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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Sep. 30, 2021
Sep. 30, 2020
Revenues:        
Real estate revenue $ 22,120,000 $ 21,519,000 $ 66,054,000 $ 64,824,000
Resident fees and services 15,090,000 18,948,000 46,179,000 51,863,000
Grant income 0 864,000 0 864,000
Total revenues and grant income 37,210,000 41,331,000 112,233,000 117,551,000
Expenses:        
Rental expenses 6,389,000 5,905,000 18,542,000 17,723,000
Property operating expenses 14,540,000 17,397,000 44,179,000 44,856,000
General and administrative 4,304,000 3,672,000 11,710,000 11,960,000
Business acquisition expenses 3,800,000 57,000 6,552,000 74,000
Depreciation and amortization 10,746,000 12,669,000 33,745,000 37,919,000
Total expenses 39,779,000 39,700,000 114,728,000 112,532,000
Other income (expense):        
Interest expense (including amortization of deferred financing costs and debt discount/premium) (4,961,000) (4,839,000) (14,556,000) (15,123,000)
Gain (loss) in fair value of derivative financial instruments 1,514,000 1,450,000 4,431,000 (2,302,000)
Impairment of real estate investments 0 (3,064,000) 0 (3,064,000)
Gain (loss) on disposition of real estate investments 15,000 0 (184,000) 0
Income (loss) from unconsolidated entity 70,000 (377,000) (1,027,000) 952,000
Other income 33,000 8,000 49,000 278,000
Total net other expense (3,329,000) (6,822,000) (11,287,000) (19,259,000)
Loss before income taxes (5,898,000) (5,191,000) (13,782,000) (14,240,000)
Income tax benefit 0 39,000 0 0
Net (loss) income (5,898,000) (5,152,000) (13,782,000) (14,240,000)
Less: net loss attributable to noncontrolling interests 121,000 232,000 489,000 608,000
Net loss attributable to controlling interest $ (5,777,000) $ (4,920,000) $ (13,293,000) $ (13,632,000)
Net loss per Class T and Class I common share attributable to controlling interest — basic and diluted $ (0.07) $ (0.06) $ (0.16) $ (0.17)
Weighted average number of Class T and Class I common shares outstanding — basic and diluted 81,704,261 80,788,359 81,635,053 80,498,693