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CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Revenues:        
Rental and other revenue from real estate properties $ 24,177 $ 23,510 $ 71,253 $ 69,704
Interest and other income 219 342 408 405
Total revenues 24,396 23,852 71,661 70,109
Expenses:        
Real estate operating expenses - including $9 and $9 to related parties for the three months ended and $26 and $25 for the nine months ended 11,187 10,583 32,612 31,565
Interest expense 5,745 5,581 16,768 16,577
General and administrative - including $208 and $141 to related parties for the three months ended and $569 and $479 for the nine months ended 3,811 4,017 11,776 11,920
Depreciation and amortization 6,499 6,544 19,400 22,095
Total expenses 27,242 26,725 80,556 82,157
Total revenues less total expenses (2,846) (2,873) (8,895) (12,048)
Equity in earnings of unconsolidated joint ventures 369 426 986 1,705
Equity in earnings from sale of unconsolidated joint ventures properties 0 0 0 14,744
Gain on sale of real estate 0 604 0 604
Insurance recovery of casualty loss 0 261 0 476
Gain on insurance recoveries 0 0 0 240
(Loss) income from continuing operations (2,477) (1,582) (7,909) 5,721
Income tax (benefit) provision (310) (122) (297) 5
(Loss) income from continuing operations, net of taxes (2,167) (1,460) (7,612) 5,716
Net income attributable to non-controlling interest (38) (34) (109) (106)
Net (loss) income attributable to common stockholders $ (2,205) $ (1,494) $ (7,721) $ 5,610
Weighted average number of shares of common stock outstanding:        
Basic (in shares) 17,796,206 17,851,715 17,720,024 18,022,975
Diluted (in shares) 17,796,206 17,851,715 17,720,024 18,045,767
Per share amounts attributable to common stockholders:        
Basic (in dollars per share) $ (0.12) $ (0.08) $ (0.41) $ 0.30
Diluted (in dollars per share) $ (0.12) $ (0.08) $ (0.41) $ 0.27