "Company"), and investors should not rely on forward-looking statements since they involve known and unknown risks, uncertainties and other factors, which are, in some cases, beyond the Company’s control and could materially affect the Company’s results of operations, financial condition, cash flows, performance or future achievements or events, including those described under the section entitled Part I, Item 1A. “Risk Factors” of the Company's 2021 Annual Report on Form 10-K. The Company undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise, except as required by law. Disclosures Forward Looking Statements Non-GAAP Measures Unaudited Financial Information Q3 2022 See the glossary for a description of the Company's non-GAAP financial and operating metrics. Information About the Sale of the Data Center Properties The Company previously operated through two reportable segments— real estate investments in data centers and real estate investments in healthcare. During the three months ended June 30, 2021, the Company's board of directors made a determination to sell the data center assets. On May 19, 2021, the Company and certain of its wholly-owned subsidiaries entered into a purchase and sale agreement for the sale of up to 29 data center properties, which constituted the entirety of the Company's data center segment. On July 22, 2021, the Company completed the sale of its 29 data center properties. As of December 31, 2021, the Company had no assets or liabilities related to the data center properties. Operations of the data center properties are classified as income from discontinued operations on the condensed consolidated statements of comprehensive income for the three and nine months ended September 30, 2021.
Section Page Supplemental Information as of September 30, 2022 See the glossary for a description of the Company's non-GAAP financial and operating metrics. Corporate Address 1001 Water Street Suite 800 Tampa, FL 33602 Transfer Agent By Regular Mail: Computershare Alternative Investments P.O. Box 43007 Providence, RI 02940-3007 By Overnight Delivery: Computershare Alternative Investments 150 Royall Street, Suite 101 Canton, MA 02021 Contact Information Investor Support 833-404-4107 Miles Callahan, Vice President of Capital Markets and Investor Relations IR@silarealtytrust.com www.silarealtytrust.com 2022 Quarterly Financial Summary .................................................... 3 Financial Statistics and Ratios .................................................... 4 Condensed Consolidated Balance Sheets .................................. 5 Condensed Consolidated Statements of Net Income ................ 6 FFO and AFFO ............................................................................. 7 EBITDA and EBITDAre ................................................................ 8 Net Operating Income (NOI) ...................................................... 9 Same Store NOI and Leasing Trends .......................................... 10 Debt ............................................................................................ 11 Acquisitions and Dispositions .................................................... 12 Property Map ............................................................................. 13 Real Estate Diversification Statistics .......................................... 14 Portfolio ..................................................................................... 16 Glossary ...................................................................................... 20 Q3
Three Months Ended Financial Results September 30, June 30, March 31, December 31, September 30, 2022 2022 2022 2021 2021 Rental revenue $ 46,881 $ 44,918 $ 44,282 $ 43,606 $ 43,063 Income (loss) from continuing operations $ 13,392 $ 12,021 $ 1,371 $ 12,077 $ (5,546) Income from discontinued operations $ — $ — $ — $ — $ 377,191 Net income attributable to common stockholders $ 13,392 $ 12,021 $ 1,371 $ 12,077 $ 371,645 Net income attributable to common stockholders per diluted share1 $ 0.06 $ 0.05 $ 0.01 $ 0.05 $ 1.66 EBITDAre $ 37,612 $ 34,312 $ 34,474 $ 34,915 $ 37,843 FFO attributable to common stockholders $ 32,007 $ 29,809 $ 26,264 $ 29,144 $ 615 FFO attributable to common stockholders per diluted share1 $ 0.14 $ 0.13 $ 0.12 $ 0.13 $ 0.00 AFFO attributable to common stockholders $ 31,305 $ 29,712 $ 29,079 $ 27,747 $ 27,708 AFFO attributable to common stockholders per diluted share1 $ 0.14 $ 0.13 $ 0.13 $ 0.12 $ 0.12 Weighted average shares outstanding - diluted1 226,957,015 226,362,977 225,865,366 225,031,906 223,661,774 As of Portfolio Metrics September 30, June 30, March 31, December 31, September 30, 2022 2022 2022 2021 2021 Number of properties2,3 132 130 126 125 125 Rentable square feet (in thousands) 5,535 5,390 5,335 5,245 5,298 Weighted average rent escalation 2.2% 2.2% 2.2% 2.3% 2.3% Weighted average leased rate 99.5% 99.4% 99.4% 99.5% 96.0% Weighted average remaining lease term 9.5 years 9.6 years 9.6 years 9.6 years 9.9 years The following tables summarize the Company's quarterly financial results and portfolio metrics. 3 Page Quarterly Financial Summary (dollars in thousands, except share data and per share amounts) See the glossary for a description of the Company's non-GAAP financial and operating metrics. 2022 (1) For the three months ended September 30, 2021, diluted earnings per share was computed the same as basic earnings per share, because the Company recorded a loss from continuing operations. For the three months ended September 30, 2021, diluted FFO per share and diluted AFFO per share were computed using weighted average diluted shares outstanding of 224,652,226. (2) Includes one development property as of December 31, 2021 and September 30, 2021. (3) Excludes two undeveloped land parcels as of September 30, 2022, June 30, 2022 and March 31, 2022. Excludes two undeveloped land parcels and one land parcel held for sale as of December 31, 2021. Q3
