v3.25.1
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($)
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Income Statement [Abstract]    
Revenue from tenants $ 12,308,000 $ 15,481,000
Operating expenses:    
Asset and property management fees to related parties 1,868,000 1,903,000
Property operating 8,137,000 8,382,000
Impairments of real estate investments 0 0
Equity-based compensation 92,000 54,000
General and administrative 3,135,000 2,801,000
Depreciation and amortization 3,591,000 5,261,000
Total operating expenses 16,823,000 18,401,000
Operating loss (4,515,000) (2,920,000)
Other income (expense):    
Interest expense (4,083,000) (4,697,000)
Other income (expense) 6,000 9,000
Total other expense (4,077,000) (4,688,000)
Net loss and Net loss attributable to common stockholders (8,592,000) (7,608,000)
Other comprehensive income (loss):    
Change in unrealized (loss) gain on derivative 0 (406,000)
Other comprehensive (loss) income 0 (406,000)
Comprehensive loss $ (8,592,000) $ (8,014,000)
Weighted-average shares outstanding — Basic (in shares) 2,533,557 2,322,594
Weighted-average shares outstanding — Diluted (in shares) 2,533,557 2,322,594
Net loss per share attributable to common stockholders - Basic (in dollars per share) $ (3.39) $ (3.28)
Net loss per share attributable to common stockholders - Diluted (in dollars per share) $ (3.39) $ (3.28)