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CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Revenues:        
Rental revenues (including $158 and $231 for the three months ended June 30, 2024 and 2023, respectively, and $336 and $499 for the six months ended June 30, 2024 and 2023, respectively, from related parties) $ 11,188 $ 11,389 $ 22,467 $ 22,398
Other income 585 850 1,205 1,529
Total revenue 11,773 12,239 23,672 23,927
Expenses:        
Property operating expenses (including $86 and $99 for the three months ended June 30, 2024 and 2023, respectively, and $166 and $199 for the six months ended June 30, 2024 and 2023, respectively, from related parties) 6,624 7,031 13,258 13,137
Depreciation and amortization 3,137 3,200 6,309 6,302
General and administrative (including $915 and $700 for the three months ended June 30, 2024 and 2023, respectively, and $1,849 and $2,239 for the six months ended June 30, 2024 and 2023, respectively, from related parties) 1,552 3,684 2,960 6,845
Advisory fee to related party 1,737 2,183 3,939 4,588
Total operating expenses 13,050 16,098 26,466 30,872
Net operating loss (1,277) (3,859) (2,794) (6,945)
Interest income (including $2,275 and $4,708 for the three months ended June 30, 2024 and 2023, respectively, and $4,573 and $9,311 for the six months ended June 30, 2024 and 2023, respectively, from related parties) 4,794 7,898 10,527 16,193
Interest expense (1,913) (2,480) (3,835) (5,620)
Gain on foreign currency transactions 0 22 0 993
Loss on early extinguishment of debt 0 (1,710) 0 (1,710)
Equity in income from unconsolidated joint ventures 501 293 984 2,712
Gain on sale or write-down of assets, net 0 188 0 188
Income tax provision (614) (49) (1,089) (1,289)
Net income 1,491 303 3,793 4,522
Net income attributable to noncontrolling interests (324) (178) (875) (1,419)
Net income attributable to common shares $ 1,167 $ 125 $ 2,918 $ 3,103
Earnings per share - basic and diluted        
Basic (in dollars per share) $ 0.07 $ 0.01 $ 0.18 $ 0.19
Diluted (in dollars per share) $ 0.07 $ 0.01 $ 0.18 $ 0.19
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