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CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($)
shares in Thousands, $ in Thousands
Common Shares
Paid-in Capital
Accumulated Distributions in Excess of Earnings
Total Beneficial Interest
Noncontrolling Interest in Operating Partnership
Noncontrolling Interest in Partially Owned Properties
Accumulated Other Comprehensive Income (Loss)
Total
Beginning Balance at Dec. 31, 2022   $ 159,003 $ (35,007) $ 123,996 $ 183,048 $ 2,640 $ 13,782 $ 323,466
Beginning Balance (in shares) at Dec. 31, 2022 10,810              
Shares/units redeemed   (181)   (181) (915)     (1,096)
Shares/units redeemed (in shares) (8)              
Dividends and distributions declared     (3,147) (3,147) (5,373)     (8,520)
Dividends reinvested - stock dividend   1,962   1,962       1,962
Dividends reinvested - stock dividend (in shares) 90              
Issuance of shares under optional purchase plan   1,291   1,291       1,291
Issuance of shares under optional purchase plan (in shares) 56              
Change in fair value of interest rate swaps             (2,378) (2,378)
Net income (loss)     (240) (240) (408) (40)   (688)
Ending balance at Mar. 31, 2023   162,075 (38,394) 123,681 176,352 2,600 11,404 314,037
Ending balance (in shares) at Mar. 31, 2023 10,948              
Beginning Balance at Dec. 31, 2022   159,003 (35,007) 123,996 183,048 2,640 13,782 323,466
Beginning Balance (in shares) at Dec. 31, 2022 10,810              
Change in fair value of interest rate swaps               1,984
Net income (loss)               7,456
Ending balance at Sep. 30, 2023   166,667 (41,736) 124,931 168,635 2,581 15,766 311,913
Ending balance (in shares) at Sep. 30, 2023 11,152              
Beginning Balance at Mar. 31, 2023   162,075 (38,394) 123,681 176,352 2,600 11,404 314,037
Beginning Balance (in shares) at Mar. 31, 2023 10,948              
Shares/units redeemed   (978)   (978) (1,884)     (2,862)
Shares/units redeemed (in shares) (45)              
Dividends and distributions declared     (3,173) (3,173) (5,348)     (8,521)
Dividends reinvested - stock dividend   1,996   1,996       1,996
Dividends reinvested - stock dividend (in shares) 91              
Issuance of shares under optional purchase plan   951   951       951
Issuance of shares under optional purchase plan (in shares) 41              
Change in fair value of interest rate swaps             2,023 2,023
Net income (loss)     1,771 1,771 3,007 (49)   4,729
Ending balance at Jun. 30, 2023   164,044 (39,796) 124,248 172,127 2,551 13,427 312,353
Ending balance (in shares) at Jun. 30, 2023 11,035              
Shares issued under trustee compensation plan   72   72       72
Shares issued under trustee compensation plan (in shares) 3              
Shares/units redeemed   (230)   (230) (267)     (497)
Shares/units redeemed (in shares) (11)              
Dividends and distributions declared     (3,207) (3,207) (5,344)     (8,551)
Dividends reinvested - stock dividend   1,889   1,889       1,889
Dividends reinvested - stock dividend (in shares) 86              
Issuance of shares under optional purchase plan   892   892       892
Issuance of shares under optional purchase plan (in shares) 39              
Change in fair value of interest rate swaps             2,339 2,339
Net income (loss)     1,267 1,267 2,119 30   3,416
Ending balance at Sep. 30, 2023   166,667 (41,736) 124,931 168,635 2,581 15,766 311,913
Ending balance (in shares) at Sep. 30, 2023 11,152              
Beginning Balance at Dec. 31, 2023   168,975 (44,880) 124,095 163,308 2,555 11,362 301,320
Beginning Balance (in shares) at Dec. 31, 2023 11,257              
Shares/units redeemed   (1,108)   (1,108) (410)     (1,518)
Shares/units redeemed (in shares) (51)              
Dividends and distributions declared     (3,257) (3,257) (5,338)     (8,595)
Dividends reinvested - stock dividend   1,899   1,899       1,899
Dividends reinvested - stock dividend (in shares) 87              
Issuance of shares under optional purchase plan   843   843       843
Issuance of shares under optional purchase plan (in shares) 37              
Change in fair value of interest rate swaps             1,517 1,517
Net income (loss)     1,740 1,740 2,850 52   4,642
Ending balance at Mar. 31, 2024   170,609 (46,397) 124,212 160,410 2,607 12,879 300,108
Ending balance (in shares) at Mar. 31, 2024 11,330              
Beginning Balance at Dec. 31, 2023   168,975 (44,880) 124,095 163,308 2,555 11,362 301,320
Beginning Balance (in shares) at Dec. 31, 2023 11,257              
Change in fair value of interest rate swaps               (471)
Net income (loss)               14,908
Ending balance at Sep. 30, 2024   179,100 (48,995) 130,105 158,884 9,500 10,890 309,379
Ending balance (in shares) at Sep. 30, 2024 11,698              
Beginning Balance at Mar. 31, 2024   170,609 (46,397) 124,212 160,410 2,607 12,879 300,108
Beginning Balance (in shares) at Mar. 31, 2024 11,330              
Contribution of assets in exchange for the issuance of noncontrolling interest shares         7,397     7,397
Shares/units redeemed   (2,886)   (2,886) (2,910)     (5,796)
Shares/units redeemed (in shares) (132)              
Dividends and distributions declared     (3,251) (3,251) (5,392)     (8,643)
Dividends reinvested - stock dividend   1,837   1,837       1,837
Dividends reinvested - stock dividend (in shares) 84              
Issuance of shares under optional purchase plan   629   629       629
Issuance of shares under optional purchase plan (in shares) 27              
Contributions from consolidated real estate entity noncontrolling interests           7,041   7,041
Change in fair value of interest rate swaps             2,908 2,908
Net income (loss)     2,320 2,320 3,836 31   6,187
Ending balance at Jun. 30, 2024   170,189 (47,328) 122,861 163,341 9,679 15,787 311,668
Ending balance (in shares) at Jun. 30, 2024 11,309              
Shares issued under trustee compensation plan   72   72       72
Shares issued under trustee compensation plan (in shares) 3              
Shares/units redeemed   (623)   (623) (1,831)     (2,454)
Shares/units redeemed (in shares) (29)              
Dividends and distributions declared     (3,363) (3,363) (5,368)     (8,731)
Dividends reinvested - stock dividend   1,843   1,843       1,843
Dividends reinvested - stock dividend (in shares) 84              
Issuance of shares under optional purchase plan   676   676       676
Issuance of shares under optional purchase plan (in shares) 29              
Contributions from consolidated real estate entity noncontrolling interests           178   178
Issuance of common shares   6,943   6,943       6,943
Issuance of common shares (in shares) 302              
Change in fair value of interest rate swaps             (4,897) (4,897)
Net income (loss)     1,696 1,696 2,742 (357)   4,081
Ending balance at Sep. 30, 2024   $ 179,100 $ (48,995) $ 130,105 $ 158,884 $ 9,500 $ 10,890 $ 309,379
Ending balance (in shares) at Sep. 30, 2024 11,698