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CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Revenues    
Operating property revenue $ 10,473,000 $ 6,647,000
Mortgage loan income, net 1,909,000 2,588,000
Management fees, investment and other income 693,000 426,000
Total revenues 13,075,000 9,661,000
Operating Expenses    
Operating property direct expenses (exclusive of interest and depreciation) 15,561,000 9,024,000
Expenses for non-operating real estate owned 314,000 606,000
Professional fees 4,869,000 4,202,000
General and administrative expenses 7,503,000 8,816,000
Interest expense 2,342,000 3,122,000
Depreciation and amortization expense 2,571,000 1,195,000
Total operating expenses 33,160,000 26,965,000
Other (income) expense    
Gain on disposal of assets (184,000) (3,938,000)
Provision for (recovery of) credit losses, net 1,463,000 (1,968,000)
Impairment of real estate owned 1,475,000 581,000
Unrealized loss on derivatives 330,000 218,000
Settlement and related costs, net 1,300,000 0
Equity earnings from unconsolidated entities (175,000) 0
Other (income) expense 4,209,000 (5,107,000)
Total costs and expenses, net 37,369,000 21,858,000
Loss, before provision for income tax (24,294,000) (12,197,000)
Provision for income taxes 0 0
Net Loss (24,294,000) (12,197,000)
Net income attributable to non-controlling interests (1,620,000) (1,144,000)
Cash dividends on Series B redeemable convertible preferred stock (4,010,000) (2,548,000)
Deemed dividend on redeemable convertible preferred stock (2,545,000) (3,493,000)
Cash dividends on Series A redeemable preferred stock (2,017,000) (1,188,000)
Net Loss attributable to common shareholders $ (34,486,000) $ (20,570,000)
Loss per Common Share    
Net basic and diluted loss per share (in dollars per share) $ (2.09) $ (1.23)
Weighted average common shares outstanding - basic and diluted (in shares) 16,463,565 16,703,866