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CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended 9 Months Ended 12 Months Ended
Dec. 31, 2019
Sep. 30, 2019
Jun. 30, 2019
Mar. 31, 2019
Dec. 31, 2018
Sep. 30, 2018
Jun. 30, 2018
Mar. 31, 2018
Jun. 30, 2019
Jun. 30, 2018
Sep. 30, 2019
Sep. 30, 2018
Dec. 31, 2019
Dec. 31, 2018
[1]
Revenues:                            
Rental and other revenue from real estate properties $ 6,765 $ 6,261 $ 7,097 $ 6,886 $ 6,211 $ 6,127 $ 5,205 $ 5,087 $ 13,983 $ 10,292 $ 20,244 $ 16,419 $ 27,009 $ 22,630
Other income 157 161 190 244 223 198 203 175 434 378 595 576 752 799
Total revenues 6,922 6,422 7,287 7,130 6,434 6,325 5,408 5,262 14,417 10,670 20,839 16,995 27,761 23,429
Expenses:                            
Real estate operating expenses—including $101 and $160 to related parties 3,090 2,741 3,325 3,176 2,966 2,952 2,393 2,384 6,501 4,777 9,242 7,729 12,332 10,695
Interest expense 1,931 1,870 2,049 1,946 1,747 1,779 1,471 1,442 3,995 2,913 5,865 4,692 7,796 6,439
General and administrative—including $575 and $530 to related party 2,636 2,430 2,481 2,544 2,476 2,002 2,452 2,453 5,025 4,905 7,455 6,907 10,091 9,383
Depreciation (1,568) (1,373) (1,428) (1,547) (1,408) (1,369) (1,076) (1,074) (2,975) (2,150) (4,348) (3,519) (5,916) (4,927)
Total expenses 9,225 8,414 9,283 9,213 8,597 8,102 7,392 7,353 18,496 14,745 26,910 22,847 36,135 31,444
Total revenues less total expenses (2,303) (1,992) (1,996) (2,083) (2,163) (1,777) (1,984) (2,091) (4,079) (4,075) (6,071) (5,852) (8,374) (8,015)
Equity in loss from unconsolidated joint ventures (2,150) (2,390) (2,218) (2,068) (1,148) (1,627) (2,566) 253 (4,286) (2,313) (6,676) (3,940) (8,826) (5,088)
Equity in earnings from sale of unconsolidated joint venture properties 9,932 0 0 0 11,467 0 0 26,402   26,402   26,402 9,932 37,869
Gain on sale of real estate 680 9,938 0 0 0 424 0 437   437 9,938 861 10,618 861
Loss on extinguishment of debt 0 (1,387) 0 0 0 0 0 0   0 (1,387) 0 (1,387) 0
Income from continuing operations 6,159 4,169 (4,214) (4,151) 8,156 (2,980) (4,550) 25,001 (8,365) 20,451 (4,196) 17,471 1,963 25,627
Provision for taxes 51 98 59 62 57 97 101 (253) 121 (152) 219 (55) 270 2
Income from continuing operations, net of taxes 6,108 4,071 (4,273) (4,213) 8,099 (3,077) (4,651) 25,254 (8,486) 20,603 (4,415) 17,526 1,693 25,625
(Income) attributable to non-controlling interests 40 (799) (44) (34) (26) (34) (38) (32) (78) (70) (877) (104) (837) (130)
Net income attributable to common stockholders $ 6,148 $ 3,272 $ (4,317) $ (4,247) $ 8,073 $ (3,111) $ (4,689) $ 25,222 $ (8,564) $ 20,533 $ (5,292) $ 17,422 $ 856 $ 25,495
Weighted average number of shares of common stock outstanding:                            
Basic (in shares)   15,913,975 15,900,316 15,886,493 15,744,233 15,635,953 14,411,940 14,242,076 15,893,443 14,327,477 15,900,362 14,768,429 15,965,631 15,014,385
Diluted (in shares)   16,113,975 15,900,316 15,886,493 15,944,233 15,635,953 14,411,940 14,442,076 15,893,443 14,527,477 15,900,362 14,968,429 16,165,631 15,214,385
Basic earnings (loss) per share (in dollars per share) $ 0.38 $ 0.21 $ (0.27) $ (0.27) $ 0.51 $ (0.20) $ (0.33) $ 1.77 $ (0.54) $ 1.43 $ (0.33) $ 1.18 $ 0.05 $ 1.70
Diluted earnings (loss) per share (in dollars per share) $ 0.38 $ 0.20 $ (0.27) $ (0.27) $ 0.51 $ (0.20) $ (0.33) $ 1.75 $ (0.54) $ 1.41 $ (0.33) $ 1.16 $ 0.05 $ 1.68
[1] * Amounts restated See footnotes 2 and 16 for more information.