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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (unaudited) - USD ($)
shares in Thousands
3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Income Statement [Abstract]    
Revenue $ 67,093,000 $ 64,506,000
EXPENSES    
Property operating expenses, excluding real estate taxes 19,068,000 18,764,000
Real estate taxes 7,663,000 6,305,000
Property management expense 2,433,000 2,330,000
Casualty loss 532,000 820,000
Depreciation and amortization 27,654,000 27,012,000
General and administrative expenses 4,997,000 4,623,000
TOTAL EXPENSES 62,347,000 59,854,000
Loss on sale of real estate and other investments 0 (577,000)
Operating income 4,746,000 4,075,000
Interest expense (9,635,000) (9,207,000)
Interest and other income 708,000 340,000
Net loss (4,181,000) (4,792,000)
Dividends to Series D preferred unitholders (160,000) (160,000)
Net loss attributable to noncontrolling interests – Operating Partnership and Series E preferred units 643,000 1,079,000
Net income attributable to noncontrolling interests – consolidated real estate entities (36,000) (32,000)
Net loss attributable to controlling interests (3,734,000) (3,905,000)
Dividends to preferred shareholders 0 (1,607,000)
NET LOSS AVAILABLE TO COMMON SHAREHOLDERS (3,734,000) (5,512,000)
Net loss (4,181,000) (4,792,000)
Other comprehensive loss:    
Loss on derivative instrument reclassified into earnings 175,000 197,000
Total comprehensive LOSS (4,006,000) (4,595,000)
Net comprehensive loss attributable to noncontrolling interests – Operating Partnership and Series E preferred units 669,000 1,112,000
Net income attributable to noncontrolling interests – consolidated real estate entities (36,000) (32,000)
Comprehensive LOSS attributable to controlling interests $ (3,373,000) $ (3,515,000)
NET LOSS PER COMMON SHARE – BASIC (in dollars per share) $ (0.22) $ (0.37)
NET LOSS PER COMMON SHARE – DILUTED (in dollars per share) $ (0.22) $ (0.37)
Weighted average shares - basic (in shares) 16,727 14,922
Weighted average shares - diluted (in shares) 16,727 14,922