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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Income Statement [Abstract]        
REVENUE $ 64,568,000 $ 65,438,000 $ 197,241,000 $ 188,868,000
EXPENSES        
Property operating expenses, excluding real estate taxes 19,602,000 20,290,000 58,816,000 58,315,000
Real estate taxes 7,143,000 7,039,000 21,898,000 21,103,000
Property management expense 2,197,000 2,563,000 7,012,000 7,537,000
Casualty loss 937,000 276,000 1,242,000 1,256,000
Depreciation and amortization 24,697,000 23,720,000 75,061,000 79,489,000
General and administrative expenses 3,832,000 4,519,000 15,717,000 14,240,000
TOTAL EXPENSES 58,408,000 58,407,000 179,746,000 181,940,000
Gain on sale of real estate and other investments 11,235,000 0 71,327,000 27,000
Loss on litigation settlement 0 0 (2,864,000) 0
Operating income 17,395,000 7,031,000 85,958,000 6,955,000
Interest expense (8,556,000) (7,871,000) (27,516,000) (23,147,000)
Interest and other income 330,000 70,000 674,000 1,116,000
NET INCOME (LOSS) 9,169,000 (770,000) 59,116,000 (15,076,000)
Dividends to Series D preferred unitholders (160,000) (160,000) (480,000) (480,000)
Net (income) loss attributable to noncontrolling interests – Operating Partnership and Series E preferred units (1,204,000) 439,000 (9,058,000) 3,546,000
Net income attributable to noncontrolling interests – consolidated real estate entities (31,000) (32,000) (96,000) (93,000)
Net income (loss) attributable to controlling interests 7,774,000 (523,000) 49,482,000 (12,103,000)
Dividends to preferred shareholders (1,607,000) (1,607,000) (4,821,000) (4,821,000)
NET INCOME (LOSS) AVAILABLE TO COMMON SHAREHOLDERS $ 6,167,000 $ (2,130,000) $ 44,661,000 $ (16,924,000)
NET INCOME (LOSS) PER COMMON SHARE - BASIC (in dollars per share) $ 0.41 $ (0.14) $ 2.98 $ (1.11)
NET INCOME (LOSS) PER COMMON SHARE - DILUTED (in dollars per share) $ 0.41 $ (0.14) $ 2.96 $ (1.11)