Three Months Ended Adjusted Interest Coverage Ratio September 30, June 30, March 31, December 31, September 30, 2022 2022 2022 2021 2021 Interest expense1 $ 5,579 $ 4,477 $ 8,188 $ 5,766 $ 37,223 EBITDA 37,612 34,312 27,547 35,004 426,162 Adjusted interest coverage ratio 6.7 x 7.7 x 3.4 x 6.1 x 11.4 x As of Net Debt Ratios September 30, June 30, March 31, December 31, September 30, 2022 2022 2022 2021 2021 Principal debt outstanding $ 600,000 $ 505,000 $ 485,000 $ 500,000 $ 520,000 Less: cash and cash equivalents 17,291 23,077 19,563 32,359 75,363 Net debt 582,709 481,923 465,437 467,641 444,637 EBITDAre annualized2 150,448 137,248 137,896 139,660 151,372 Net debt to EBITDAre ratio 3.9 x 3.5 x 3.4 x 3.3 x 2.9 x Net debt $ 582,709 $ 481,923 $ 465,437 $ 467,641 $ 444,637 Fair value of real estate investments 2,439,585 2,323,964 2,301,068 2,316,342 2,282,706 Net debt leverage ratio 23.9 % 20.7 % 20.2 % 20.2 % 19.5 % Financial Metrics September 30, 2022 Other Key Metrics September 30, 2022 Net debt leverage ratio 23.9 % Total real estate investments $ 2,359,247 Net debt to EBITDAre ratio 3.9 x Net asset value per share4 $ 8.22 Adjusted interest coverage ratio 6.7 x Class A annualized distribution per share $ 0.40 Liquidity3 $ 492,291 Class I annualized distribution per share $ 0.40 Class T annualized distribution per share $ 0.40 Financial Statistics and Ratios (dollars in thousands, except per share amounts) See the glossary for a description of the Company's non-GAAP financial and operating metrics. 4 Page (1) Interest expense for the three months ended March 31, 2022, includes debt extinguishment costs of $3.4 million in connection with the repayment of our prior credit facility. Interest expense for the three months ended September 30, 2021, includes non-recurring costs associated with the sale of the data center portfolio, including defeasance and other loan costs in the amount of $26.1 million. (2) EBITDAre is annualized by taking the actual amount for the quarter and multiplying by four quarters. (3) Liquidity represents cash and cash equivalents of $17.3 million and borrowing base availability on the Company’s credit facility of $475.0 million as of September 30, 2022. (4) The estimated net asset value per share was calculated as of June 30, 2022. 2022Q3
(Unaudited) September 30, 2022 December 31, 2021 ASSETS Real estate: Land 166,037 $ 163,992 Buildings and improvements, less accumulated depreciation of $199,236 and $165,784, respectively 1,764,835 1,648,685 Construction in progress — 14,628 Total real estate, net 1,930,872 1,827,305 Cash and cash equivalents 17,291 32,359 Acquired intangible assets, less accumulated amortization of $85,888 and $71,067, respectively 177,315 181,639 Goodwill 23,006 23,284 Right-of-use assets 38,580 24,033 Other assets, net 102,745 66,365 Assets held for sale — 22,570 Total assets $ 2,289,809 $ 2,177,555 LIABILITIES AND STOCKHOLDERS’ EQUITY Liabilities: Credit facility, net of deferred financing costs of $2,570 and $3,226, respectively 597,430 496,774 Accounts payable and other liabilities 28,579 39,597 Acquired intangible liabilities, less accumulated amortization of $5,550 and $4,444, respectively 12,319 12,962 Lease liabilities 41,640 26,394 Liabilities held for sale — 698 Total liabilities 679,968 576,425 Stockholders’ equity: Preferred stock, $0.01 par value per share, 100,000,000 shares authorized; none issued and outstanding — — Common stock, $0.01 par value per share, 510,000,000 shares authorized; 240,666,572 and 238,226,119 shares issued, respectively; 225,833,531 and 224,179,939 shares outstanding, respectively 2,258 2,242 Additional paid-in capital 2,019,564 2,004,404 Distributions in excess of accumulated earnings (441,591) (400,669) Accumulated other comprehensive income (loss) 29,610 (4,847) Total stockholders’ equity 1,609,841 1,601,130 Total liabilities and stockholders’ equity $ 2,289,809 $ 2,177,555 Condensed Consolidated Balance Sheets (dollars in thousands, except share data) See the glossary for a description of the Company's non-GAAP financial and operating metrics. 5 Page 2022Q3
Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Revenue: Rental revenue $ 46,881 $ 43,063 $ 136,081 $ 129,232 Expenses: Rental expenses 3,232 3,024 9,267 9,513 General and administrative expenses 6,118 6,348 20,718 19,610 Depreciation and amortization 18,641 17,259 54,443 53,098 Impairment losses — 10,241 7,387 27,837 Total expenses 27,991 36,872 91,815 110,058 Gain on real estate disposition — — 460 — Interest and other expense, net 5,498 11,737 17,942 30,035 Income (loss) from continuing operations 13,392 (5,546) 26,784 (10,861) Income from discontinued operations — 377,191 — 401,444 Net income attributable to common stockholders $ 13,392 $ 371,645 $ 26,784 $ 390,583 Weighted average number of common shares outstanding: Basic 225,638,485 223,661,774 225,052,921 223,079,613 Diluted 226,957,015 223,661,774 226,399,118 223,079,613 Net income per common share attributable to common stockholders: Basic: Continuing operations $ 0.06 $ (0.03) $ 0.12 $ (0.05) Discontinued operations — 1.69 — 1.80 Net income attributable to common stockholders $ 0.06 $ 1.66 $ 0.12 $ 1.75 Diluted: Continuing operations $ 0.06 $ (0.03) $ 0.12 $ (0.05) Discontinued operations — 1.69 — 1.80 Net income attributable to common stockholders $ 0.06 $ 1.66 $ 0.12 $ 1.75 Distributions declared per common share $ 0.10 $ 1.86 $ 0.30 $ 2.11 Condensed Consolidated Statements of Net Income (unaudited; dollars in thousands, except share data and per share amounts) See the glossary for a description of the Company's non-GAAP financial and operating metrics. 6 Page 2022Q3
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Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Net income attributable to common stockholders $ 13,392 $ 371,645 $ 26,784 $ 390,583 Adjustments: Depreciation and amortization 18,615 17,289 54,369 64,843 Gain on real estate disposition from continuing operations — — (460) — Gain on real estate dispositions from discontinued operations — (398,560) — (395,801) Impairment losses — 10,241 7,387 27,837 FFO attributable to common stockholders $ 32,007 $ 615 $ 88,080 $ 87,462 Adjustments: Amortization of above- and below-market leases 122 13 362 (1,239) Amortization of operating leases and finance lease 193 189 719 674 Straight-line rent adjustments (2,589) (3,414) (7,530) (12,492) Deferred rent 299 — ` 797 — Amortization of discount of deferred liability — 163 — 272 Loss on debt extinguishment — 28,751 3,367 28,751 Amortization of deferred financing costs 413 754 1,267 2,761 Stock-based compensation 860 637 3,034 1,756 AFFO attributable to common stockholders $ 31,305 $ 27,708 $ 90,096 $ 107,945 Weighted average common shares outstanding - diluted 226,957,015 223,661,774 226,399,118 223,079,613 Weighted average common shares outstanding - diluted for FFO and AFFO 226,957,015 224,652,226 226,399,118 224,044,442 Net income per common share - diluted $ 0.06 $ 1.66 $ 0.12 $ 1.75 FFO per common share - diluted $ 0.14 $ 0.00 $ 0.39 $ 0.39 AFFO per common share - diluted $ 0.14 $ 0.12 $ 0.40 $ 0.48 (dollars in thousands, except share data and per share amounts) FFO and AFFO See the glossary for a description of the Company's non-GAAP financial and operating metrics. 7 Page 2022Q3
Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Net income attributable to common stockholders $ 13,392 $ 371,645 $ 26,784 $ 390,583 Adjustments: Interest expense1 5,579 37,223 18,244 63,699 Depreciation and amortization 18,641 17,294 54,443 64,857 EBITDA $ 37,612 $ 426,162 $ 99,471 $ 519,139 Gain on real estate disposition from continuing operations — — (460) — Gain on real estate dispositions from discontinued operations — (398,560) — (395,801) Impairment losses — 10,241 7,387 27,837 EBITDAre $ 37,612 $ 37,843 $ 106,398 $ 151,175 EBITDA and EBITDAre (dollars in thousands) See the glossary for a description of the Company's non-GAAP financial and operating metrics. 8 Page 2022 (1) Includes debt extinguishment costs of $3.4 million for the nine months ended September 30, 2022, in connection with the repayment of our prior credit facility. Includes non-recurring costs associated with the sale of the data center portfolio, including defeasance and other loan costs in the amount of $26.1 million for the three and nine months ended September 30, 2021. Q3
Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Rental revenue $ 46,881 $ 43,063 $ 136,081 $ 129,232 Rental expenses (3,232) (3,024) (9,267) (9,513) Net operating income 43,649 40,039 126,814 119,719 Adjustments: Straight-line rent adjustments (2,589) (3,202) (7,530) (9,983) Amortization of above- and below-market leases, net 122 145 362 471 Amortization of operating leases 149 124 400 372 Deferred rent 299 — 797 — Cash NOI $ 41,630 $ 37,106 $ 120,843 $ 110,579 Cash NOI margin2 88.8 % 86.2 % 88.8 % 85.6 % Cash NOI yield3 7.1 % 6.6 % 7.1 % 6.6 % Net Operating Income (NOI)1 (dollars in thousands) See the glossary for a description of the Company's non-GAAP financial and operating metrics. 9 Page (1) Attributable to continuing operations. (2) Calculated by dividing cash NOI by rental revenue. (3) Calculated using annualized NOI for the three and nine months ended September 30, 2022 and 2021, respectively, to weighted average total real estate investments since inception. 2022Q3
121 Properties1 Same Store NOI and Leasing Trends See the glossary for a description of the Company's non-GAAP financial and operating metrics. 10 Page (1) Each period's results reflect only properties owned and operated for the entirety of all calendar periods being compared. 2022 N et O pe ra ti ng In co m e End of Period Leased Rate $40.3 $40.4 $40.3 $40.3 $40.6 99.6% 99.6% 99.6% 99.5% 99.6% 3Q21 4Q21 1Q22 2Q22 3Q22 $0M $9M $18M $27M $36M $45M 40% 50% 60% 70% 80% 90% 100% Q3
$300M $185M $90M $25M 2022 2023 2024 2025 2026 2027+ $0M $100M $200M $300M Unsecured Credit Facility Key Covenants Required Actual Ratio of total indebtedness to total gross asset value ≤ 60.0% 25.0 % Ratio of secured indebtedness to total gross asset value ≤ 30.0% 0.0 % Ratio of adjusted EBITDA to fixed charges ≥ 1.50x 7.94 x The table above includes a summary of key financial covenants for the Company's credit facility, as defined and calculated within the terms of the agreements. These calculations are presented to reflect the Company's compliance with the covenants and are not intended to be measures of the Company's liquidity or performance. Debt Summary Hedged debt Amount Rate1 % of Total Credit facility term loans, fixed through interest rate swaps 485.0 2.9 % 80.8 % Total hedged debt 485.0 2.9 % 80.8 % Variable rate debt2 Revolving line of credit 25.0 3.9 % 4.2 % Credit facility term loans 90.0 3.9 % 15.0 % Total variable rate debt 115.0 3.9 % 19.2 % Total debt $ 600.0 3.1 % 100.0 % Debt (dollars in millions) Debt Maturities See the glossary for a description of the Company's non-GAAP financial and operating metrics. 11 Page (1) Weighted average interest rate as of September 30, 2022. (2) Term Secured Overnight Financing Rate, or SOFR, plus an applicable margin based on the Company's credit agreements. (3) The 2024 term loan, at the Company's election, may be extended for a period of six-months on no more than two occasions, subject to the satisfaction of certain conditions, including the payment of an extension fee. (4) The revolving line of credit, at the Company's election, may be extended for a period of six-months on no more than two occasions, subject to certain conditions, including the payment of an extension fee. Credit Facility Revolving Line of Credit - VariableCredit Facility Term Loan - Fixed Through Swaps Q3 2022 Credit Facility Term Loan - Variable 3 4
Acquisitions and Dispositions See the glossary for a description of the Company's non-GAAP financial and operating metrics. 12 Page Q3 2022 2022 Acquisitions Date Acquired Property Rentable Square Feet Market State Acquisition Price (in thousands) 03/10/2022 Yukon Healthcare Facility 45,624 Oklahoma City OK $ 19,554 05/12/2022 Pleasant Hills Healthcare Facility 33,712 Pittsburgh PA 14,303 05/20/2022 Prosser Healthcare Facilities 20,630 Prosser WA 8,593 07/20/2022 Tampa Healthcare Facility II 87,649 Tampa FL 51,259 07/21/2022 Escondido Healthcare Facility 56,800 San Diego CA 63,485 Total Year-to-Date Acquisitions 244,415 $ 157,194 2022 Dispositions Date Disposed Property Rentable Square Feet1 Market State Sale Price (in thousands) Net Proceeds (in thousands) 02/10/2022 Houston Healthcare Facility II — Houston TX $ 24,000 $ 22,701 (1) On August 30, 2021, the Company entered into a purchase and sale agreement for the sale of the Houston Healthcare Facility II, which was vacant. The purchase and sale agreement required that the structures on the property be demolished prior to the sale. The structures on the property were demolished and the property consisted solely of land as of December 31, 2021.
