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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (unaudited) - USD ($)
shares in Thousands
3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Income Statement [Abstract]    
REVENUE $ 65,069,000 $ 67,093,000
EXPENSES    
Property operating expenses, excluding real estate taxes 18,242,000 19,068,000
Real estate taxes 7,332,000 7,663,000
Property management expense 2,379,000 2,433,000
Casualty loss, net of recoveries (21,000) 532,000
Depreciation and amortization 26,498,000 27,654,000
Impairment of real estate investments 9,700,000 0
General and administrative expenses 6,332,000 4,997,000
TOTAL EXPENSES 70,462,000 62,347,000
Operating income (loss) (5,393,000) 4,746,000
Interest expense (10,470,000) (9,635,000)
Interest and other income 890,000 708,000
NET LOSS (14,973,000) (4,181,000)
Distributions to Series D preferred unitholders (57,000) (160,000)
Net loss attributable to noncontrolling interests – Operating Partnership and Series E preferred units 2,141,000 643,000
Net income attributable to noncontrolling interests – consolidated real estate entities 0 (36,000)
NET LOSS AVAILABLE TO COMMON SHAREHOLDERS (12,889,000) (3,734,000)
NET LOSS AVAILABLE TO COMMON SHAREHOLDERS (12,889,000) (3,734,000)
NET LOSS (14,973,000) (4,181,000)
Other comprehensive loss    
Loss on derivative instrument reclassified into earnings 0 175,000
TOTAL COMPREHENSIVE LOSS (14,973,000) (4,006,000)
Net comprehensive loss attributable to noncontrolling interests – Operating Partnership and Series E preferred units 0 669,000
Net income attributable to noncontrolling interests – consolidated real estate entities 0 (36,000)
COMPREHENSIVE LOSS ATTRIBUTABLE TO CONTROLLING INTERESTS $ (14,973,000) $ (3,373,000)
NET LOSS PER COMMON SHARE – BASIC (in dollars per share) $ (0.77) $ (0.22)
NET LOSS PER COMMON SHARE – DILUTED (in dollars per share) $ (0.77) $ (0.22)
Weighted average shares - basic (in shares) 16,775 16,727
Weighted average shares - diluted (in shares) 16,775 16,727