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CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Revenues:        
Rental and other revenue from real estate properties $ 21,691,000 $ 7,709,000 $ 47,804,000 $ 21,762,000
Other income 6,000 5,000 12,000 12,000
Total revenues 21,697,000 7,714,000 47,816,000 21,774,000
Expenses:        
Real estate operating expenses - including $9 and $8 to related parties for the three months ended and $28 and $23 for the nine months ended 9,195,000 3,404,000 20,296,000 9,687,000
Interest expense 5,061,000 1,535,000 9,994,000 4,804,000
General and administrative - including $183 and $172 to related parties for the three months ended and $614 and $523 for the nine months ended 3,673,000 3,114,000 10,839,000 9,382,000
Impairment charge 0 0 0 520,000
Depreciation and amortization 8,165,000 1,787,000 16,781,000 4,740,000
Total expenses 26,094,000 9,840,000 57,910,000 29,133,000
Total revenues less total expenses (4,397,000) (2,126,000) (10,094,000) (7,359,000)
Equity in earnings (loss) of unconsolidated joint ventures 135,000 (4,196,000) 1,315,000 (6,033,000)
Equity in earnings from sale of unconsolidated joint ventures properties 11,472,000 34,982,000 64,531,000 34,982,000
Gain on sale of real estate 0 414,000 6,000 7,693,000
Gain on sale of partnership interest 0 0 0 2,244,000
Gain on insurance recoveries 62,000 0 62,000 0
Loss on extinguishment of debt 0 (902,000) (563,000) (902,000)
Income from continuing operations 7,272,000 28,172,000 55,257,000 30,625,000
Income tax provision 178,000 31,000 976,000 155,000
Net income from continuing operations, net of taxes 7,094,000 28,141,000 54,281,000 30,470,000
Net income attributable to non-controlling interest (35,000) (35,000) (107,000) (102,000)
Net income attributable to common stockholders $ 7,059,000 $ 28,106,000 $ 54,174,000 $ 30,368,000
Weighted average number of shares of common stock outstanding:        
Basic (in shares) 17,928,197 17,261,520 17,721,700 16,916,623
Diluted (in shares) 17,994,457 17,292,988 17,784,362 16,992,974
Per share amounts attributable to common stockholders:        
Basic (in dollars per share) $ 0.37 $ 1.55 $ 2.91 $ 1.71
Diluted (in dollars per share) $ 0.37 $ 1.54 $ 2.89 $ 1.70