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CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Revenues:        
Rental revenues (including $146 and $159 for the three months ended September 30, 2025 and 2024, respectively, and $435 and $495 for the nine months ended September 30, 2025 and 2024, respectively, from related parties) $ 11,919 $ 11,074 $ 34,856 $ 33,541
Other income 916 533 2,147 1,738
Total revenue 12,835 11,607 37,003 35,279
Expenses:        
Property operating expenses (including $90 and $87 for the three months ended September 30, 2025 and 2024, respectively, and $264 and $253 for the nine months ended September 30, 2025 and 2024, respectively, from related parties) 7,550 6,989 20,062 20,247
Depreciation and amortization 2,936 3,120 8,881 9,429
General and administrative (including $967 and $879 for the three months ended September 30, 2025 and 2024, respectively, and $2,963 and $2,688 for the nine months ended September 30, 2025 and 2024, respectively, from related parties) 1,594 1,223 4,329 3,898
Advisory fee to related party 2,151 1,944 6,587 5,789
Total operating expenses 14,231 13,276 39,859 39,363
Net operating loss (1,396) (1,669) (2,856) (4,084)
Interest income (including $2,540 and $2,711 for the three months ended September 30, 2025 and 2024, respectively, and $7,578 and $8,084 for the nine months ended September 30, 2025 and 2024, respectively, from related parties) 4,748 5,917 13,358 17,244
Interest expense (1,651) (2,075) (5,170) (5,806)
Equity in income from unconsolidated joint venture 0 283 0 827
Gain on sale or write-down of assets, net 755 0 5,593 0
Income tax provision (1,572) (546) (4,936) (1,818)
Net income 884 1,910 5,989 6,363
Net income attributable to noncontrolling interest (160) (203) (478) (609)
Net income attributable to the Company $ 724 $ 1,707 $ 5,511 $ 5,754
Earnings per share - basic and diluted        
Basic (in dollars per share) $ 0.08 $ 0.20 $ 0.64 $ 0.67
Diluted (in dollars per share) $ 0.08 $ 0.20 $ 0.64 $ 0.67
Weighted average common shares used in computing earnings per share - basic and diluted        
Basic (in shares) 8,639,316 8,639,316 8,639,316 8,639,316
Diluted (in shares) 8,639,316 8,639,316 8,639,316 8,639,316