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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($)
shares in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Income Statement [Abstract]        
Revenue $ 65,025,000 $ 64,568,000 $ 194,574,000 $ 197,241,000
EXPENSES        
Property operating expenses, excluding real estate taxes 19,628,000 19,602,000 56,500,000 58,816,000
Real estate taxes 7,031,000 7,143,000 20,417,000 21,898,000
Property management expense 2,242,000 2,197,000 6,794,000 7,012,000
Casualty (gain) loss (412,000) 937,000 918,000 1,242,000
Depreciation and amortization 26,084,000 24,697,000 78,810,000 75,061,000
General and administrative expenses 4,102,000 3,832,000 12,941,000 15,717,000
TOTAL EXPENSES 58,675,000 58,408,000 176,380,000 179,746,000
Gain (loss) on sale of real estate and other investments 0 11,235,000 (577,000) 71,327,000
Loss on litigation settlement 0 0 0 (2,864,000)
Operating income 6,350,000 17,395,000 17,617,000 85,958,000
Interest expense (8,946,000) (8,556,000) (27,485,000) (27,516,000)
Interest and other income 645,000 330,000 1,462,000 674,000
Net income (loss) (1,951,000) 9,169,000 (8,406,000) 59,116,000
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 1,095,000 (1,204,000) 2,735,000 (9,058,000)
Net income attributable to noncontrolling interests – consolidated real estate entities (32,000) (31,000) (98,000) (96,000)
Net income (loss) attributable to controlling interests (1,048,000) 7,774,000 (6,249,000) 49,482,000
Dividends to preferred shareholders (1,607,000) (1,607,000) (4,821,000) (4,821,000)
Redemption of preferred shares (3,511,000) 0 (3,511,000) 0
NET INCOME (LOSS) AVAILABLE TO COMMON SHAREHOLDERS $ (6,166,000) $ 6,167,000 $ (14,581,000) $ 44,661,000
NET INCOME (LOSS) PER COMMON SHARE – BASIC (in dollars per share) $ (0.40) $ 0.41 $ (0.96) $ 2.98
NET INCOME (LOSS) PER COMMON SHARE – DILUTED (in dollars per share) $ (0.40) $ 0.41 $ (0.96) $ 2.96
Weighted average shares - basic (in shares) 15,528 14,989 15,143 14,988
Weighted average shares - diluted (in shares) 15,528 18,018 15,143 17,344