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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
Revenues:        
Real estate revenue $ 21,519,000 $ 19,253,000 $ 64,824,000 $ 53,280,000
Resident fees and services 18,948,000 11,865,000 51,863,000 34,053,000
Grant income 864,000 0 864,000 0
Total revenues and grant income 41,331,000 31,118,000 117,551,000 87,333,000
Expenses:        
Rental expenses 5,905,000 4,929,000 17,723,000 14,238,000
Property operating expenses 17,397,000 9,884,000 44,856,000 28,194,000
General and administrative 3,672,000 3,982,000 11,960,000 11,413,000
Acquisition related expenses 57,000 74,000 74,000 1,492,000
Depreciation and amortization 12,669,000 9,552,000 37,919,000 35,561,000
Total expenses 39,700,000 28,421,000 112,532,000 90,898,000
Other income (expense):        
Interest expense (including amortization of deferred financing costs and debt discount/premium) (4,839,000) (4,140,000) (15,123,000) (11,532,000)
Gain (loss) in fair value of derivative financial instruments 1,450,000 (402,000) (2,302,000) (5,401,000)
Impairment of real estate investments (3,064,000) 0 (3,064,000) 0
(Loss) income from unconsolidated entity (377,000) (79,000) 952,000 185,000
Other income 8,000 13,000 278,000 162,000
Loss before income taxes (5,191,000) (1,911,000) (14,240,000) (20,151,000)
Income tax benefit (expense) 39,000 (7,000) 0 (17,000)
Net loss (5,152,000) (1,918,000) (14,240,000) (20,168,000)
Less: net loss attributable to noncontrolling interests 232,000 19,000 608,000 76,000
Net loss attributable to controlling interest $ (4,920,000) $ (1,899,000) $ (13,632,000) $ (20,092,000)
Net loss per Class T and Class I common share attributable to controlling interest — basic and diluted $ (0.06) $ (0.02) $ (0.17) $ (0.26)
Weighted average number of Class T and Class I common shares outstanding — basic and diluted 80,788,359 79,502,193 80,498,693 77,894,326