Property Map (as of September 30, 2022) See the glossary for a description of the Company's non-GAAP financial and operating metrics. 13 Page Q3 2022
10.6% 7.4% 6.9% 5.2% 4.4% 3.9% 3.6% 3.1% 2.7% 2.4% Houston Dallas Oklahoma City San Antonio Philadelphia Akron Des Moines Riverside Austin Tucson Total Statistics As of September 30, 2022 2021 Rentable square feet 5,534,508 5,297,637 Number of properties1 132 125 Weighted average annualized base rent per leased square foot $30.57 $29.62 Weighted average remaining lease term 9.5 years 9.8 years Weighted average leased rate 99.5 % 96.0 % Top 10 Markets2 As of September 30, 2022 As of September 30, 2021 Rentable Square Feet % Leased4 Rentable Square Feet % Leased4 Houston 490,742 100.0 % 593,111 82.7 % Dallas 312,590 100.0 % 373,990 83.6 % Oklahoma City 479,137 100.0 % 433,513 100.0 % San Antonio 293,782 100.0 % 293,782 100.0 % Philadelphia 122,356 100.0 % 122,356 100.0 % Akron 191,269 100.0 % 191,269 100.0 % Des Moines 244,548 100.0 % 111,931 100.0 % Riverside 73,643 100.0 % 73,643 100.0 % Austin 125,271 100.0 % 125,271 100.0 % Tucson 159,614 97.0 % 159,614 72.0 % Total 2,492,952 99.8 % 2,478,480 91.6 % Top 10 Markets2,3 Real Estate Diversification See the glossary for a description of the Company's non-GAAP financial and operating metrics. 14 Page (1) Excludes two undeveloped land parcels as of September 30, 2022. (2) Based on annualized September 2022 base rent. (3) Represents each market's annualized September 2022 base rent as a percentage of total annualized September 2022 base rent. (4) Weighted average based on rentable square feet. Q3 2022
16.9% 6.0% 53.9% 23.2% 36.3% 25.3% 16.1% 11.0% 9.2% 2.1% 89.4% 90.5% 10.6% 9.5% Number of Properties Annualized Base Rent A nn ua liz ed B as e Re nt Square Feet 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 Thereafter $0M $10M $20M $30M $40M $50M $60M $70M $80M $90M $100M 0.0M 0.4M 0.8M 1.2M 1.6M 2.0M 2.4M 2.8M 14.7% 7.8% 7.4% 6.5% 6.1% 5.5% 5.3% 4.3% 3.1% 2.9% Post Acute Medical, LLC and affiliates Board of Regents of the Univ. of Texas System Baylor Scott and White Health Community Health Systems, Inc. Select Medical Holdings Corporation Integris Health, Inc. Genesis Care Pty Ltd Surgery Partners, Inc. Vibra Healthcare, LLC Trinity Health Property Diversification1Tenant Diversification1,2 Real Estate Diversification Lease Expirations Single/Multi-Tenant Breakdown See the glossary for a description of the Company's non-GAAP financial and operating metrics. 15 Page (1) Based on annualized September 2022 base rent. (2) Includes tenants under common control. (3) All credit ratings are from major credit rating agencies. Parent credit rating is used where tenant is not rated. (4) Excludes two undeveloped land parcels. Annualized Base Rent Expiring Leased Square Feet Medical Office Building Inpatient Rehabilitation Facility Surgical Hospital Long-Term Acute Care Hospital Specialty Facility (Behavioral & Transitional Care) Single Tenant Multi-Tenant Q3 2022 Tenant Credit Concentrations1,3 Investment Grade Rated Tenant/ Guarantor Non-Investment Grade Rated Tenant/Guarantor Non-Rated Tenant/Guarantor Non-Rated Tenant/Guarantor affiliated with Investment Grade Rated Partner 4 1 1 Short-Term Acute Care Hospital
Market Property Name State Rentable Square Feet Date Acquired % Leased Property Subtype Akron Akron Healthcare Facility OH 98,705 10/4/2019 100.0 % Medical Office Building Akron Akron Healthcare Facility II OH 38,564 10/4/2019 100.0 % Medical Office Building Akron Akron Healthcare Facility III OH 54,000 10/4/2019 100.0 % Long-Term Acute Care Hospital Alexandria Alexandria Healthcare Facility LA 15,600 10/4/2019 100.0 % Medical Office Building Appleton Appleton Healthcare Facility WI 7,552 10/4/2019 100.0 % Medical Office Building Augusta Augusta Healthcare Facility ME 51,000 7/22/2015 100.0 % Medical Office Building Augusta Oakland Healthcare Facility ME 20,000 7/22/2015 100.0 % Medical Office Building Austin Austin Healthcare Facility TX 66,095 3/31/2017 100.0 % Inpatient Rehabilitation Facility Austin Austin Healthcare Facility II TX 18,275 10/4/2019 100.0 % Medical Office Building Austin Luling Healthcare Facility TX 40,901 7/30/2015 100.0 % Long-Term Acute Care Hospital Beaumont Beaumont Healthcare Facility TX 61,000 3/31/2017 100.0 % Inpatient Rehabilitation Facility Boston Stoughton Healthcare Facility MA 180,744 12/23/2014 100.0 % Long-Term Acute Care Hospital Bremerton Silverdale Healthcare Facility WA 26,127 8/25/2017 100.0 % Medical Office Building Bremerton Silverdale Healthcare Facility II WA 19,184 9/20/2017 100.0 % Medical Office Building Brownsville Harlingen Healthcare Facility TX 38,111 10/4/2019 100.0 % Medical Office Building Chicago Aurora Healthcare Facility IL 24,722 3/30/2017 100.0 % Medical Office Building Cincinnati Cincinnati Healthcare Facility OH 14,868 10/29/2014 100.0 % Medical Office Building Cincinnati Cincinnati Healthcare Facility II OH 139,428 7/22/2015 100.0 % Medical Office Building Cincinnati Cincinnati Healthcare Facility III OH 41,600 7/22/2015 100.0 % Medical Office Building Cincinnati Florence Healthcare Facility KY 41,600 7/22/2015 100.0 % Medical Office Building Corpus Christi Corpus Christi Healthcare Facility TX 25,102 12/22/2016 100.0 % Medical Office Building Dallas Allen Healthcare Facility TX 42,627 3/31/2017 100.0 % Inpatient Rehabilitation Facility Dallas Carrollton Healthcare Facility TX 21,990 4/27/2018 100.0 % Medical Office Building Dallas Dallas Healthcare Facility TX 62,390 10/4/2019 100.0 % Surgical Hospital Dallas Fort Worth Healthcare Facility TX 83,464 12/31/2014 