v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (unaudited) - USD ($)
shares in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Income Statement [Abstract]        
REVENUE $ 65,782,000 $ 68,549,000 $ 130,851,000 $ 135,642,000
EXPENSES        
Property operating expenses, excluding real estate taxes 17,625,000 18,853,000 35,867,000 37,921,000
Real estate taxes 7,022,000 7,678,000 14,354,000 15,341,000
Property management expense 2,094,000 2,393,000 4,473,000 4,826,000
Casualty loss, net of recoveries (206,000) 399,000 (227,000) 931,000
Depreciation and amortization 25,075,000 27,097,000 51,573,000 54,751,000
Impairment of real estate investments 0 14,543,000 9,700,000 14,543,000
General and administrative expenses 5,659,000 4,382,000 11,991,000 9,379,000
TOTAL EXPENSES 57,269,000 75,345,000 127,731,000 137,692,000
Gain on sale of real estate and other investments 271,000 0 271,000 0
Operating income (loss) 8,784,000 (6,796,000) 3,391,000 (2,050,000)
Interest expense (10,623,000) (10,724,000) (21,093,000) (20,359,000)
Interest and other income 709,000 735,000 1,599,000 1,443,000
NET LOSS (1,130,000) (16,785,000) (16,103,000) (20,966,000)
Distributions to Series D preferred unitholders (58,000) (160,000) (115,000) (320,000)
Net loss attributable to noncontrolling interests – Operating Partnership and Series E preferred units 168,000 2,483,000 2,309,000 3,126,000
Net income attributable to noncontrolling interests – consolidated real estate entities 0 (53,000) 0 (89,000)
NET LOSS AVAILABLE TO COMMON SHAREHOLDERS (1,020,000) (14,515,000) (13,909,000) (18,249,000)
NET LOSS (1,130,000) (16,785,000) (16,103,000) (20,966,000)
Other comprehensive loss        
Loss on derivative instrument reclassified into earnings 0 174,000 0 349,000
TOTAL COMPREHENSIVE LOSS (1,130,000) (16,611,000) (16,103,000) (20,617,000)
Net comprehensive loss attributable to noncontrolling interests – Operating Partnership and Series E preferred units 168,000 2,508,000 2,309,000 3,177,000
Net income attributable to noncontrolling interests – consolidated real estate entities 0 (53,000) 0 (89,000)
COMPREHENSIVE LOSS ATTRIBUTABLE TO CONTROLLING INTERESTS $ (962,000) $ (14,156,000) $ (13,794,000) $ (17,529,000)
NET LOSS PER COMMON SHARE – BASIC (in dollars per share) $ (0.07) $ (0.87) $ (0.83) $ (1.09)
NET LOSS PER COMMON SHARE – DILUTED (in dollars per share) $ (0.07) $ (0.87) $ (0.83) $ (1.09)
Weighted average shares - basic (in shares) 16,810 16,741 16,792 16,734
Weighted average shares - diluted (in shares) 16,810 16,741 16,792 16,734