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CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Income Statement [Abstract]      
Revenue $ 261,309,000 $ 256,716,000 $ 201,705,000
EXPENSES      
Property operating expenses, excluding real estate taxes 77,053,000 80,070,000 57,753,000
Real estate taxes 28,759,000 28,567,000 24,104,000
Property management expense 9,353,000 9,895,000 8,752,000
Casualty loss 2,095,000 1,591,000 344,000
Depreciation and amortization 101,678,000 105,257,000 92,165,000
Impairment of real estate investments 5,218,000 0 0
General and administrative expenses 20,080,000 17,516,000 16,213,000
TOTAL EXPENSES 244,236,000 242,896,000 199,331,000
Gain on sale of real estate and other investments 71,244,000 41,000 27,518,000
Loss on litigation settlement (3,864,000) 0 0
Operating income 84,453,000 13,861,000 29,892,000
Interest expense (36,429,000) (32,750,000) (29,078,000)
Interest and other income (loss) 1,207,000 1,248,000 (2,915,000)
NET INCOME (LOSS) 49,231,000 (17,641,000) (2,101,000)
Dividends to Series D preferred unitholders (640,000) (640,000) (640,000)
Net (income) loss attributable to noncontrolling interests – Operating Partnership and Series E preferred units (7,141,000) 4,299,000 2,806,000
Net income attributable to noncontrolling interests – consolidated real estate entities (125,000) (127,000) (94,000)
Net income (loss) attributable to controlling interests 41,325,000 (14,109,000) (29,000)
Dividends to preferred shareholders (6,428,000) (6,428,000) (6,428,000)
NET INCOME (LOSS) AVAILABLE TO COMMON SHAREHOLDERS $ 34,897,000 $ (20,537,000) $ (6,457,000)
NET INCOME (LOSS) PER COMMON SHARE – BASIC (in dollars per share) $ 2.33 $ (1.35) $ (0.47)
NET INCOME (LOSS) PER COMMON SHARE - DILUTED (in dollars per share) $ 2.32 $ (1.35) $ (0.47)
Weighted average shares - basic (in shares) 14,994 15,216 13,803
Weighted average shares - diluted (in shares) 17,118 15,216 13,803