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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Income Statement [Abstract]        
REVENUE $ 64,776 $ 63,116 $ 132,673 $ 123,430
EXPENSES        
Property operating expenses, excluding real estate taxes 17,872 19,011 39,214 38,025
Real estate taxes 7,174 7,205 14,755 14,064
Property management expense 2,247 2,721 4,815 4,974
Casualty loss 53 382 305 980
Depreciation and amortization 24,371 24,768 50,364 55,769
General and administrative expenses 4,162 5,221 11,885 9,721
TOTAL EXPENSES 55,879 59,308 121,338 123,533
Gain (loss) on sale of real estate and other investments (67) 27 60,092 27
Loss on litigation settlement (2,864) 0 (2,864) 0
Operating income (loss) 5,966 3,835 68,563 (76)
Interest expense (8,641) (7,561) (18,960) (15,276)
Interest and other income (loss) 295 (17) 344 1,046
NET INCOME (LOSS) (2,380) (3,743) 49,947 (14,306)
Dividends to Series D preferred unitholders (160) (160) (320) (320)
Net (income) loss attributable to noncontrolling interests – Operating Partnership and Series E preferred units 712 950 (7,854) 3,107
Net income attributable to noncontrolling interests – consolidated real estate entities (35) (38) (65) (61)
Net income (loss) attributable to controlling interests (1,863) (2,991) 41,708 (11,580)
Dividends to preferred shareholders (1,607) (1,607) (3,214) (3,214)
NET INCOME (LOSS) AVAILABLE TO COMMON SHAREHOLDERS $ (3,470) $ (4,598) $ 38,494 $ (14,794)
NET INCOME (LOSS) PER COMMON SHARE – BASIC (in dollars per share) $ (0.23) $ (0.30) $ 2.57 $ (0.97)
NET INCOME (LOSS) PER COMMON SHARE – DILUTED (in dollars per share) $ (0.23) $ (0.30) $ 2.55 $ (0.97)