QUARTERLY FINANCIAL DATA (Unaudited) |
QUARTERLY FINANCIAL DATA (Unaudited) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 2023 | | | 1st Quarter Jan - March | | 2nd Quarter April - June | | 3rd Quarter July - September | | 4th Quarter Oct - Dec | | Total For Year | Revenues: | | | | | | | | | | | Rental and other revenue | | $ | 22,939 | | | $ | 23,255 | | | $ | 23,510 | | | $ | 23,365 | | | $ | 93,069 | | Other income | | — | | | 63 | | | 342 | | | 143 | | | 548 | | Total revenues | | 22,939 | | | 23,318 | | | 23,852 | | | 23,508 | | | 93,617 | | Expenses: | | | | | | | | | | | Real estate operating expenses | | 10,434 | | | 10,548 | | | 10,583 | | | 10,256 | | | 41,821 | | Interest expense | | 5,483 | | | 5,513 | | | 5,581 | | | 5,584 | | | 22,161 | | General and administrative | | 4,055 | | | 3,848 | | | 4,017 | | | 3,513 | | | 15,433 | | | | | | | | | | | | | Depreciation | | 8,008 | | | 7,543 | | | 6,544 | | | 6,389 | | | 28,484 | | Total expenses | | 27,980 | | | 27,452 | | | 26,725 | | | 25,742 | | | 107,899 | | Total revenues less total expenses | | (5,041) | | | (4,134) | | | (2,873) | | | (2,234) | | | (14,282) | | Equity in earnings of unconsolidated joint ventures | | 815 | | | 464 | | | 426 | | | 588 | | | 2,293 | | Equity in earnings from sale of unconsolidated joint venture properties | | — | | | 14,744 | | | — | | | — | | | 14,744 | | Gain on sale of real estate | | — | | | — | | | 604 | | | — | | | 604 | | Casualty loss | | — | | | — | | | — | | | (323) | | | (323) | | Insurance recovery of casualty loss | | — | | | 215 | | | 261 | | | 317 | | | 793 | | Gain on insurance recoveries | | 240 | | | — | | | — | | | — | | | 240 | | | | | | | | | | | | | Income (loss) income from continuing operations | | (3,986) | | | 11,289 | | | (1,582) | | | (1,652) | | | 4,069 | | Provision for taxes | | 76 | | | 51 | | | (122) | | | 49 | | | 54 | | Net (loss) income from continuing operations, net of taxes | | (4,062) | | | 11,238 | | | (1,460) | | | (1,701) | | | 4,015 | | Income attributable to non-controlling interests | | (36) | | | (36) | | | (34) | | | (36) | | | (142) | | Net (loss) income attributable to common stockholders | | $ | (4,098) | | | $ | 11,202 | | | $ | (1,494) | | | $ | (1,737) | | | 3,873 | | | | | | | | | | | | | Basic and diluted and per share amounts attributable to common stockholders | | | | | | | | | | | Basic (loss) income per share | | $ | (0.21) | | | $ | 0.59 | | | $ | (0.08) | | | $ | (0.11) | | | $ | 0.16 | | Diluted (loss) income per share | | $ | (0.21) | | | $ | 0.58 | | | $ | (0.08) | | | $ | (0.11) | | | $ | 0.16 | |
NOTE 13—QUARTERLY FINANCIAL DATA (Unaudited) (Continued) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 2022 | | | 1st Quarter Jan - March | | 2nd Quarter April - June | | 3rd Quarter July - September | | 4th Quarter Oct - Dec | | Total For Year | Revenues: | | | | | | | | | | | Rental and other revenue | | $ | 11,430 | | | $ | 14,683 | | | $ | 21,691 | | | $ | 22,711 | | | $ | 70,515 | | Other income | | 4 | | | 2 | | | 6 | | | — | | | 12 | | Total revenues | | 11,434 | | | 14,685 | | | 21,697 | | | 22,711 | | | 70,527 | | Expenses: | | | | | | | | | | | Real estate operating expenses | | 4,753 | | | 6,348 | | | 9,195 | | | 10,262 | | | 30,558 | | Interest expense | | 2,021 | | | 2,912 | | | 5,061 | | | 5,520 | | | 15,514 | | General and administrative | | 3,633 | | | 3,533 | | | 3,673 | | | 3,815 | | | 14,654 | | Impairment charge | | — | | | — | | | — | | | — | | | — | | Depreciation | | 3,606 | | | 5,010 | | | 8,165 | | | 8,031 | | | 24,812 | | Total expenses | | 14,013 | | | 17,803 | | | 26,094 | | | 27,628 | | | 85,538 | | Total revenues less total expenses | | (2,579) | | | (3,118) | | | (4,397) | | | (4,917) | | | (15,011) | | Equity in earnings (loss) of unconsolidated joint ventures | | 1,230 | | | (50) | | | 135 | | | 580 | | | 1,895 | | Equity in earnings from sale of unconsolidated joint venture properties | | 12,961 | | | 40,098 | | | 11,472 | | | — | | | 64,531 | | Gain on sale of real estate | | 6 | | | — | | | — | | | — | | | 6 | | Casualty loss | | — | | | — | | | — | | | (850) | | | (850) | | Insurance recovery of casualty loss | | — | | | — | | | — | | | 850 | | | 850 | | | | | | | | | | | | | Gain on insurance recoveries | | — | | | — | | | 62 | | | — | | | 62 | | Loss on extinguishment of debt | | — | | | (563) | | | — | | | — | | | (563) | | Income (loss) from continuing operations | | 11,618 | | | 36,367 | | | 7,272 | | | (4,337) | | | 50,920 | | Provision (benefit) for taxes | | 74 | | | 724 | | | 178 | | | (155) | | | 821 | | Income (loss) from continuing operations, net of taxes | | 11,544 | | | 35,643 | | | 7,094 | | | (4,182) | | | 50,099 | | Income attributable to non-controlling interests | | (36) | | | (36) | | | (35) | | | (37) | | | (144) | | Net income (loss) income attributable to common stockholders | | $ | 11,508 | | | $ | 35,607 | | | $ | 7,059 | | | $ | (4,219) | | | 49,955 | | | | | | | | | | | | | Basic and per share amounts attributable to common stockholders | | | | | | | | | | | Basic income (loss) per share | | $ | 0.62 | | | $ | 1.91 | | | $ | 0.37 | | | $ | (0.22) | | | $ | 2.67 | | Diluted income (loss) per share | | $ | 0.62 | | | $ | 1.91 | | | $ | 0.37 | | | $ | (0.22) | | | $ | 2.66 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
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