v3.25.2
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Revenues:        
Rental revenues (including $144 and $158 for the three months ended June 30, 2025 and 2024, respectively, and $289 and $336 for the six months ended June 30, 2025 and 2024, respectively, from related parties) $ 11,510 $ 11,188 $ 22,937 $ 22,467
Other income 650 585 1,231 1,205
Total revenue 12,160 11,773 24,168 23,672
Expenses:        
Property operating expenses (including $88 and $86 for the three months ended June 30, 2025 and 2024, respectively, and $174 and $166 for the six months ended June 30, 2025 and 2024, respectively, from related parties) 6,535 6,624 12,512 13,258
Depreciation and amortization 3,062 3,137 5,945 6,309
General and administrative (including $1,025 and $895 for the three months ended June 30, 2025 and 2024, respectively, and $1,996 and $1,809 for the six months ended June 30, 2025 and 2024, respectively, from related parties) 1,383 1,414 2,735 2,675
Advisory fee to related party 2,005 1,680 4,436 3,845
Total operating expenses 12,985 12,855 25,628 26,087
Net operating loss (825) (1,082) (1,460) (2,415)
Interest income (including $2,521 and $2,681 for the three months ended June 30, 2025 and 2024, respectively, and $5,038 and $5,373 for the six months ended June 30, 2025 and 2024, respectively, from related parties) 3,982 5,200 8,610 11,327
Interest expense (1,738) (1,862) (3,519) (3,731)
Equity in income from unconsolidated joint venture 0 109 0 544
Gain on sale or write-down of assets, net 947 0 4,838 0
Income tax provision (2,042) (669) (3,364) (1,272)
Net income 324 1,696 5,105 4,453
Net income attributable to noncontrolling interest (155) (198) (318) (406)
Net income attributable to the Company $ 169 $ 1,498 $ 4,787 $ 4,047
Earnings per share - basic and diluted        
Basic (in dollars per share) $ 0.02 $ 0.17 $ 0.55 $ 0.47
Diluted (in dollars per share) $ 0.02 $ 0.17 $ 0.55 $ 0.47
Weighted average common shares used in computing earnings per share - basic and diluted        
Basic (in shares) 8,639,316 8,639,316 8,639,316 8,639,316
Diluted (in shares) 8,639,316 8,639,316 8,639,316 8,639,316