v3.26.1
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Revenues:        
Rental revenues (including $152 and $144 for the three months ended June 30, 2026 and 2025, respectively, and $345 and $289 for the six months ended June 30, 2026 and 2025, respectively, from related parties) $ 12,236 $ 11,510 $ 23,892 $ 22,937
Other income 630 650 1,315 1,231
Total revenue 12,866 12,160 25,207 24,168
Expenses:        
Property operating expenses (including $92 and $88 for the three months ended June 30, 2026 and 2025, respectively, and $190 and $174 for the six months ended June 30, 2026 and 2025, respectively, from related parties) 8,176 6,535 15,509 12,512
Depreciation and amortization 3,697 3,062 7,327 5,945
General and administrative (including $1,044 and $1,057 for the three months ended June 30, 2026 and 2025, respectively, and $2,047 and $2,059 for the six months ended June 30, 2026 and 2025, respectively, from related parties) 1,498 1,534 2,984 3,026
Advisory fee to related party 2,044 2,042 4,127 4,511
Total operating expenses 15,415 13,173 29,947 25,994
Net operating loss (2,549) (1,013) (4,740) (1,826)
Interest income (including $1,393 and $1,892 for the three months ended June 30, 2026 and 2025, respectively, and $3,163 and $3,791 for the six months ended June 30, 2026 and 2025, respectively, from related parties) 2,810 3,353 6,634 7,363
Interest expense (2,803) (1,777) (5,771) (3,597)
Equity in loss from unconsolidated joint ventures 412 19 412 (140)
Gain on sale or write down of assets, net 814 947 1,199 4,838
Income tax benefit 71 1,335 505 189
Net (loss) income (1,245) 2,864 (1,761) 6,827
Net loss (income) attributable to noncontrolling interests 235 (37) 200 (1,035)
Net (loss) income attributable to common shares $ (1,010) $ 2,827 $ (1,561) $ 5,792
Earnings per share - basic and diluted        
Basic (in dollars per share) $ (0.06) $ 0.18 $ (0.10) $ 0.36
Diluted (in dollars per share) $ (0.06) $ 0.18 $ (0.10) $ 0.36
Weighted average common shares used in computing earnings per share        
Basic (in shares) 16,152,043 16,152,043 16,152,043 16,152,043
Diluted (in shares) 16,152,043 16,152,043 16,152,043 16,152,043