v3.25.2
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (unaudited) - USD ($)
shares in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Income Statement [Abstract]        
REVENUE $ 68,549,000 $ 65,043,000 $ 135,642,000 $ 129,549,000
EXPENSES        
Property operating expenses, excluding real estate taxes 18,853,000 18,108,000 37,921,000 36,872,000
Real estate taxes 7,678,000 7,081,000 15,341,000 13,386,000
Property management expense 2,393,000 2,222,000 4,826,000 4,552,000
Casualty loss 399,000 510,000 931,000 1,330,000
Depreciation and amortization 27,097,000 25,714,000 54,751,000 52,726,000
Impairment of real estate investments 14,543,000 0 14,543,000 0
General and administrative expenses 4,382,000 4,216,000 9,379,000 8,839,000
TOTAL EXPENSES 75,345,000 57,851,000 137,692,000 117,705,000
Loss on sale of real estate and other investments 0 0 0 (577,000)
Operating income (loss) (6,796,000) 7,192,000 (2,050,000) 11,267,000
Interest expense (10,724,000) (9,332,000) (20,359,000) (18,539,000)
Interest and other income 735,000 477,000 1,443,000 817,000
NET LOSS (16,785,000) (1,663,000) (20,966,000) (6,455,000)
Dividends to Series D preferred unitholders (160,000) (160,000) (320,000) (320,000)
Net loss attributable to noncontrolling interests – Operating Partnership and Series E preferred units 2,483,000 561,000 3,126,000 1,640,000
Net income attributable to noncontrolling interests – consolidated real estate entities (53,000) (34,000) (89,000) (66,000)
Net loss attributable to controlling interests (14,515,000) (1,296,000) (18,249,000) (5,201,000)
Dividends to preferred shareholders 0 (1,607,000) 0 (3,214,000)
NET LOSS AVAILABLE TO COMMON SHAREHOLDERS (14,515,000) (2,903,000) (18,249,000) (8,415,000)
NET LOSS (16,785,000) (1,663,000) (20,966,000) (6,455,000)
Other comprehensive loss:        
Loss on derivative instrument reclassified into earnings 174,000 173,000 349,000 370,000
TOTAL COMPREHENSIVE LOSS (16,611,000) (1,490,000) (20,617,000) (6,085,000)
Net comprehensive loss attributable to noncontrolling interests – Operating Partnership and Series E preferred units 2,508,000 588,000 3,177,000 1,700,000
Net income attributable to noncontrolling interests – consolidated real estate entities (53,000) (34,000) (89,000) (66,000)
COMPREHENSIVE LOSS ATTRIBUTABLE TO CONTROLLING INTERESTS $ (14,156,000) $ (936,000) $ (17,529,000) $ (4,451,000)
NET LOSS PER COMMON SHARE – BASIC (in dollars per share) $ (0.87) $ (0.19) $ (1.09) $ (0.56)
NET LOSS PER COMMON SHARE – DILUTED (in dollars per share) $ (0.87) $ (0.19) $ (1.09) $ (0.56)
Weighted average shares - basic (in shares) 16,741 14,972 16,734 14,947
Weighted average shares - diluted (in shares) 16,741 14,972 16,734 14,947