100.0 % Surgical Hospital Dallas Fort Worth Healthcare Facility II TX 8,268 12/31/2014 100.0 % Medical Office Building Dallas Fort Worth Healthcare Facility III TX 36,800 12/23/2015 100.0 % Medical Office Building Dallas Frisco Healthcare Facility TX 57,051 10/4/2019 100.0 % Inpatient Rehabilitation Facility Denver Denver Healthcare Facility CO 131,210 10/4/2019 100.0 % Long-Term Acute Care Hospital Des Moines Clive Healthcare Facility IA 58,156 11/26/2018 100.0 % Medical Office Building Des Moines Clive Healthcare Facility II IA 63,224 12/8/2021 100.0 % Medical Office Building Des Moines Clive Healthcare Facility III IA 33,974 12/8/2021 100.0 % Medical Office Building Des Moines Clive Healthcare Facility IV IA 35,419 12/8/2021 100.0 % Medical Office Building Des Moines Clive Undeveloped Land IA — 12/8/2021 — % Undeveloped Land Des Moines Clive Undeveloped Land II IA — 12/8/2021 — % Undeveloped Land Des Moines Grimes Healthcare Facility IA 14,669 2/19/2020 100.0 % Medical Office Building Des Moines Indianola Healthcare Facility IA 18,116 9/26/2018 100.0 % Medical Office Building Des Moines Indianola Healthcare Facility II IA 20,990 9/26/2018 100.0 % Medical Office Building Destin Crestview Healthcare Facility FL 5,685 10/4/2019 100.0 % Medical Office Building Destin Fort Walton Beach Healthcare Facility FL 9,017 10/4/2019 100.0 % Medical Office Building Portfolio See the glossary for a description of the Company's non-GAAP financial and operating metrics. 16 Page Q3 2022 (as of September 30, 2022)
Portfolio (Continued) Market Property Name State Rentable Square Feet Date Acquired % Leased Property Subtype Destin Santa Rosa Beach Healthcare Facility FL 5,000 10/4/2019 100.0 % Medical Office Building Elkhart Goshen Healthcare Facility IN 15,462 10/4/2019 100.0 % Medical Office Building Fayetteville Fayetteville Healthcare Facility AR 55,740 10/4/2019 100.0 % Surgical Hospital Fort Myers Bonita Springs Healthcare Facility FL 9,800 10/4/2019 100.0 % Medical Office Building Fort Myers Fort Myers Healthcare Facility FL 32,148 10/4/2019 100.0 % Medical Office Building Fort Myers Fort Myers Healthcare Facility II FL 47,089 10/4/2019 100.0 % Medical Office Building Fort Myers Lehigh Acres Healthcare Facility FL 5,746 10/4/2019 100.0 % Medical Office Building Grand Rapids Grand Rapids Healthcare Facility MI 108,014 12/7/2016 79.6 % Medical Office Building Green Bay Bellevue Healthcare Facility WI 5,838 10/4/2019 100.0 % Medical Office Building Green Bay De Pere Healthcare Facility WI 7,100 10/4/2019 100.0 % Medical Office Building Green Bay Howard Healthcare Facility WI 7,552 10/4/2019 100.0 % Medical Office Building Green Bay Manitowoc Healthcare Facility WI 7,987 10/4/2019 100.0 % Medical Office Building Green Bay Manitowoc Healthcare Facility II WI 36,090 10/4/2019 100.0 % Medical Office Building Green Bay Marinette Healthcare Facility WI 4,178 10/4/2019 100.0 % Medical Office Building Green Bay Sturgeon Bay Healthcare Facility WI 3,100 10/4/2019 100.0 % Medical Office Building Hammond Hammond Healthcare Facility LA 63,000 10/4/2019 100.0 % Surgical Hospital Hammond Hammond Healthcare Facility II LA 23,835 10/4/2019 100.0 % Long-Term Acute Care Hospital Houston Houston Healthcare Facility TX 13,645 7/31/2014 100.0 % Medical Office Building Houston Houston Healthcare Facility III TX 16,217 10/4/2019 100.0 % Medical Office Building Houston Katy Healthcare Facility TX 34,296 6/8/2018 100.0 % Specialty Facility (Behavioral & Transitional Care) Houston Webster Healthcare Facility TX 53,514 6/5/2015 100.0 % Inpatient Rehabilitation Facility Houston Webster Healthcare Facility II TX 373,070 10/4/2019 100.0 % Short-Term Acute Care Hospital Indianapolis Greenwood Healthcare Facility IN 53,560 4/19/2021 100.0 % Inpatient Rehabilitation Facility Jacksonville Jacksonville Healthcare Facility FL 13,082 10/4/2019 100.0 % Medical Office Building Kansas City Overland Park Healthcare Facility KS 54,568 2/17/2015 100.0 % Inpatient Rehabilitation Facility Lafayette Lafayette Healthcare Facility LA 73,824 10/4/2019 100.0 % Surgical Hospital Lakeland Winter Haven Healthcare Facility FL 7,560 1/27/2015 100.0 % Medical Office Building Laredo Laredo Healthcare Facility TX 61,677 9/19/2019 100.0 % Medical Office Building Laredo Laredo Healthcare Facility II TX 118,132 9/19/2019 100.0 % Medical Office Building Las Vegas Henderson Healthcare Facility NV 6,685 10/4/2019 100.0 % Medical Office Building Las Vegas Las Vegas Healthcare Facility NV 56,220 6/24/2016 100.0 % Inpatient Rehabilitation Facility Las Vegas Las Vegas Healthcare Facility II NV 6,963 10/4/2019 100.0 % Medical Office Building Lexington Frankfort Healthcare Facility KY 4,000 10/4/2019 100.0 % Medical Office Building Little Rock Benton Healthcare Facility AR 104,419 10/17/2018 100.0 % Medical Office Building Little Rock Benton Healthcare Facility II AR 11,350 10/17/2018 100.0 % Medical Office Building Little Rock Bryant Healthcare Facility AR 23,450 10/17/2018 100.0 % Medical Office Building See the glossary for a description of the Company's non-GAAP financial and operating metrics. 17 Page Q3 2022
