XML 22 R5.htm IDEA: XBRL DOCUMENT v3.22.0.1
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Thousands
3 Months Ended 12 Months Ended
Dec. 31, 2021
Sep. 30, 2021
Jun. 30, 2021
Mar. 31, 2021
Dec. 31, 2020
Sep. 30, 2020
Jun. 30, 2020
Mar. 31, 2020
Dec. 31, 2021
Dec. 31, 2020
Revenues:                    
Rental and other revenue from real estate properties $ 10,279 $ 7,709 $ 6,958 $ 7,095 $ 7,029 $ 7,020 $ 6,657 $ 6,745 $ 32,041 $ 27,451
Other income 4 5 3 4 20 293 159 179 16 651
Total revenues 10,283 7,714 6,961 7,099 7,049 7,313 6,816 6,924 32,057 28,102
Expenses:                    
Real estate operating expenses—including $31 and $32 to related parties 4,515 3,404 3,166 3,117 3,026 3,289 3,004 3,058 14,202 12,377
Interest expense 1,953 1,535 1,609 1,660 1,700 1,731 1,809 1,860 6,757 7,100
General and administrative—including $641 and $761 to related party 3,239 3,114 3,154 3,114 2,647 2,730 2,957 3,367 12,621 11,701
Impairment charge 0 0 520 0 0 3,642 0 0 520 3,642
Depreciation and amortization 3,285 1,787 1,416 1,537 1,595 1,777 1,809 1,561 8,025 6,742
Total expenses 12,992 9,840 9,865 9,428 8,968 13,169 9,579 9,846 42,125 41,562
Total revenues less total expenses (2,709) (2,126) (2,904) (2,329) (1,919) (5,856) (2,763) (2,922) (10,068) (13,460)
Equity in loss from unconsolidated joint ventures 1,825 (4,196) (492) (1,345) (1,293) (1,529) (1,387) (1,815) (4,208) (6,024)
Equity in earnings from sale of unconsolidated joint venture properties 0 34,982 0 0 0 0 0 0 34,982 0
Gain on sale of real estate 0 414 7,279 0 0 0 0 0 7,693 0
Gain on sale of partnership interest 388 0 2,244         2,632 0
Loss on extinguishment of debt (673) (902) 0 0 0 0 0 0 (1,575) 0
Income (loss) from continuing operations (1,169) 28,172 6,127 (3,674) (3,212) (7,385) (4,150) (4,737) 29,456 (19,484)
Provision for taxes 51 31 67 57 56 65 65 62 206 248
Income (loss) from continuing operations, net of taxes (1,220) 28,141 6,060 (3,731) (3,268) (7,450) (4,215) (4,799) 29,250 (19,732)
(Income) attributable to non-controlling interests (34) (35) (33) (34) (33) (34) (31) (32) (136) (130)
Net income (loss) attributable to common stockholders $ (1,254) $ 28,106 $ 6,027 $ (3,765) $ (3,301) $ (7,484) $ (4,246) $ (4,831) $ 29,114 $ (19,862)
Weighted average number of shares of common stock outstanding:                    
Basic (in shares)                 17,017,690 17,115,697
Diluted (in shares)                 17,084,642 17,115,697
Per share amounts attributable to common stockholders                    
Basic (in dollars per share) $ (0.08) $ 1.55 $ 0.34 $ (0.22) $ (190) $ (0.44) $ (0.25) $ (0.29) $ 1.63 $ (1.16)
Diluted (in dollars per share) $ (0.08) $ 1.54 $ 0.34 $ (0.22) $ (190) $ (0.44) $ (0.25) $ (0.29) $ 1.62 $ (1.16)