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CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Revenues:        
Rental revenues (including $144 and $158 for the three months ended June 30, 2025 and 2024, respectively, and $289 and $336 for the six months ended June 30, 2025 and 2024, respectively, from related parties) $ 11,510 $ 11,188 $ 22,937 $ 22,467
Other income 650 585 1,231 1,205
Total revenue 12,160 11,773 24,168 23,672
Expenses:        
Property operating expenses (including $88 and $86 for the three months ended June 30, 2025 and 2024, respectively, and $174 and $166 for the six months ended June 30, 2025 and 2024, respectively, from related parties) 6,535 6,624 12,512 13,258
Depreciation and amortization 3,062 3,137 5,945 6,309
General and administrative (including $1,057 and $915 for the three months ended June 30, 2025 and 2024, respectively, and $2,059 and $1,849 for the six months ended June 30, 2025 and 2024, respectively, from related parties) 1,534 1,552 3,026 2,960
Advisory fee to related party 2,042 1,737 4,511 3,939
Total operating expenses 13,173 13,050 25,994 26,466
Net operating loss (1,013) (1,277) (1,826) (2,794)
Interest income (including $1,892 and $2,275 for the three months ended June 30, 2025 and 2024, respectively, and $3,791 and $4,573 for the six months ended June 30, 2025 and 2024, respectively, from related parties) 3,353 4,794 7,363 10,527
Interest expense (1,777) (1,913) (3,597) (3,835)
Equity in income (loss) from unconsolidated joint ventures 19 501 (140) 984
Gain on real estate transactions 947 0 4,838 0
Income tax provision 1,335 (614) 189 (1,089)
Net income 2,864 1,491 6,827 3,793
Net income attributable to noncontrolling interests (37) (324) (1,035) (875)
Net income attributable to common shares $ 2,827 $ 1,167 $ 5,792 $ 2,918
Earnings per share - basic and diluted        
Basic (in dollars per share) $ 0.18 $ 0.07 $ 0.36 $ 0.18
Diluted (in dollars per share) $ 0.18 $ 0.07 $ 0.36 $ 0.18
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