Portfolio (Continued) Market Property Name State Rentable Square Feet Date Acquired % Leased Property Subtype Little Rock Bryant Healthcare Facility II AR 16,425 8/16/2019 100.0 % Medical Office Building Little Rock Hot Springs Healthcare Facility AR 8,573 10/17/2018 100.0 % Medical Office Building Los Angeles El Segundo Healthcare Facility CA 12,163 10/4/2019 100.0 % Medical Office Building Lubbock Lubbock Healthcare Facility TX 102,143 10/4/2019 100.0 % Surgical Hospital Martinsburg Fairlea Healthcare Facility WV 5,200 10/4/2019 100.0 % Medical Office Building New Orleans Covington Healthcare Facility LA 43,250 10/4/2019 100.0 % Long-Term Acute Care Hospital Oklahoma City Edmond Healthcare Facility OK 17,700 1/20/2016 100.0 % Medical Office Building Oklahoma City Newcastle Healthcare Facility OK 7,424 2/3/2016 100.0 % Medical Office Building Oklahoma City Oklahoma City Healthcare Facility OK 94,076 12/29/2015 100.0 % Short-Term Acute Care Hospital Oklahoma City Oklahoma City Healthcare Facility II OK 41,394 12/29/2015 100.0 % Medical Office Building Oklahoma City Oklahoma City Healthcare Facility III OK 5,000 1/27/2016 100.0 % Medical Office Building Oklahoma City Oklahoma City Healthcare Facility IV OK 8,762 1/27/2016 100.0 % Medical Office Building Oklahoma City Oklahoma City Healthcare Facility V OK 43,676 2/11/2016 100.0 % Medical Office Building Oklahoma City Oklahoma City Healthcare Facility VI OK 14,676 3/7/2016 100.0 % Medical Office Building Oklahoma City Oklahoma City Healthcare Facility VII OK 102,978 6/22/2016 100.0 % Surgical Hospital Oklahoma City Oklahoma City Healthcare Facility VIII OK 62,857 6/30/2016 100.0 % Surgical Hospital Oklahoma City Oklahoma City Healthcare Facility IX OK 34,970 10/4/2019 100.0 % Medical Office Building Oklahoma City Yukon Healthcare Facility OK 45,624 3/10/2022 100.0 % Medical Office Building Omaha Omaha Healthcare Facility NE 40,402 10/14/2015 100.0 % Specialty Facility (Behavioral & Transitional Care) Oshkosh Oshkosh Healthcare Facility WI 8,717 10/4/2019 100.0 % Medical Office Building Philadelphia Marlton Healthcare Facility NJ 89,139 11/1/2016 100.0 % Inpatient Rehabilitation Facility Philadelphia Wyomissing Healthcare Facility PA 33,217 7/24/2015 100.0 % Surgical Hospital Pittsburgh Clarion Healthcare Facility PA 33,000 6/1/2015 100.0 % Medical Office Building Pittsburgh Pleasant Hills Healthcare Facility PA 33,712 5/12/2022 100.0 % Medical Office Building Poplar Bluff Poplar Bluff Healthcare Facility MO 71,519 9/19/2019 100.0 % Medical Office Building Prosser Prosser Healthcare Facilities WA 20,630 5/20/2022 100.0 % Medical Office Building Providence New Bedford Healthcare Facility MA 70,657 10/4/2019 100.0 % Long-Term Acute Care Hospital Providence North Smithfield Healthcare Facility RI 92,944 10/4/2019 100.0 % Inpatient Rehabilitation Facility Riverside Palm Desert Healthcare Facility CA 6,963 10/4/2019 100.0 % Medical Office Building Riverside Rancho Mirage Healthcare Facility CA 47,008 3/1/2016 100.0 % Inpatient Rehabilitation Facility Riverside Rancho Mirage Healthcare Facility II CA 7,432 10/4/2019 100.0 % Medical Office Building Riverside Yucca Valley Healthcare Facility CA 12,240 10/4/2019 100.0 % Medical Office Building Saginaw Saginaw Healthcare Facility MI 87,843 12/21/2017 100.0 % Medical Office Building San Antonio New Braunfels Healthcare Facility TX 27,971 10/4/2019 100.0 % Long-Term Acute Care Hospital San Antonio San Antonio Healthcare Facility TX 44,746 6/29/2017 100.0 % Specialty Facility (Behavioral & Transitional Care) San Antonio San Antonio Healthcare Facility III TX 50,000 10/4/2019 100.0 % Inpatient Rehabilitation Facility San Antonio San Antonio Healthcare Facility IV TX 113,136 10/4/2019 100.0 % Inpatient Rehabilitation Facility San Antonio San Antonio Healthcare Facility V TX 57,929 10/4/2019 100.0 % Medical Office Building San Diego Escondido Healthcare Facility CA 56,800 7/21/2022 100.0 % Inpatient Rehabilitation Facility Sarasota Lakewood Ranch Healthcare Facility FL 10,919 10/4/2019 100.0 % Medical Office Building See the glossary for a description of the Company's non-GAAP financial and operating metrics. 18 Page Q3 2022
Portfolio (Continued) Market Property Name State Rentable Square Feet Date Acquired % Leased Property Subtype Savannah Savannah Healthcare Facility GA 48,184 10/4/2019 100.0 % Long-Term Acute Care Hospital Scranton Wilkes-Barre Healthcare Facility PA 15,996 10/4/2019 100.0 % Medical Office Building Sherman Sherman Healthcare Facility TX 57,576 11/20/2015 100.0 % Surgical Hospital Sherman Sherman Healthcare Facility II TX 8,055 11/20/2015 100.0 % Medical Office Building St. Louis Bridgeton Healthcare Facility MO 66,914 10/4/2019 100.0 % Inpatient Rehabilitation Facility Tampa Tampa Healthcare Facility FL 33,822 9/8/2020 100.0 % Medical Office Building Tampa Tampa Healthcare Facility II FL 87,649 7/20/2022 100.0 % Inpatient Rehabilitation Facility Tucson Tucson Healthcare Facility AZ 34,009 9/19/2019 100.0 % Medical Office Building Tucson Tucson Healthcare Facility II AZ 60,913 12/26/2019 100.0 % Inpatient Rehabilitation Facility Tucson Tucson Healthcare Facility III AZ 20,000 12/27/2019 100.0 % Medical Office Building Tucson Tucson Healthcare Facility IV AZ 44,692 12/22/2020 89.4 % Medical Office Building Valdosta Valdosta Healthcare Facility GA 24,750 11/28/2018 100.0 % Medical Office Building Valdosta Valdosta Healthcare Facility II GA 12,745 11/28/2018 100.0 % Medical Office Building Victoria Victoria Healthcare Facility TX 34,297 10/4/2019 100.0 % Inpatient Rehabilitation Facility Victoria Victoria Healthcare Facility II TX 28,752 10/4/2019 100.0 % Long-Term Acute Care Hospital Winston Winston-Salem Healthcare Facility NC 22,200 12/17/2014 100.0 % Medical Office Building . See the glossary for a description of the Company's non-GAAP financial and operating metrics. 19 Page Q3 2022
