v3.26.1
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Revenues        
Rental and other property revenues $ 19,327 $ 16,707 $ 39,028 $ 32,617
Interest income from loan investments 0 95   598
Total revenues 19,327 16,802 39,028 33,215
Expenses        
Property operating 9,772 8,177 18,853 15,829
Property management and asset management fees 1,324 1,336 2,895 2,661
General and administrative 2,520 2,665 5,634 5,722
Management fees to related party 2,703 2,606 5,391 5,146
Acquisition and other transaction costs 563 135 606 211
Weather-related losses, net 160 45 410 45
Impairment of real estate investments 520 71 1,121 196
Depreciation and amortization 7,883 7,189 16,741 14,681
Total expenses 25,445 22,224 51,651 44,491
Other (expense) income        
Other expense, net (278) (15) (1,160) (74)
Income from preferred equity investments 2,033 2,306 3,564 5,416
Share of net earnings of equity method investment 307   603  
Recovery of credit losses, net   2   104
Gain on sale of real estate investments, net 318 929 902 1,757
Gain on sale of available-for-sale investments, net   1,450   1,450
Loss on extinguishment of debt costs (1) (5) (37) (9)
Interest expense, net (6,484) (5,627) (12,969) (11,838)
Interest income 1,264 1,182 2,540 2,286
Total other (expense) income (2,841) 222 (6,557) (908)
Loss before income taxes (8,959) (5,200) (19,180) (12,184)
Income tax expense   (626) (76) (972)
Net loss (8,959) (5,826) (19,256) (13,156)
Preferred stock dividends (2,722) (2,254) (5,331) (4,264)
Preferred stock accretion (1,568) (1,273) (2,561) (1,796)
Net loss attributable to noncontrolling interests        
Operating partnership units 7,951 5,567 15,775 11,228
Partially-owned properties 1,816 1,302 4,458 2,975
Net loss attributable to noncontrolling interests 9,767 6,869 20,233 14,203
Net loss attributable to common stockholders $ (3,482) $ (2,484) $ (6,915) $ (5,013)
Net loss per common share - Basic $ (0.9) $ (0.66) $ (1.8) $ (1.33)
Net loss per common share - Diluted $ (0.9) $ (0.66) $ (1.8) $ (1.33)
Weighted average basic common shares outstanding 3,941,345 3,895,913 3,919,843 3,880,354
Weighted average diluted common shares outstanding 3,941,345 3,895,913 3,919,843 3,880,354
Other comprehensive income        
Unrealized gain on available-for-sale investments, net $ 39 $ 612 $ 128 $ 2,136
Less unrealized gain attributable to Operating partnership units (27) (424) (89) (1,477)
Other comprehensive income attributable to common stockholders 12 188 39 659
Comprehensive loss attributable to noncontrolling interests 9,740 6,445 20,144 12,726
Comprehensive loss attributable to common stockholders $ (3,470) $ (2,296) $ (6,876) $ (4,354)