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CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
12 Months Ended
Dec. 31, 2018
Dec. 31, 2017
Dec. 31, 2016
Revenues:      
Rental income $ 124,498,400 $ 188,019,112 $ 192,088,348
Tenant reimbursements and other 17,490,459 24,950,128 26,149,184
Total revenues 141,988,859 212,969,240 218,237,532
Expenses:      
Operating, maintenance and management 38,512,239 58,347,903 57,832,187
Real estate taxes and insurance 24,230,326 35,114,937 36,507,827
Fees to affiliates 15,879,702 21,960,145 25,440,718
Depreciation and amortization 46,109,794 67,755,152 69,513,484
Interest expense 33,158,759 44,114,130 41,772,682
Loss on debt extinguishment 3,621,665 2,380,051 4,932,369
General and administrative expenses 6,269,238 6,732,330 7,817,916
Total expenses 167,781,723 236,404,648 243,817,183
Loss before other income (expense) (25,792,864) (23,435,408) (25,579,651)
Equity in loss of unconsolidated joint venture (3,339,202) (663,896) 0
Gain on sales of real estate, net 118,215,618 96,573,171 0
Total other income (loss) 114,876,416 95,909,275 0
Net income (loss) $ 89,083,552 $ 72,473,867 $ (25,579,651)
Income (loss) per common share — basic and diluted (in dollars per share) $ 1.19 $ 0.96 $ (0.34)
Weighted average number of common shares outstanding — basic (in shares) 75,049,667 75,794,705 76,195,083
Weighted average number of common shares outstanding — diluted (in shares) 75,062,053 75,807,710 76,195,083