QUARTERLY FINANCIAL DATA (Unaudited) (Tables)

12 Months Ended

Dec. 31, 2024


	2024
	1st Quarter Jan - March		2nd Quarter April - June		3rd Quarter July - Sept		4th Quarter Oct - Dec		Total For Year
Revenues:
Rental and other revenue	$	23,298	$	23,778	$	24,177	$	23,520	$	94,773
Other income	105		84		219		449		857
Total revenues	23,403		23,862		24,396		23,969		95,630
Expenses:
Real estate operating expenses	10,579		10,846		11,187		10,943		43,555
Interest expense	5,523		5,500		5,745		5,828		22,596
General and administrative	4,152		3,813		3,811		3,819		15,595
Provision for credit loss	—		—		—		270		270

Depreciation	6,435		6,466		6,499		6,526		25,926
Total expenses	26,689		26,625		27,242		27,386		107,942
Total revenues less total expenses	(3,286)		(2,763)		(2,846)		(3,417)		(12,312)
Equity in earnings of unconsolidated joint ventures	228		389		369		658		1,644

Gain on sale of real estate	—		—		—		806		806




Income (loss) income from continuing operations	(3,058)		(2,374)		(2,477)		(1,953)		(9,862)
Provision for taxes	78		(65)		(310)		71		(226)
Net (loss) income from continuing operations, net of taxes	(3,136)		(2,309)		(2,167)		(2,024)		(9,636)
Income attributable to non-controlling interests	(35)		(36)		(38)		(46)		(155)
Net (loss) income attributable to common stockholders	$	(3,171)	$	(2,345)	$	(2,205)	$	(2,070)	(9,791)

Basic and diluted and per share amounts attributable to common stockholders
Basic (loss) income per share	$	(0.17)	$	(0.13)	$	(0.12)	$	(0.11)	$	(0.52)
Diluted (loss) income per share	$	(0.17)	$	(0.13)	$	(0.12)	$	(0.11)	$	(0.52)

NOTE 16—QUARTERLY FINANCIAL DATA (Unaudited) (Continued)


	2023
	1st Quarter Jan - March		2nd Quarter April - June		3rd Quarter July - Sept		4th Quarter Oct - Dec		Total For Year
Revenues:
Rental and other revenue	$	22,939	$	23,255	$	23,510	$	23,365	$	93,069
Interest and other income	—		63		342		143		548
Total revenues	22,939		23,318		23,852		23,508		93,617
Expenses:
Real estate operating expenses	10,434		10,548		10,583		10,256		41,821
Interest expense	5,483		5,513		5,581		5,584		22,161
General and administrative	4,055		3,848		4,017		3,513		15,433

Depreciation	8,008		7,543		6,544		6,389		28,484
Total expenses	27,980		27,452		26,725		25,742		107,899
Total revenues less total expenses	(5,041)		(4,134)		(2,873)		(2,234)		(14,282)
Equity in earnings of unconsolidated joint ventures	815		464		426		588		2,293
Equity in earnings from sale of unconsolidated joint venture properties	—		14,744		—		—		14,744
Gain on sale of real estate	—		—		604		—		604
Casualty loss	—		—		—		(323)		(323)
Insurance recovery of casualty loss	—		215		261		317		793
Gain on insurance recoveries	240		—		—		—		240

Income (loss) from continuing operations	(3,986)		11,289		(1,582)		(1,652)		4,069
Provision (benefit) for taxes	76		51		(122)		49		54
Income (loss) from continuing operations, net of taxes	(4,062)		11,238		(1,460)		(1,701)		4,015
Income attributable to non-controlling interests	(36)		(36)		(34)		$	(36)	(142)
Net income (loss) income attributable to common stockholders	$	(4,098)	$	11,202	$	(1,494)	$	(1,737)	3,873

Basic and per share amounts attributable to common stockholders
Basic income (loss) per share	$	(0.21)	$	0.59	$	(0.08)	$	(0.11)	$	0.16
Diluted income (loss) per share	$	(0.21)	$	0.58	$	(0.08)	$	(0.11)	$	0.16