Annualized Base Rent The sum of each tenant’s base rent in the last month of the period multiplied by twelve, unless otherwise specified. Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) and Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate (EBITDAre) These supplemental performance measures are defined as net income or loss, computed in accordance with GAAP, adjusted for interest expense, income tax expense (benefit), depreciation and amortization. EBITDAre also includes adjustments for impairments of real estate assets and gains or losses from the disposition of properties. EBITDAre is a definition promulgated by the National Association of Real Estate Investment Trusts (NAREIT). The Company believes these metrics are important indicators of the Company’s operating performance. The following is a reconciliation of net income attributable to common stockholders, which is the most directly comparable GAAP financial measure, to EBITDA and EBITDAre for the following quarterly periods (amounts in thousands): Fair Value of Real Estate Investments Fair value of real estate-related investments owned for each period presented is calculated as of the date of the then current NAV (as defined below), plus total cost of real estate investments acquired after that date and capital expenditures incurred on development properties not included in the then current NAV. Three Months Ended September 30, June 30, March 31, December 31, September 30, 2022 2022 2022 2021 2021 Net income attributable to common stockholders $ 13,392 $ 12,021 $ 1,371 $ 12,077 $ 371,645 Adjustments: Interest expense1 5,579 4,477 8,188 5,766 37,223 Depreciation and amortization 18,641 17,814 17,988 17,161 17,294 EBITDA $ 37,612 $ 34,312 $ 27,547 $ 35,004 $ 426,162 Gain on real estate disposition from continuing operations — — (460) (89) — Gain on real estate dispositions from discontinued operations — — — — (398,560) Impairment losses — — 7,387 — 10,241 EBITDAre $ 37,612 $ 34,312 $ 34,474 $ 34,915 $ 37,843 Glossary 20 Page Q3 2022 (1) Interest expense for the three months ended March 31, 2022, includes debt extinguishment costs of $3.4 million in connection with the repayment of our prior credit facility. Interest expense for the three months ended September 30, 2021, includes non-recurring costs associated with the sale of the data center portfolio, including defeasance and other loan costs in the amount of $26.1 million.
Three Months Ended September 30, June 30, March 31, December 31, September 30, 2022 2022 2022 2021 2021 Net income attributable to common stockholders $ 13,392 $ 12,021 $ 1,371 $ 12,077 $ 371,645 Adjustments: Depreciation and amortization 18,615 17,788 17,966 17,156 17,289 Gain real estate disposition from continuing operations — — (460) (89) — Gain on real estate dispositions from discontinued operations — — — — (398,560) Impairment loss on real estate — — 7,387 — 10,241 FFO attributable to common stockholders $ 32,007 $ 29,809 $ 26,264 $ 29,144 $ 615 Adjustments: Amortization of above- and below-market leases 122 121 119 141 13 Amortization of operating leases and finance lease 193 272 254 186 189 Straight-line rent adjustments (2,589) (2,431) (2,510) (3,011) (3,414) Deferred rent 299 299 199 — — Amortization of discount of deferred liability — — — — 163 Loss on extinguishment of debt — — 3,367 — 28,751 Amortization of deferred financing costs 413 364 490 664 754 Stock-based compensation 860 1,278 896 623 637 AFFO attributable to common stockholders $ 31,305 $ 29,712 $ 29,079 $ 27,747 $ 27,708 The following is a reconciliation of net income attributable to common stockholders, which is the most directly comparable GAAP financial measure, to FFO and AFFO for the following quarterly periods (amounts in thousands): Glossary 21 Page Q3 2022 Funds From Operations (FFO) and Adjusted Funds From Operations (AFFO) FFO is calculated consistent with NAREIT’s definition, as net income (loss) (calculated in accordance with GAAP), excluding gains (or losses) from sales of real estate assets and impairments of real estate assets, plus depreciation and amortization of real estate assets, and after adjustments for unconsolidated partnerships and joint ventures. It should be noted, however, that other REITs may not define FFO in accordance with the current NAREIT definition or may interpret the current NAREIT definition differently than the Company does, making comparisons less meaningful. In addition to FFO, the Company uses AFFO as a supplemental financial performance measure because the Company believes it provides to stakeholders a more complete understanding of the Company’s sustainable performance. AFFO is a metric used by management to evaluate the Company's dividend policy. The Company calculates AFFO by further adjusting FFO for the following items included in the determination of GAAP net income: amortization of above- and below-market leases, amortization of operating leases and the finance lease, straight-line rent adjustments, deferred rent, discount amortization related to the deferred liability in connection with the internalization transaction, (gain) loss on extinguishment of debt, amortization of deferred financing costs and stock-based compensation. Other REITs may use different methodologies for calculating AFFO and, accordingly, the Company’s AFFO may not be comparable to other REITs. FFO and AFFO should not be considered to be more relevant or accurate than the GAAP methodology in calculating net income or in its applicability in evaluating our operational performance. The method used to evaluate the value and performance of real estate under GAAP should be considered as a more relevant measure of operating performance and considered more prominent than the non-GAAP FFO and AFFO measures and the adjustments to GAAP in calculating FFO and AFFO.
