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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Jun. 30, 2021
Jun. 30, 2020
Income Statement [Abstract]        
REVENUE $ 46,656 $ 43,910 $ 93,304 $ 88,316
EXPENSES        
Property operating expenses, excluding real estate taxes 13,018 12,360 26,467 25,828
Real estate taxes 5,742 5,410 11,534 10,875
Property management expense 2,085 1,345 3,852 2,899
Casualty (gain) loss 27 (913) (74) (1,240)
Depreciation and amortization 19,308 18,156 39,300 36,316
General and administrative expenses 3,797 3,202 7,703 6,630
TOTAL EXPENSES 43,923 41,386 88,930 83,788
Operating income 2,733 2,524 4,374 4,528
Interest expense (7,089) (6,940) (14,320) (13,851)
Interest and other income (loss) 619 521 1,050 (2,256)
Income (loss) before gain (loss) on sale of real estate and other investments (3,737) (3,895) (8,896) (11,579)
Gain (loss) on sale of real estate and other investments 26,840 (190) 26,840 (190)
NET INCOME (LOSS) 23,103 (4,085) 17,944 (11,769)
Dividends to preferred unitholders (160) (160) (320) (320)
Net (income) loss attributable to noncontrolling interests – Operating Partnership (1,386) 447 (917) 1,139
Net (income) loss attributable to noncontrolling interests – consolidated real estate entities (19) (5) (36) 140
Net income (loss) attributable to controlling interests 21,538 (3,803) 16,671 (10,810)
Dividends to preferred shareholders (1,607) (1,609) (3,214) (3,314)
Discount (premium) on redemption of preferred shares 0 25 0 298
NET INCOME (LOSS) AVAILABLE TO COMMON SHAREHOLDERS $ 19,931 $ (5,387) $ 13,457 $ (13,826)
NET EARNINGS (LOSS) PER COMMON SHARE - BASIC (in dollars per share) $ 1.49 $ (0.44) $ 1.02 $ (1.13)
NET EARNINGS (LOSS) PER COMMON SHARE - DILUTED (in dollars per share) $ 1.48 $ (0.44) $ 1.02 $ (1.13)