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CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Thousands
3 Months Ended 12 Months Ended
Dec. 31, 2023
Sep. 30, 2023
Jun. 30, 2023
Mar. 31, 2023
Dec. 31, 2022
Sep. 30, 2022
Jun. 30, 2022
Mar. 31, 2022
Dec. 31, 2023
Dec. 31, 2022
Revenues:                    
Rental and other revenue from real estate properties $ 23,365 $ 23,510 $ 23,255 $ 22,939 $ 22,711 $ 21,691 $ 14,683 $ 11,430 $ 93,069 $ 70,515
Other income 143 342 63 0 0 6 2 4 548 12
Total revenues 23,508 23,852 23,318 22,939 22,711 21,697 14,685 11,434 93,617 70,527
Expenses:                    
Real estate operating expenses—including $34 and $36 to related parties 10,256 10,583 10,548 10,434 10,262 9,195 6,348 4,753 41,821 30,558
Interest expense 5,584 5,581 5,513 5,483 5,520 5,061 2,912 2,021 22,161 15,514
General and administrative—including $642 and $739 to related party 3,513 4,017 3,848 4,055 3,815 3,673 3,533 3,633 15,433 14,654
Depreciation and amortization 6,389 6,544 7,543 8,008 8,031 8,165 5,010 3,606 28,484 24,812
Total expenses 25,742 26,725 27,452 27,980 27,628 26,094 17,803 14,013 107,899 85,538
Total revenues less total expenses (2,234) (2,873) (4,134) (5,041) (4,917) (4,397) (3,118) (2,579) (14,282) (15,011)
Equity in earnings from unconsolidated joint ventures 588 426 464 815 580 135 (50) 1,230 2,293 1,895
Equity in earnings from sale of unconsolidated joint venture properties 0 0 14,744 0 0 11,472 40,098 12,961 14,744 64,531
Gain on sale of real estate 0 604 0 0 0 0 0 6 604 6
Casualty loss (323) 0 0 0 (850) 0 0 0 (323) (850)
Insurance recovery of casualty loss 317 261 215 0 850 0 0 0 793 850
Gain on insurance recovery 0 0 0 240 0 62 0 0 240 62
Loss on extinguishment of debt         0 0 (563) 0 0 (563)
Income from continuing operations (1,652) (1,582) 11,289 (3,986) (4,337) 7,272 36,367 11,618 4,069 50,920
Provision for taxes 49 (122) 51 76 (155) 178 724 74 54 821
Income from continuing operations, net of taxes (1,701) (1,460) 11,238 (4,062) (4,182) 7,094 35,643 11,544 4,015 50,099
Income attributable to non-controlling interests (36) (34) (36) (36) (37) (35) (36) (36) (142) (144)
Net (loss) income attributable to common stockholders $ (1,737) $ (1,494) $ 11,202 $ (4,098) $ (4,219) $ 7,059 $ 35,607 $ 11,508 $ 3,873 $ 49,955
Weighted average number of shares of common stock outstanding:                    
Basic (in shares)                 17,918,270 17,793,035
Diluted (in shares)                 17,948,276 17,852,951
Per share amounts attributable to common stockholders                    
Basic (in dollars per share) $ (0.11) $ (0.08) $ 0.59 $ (0.21) $ (0.22) $ 0.37 $ 1.91 $ 0.62 $ 0.16 $ 2.67
Diluted (in dollars per share) $ (0.11) $ (0.08) $ 0.58 $ (0.21) $ (0.22) $ 0.37 $ 1.91 $ 0.62 $ 0.16 $ 2.66