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CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Thousands
8 Months Ended 12 Months Ended
Dec. 31, 2018
Dec. 31, 2019
Apr. 30, 2018
Apr. 30, 2017
REVENUE $ 121,871 $ 185,755 $ 169,745 $ 160,104
EXPENSES        
Property operating expenses, excluding real estate taxes 37,198 57,249 54,292 47,587
Real estate taxes 13,521 21,066 18,742 16,739
Casualty loss 915 1,116 500 414
Depreciation and amortization 50,456 74,271 82,070 44,253
Impairment of real estate investments 1,221 0 18,065 57,028
General and administrative expenses 9,812 14,450 14,203 15,871
Acquisition and investment related costs 0 0 51 3,276
TOTAL EXPENSES 116,786 174,338 193,449 190,214
Operating income (loss) 5,085 11,417 (23,704) (30,110)
Interest expense (21,359) (30,537) (34,178) (34,314)
Loss on extinguishment of debt (556) (2,360) (940) (1,651)
Interest and other income 1,233 2,092 1,508 1,146
Income (loss) before gain (loss) on sale of real estate and other investments, gain (loss) on litigation settlement, and income (loss) from discontinued operations (15,597) (19,388) (57,314) (64,929)
Gain (loss) on sale of real estate and other investments 9,707 97,624 20,120 18,701
Gain (loss) on litigation settlement 0 6,586 0 0
Income (loss) from continuing operations (5,890) 84,822 (37,194) (46,228)
Income (loss) from discontinued operations 570 0 164,823 76,753
NET INCOME (LOSS) (5,320) 84,822 127,629 30,525
Dividends to preferred unitholders 0 (537) 0 0
Net (income) loss attributable to noncontrolling interests – Operating Partnership 1,032 (6,752) (12,702) (4,059)
Net (income) loss attributable to noncontrolling interests – consolidated real estate entities (110) 1,136 1,861 16,881
Net income (loss) attributable to controlling interests (4,398) 78,669 116,788 43,347
Dividends to preferred shareholders (4,547) (6,821) (8,569) (10,546)
Redemption of preferred shares 0 0 (3,657) (1,435)
NET INCOME (LOSS) AVAILABLE TO COMMON SHAREHOLDERS $ (8,945) $ 71,848 $ 104,562 $ 31,366
BASIC        
Earnings (loss) per common share from continuing operations – basic (in dollars per share) $ (0.79) $ 6.06 $ (3.54) $ (3.01)
Earnings (loss) per common share from discontinued operations – basic (in dollars per share) 0.04 0 12.25 5.59
NET EARNINGS (LOSS) PER COMMON SHARE – BASIC (in dollars per share) (0.75) 6.06 8.71 2.58
DILUTED        
Earnings (loss) per common share from continuing operations - diluted (in dollars per share) (0.79) 6.00 (3.54) (3.01)
Earnings (loss) per commong shares from discontinued operations - diluted (in dollars per share) 0.04 0 12.25 5.59
NET EARNINGS (LOSS) PER COMMON SHARE - DILUTED (in dollars per share) $ (0.75) $ 6.00 $ 8.71 $ 2.58
Management Service        
EXPENSES        
Property management expenses $ 3,663 $ 6,186 $ 5,526 $ 5,046