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STOCKHOLDERS' EQUITY
 12 Months Ended
Dec. 31, 2024
Stockholders' Equity Note [Abstract]  
STOCKHOLDERS' EQUITY STOCKHOLDERS' EQUITY
Common Stock Dividend Distribution
During the years ended December 31, 2024 and 2023, the Company declared an aggregate of $1.00 and $1.00 per share in cash dividends, respectively.
Stock Based Compensation
In 2024, the Company's stockholders approved the 2024 Incentive Plan (the "2024 Plan"). This plan permits the Company to grant: (i) stock options, restricted stock, restricted stock units, performance shares awards and any one or more of the foregoing, for up to a maximum of 1,000,000 shares; and (ii) cash settled dividend equivalent rights in tandem with the grant of restricted stock units and certain performance based awards. As of December 31, 2024, 798,175 shares are available for issuance pursuant to awards under the 2024 Plan. Awards to acquire 600,837 shares of common stock are outstanding under the 2024 Plan, the 2022 Incentive Plan (the "2022 Plan"), the 2020 Amended and Restated Incentive Plan (the "2020 Plan"), and the 2018 Amended and Restated Incentive Plan (the "2018 Plan; and together with the 2020 Plan and the 2022 Plan, the "Prior Plans"). No further awards may be granted pursuant to the Prior Plans.

The table below reflects activity under the 2024 Plan and the Prior Plans:
Incentive Plan2024 Plan2022 Plan2020 Plan2018 Plan
Maximum shares1,000,000 1,000,000 1,000,000 600,000 
Restricted shares issued— (330,353)(475,747)(459,495)
RSUs issued(215,325)(427,459)(210,375)— 
Restricted shares and RSUs forfeited13,500 39,282 4,863 1,000 
Expired shares— (281,470)(318,741)(141,505)
Remaining shares available to be issued798,175 (1)— — — 
(1) Excludes 165,408 restricted shares issued in January 2025.
NOTE 11—STOCKHOLDERS' EQUITY (continued)
Restricted Stock
In January 2024 and January 2023, the Company granted shares of restricted stock pursuant to the 2022 Plan and 2020 Plan, respectively. The shares of restricted stock generally vest five years from the date of grant and under specified circumstances, including a change in control, may vest earlier. For financial statement purposes, the restricted stock is not included in the outstanding shares shown on the consolidated balance sheets until they vest, but are included in the basic and diluted earnings per share computation. The weighted average remaining vesting period of the outstanding restricted stock is 1.95 years. Subsequent to December 31, 2024, the Company granted 165,408 stock of restricted stock pursuant to the 2024 Plan.
The tables below presents information regarding the changes in the number of shares of restricted stock outstanding under the Company's equity incentive plans, compensation expense and unearned compensation for the periods indicated (dollars in thousands):
Year Ended December 31,
Restricted Stock Grants:20242023
Unvested at beginning of the year951,839 934,092 
Grants166,439 163,914 
Forfeitures(12,825)(1,670)
Vested during the year(194,524)(144,497)
Unvested at the end of the year910,929 951,839 
Amounts charged to compensation expense$3,674 $3,360 
Unearned compensation at period end$6,660 $7,484 
Restricted Stock Units
In July 2024 and June 2023, the Company, pursuant to the 2024 Plan and the 2022 Plan, respectively, issued restricted stock units (the "RSUs") to acquire shares of common stock. The RSUs granted entitle the recipients, subject to continued service during the applicable performance period, to (i) shares of common stock, (the "TSR Award"), based on achieving, during the three-year performance period (the "Measurement Period"), specified levels in compounded annual growth rate ("CAGR") in total stockholder return (“TSR”), and (ii) shares of common stock based on achieving, during the Measurement Period, specified levels in CAGR in adjusted funds from operations (the "AFFO Award"), in each case as determined pursuant to the award agreement. In addition, with respect to each of the RSUs granted in 2024 and 2023, additional shares (the "Peer Group Adjustment") may be added to or subtracted from the TSR Award based on attaining or failing to attain, as the case may be, during the Measurement Period, of specified levels of CAGR in TSR in comparison to the REITs that comprise, with specified exceptions, the FTSE NAREIT Equity Apartment  Index.
The RSU recipients also received dividend equivalent rights entitling them to an amount equal to cash dividends they would have received with respect to the shares of common stock underlying their RSUs as if the underlying shares were outstanding during the Measurement Period, if, when, and to the extent, the related RSUs vest. The shares underlying the RSUs are not participating securities but are contingently issuable shares.
NOTE 11—STOCKHOLDERS' EQUITY (continued)
The tables below presents activity and changes in the number of RSUs under the Company's equity incentive plans, compensation expense and unearned compensation for the periods indicated (dollars in thousands):
Year Ended December 31,
20242023
RSUs:
Unvested units at beginning of year634,490 420,739 
Grants - TSR Awards95,700 95,550 
Grants - TSR Peer group adjustment23,925 23,890 
Grants - AFFO Awards95,700 95,550 
     Total RSUs granted in applicable year215,325 214,990 
Vested(123,384)— 
Forfeitures(39,656)(1,239)
   Expired (85,938)— 
 Total unvested RSUs at end of year600,837 634,490 
Amounts charged to compensation expense $1,203 $1,408 
Unearned compensation at period end$1,692 $1,999 

