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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
Income Statement [Abstract]        
Rental income $ 10,307,683 $ 9,557,191 $ 28,521,546 $ 29,888,620
Expenses:        
General and administrative 3,674,187 2,522,719 9,832,940 7,447,082
Depreciation and amortization 3,814,503 4,304,470 11,817,529 13,420,256
Interest expense 1,831,545 2,732,528 5,711,330 9,196,061
Property expenses 1,658,437 1,677,055 5,111,270 5,480,411
Impairment of real estate investment properties 0 0 (400,999) 9,506,525
Impairment of goodwill and intangible assets 0 0 0 34,572,403
Reserve for loan guarantee 0 (4,359) 0 3,120,678
Total expenses 10,978,672 11,232,413 32,072,070 82,743,416
Other operating income:        
Gain on sale of real estate investments 4,242,771 1,693,642 4,532,413 1,693,642
Real estate operating income (loss) 3,571,782 18,420 981,889 (51,161,154)
Other income (loss):        
Lease termination (expense) income 0 (1,175,192) 0 (1,175,192)
Interest income 1,270 51 1,370 4,873
Income from investment in unconsolidated entity 75,403 92,617 222,705 239,028
Gain on forgiveness of economic relief note payable 0 0 517,000 0
Other 0 0 20,000 (4,855)
Total other income (loss) 76,673 (1,082,524) 761,075 (936,146)
Net income (loss) 3,648,455 (1,064,104) 1,742,964 (52,097,300)
Preferred stock dividends (143,403) 0 (143,403) 0
Net income (loss) attributable to common stockholders, basic 3,505,052 (1,064,104) 1,599,561 (52,097,300)
Net income (loss) attributable to common stockholders, diluted $ 3,505,052 $ (1,064,104) $ 1,599,561 $ (52,097,300)
Net income (loss) per share attributable to common stockholders (Note 2)        
Basic $ 0.47 $ (0.13) $ 0.21 $ (6.50)
Diluted $ 0.40 $ (0.13) $ 0.18 $ (6.50)
Weighted-average number of common shares outstanding        
Basic 7,531,559 8,075,070 7,575,013 8,019,742
Diluted 8,750,875 8,075,070 8,763,112 8,019,742
Distributions declared per common share $ 0.2625 $ 0.4080 $ 0.7875 $ 0.9330