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UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2016
Jun. 30, 2015
Jun. 30, 2016
Jun. 30, 2015
Revenue:        
Operating Property Revenue $ 9,021,000 $ 8,894,000 $ 15,592,000 $ 16,078,000
Investment and Other Income 77,000 304,000 171,000 2,154,000
Mortgage Loan Income, Net 96,000 175,000 313,000 673,000
Total Revenue 9,194,000 9,373,000 16,076,000 18,905,000
Operating Expenses:        
Operating Property Direct Expenses (Exclusive of Interest and Depreciation) 6,724,000 6,573,000 12,343,000 12,217,000
Expenses for Non-Operating Real Estate Owned 133,000 325,000 291,000 613,000
Professional Fees 1,262,000 1,045,000 2,223,000 2,291,000
General and Administrative Expenses 1,947,000 2,547,000 3,862,000 4,740,000
Interest Expense 2,304,000 2,417,000 4,360,000 5,231,000
Depreciation and Amortization Expense 1,197,000 651,000 2,239,000 1,282,000
Total Operating Expenses 13,567,000 13,558,000 25,318,000 26,374,000
Recovery of Credit Losses, (Gain) Loss on Disposal of Assets, Impairment of Real Estate Owned and Loss of Unconsolidated Subsidiaries        
(Gain) Loss on Disposal of Assets, Net 226,000 239,000 (22,000) 282,000
Recovery of Credit Losses, Net (120,000) (9,745,000) (120,000) (10,660,000)
Impairment of Real Estate Owned 0 140,000 0 140,000
Loss of Unconsolidated Subsidiaries 46,000 0 190,000 0
Total Recovery of Credit Losses, (Gain) Loss on Disposal of Assets, Impairment of Real Estate Owned and Loss of Unconsolidated Subsidiaries 152,000 (9,366,000) 48,000 (10,238,000)
Total Costs and Expenses 13,719,000 4,192,000 25,366,000 16,136,000
Income (Loss) before Income Taxes (4,525,000) 5,181,000 (9,290,000) 2,769,000
Provision for Income Taxes 0 0 2,000 0
Net Income (Loss) (4,525,000) 5,181,000 (9,292,000) 2,769,000
Net (Income) Loss Attributable to Noncontrolling Interests 18,000 (586,000) 73,000 (586,000)
Cash Dividend on Redeemable Convertible Preferred Stock (533,000) (533,000) (1,067,000) (1,061,000)
Deemed Dividend on Redeemable Convertible Preferred Stock (620,000) (571,000) (1,227,000) (1,131,000)
Net Income (Loss) Attributable to Common Shareholders $ (5,660,000) $ 3,491,000 $ (11,513,000) $ (9,000)
Net Income (Loss) per common share        
Basic (in dollars per share) $ (0.36) $ 0.23 $ (0.72) $ 0.00
Diluted (in dollars per share) $ (0.36) $ 0.13 $ (0.72) $ 0.00
Basic Weighted Average Common Shares Outstanding 15,922,321 15,279,062 15,910,197 15,264,946
Dilutive Effect of Common Share Equivalents 0 12,411,209 0 0
Diluted Weighted Average Common Shares Outstanding 15,922,321 27,690,271 15,910,197 15,264,946