Net Debt Net debt represents principal debt outstanding less cash and cash equivalents. Net debt provides useful information by calculating and monitoring the Company’s leverage ratio. The following is a reconciliation of total debt, net, which is the most directly comparable GAAP financial measure to net debt, for the following quarterly periods (amounts in thousands): As of September 30, June 30, March 31, December 31, September 30, 2022 2022 2022 2021 2021 Total credit facility debt, net $ 597,430 $ 502,272 $ 484,319 $ 496,774 $ 516,506 Deferred financing costs, net 2,570 2,728 681 3,266 3,494 Principal debt outstanding 600,000 505,000 485,000 500,000 520,000 Less: cash and cash equivalents 17,291 23,077 19,563 32,359 75,363 Net debt $ 582,709 $ 481,923 $ 465,437 $ 467,641 $ 444,637 Net Asset Value (NAV) NAV is determined by the board of directors, at the recommendation of the Company's audit committee, and based on the estimated value of the Company’s assets, less the estimated value of the Company’s liabilities, divided by the number of shares outstanding on a diluted basis. This valuation is performed in accordance with the provisions of Practice Guideline 2013-01, Valuations of Publicly Registered Non-Listed REITs, issued by the IPA in April 2013, in addition to guidance from the SEC. Liquidity A financial metric that represents the outstanding cash and cash equivalents combined with the remaining borrowing base availability on the Company’s credit facility at the end of the period. Glossary 22 Page Q3 2022
Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Rental revenue $ 46,881 $ 43,063 $ 136,081 $ 129,232 Rental expense (3,232) (3,024) (9,267) (9,513) NOI 43,649 40,039 126,814 119,719 Straight-line rent adjustments (2,589) (3,202) (7,530) (9,983) Amortization of above- and below-market leases, net 122 145 362 471 Amortization of operating leases 149 124 400 372 Deferred rent 299 — 797 — Cash NOI 41,630 37,106 120,843 110,579 General and administrative expenses (6,118) (6,348) (20,718) (19,610) Depreciation and amortization (18,641) (17,259) (54,443) (53,098) Impairment losses — (10,241) (7,387) (27,837) Gain on real estate disposition from continuing operations — — 460 — Interest and other expense, net (5,498) (11,737) (17,942) (30,035) Straight-line rent adjustments 2,589 3,202 7,530 9,983 Amortization of above- and below-market leases, net (122) (145) (362) (471) Amortization of operating leases (149) (124) (400) (372) Deferred rent (299) — (797) — Income from discontinued operations — 377,191 — 401,444 Net income attributable to common stockholders $ 13,392 $ 371,645 $ 26,784 $ 390,583 The following is a reconciliation from NOI and Cash NOI to net income attributable to common stockholders, which is the most directly comparable GAAP financial measure, for the following periods (amounts in thousands): Glossary 23 Page Q3 2022 Net Operating Income (NOI) and Cash NOI NOI, a non-GAAP financial measure, is defined as rental revenue, less rental expenses, on an accrual basis, excluding general and administrative expenses, depreciation and amortization, impairment losses, gain on real estate dispositions from continuing operations, interest and other expense, net and income from discontinued operations. Cash NOI is calculated to exclude the impact of certain GAAP adjustments to rental revenue, such as straight-line rent adjustments, amortization of above-market and below-market lease intangibles, amortization of operating leases and deferred rent, and is used to evaluate the cash-based performance of the Company’s real estate portfolio. The Company believes that NOI and Cash NOI both serve as useful supplements to net income because they allow investors and management to measure unlevered property-level operating results and to compare these results to the comparable results of other real estate companies on a consistent basis. The Company uses both NOI and Cash NOI to make decisions about resource allocations and to assess the property-level performance of the real estate portfolio. As an indicator of financial performance, neither metric should be considered as an alternative to net income, determined in accordance with GAAP. The Company believes that in order to facilitate a clear understanding of the consolidated historical operating results, both metrics should be evaluated in conjunction with net income as presented in the consolidated financial statements included on the Company’s Annual Report on Form 10-K filed with the SEC on March 29, 2022.
Total Real Estate Investments Represents the aggregate contractual purchase price of real estate properties acquired, including acquisition costs and additional capital expenditures incurred since inception, adjusted for the cost basis of the properties sold. Three Months Ended September 30, June 30, March 31, December 31, September 30, 2022 2022 2022 2021 2021 Same store rental revenue $ 43,342 $ 43,057 $ 43,061 $ 43,027 $ 42,884 Same store rental expense (2,719) (2,739) (2,746) (2,638) (2,565) Same store NOI 40,623 40,318 40,315 40,389 40,319 Non-same store rental revenue 3,539 1,861 1,221 579 179 Non-same store rental expense (513) (271) (279) (554) (459) General and administrative expenses (6,118) (7,744) (6,856) (6,785) (6,348) Depreciation and amortization (18,641) (17,814) (17,988) (17,161) (17,259) Impairment losses — — (7,387) — (10,241) Gain on real estate disposition — — 460 89 — Interest and other expense, net (5,498) (4,329) (8,115) (4,480) (11,737) Income from discontinued operations — — — — 377,191 Net income attributable to common stockholders $ 13,392 $ 12,021 $ 1,371 $ 12,077 $ 371,645 The following is a reconciliation of net income attributable to common stockholders, which is the most directly comparable GAAP financial measure, to same store NOI for the following quarterly periods (amounts in thousands): Glossary 24 Page Q3 2022 Same Store Properties Operating properties that were owned and operated for the entirety of all calendar periods being compared; excluding properties under development and properties or land classified as held for sale. To evaluate properties on a comparable basis, management analyzes metrics of same store properties in order to assess the core operations of the portfolio. By evaluating the net operating income of the same store properties, management is able to monitor the operations of the Company's existing properties for comparable periods to measure the performance of the current portfolio and the effects of new acquisitions and dispositions on net income. Remaining Lease Term The number of periods remaining of each tenant's lease, calculated on a weighted average basis on annualized base rent. Rent Escalation The amount of base rent increases that are included within each tenant's lease, calculated on a weighted average basis on leased square feet.