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UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Sep. 30, 2019
Sep. 30, 2018
Revenues        
Operating property revenue $ 4,082,000 $ 2,085,000 $ 6,195,000 $ 5,753,000
Mortgage loan income, net 340,000 709,000 1,438,000 1,976,000
Management fees, investment and other income 129,000 32,000 486,000 323,000
Total revenue 4,551,000 2,826,000 8,119,000 8,052,000
Operating Expenses        
Operating property direct expenses (exclusive of interest and depreciation) 4,703,000 2,364,000 10,710,000 6,699,000
Expenses for non-operating real estate owned 72,000 151,000 246,000 519,000
Professional fees 1,185,000 1,125,000 3,671,000 2,754,000
General and administrative expenses 2,463,000 1,788,000 5,928,000 5,376,000
Interest expense 427,000 775,000 1,218,000 2,300,000
Depreciation and amortization expense 879,000 281,000 1,470,000 925,000
Total operating expenses 9,729,000 6,484,000 23,243,000 18,573,000
Provision for Credit Losses, Impairment, Gain Disposal of Assets, and Other        
Gain on disposal of assets (223,000) (3,543,000) (244,000) (3,938,000)
Provision for (recovery of) credit losses, net 2,598,000 0 1,463,000 (175,000)
Unrealized loss on derivatives 39,000 0 330,000 0
Total Recovery, Impairment Charges, Gain on Disposal of Assets and Other 2,414,000 (3,543,000) 1,549,000 (4,113,000)
Total costs and expenses 12,143,000 2,941,000 24,792,000 14,460,000
Loss before provision for income tax (7,592,000) (115,000) (16,673,000) (6,408,000)
Income tax provision 0 0 0 0
Net Loss (7,592,000) (115,000) (16,673,000) (6,408,000)
Net (income) loss attributable to non-controlling interests (893,000) (1,105,000) (1,334,000) (990,000)
Cash dividends on Series B redeemable convertible preferred stock (1,320,000) (655,000) (2,609,000) (1,894,000)
Deemed dividend on Series B redeemable convertible preferred stock (366,000) (920,000) (2,255,000) (2,651,000)
Cash dividends on Series A redeemable preferred stock (422,000) (422,000) (1,251,000) (569,000)
Net Loss attributable to common shareholders $ (10,593,000) $ (3,217,000) $ (24,122,000) $ (12,512,000)
Net Loss per common share        
Basic and Diluted (in dollars per share) $ (0.64) $ (0.19) $ (1.47) $ (0.75)
Weighted average common shares outstanding - basic and diluted (in shares) 16,525,282 16,726,610 16,431,448 16,696,201