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CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) - USD ($)
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Income:      
Rental income $ 118,957,000 $ 115,527,000 $ 128,654,000
Other property income 183,000 162,000 254,000
Total income 119,140,000 115,689,000 128,908,000
Cost and Expenses:      
Property operating expenses 21,649,000 19,416,000 23,083,000
Real estate tax expense 14,388,000 14,505,000 15,869,000
General and administrative expenses 4,784,000 5,206,000 5,040,000
Business management fee 8,950,000 8,924,000 9,342,000
Provision for asset impairment 0 0 4,420,000
Depreciation and amortization 48,906,000 52,834,000 57,691,000
Total expenses 98,677,000 100,885,000 115,445,000
Other Income (Expense):      
Interest expense (23,240,000) (25,349,000) (28,305,000)
Gain on sale of investment properties     3,279,000
Interest and other income 274,000 157,000 143,000
Net loss $ (2,503,000) $ (10,388,000) $ (11,420,000)
Net loss per common share, basic and diluted $ (0.07) $ (0.29) $ (0.32)
Weighted average number of common shares outstanding, basic and diluted 36,031,088 36,021,040 35,748,672
Comprehensive income (loss):      
Net loss $ (2,503,000) $ (10,388,000) $ (11,420,000)
Unrealized gain (loss) on derivatives 2,445,000 (16,497,000) (11,513,000)
Reclassification adjustment for amounts included in net loss 7,654,000 5,837,000 (888,000)
Comprehensive income (loss) $ 7,596,000 $ (21,048,000) $ (23,821,000)