For the TSR Awards, a third party appraiser prepared a Monte Carlo simulation pricing model to assist management in determining fair value. The Monte Carlo valuation consisted of computing the grant date fair value of the awards using the Company's simulated stock price. For these TSR awards, the per unit of share fair value was estimated using the following assumptions:
 Award YearExpected Life ( yrs)Dividend RateRisk-Free Interest RateExpected Price Volatility
202435.38%4.26%to5.17%29.84%to31.70%
202335.08%4.42%to5.28%28.99%to37.97%


For the AFFO Awards granted, fair value is based on the market value on the date of grant. Expense is not recognized on RSUs which the Company does not expect to vest because the performance conditions are not expected to be satisfied. Performance assumptions are re-evaluated quarterly.The total amount recorded at the grant date as deferred compensation with respect to the AFFO awards granted in 2024 and 2023 was $1,132,000 and $1,879,000 respectively.
The following table reflects the compensation expense recorded for all equity incentive plans (dollars in thousands):
Year Ended December 31,
20242023
Restricted stock $3,674 $3,360 
RSUs1,203 1,408 
  Total compensation$4,877 $4,768 
Earnings Per Share
The following table sets forth the computation of basic and diluted earnings per share (dollars in thousands):
Year Ended December 31,
20242023
Numerator for basic and diluted earnings per share:
Net (loss) income$(9,636)$4,015 
Deduct (earnings) attributable to non-controlling interests(155)(142)
Deduct loss (earnings) allocated to unvested restricted stock493 (953)
Net (loss) income available for common stockholders: basic and diluted$(9,298)$2,920 
Denominator for basic earnings per share:
Weighted average number of common shares outstanding17,752,226 17,918,270 
Effect of dilutive securities:
RSUs— 30,006 
Denominator for diluted earnings per share:
Weighted average number of shares17,752,226 17,948,276 
(Loss) earnings per common share, basic$(0.52)$0.16 
(Loss) earnings per common share, diluted$(0.52)$0.16 
Equity Distribution Agreements
In May 2023, the Company (i) terminated the equity distribution agreements dated March 18, 2022 and (ii) entered into equity distribution agreements with three sales agents to sell up to $40,000,000 of shares of its common stock from time-to-time in an at-the-market offering. During the years ended December 31, 2024 and 2023, the Company did not sell any shares. At December 31, 2024, the Company is authorized to sell an aggregate of $40,000,000 of shares pursuant to the equity distribution agreements.
Share Repurchase
Pursuant to the Company’s repurchase program(s), as amended from time to time, the Company is authorized to repurchase shares of its common stock through open-market transactions, privately negotiated transactions, or otherwise.
During the year ended December 31, 2024, the Company purchased 193,529 shares of common stock for total consideration of approximately $3,495,000, net of commissions of $12,000. During the year ended December 31,2023, the Company repurchased 779,423 shares of common stock for total consideration of approximately $14,397,000, net of commissions of $44,000. As of December 31, 2024, the Company is authorized to repurchase approximately $6,089,000 of shares of common stock.
From January 1, 2025 through February 28, 2025, the Company repurchased 65,018 shares of common stock at an average price per share of $17.49 for an aggregate cost of $1,137,000. At February 28, 2025, the Company is authorized to repurchase up to $4,952,000 of shares of common stock through December 31, 2025. On March 11, 2025, the Board of Directors authorized the repurchase of up to $10,000,000 shares of stock through December 31, 2026.
NOTE 11—STOCKHOLDERS' EQUITY (continued)
Dividend Reinvestment Plan
The Dividend Reinvestment Plan (the “DRP”), which was reauthorized in 2024, among other things, provides stockholders with the opportunity to reinvest all or a portion of their cash dividends paid on the Company’s common stock in additional shares of its common stock, at a discount, determined in the Company’s sole discretion, of up to 5% from the market price for the common stock (as such price is calculated pursuant to the DRP). The discount from the market price as of December 31, 2024 was 3%. In the year ended December 31, 2024 and 2023, the Company issued 211,135 and 165,228 shares in lieu of cash dividends of $3,626,000 and $3,034,000, respectively.