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Consolidated Statements of Operations and Comprehensive Income (Loss) - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Revenues        
Rental revenue $ 19,929,000 $ 19,409,000 $ 60,461,000 $ 57,896,000
Interest income on notes receivable from affiliates 1,521,000 1,301,000 3,537,000 3,747,000
Other 47,000 8,000 98,000 54,000
Total revenues 21,497,000 20,718,000 64,096,000 61,697,000
Operating Expenses        
Property operating expenses 2,497,000 2,551,000 8,038,000 7,613,000
Management fees to affiliates 216,000 556,000 585,000 1,803,000
General and administrative expenses 388,000 391,000 1,074,000 1,526,000
Depreciation and amortization 10,257,000 10,306,000 30,912,000 30,558,000
Provision for impairment     250,000  
Total operating expenses 13,358,000 13,804,000 40,859,000 41,500,000
Income from Operations 8,139,000 6,914,000 23,237,000 20,197,000
Other Income (Expense)        
Interest expense (8,266,000) (7,344,000) (24,071,000) (21,481,000)
Gain on land condemnation     69,000  
Interest income 9,000 26,000 33,000 47,000
Total other income (expense) (8,257,000) (7,318,000) (23,969,000) (21,434,000)
Net (loss) (118,000) (404,000) (732,000) (1,237,000)
Net loss attributable to noncontrolling interests 38,000 134,000 243,000 413,000
Net (loss) attributable to common shareholders $ (80,000) $ (270,000) $ (489,000) $ (824,000)
Net (loss) per common share attributable to common shareholders, basic $ 0 $ (0.02) $ (0.03) $ (0.05)
Net (loss) per common share attributable to common shareholders,diluted $ 0 $ (0.02) $ (0.03) $ (0.05)
Weighted average number of common shares outstanding, basic 16,270,862 15,485,383 16,030,280 15,155,258
Weighted average number of common shares outstanding, diluted 16,270,862 15,485,383 16,030,280 15,155,258
Other comprehensive income (loss):        
Net (loss) $ (118,000) $ (404,000) $ (732,000) $ (1,237,000)
Other comprehensive income (loss) - unrealized gain on change in fair value of cash flow hedges (755,000) 460,000 (164,000) 271,000
Comprehensive (loss) income (873,000) 56,000 (896,000) (966,000)
Comprehensive (income) loss attributable to noncontrolling interests 285,000 (21,000) 291,000 320,000
Comprehensive (loss) income attributable to common shareholders $ (588,000) $ 35,000 $ (605,000) $ (646,000)