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Investments in Unconsolidated Joint Ventures - Statement of operations (Details) - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Revenues        
Rental revenues $ 1,425,000 $ 1,231,000 $ 2,936,000 $ 2,491,000
Total revenues 6,673,000 6,359,000 21,401,000 13,704,000
Operating Expenses        
Property operating expenses 811,000 766,000 2,078,000 1,570,000
Real estate taxes 451,000 416,000 914,000 806,000
General and administrative 1,835,000 1,503,000 3,279,000 3,005,000
Total operating expenses 9,412,000 8,649,000 26,152,000 18,227,000
Operating loss (2,739,000) (2,290,000) (4,751,000) (4,523,000)
Interest expense (7,194,000) (3,295,000) (13,522,000) (6,064,000)
Interest expense - amortization of deferred finance costs (933,000) (378,000) (1,825,000) (814,000)
Net loss attributable to common stockholders $ (10,920,000) (223,000) (17,156,000) (5,354,000)
Unconsolidated Joint Ventures        
Operating Expenses        
Our equity in net (loss) income from unconsolidated joint ventures   4,560,000   5,306
Unconsolidated Joint Ventures        
Revenues        
Rental revenues   2,759,000 1,788 6,022
Total revenues   2,759,000 1,788 6,022
Operating Expenses        
Property operating expenses   769,000 563 1,881
Real estate taxes   17,000 10 42
General and administrative   (12,000)   (10)
Amortization   493,000 299 1,076
Depreciation   762,000 437 1,723
Total operating expenses   2,029,000 1,309 4,712
Gain on sale of real estate   8,981,000   8,981
Operating loss   9,711,000 479 10,291
Gain on sale of interest rate swap   2,005,000   2,005
Interest expense   (782,000) (483) (1,712)
Interest expense - amortization of deferred finance costs   (56,000) (31) (128)
Interest (expense) income - change in fair market value of interest rate swap   1,528,000   (153)
Net loss attributable to common stockholders   $ 9,350,000 $ (35) $ 10,609