QUARTERLY FINANCIAL DATA (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | 12 Months Ended | ||||||||
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Dec. 31, 2023 |
Sep. 30, 2023 |
Jun. 30, 2023 |
Mar. 31, 2023 |
Dec. 31, 2022 |
Sep. 30, 2022 |
Jun. 30, 2022 |
Mar. 31, 2022 |
Dec. 31, 2023 |
Dec. 31, 2022 |
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Revenues: | ||||||||||
Rental and other revenue | $ 23,365 | $ 23,510 | $ 23,255 | $ 22,939 | $ 22,711 | $ 21,691 | $ 14,683 | $ 11,430 | $ 93,069 | $ 70,515 |
Other income | 143 | 342 | 63 | 0 | 0 | 6 | 2 | 4 | 548 | 12 |
Total revenues | 23,508 | 23,852 | 23,318 | 22,939 | 22,711 | 21,697 | 14,685 | 11,434 | 93,617 | 70,527 |
Expenses: | ||||||||||
Real estate operating expenses | 10,256 | 10,583 | 10,548 | 10,434 | 10,262 | 9,195 | 6,348 | 4,753 | 41,821 | 30,558 |
Interest expense | 5,584 | 5,581 | 5,513 | 5,483 | 5,520 | 5,061 | 2,912 | 2,021 | 22,161 | 15,514 |
General and administrative | 3,513 | 4,017 | 3,848 | 4,055 | 3,815 | 3,673 | 3,533 | 3,633 | 15,433 | 14,654 |
Impairment charge | 0 | 0 | 0 | 0 | 0 | |||||
Depreciation | 6,389 | 6,544 | 7,543 | 8,008 | 8,031 | 8,165 | 5,010 | 3,606 | 28,484 | 24,812 |
Total expenses | 25,742 | 26,725 | 27,452 | 27,980 | 27,628 | 26,094 | 17,803 | 14,013 | 107,899 | 85,538 |
Total revenues less total expenses | (2,234) | (2,873) | (4,134) | (5,041) | (4,917) | (4,397) | (3,118) | (2,579) | (14,282) | (15,011) |
Equity in earnings of unconsolidated joint ventures | 588 | 426 | 464 | 815 | 580 | 135 | (50) | 1,230 | 2,293 | 1,895 |
Equity in earnings from sale of unconsolidated joint venture properties | 0 | 0 | 14,744 | 0 | 0 | 11,472 | 40,098 | 12,961 | 14,744 | 64,531 |
Gain on sale of real estate | 0 | 604 | 0 | 0 | 0 | 0 | 0 | 6 | 604 | 6 |
Casualty loss | (323) | 0 | 0 | 0 | (850) | 0 | 0 | 0 | (323) | (850) |
Insurance recovery of casualty loss | 317 | 261 | 215 | 0 | 850 | 0 | 0 | 0 | 793 | 850 |
Gain on insurance recoveries | 0 | 0 | 0 | 240 | 0 | 62 | 0 | 0 | 240 | 62 |
Loss on extinguishment of debt | 0 | 0 | (563) | 0 | 0 | (563) | ||||
Income from continuing operations | (1,652) | (1,582) | 11,289 | (3,986) | (4,337) | 7,272 | 36,367 | 11,618 | 4,069 | 50,920 |
Provision for taxes | 49 | (122) | 51 | 76 | (155) | 178 | 724 | 74 | 54 | 821 |
Income from continuing operations, net of taxes | (1,701) | (1,460) | 11,238 | (4,062) | (4,182) | 7,094 | 35,643 | 11,544 | 4,015 | 50,099 |
Income attributable to non-controlling interests | (36) | (34) | (36) | (36) | (37) | (35) | (36) | (36) | (142) | (144) |
Net (loss) income attributable to common stockholders | $ (1,737) | $ (1,494) | $ 11,202 | $ (4,098) | $ (4,219) | $ 7,059 | $ 35,607 | $ 11,508 | $ 3,873 | $ 49,955 |
Basic and diluted and per share amounts attributable to common stockholders | ||||||||||
Basic income (loss) per share | $ (0.11) | $ (0.08) | $ 0.59 | $ (0.21) | $ (0.22) | $ 0.37 | $ 1.91 | $ 0.62 | $ 0.16 | $ 2.67 |
Diluted income (loss) per share | $ (0.11) | $ (0.08) | $ 0.58 | $ (0.21) | $ (0.22) | $ 0.37 | $ 1.91 | $ 0.62 | $ 0.16 | $ 2.66 |
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- Definition Casualty Loss No definition available.
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- Definition Total costs of sales and operating expenses for the period. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- References No definition available.
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- Definition The current period expense charged against earnings on long-lived, physical assets not used in production, and which are not intended for resale, to allocate or recognize the cost of such assets over their useful lives; or to record the reduction in book value of an intangible asset over the benefit period of such asset; or to reflect consumption during the period of an asset that is not used in production. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition The aggregate direct operating costs incurred during the reporting period. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- References No definition available.
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- Definition The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Amount of gain (loss) on sale or disposal of an equity method investment. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition This element represents interest incurred for borrowed money which was used to produce goods or render services. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition The difference between the carrying value and the sale price of real estate or properties that were intended to be sold or held for capital appreciation or rental income. This element refers to the gain (loss) included in earnings and not to the cash proceeds of the sale. This element is a noncash adjustment to net income when calculating net cash generated by operating activities using the indirect method. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition Difference between the fair value of payments made and the carrying amount of debt which is extinguished prior to maturity. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition The aggregate total of expenses of managing and administering the affairs of an entity, including affiliates of the reporting entity, which are not directly or indirectly associated with the manufacture, sale or creation of a product or product line. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The charge against earnings in the period to reduce the carrying amount of real property to fair value. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition Amount after tax of income (loss) from continuing operations including portion attributable to the noncontrolling interest. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount of income (loss) for proportionate share of equity method investee's income (loss). Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount, before tax, of income (loss) including portion attributable to noncontrolling interest. Includes, but is not limited to, income (loss) from continuing operations, discontinued operations and equity method investments. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The amount recovered from insurance. These recoveries reduce costs and losses that are reported as a separate line item under operating expenses. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount of excess (deficiency) of insurance recovery over the loss incurred from an insured event. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition The portion of profit or loss for the period, net of income taxes, which is attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Amount of Net Income (Loss) attributable to noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The net result for the period of deducting operating expenses from operating revenues. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Amount of operating lease income from lease payments and variable lease payments paid and payable to lessor. Includes, but is not limited to, variable lease payments not included in measurement of lease receivable. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Amount of revenue and income classified as other. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss). Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- References No definition available.
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