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CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
Revenues:        
Rental revenue $ 7,020,000 $ 6,261,000 $ 20,422,000 $ 20,244,000
Other income 293,000 161,000 631,000 595,000
Total revenues 7,313,000 6,422,000 21,053,000 20,839,000
Expenses:        
Real estate operating expenses - including $8 and $13 to related parties for the three months ended and $24 and $93 for the nine months ended 3,289,000 2,741,000 9,351,000 9,242,000
Interest expense 1,731,000 1,870,000 5,400,000 5,865,000
General and administrative - including $167 and $105 to related parties for the three months ended and $631 and $403 for the nine months ended 2,730,000 2,430,000 9,054,000 7,455,000
Impairment charge 3,642,000 0 3,642,000 0
Depreciation 1,777,000 1,373,000 5,147,000 4,348,000
Total expenses 13,169,000 8,414,000 32,594,000 26,910,000
Total revenues less total expenses (5,856,000) (1,992,000) (11,541,000) (6,071,000)
Equity in loss of unconsolidated joint ventures (1,529,000) (2,390,000) (4,731,000) (6,676,000)
Gain on sale of real estate 0 9,938,000 0 9,938,000
Loss on extinguishment of debt 0 (1,387,000) 0 (1,387,000)
(Loss) income from continuing operations (7,385,000) 4,169,000 (16,272,000) (4,196,000)
Income tax provision 65,000 98,000 192,000 219,000
Net (loss) income from continuing operations, net of taxes (7,450,000) 4,071,000 (16,464,000) (4,415,000)
Net income attributable to non-controlling interests (34,000) (799,000) (97,000) (877,000)
Net (loss) income attributable to common stockholders $ (7,484,000) $ 3,272,000 $ (16,561,000) $ (5,292,000)
Weighted average number of shares of common stock outstanding:        
Basic (in shares) 17,176,401 15,913,975 17,095,315 15,900,362
Diluted (in shares) 17,176,401 16,113,975 17,095,315 15,900,362
Per share amounts attributable to common stockholders:        
Basic (in dollars per share) $ (0.44) $ 0.21 $ (0.97) $ (0.33)
Diluted (in dollars per share) $ (0.44) $ 0.20 $ (0.97) $ (0.33)