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CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
3 Months Ended 6 Months Ended
Mar. 31, 2018
Mar. 31, 2017
Mar. 31, 2018
Mar. 31, 2017
Revenues:        
Rental and other revenues from real estate properties $ 29,476,000 $ 24,702,000 $ 57,638,000 $ 49,731,000
Other income 175,000 181,000 362,000 792,000
Total revenues 29,651,000 24,883,000 58,000,000 50,523,000
Expenses:        
Real estate operating expenses - including $836 and $641 to related parties for the three months ended and $1,621 and $1,252 for the six months ended 14,198,000 11,909,000 27,545,000 24,355,000
Interest expense 8,657,000 6,402,000 16,637,000 13,089,000
General and administrative - including $146 and $103 to related parties for the three months ended and $228 and $182 for the six months ended 2,453,000 2,390,000 4,756,000 4,987,000
Depreciation 9,240,000 7,772,000 17,888,000 14,069,000
Total expenses 34,548,000 28,473,000 66,826,000 56,500,000
Total revenue less total expenses (4,897,000) (3,590,000) (8,826,000) (5,977,000)
Equity in loss of unconsolidated joint ventures (63,000) 0 (88,000) 0
Gain on sale of real estate 51,981,000 0 64,500,000 35,838,000
Gain on insurance recovery 3,227,000 0 3,227,000 0
Loss on extinguishment of debt (593,000) 0 (850,000) (799,000)
Income (loss) from continuing operations 49,655,000 (3,590,000) 57,963,000 29,062,000
Income tax (benefit) provision (253,000) 1,108,000 (147,000) 1,458,000
Net income (loss) from continuing operations, net of taxes 49,908,000 (4,698,000) 58,110,000 27,604,000
Net (income) loss attributable to non-controlling interests (24,686,000) 469,000 (26,537,000) (16,063,000)
Net income (loss) attributable to common stockholders $ 25,222,000 $ (4,229,000) $ 31,573,000 $ 11,541,000
Weighted average number of shares of common stock outstanding:        
Basic (in shares) 14,242,076 14,018,099 14,131,050 13,957,706
Diluted (in shares) 14,442,076 14,018,099 14,331,050 13,957,706
Per share amounts attributable to common stockholders:        
Basic earnings (in dollars per share) $ 1.77 $ (0.30) $ 2.23 $ 0.83
Diluted earnings (in dollars per share) $ 1.75 $ (0.30) $ 2.20 $ 0.83