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Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Revenues        
Rental income $ 9,206 $ 7,369 $ 29,671 $ 21,034
Total revenues 10,047 7,931 32,152 23,626
Operating Expenses        
Cost of services 544 315 1,353 1,588
Depreciation and amortization 3,986 4,029 14,844 12,240
Property operating 3,027 1,926 9,233 5,924
Impairment of real estate assets 762 0 929 0
Impairment of real estate assets held for sale 396 0 2,353 0
Bad debt expense 40 12 106 47
General and administrative 3,139 3,053 9,765 10,150
Total operating expenses 11,894 9,335 38,583 29,949
(Loss) gain on disposal of property (108) 0 11,511 0
Operating (loss) income (1,955) (1,404) 5,080 (6,323)
Other income (expense)        
Interest and other income 106 0 136 26
Derivative fair value adjustment (33) 1,249 (18) 3,819
Net (loss) gain on fair value change of debt held under the fair value option (816) 0 1,288 0
Interest expense (4,585) (3,073) (14,101) (8,346)
Loss on extinguishment of debt (21) 0 (36) 0
Other expense (51) (9) (70) (15)
Total other expense (5,400) (1,833) (12,801) (4,516)
Net loss before income taxes (7,355) (3,237) (7,721) (10,839)
Income tax benefit 2,276 795 3,968 2,309
Net loss (5,079) (2,442) (3,753) (8,530)
Less: Preferred equity return on Fortress preferred equity (3,716) 0 (10,712) 0
Less: Preferred equity accretion to redemption value (583) 0 (1,754) 0
Less: Preferred OP units return (122) 0 (352) 0
Plus: Net loss attributable to noncontrolling interest 1,633 202 2,779 719
Net loss attributable to common stockholders $ (7,867) $ (2,240) $ (13,792) $ (7,811)
Net loss attributable to common stockholders per share        
Net loss attributable to common stockholders per share, Basic $ (0.22) $ (0.07) $ (0.39) $ (0.24)
Net loss attributable to common stockholders per share, Diluted $ (0.22) $ (0.07) $ (0.39) $ (0.24)
Weighted average shares outstanding        
Weighted average shares outstanding, Basic 35,691,830 32,079,861 35,576,699 32,030,500
Weighted average shares outstanding, Diluted 35,691,830 32,079,861 35,576,699 32,030,500
Commissions [Member]        
Revenues        
Revenues $ 751 $ 413 $ 2,270 $ 2,142
Management Fees And Other Income [Member]        
Revenues        
Revenues $ 90 $ 149 $ 211 $ 450