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CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Thousands
3 Months Ended 12 Months Ended
Dec. 31, 2024
Sep. 30, 2024
Jun. 30, 2024
Mar. 31, 2024
Dec. 31, 2023
Sep. 30, 2023
Jun. 30, 2023
Mar. 31, 2023
Dec. 31, 2024
Dec. 31, 2023
Revenues:                    
Rental and other revenue from real estate properties $ 23,520 $ 24,177 $ 23,778 $ 23,298 $ 23,365 $ 23,510 $ 23,255 $ 22,939 $ 94,773 $ 93,069
Interest and other income 449 219 84 105 143 342 63 0 857 548
Total revenues 23,969 24,396 23,862 23,403 23,508 23,852 23,318 22,939 95,630 93,617
Expenses:                    
Real estate operating expenses—including $37 and $34 to related parties 10,943 11,187 10,846 10,579 10,256 10,583 10,548 10,434 43,555 41,821
Interest expense 5,828 5,745 5,500 5,523 5,584 5,581 5,513 5,483 22,596 22,161
General and administrative—including $698 and $642 to related party 3,819 3,811 3,813 4,152 3,513 4,017 3,848 4,055 15,595 15,433
Provision for credit loss 270 0 0 0         270 0
Depreciation and amortization 6,526 6,499 6,466 6,435 6,389 6,544 7,543 8,008 25,926 28,484
Total expenses 27,386 27,242 26,625 26,689 25,742 26,725 27,452 27,980 107,942 107,899
Total revenues less total expenses (3,417) (2,846) (2,763) (3,286) (2,234) (2,873) (4,134) (5,041) (12,312) (14,282)
Equity in earnings from unconsolidated joint ventures 658 369 389 228 588 426 464 815 1,644 2,293
Equity in earnings from sale of unconsolidated joint venture properties         0 0 14,744 0 0 14,744
Gain on sale of real estate 806 0 0 0 0 604 0 0 806 604
Casualty loss         (323) 0 0 0 0 (323)
Insurance recovery         317 261 215 0 0 793
Gain on insurance recovery         0 0 0 240 0 240
(Loss) income from continuing operations (1,953) (2,477) (2,374) (3,058) (1,652) (1,582) 11,289 (3,986) (9,862) 4,069
(Benefit) provision for taxes 71 (310) (65) 78 49 (122) 51 76 (226) 54
(Loss) income from continuing operations, net of taxes (2,024) (2,167) (2,309) (3,136) (1,701) (1,460) 11,238 (4,062) (9,636) 4,015
Income attributable to non-controlling interests (46) (38) (36) (35) (36) (34) (36) (36) (155) (142)
Net (loss) income attributable to common stockholders $ (2,070) $ (2,205) $ (2,345) $ (3,171) $ (1,737) $ (1,494) $ 11,202 $ (4,098) $ (9,791) $ 3,873
Weighted average number of shares of common stock outstanding:                    
Basic (in shares)                 17,752,226 17,918,270
Diluted (in shares)                 17,752,226 17,948,276
Per share amounts attributable to common stockholders                    
Basic (in dollars per share) $ (0.11) $ (0.12) $ (0.13) $ (0.17) $ (0.11) $ (0.08) $ 0.59 $ (0.21) $ (0.52) $ 0.16
Diluted (in dollars per share) $ (0.11) $ (0.12) $ (0.13) $ (0.17) $ (0.11) $ (0.08) $ 0.58 $ (0.21) $ (0.52) $ 0.16