BASIS OF PRESENTATION (Tables)

9 Months Ended

Sep. 30, 2022

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Preferred Stock

Terms of the Series C, Series D, and Series E Preferred Shares outstanding at September 30, 2022 and December 31, 2021 are summarized as follows:

							Dividend Per Share  (1)
	Shares Outstanding						Nine Months Ended September 30,
Series	September 30, 2022	December 31, 2021	Aggregate Liquidation Preference		Distribution Rate		2022		2021
Series C	3,000,000	3,000,000	$	75,000	6.875	%	$	1.2891	$	3.0079
Series D	7,701,700	7,701,700	$	192,500	6.500	%	$	1.2188	$	2.8438
Series E	4,001,514	4,001,514	$	100,000	6.500	%	$	1.2188	$	2.8438
Total	14,703,214	14,703,214

(1) During the nine months ended September 30, 2021, the Company paid cash dividends on the Company's Series C, Series D and Series E cumulative redeemable preferred stock reflecting accrued and unpaid dividends for the dividend periods ended April 15, 2020, July 15, 2020, October 15, 2020 and January 15, 2021. In addition, the Company paid a cash dividend on all Series of cumulative redeemable preferred stock for the first dividend period ending April 15, 2021, declared a similar cash dividend for the second dividend period ending July 15, 2021, which was paid July 15, 2021 to holders of record as of July 1, 2021 and declared a similar cash dividend for the third dividend period ending October 15, 2021, which was paid October 15, 2021 to holders of record as of October 1, 2021. The Company is current on dividend obligations on all Series of cumulative redeemable preferred stock as of September 30, 2022.

Revision of Prior Period Financial Statements

Revision of Prior Period Financial Statements

During the third quarter of 2022, the Company identified immaterial errors in its previously issued financial statements resulting from the incorrect amortization of accumulated other comprehensive income related to interest rate hedges. This occurred over the periods from 2019 through 2021, thereby overstating interest expense in those periods as well as impacting certain captions in the equity section of the consolidated balance sheet, including accumulated other comprehensive income, distributions in excess of net income, and noncontrolling interests.

In accordance with Staff Accounting Bulletin (“SAB”) No. 99, “Materiality,” and SAB No. 108, “Considering the Effects of Prior Year Misstatements when Quantifying Misstatements in Current Year Financial Statements,” the Company assessed the materiality of these misstatements both quantitatively and qualitatively and determined that these errors and the related impact did not, either individually or in the aggregate, materially misstate previously issued consolidated financial statements. To reflect the correction of these immaterial errors, the Company is revising the previously issued consolidated financial statements for the three and nine months ended September 30, 2021 in this Form 10-Q. As a result, the Company has corrected the immaterial misstatements as disclosed in the following tables for all impacted financial statement line items in prior periods.

	As of December 31, 2021
	As Previously Reported		Adjustment		As Revised
Consolidated Balance Sheet:
Accumulated Other Comprehensive Income	$	(2,747)	$	(3,464)	$	(6,211)
Distributions in Excess of Net Income	(595,454)		3,140		(592,314)
Total Shareholders' Equity	557,374		(324)		557,050
Noncontrolling Interests	50,922		324		51,246
Total Equity	608,296		—		608,296

	For the Three Months Ended						For the Nine Months Ended
	September 30, 2021						September 30, 2021
	As Previously Reported		Adjustment		As Revised		As Previously Reported		Adjustment		As Revised
Consolidated Statement of Operations:
Interest Expense	$	(14,589)	$	375	$	(14,214)	$	(43,000)	$	1,114	$	(41,886)
Loss Before Results from Unconsolidated Joint Venture Investments and Income Taxes	(15,044)		375		(14,669)		(28,668)		1,114		(27,554)
Loss Before Income taxes	(15,655)		375		(15,280)		(30,526)		1,114		(29,412)
Net Loss	(15,932)		375		(15,557)		(30,365)		1,114		(29,251)
Loss Allocated to Noncontrolling Interests - Common Units	2,177		(37)		2,140		4,800		(111)		4,689
Net Loss Applicable to Common Shareholders	(19,799)		338		(19,461)		(45,506)		1,003		(44,503)
Net Income (Loss) Per Share:
Basic - Loss from Continuing Operations Applicable to Common Shareholders	$	(0.51)	$	0.01	$	(0.50)	$	(1.16)	$	0.02	$	(1.14)
Diluted - Loss from Continuing Operations Applicable to Common Shareholders	$	(0.51)	$	0.01	$	(0.50)	$	(1.16)	$	0.02	$	(1.14)
Consolidated Statement of Comprehensive Income (Loss):
Net Loss	$	(15,932)	$	375	$	(15,557)	$	(30,365)	$	1,114	$	(29,251)
Reclassification Adjustment for Change in Fair Value of Derivative Instruments Included in Net Loss	207		(375)		(168)		367		(1,114)		(747)
Total Other Comprehensive Income	2,408		(375)		2,033		11,571		(1,114)		10,457
Consolidated Statement of Cash Flows:
Operating Activities:
Net Loss							(30,365)		1,114		(29,251)
Loss (Gain) Recognized on Change in Fair Value of Derivative Instrument							367		(1,114)		(747)