XML 56 R4.htm IDEA: XBRL DOCUMENT v3.19.3
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Sep. 30, 2019
Sep. 30, 2018
REVENUE $ 47,436 $ 45,406 $ 139,978 $ 134,638
EXPENSES        
Property operating expenses, excluding real estate taxes 14,485 14,438 43,231 42,618
Real estate taxes 5,425 5,049 16,231 15,073
Casualty loss 178 225 911 275
Depreciation and amortization 18,751 19,164 55,299 58,812
Impairment of real estate investments 0 0 0 17,809
General and administrative expenses 3,448 3,147 10,803 11,114
TOTAL EXPENSES 43,840 43,292 131,027 149,791
Operating income (loss) 3,596 2,114 8,951 (15,153)
Interest expense (7,694) (8,193) (23,180) (25,051)
Loss on extinguishment of debt (1,087) (540) (1,496) (673)
Interest and other income 498 395 1,390 1,544
Income (loss) before gain (loss) on sale of real estate and other investments, gain (loss) on litigation settlement, and income (loss) from discontinued operations (4,687) (6,224) (14,335) (39,333)
Gain (loss) on sale of real estate and other investments 39,105 9,095 39,774 11,399
Gain (loss) on litigation settlement 300 0 6,586 0
Income (loss) from continuing operations 34,718 2,871 32,025 (27,934)
Income (loss) from discontinued operations 0 570 0 14,690
NET INCOME (LOSS) 34,718 3,441 32,025 (13,244)
Dividends to preferred unitholders (160) 0 (377) 0
Net (income) loss attributable to noncontrolling interests – Operating Partnership (3,145) (112) (2,550) 1,888
Net (income) loss attributable to noncontrolling interests – consolidated real estate entities 183 (676) 913 439
Net income (loss) attributable to controlling interests 31,596 2,653 30,011 (10,917)
Dividends to preferred shareholders (1,705) (1,705) (5,116) (5,116)
NET INCOME (LOSS) AVAILABLE TO COMMON SHAREHOLDERS $ 29,891 $ 948 $ 24,895 $ (16,033)
BASIC        
Earnings (loss) per common share from continuing operations - basic (in dollars per share) $ 2.57 $ 0.04 $ 2.11 $ (2.44)
Earnings (loss) per common share from discontinued operations - basic (in dollars per share) 0 0.04 0 1.10
NET EARNINGS (LOSS) PER COMMON SHARE - BASIC (in dollars per share) 2.57 0.08 2.11 (1.34)
DILUTED        
Earnings (loss) per common share from continuing operations - diluted (in dollars per share) 2.54 0.04 2.11 (2.44)
Earnings (loss) per common share from discontinued operations - diluted (in dollars per share) 0 0.04 0 1.10
NET EARNINGS (LOSS) PER COMMON SHARE - DILUTED (in dollars per share) $ 2.54 $ 0.08 $ 2.11 $ (1.34)
Management Service        
EXPENSES        
Property management expense $ 1,553 $ 1,269 $ 4,552 $ 4,090
Casualty loss   $ 225