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CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Jun. 30, 2022
Jun. 30, 2021
Revenues:        
Rental and other revenue from real estate properties $ 14,683,000 $ 6,958,000 $ 26,113,000 $ 14,053,000
Other income 2,000 3,000 6,000 7,000
Total revenues 14,685,000 6,961,000 26,119,000 14,060,000
Expenses:        
Real estate operating expenses - including $8 and $7 to related parties for the three months ended and $19 and $14 for the six months ended 6,348,000 3,166,000 11,101,000 6,283,000
Interest expense 2,912,000 1,609,000 4,933,000 3,269,000
General and administrative - including $185 and $179 to related parties for the three months ended and $431 and $351 for the six months ended 3,533,000 3,154,000 7,166,000 6,268,000
Impairment charge 0 520,000 0 520,000
Depreciation and amortization 5,010,000 1,416,000 8,616,000 2,953,000
Total expenses 17,803,000 9,865,000 31,816,000 19,293,000
Total revenues less total expenses (3,118,000) (2,904,000) (5,697,000) (5,233,000)
Equity in (loss) earnings of unconsolidated joint ventures (50,000) (492,000) 1,180,000 (1,837,000)
Equity in earnings from sale of unconsolidated joint ventures properties 40,098,000 0 53,059,000 0
Gain on sale of real estate 0 7,279,000 6,000 7,279,000
Gain on sale of partnership interest 0 2,244,000 0 2,244,000
Loss on extinguishment of debt (563,000) 0 (563,000) 0
Income from continuing operations 36,367,000 6,127,000 47,985,000 2,453,000
Income tax provision 724,000 67,000 798,000 124,000
Net income from continuing operations, net of taxes 35,643,000 6,060,000 47,187,000 2,329,000
Net income attributable to non-controlling interest (36,000) (33,000) (72,000) (67,000)
Net income attributable to common stockholders $ 35,607,000 $ 6,027,000 $ 47,115,000 $ 2,262,000
Weighted average number of shares of common stock outstanding:        
Basic (in shares) 17,671,073 17,720,488 17,616,740 17,520,963
Diluted (in shares) 17,726,343 17,720,488 17,690,601 17,520,963
Per share amounts attributable to common stockholders:        
Basic (in dollars per share) $ 1.91 $ 0.34 $ 2.54 $ 0.13
Diluted (in dollars per share) $ 1.91 $ 0.34 $ 2.53 $ 0.13