v3.26.1
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Revenues    
Rental and other property revenues $ 19,701 $ 15,910
Interest income from loan investments 0 503
Total revenues 19,701 16,413
Expenses    
Property operating 9,081 7,652
Property management and asset management fees 1,571 1,325
General and administrative 3,114 3,057
Management fees to related party 2,688 2,540
Acquisition and other transaction costs 43 76
Weather-related losses, net 250  
Impairment of real estate investments 601 124
Depreciation and amortization 8,858 7,492
Total expenses 26,206 22,266
Other (expense) income    
Other expense, net (882) (59)
Income from preferred equity investments 1,531 3,110
Share of net earnings of equity method investment 296  
Recovery of credit losses, net   102
Gain on sale of real estate investments, net 584 827
Loss on extinguishment of debt costs (36) (4)
Interest expense, net (6,485) (6,211)
Interest income 1,276 1,104
Total other expense (3,716) (1,131)
Loss before income taxes (10,221) (6,984)
Income tax expense (76) (346)
Net loss (10,297) (7,330)
Preferred stock dividends (2,609) (2,010)
Preferred stock accretion (993) (523)
Net loss attributable to noncontrolling interests    
Operating partnership units 7,824 5,661
Partially-owned properties 2,642 1,673
Net loss attributable to noncontrolling interests 10,466 7,334
Net loss attributable to common stockholders $ (3,433) $ (2,529)
Net loss per common share - Basic $ (0.9) $ (0.67)
Net loss per common share - Diluted $ (0.9) $ (0.67)
Weighted average basic common shares outstanding 3,898,102 3,864,622
Weighted average diluted common shares outstanding 3,898,102 3,864,622
Other comprehensive income    
Unrealized gain on available for sale investments $ 89 $ 1,524
Less unrealized gain attributable to Operating partnership units (62) (1,053)
Other comprehensive income attributable to common stockholders 27 471
Comprehensive loss attributable to noncontrolling interests 10,404 6,281
Comprehensive loss attributable to common stockholders $ (3,406) $ (2,058)