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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Jun. 30, 2019
Jun. 30, 2018
REVENUE $ 46,934 $ 46,197 $ 92,542 $ 89,232
EXPENSES        
Property operating expenses, excluding real estate taxes 13,942 13,934 28,746 28,180
Real estate taxes 5,574 5,003 10,806 10,024
Casualty loss 92 0 733 50
Depreciation and amortization 18,437 19,132 36,548 39,648
Impairment of real estate investments 0 17,809 0 17,809
General and administrative expenses 3,549 4,348 7,355 7,967
TOTAL EXPENSES 43,039 61,670 87,187 106,499
Operating income (loss) 3,895 (15,473) 5,355 (17,267)
Interest expense (7,590) (8,562) (15,486) (16,858)
Loss on extinguishment of debt (407) (12) (409) (133)
Interest income 402 429 809 1,102
Other income 66 31 83 47
Income (loss) before gain (loss) on sale of real estate and other investments, gain (loss) on litigation settlement, and income (loss) from discontinued operations (3,634) (23,587) (9,648) (33,109)
Gain (loss) on sale of real estate and other investments 615 0 669 2,304
Gain (loss) on litigation settlement 6,286 0 6,286 0
Income (loss) from continuing operations 3,267 (23,587) (2,693) (30,805)
Income (loss) from discontinued operations 0 238 0 14,120
NET INCOME (LOSS) 3,267 (23,349) (2,693) (16,685)
Dividends to preferred unitholders (160) 0 (217) 0
Net (income) loss attributable to noncontrolling interests – Operating Partnership (148) 2,580 595 2,000
Net (income) loss attributable to noncontrolling interests – consolidated real estate entities 154 595 730 1,115
Net income (loss) attributable to controlling interests 3,113 (20,174) (1,585) (13,570)
Dividends to preferred shareholders (1,706) (1,706) (3,411) (3,411)
NET INCOME (LOSS) AVAILABLE TO COMMON SHAREHOLDERS $ 1,407 $ (21,880) $ (4,996) $ (16,981)
Earnings (loss) per common share from continuing operations – basic and diluted (in dollars per share) $ 0.11 $ (1.85) $ (0.43) $ (2.48)
Earnings (loss) per common share from discontinued operations – basic and diluted (in dollars per share) 0 0.02 0 1.06
NET EARNINGS (LOSS) PER COMMON SHARE – BASIC & DILUTED (in dollars per share) $ 0.11 $ (1.83) $ (0.43) $ (1.42)
Management Service        
EXPENSES        
Property management expense $ 1,445 $ 1,444 $ 2,999 $ 2,821