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CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Income Statement [Abstract]      
Revenue $ 260,983,000 $ 261,309,000 $ 256,716,000
EXPENSES      
Property operating expenses, excluding real estate taxes 76,338,000 77,053,000 80,070,000
Real estate taxes 26,906,000 28,759,000 28,567,000
Property management expense 9,128,000 9,353,000 9,895,000
Casualty loss 3,307,000 2,095,000 1,591,000
Depreciation and amortization 106,450,000 101,678,000 105,257,000
Impairment of real estate investments 0 5,218,000 0
General and administrative expenses 17,802,000 20,080,000 17,516,000
TOTAL EXPENSES 239,931,000 244,236,000 242,896,000
Gain (loss) on sale of real estate and other investments (577,000) 71,244,000 41,000
Loss on litigation settlement 0 (3,864,000) 0
Operating income 20,475,000 84,453,000 13,861,000
Interest expense (37,280,000) (36,429,000) (32,750,000)
Interest and other income 2,613,000 1,207,000 1,248,000
NET INCOME (LOSS) (14,192,000) 49,231,000 (17,641,000)
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 3,635,000 (7,141,000) 4,299,000
Net income attributable to noncontrolling interests – consolidated real estate entities (131,000) (125,000) (127,000)
Net income (loss) attributable to controlling interests (11,328,000) 41,325,000 (14,109,000)
Dividends to preferred shareholders (4,821,000) (6,428,000) (6,428,000)
Redemption of preferred shares (3,511,000) 0 0
NET INCOME (LOSS) AVAILABLE TO COMMON SHAREHOLDERS $ (19,660,000) $ 34,897,000 $ (20,537,000)
NET INCOME (LOSS) PER COMMON SHARE – BASIC (in dollars per share) $ (1.27) $ 2.33 $ (1.35)
NET INCOME (LOSS) PER COMMON SHARE - DILUTED (in dollars per share) $ (1.27) $ 2.32 $ (1.35)
Weighted average shares - basic (in shares) 15,504 14,994 15,216
Weighted average shares - diluted (in shares) 15,504 17,118 15,216