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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
Income Statement [Abstract]        
REVENUE $ 44,138 $ 47,436 $ 132,454 $ 139,978
EXPENSES        
Property operating expenses, excluding real estate taxes 13,129 14,485 38,957 43,231
Real estate taxes 5,402 5,425 16,277 16,231
Property management expense 1,442 1,553 4,341 4,552
Casualty loss 91 178 1,331 911
Depreciation and amortization 18,995 18,751 55,311 55,299
General and administrative expenses 3,077 3,448 9,707 10,803
TOTAL EXPENSES 42,136 43,840 125,924 131,027
Operating income 2,002 3,596 6,530 8,951
Interest expense (6,771) (7,694) (20,622) (23,180)
Loss on extinguishment of debt (4) (1,087) (21) (1,496)
Interest and other income (loss) 281 498 (1,958) 1,390
Income (loss) before gain (loss) on sale of real estate and other investments, and gain (loss) on litigation settlement (4,492) (4,687) (16,071) (14,335)
Gain (loss) on sale of real estate and other investments 25,676 39,105 25,486 39,774
Gain (loss) on litigation settlement 0 300 0 6,586
NET INCOME (LOSS) 21,184 34,718 9,415 32,025
Dividends to preferred unitholders (160) (160) (480) (377)
Net (income) loss attributable to noncontrolling interests – Operating Partnership (1,387) (3,145) (248) (2,550)
Net (income) loss attributable to noncontrolling interests – consolidated real estate entities (8) 183 132 913
Net income (loss) attributable to controlling interests 19,629 31,596 8,819 30,011
Dividends to preferred shareholders (1,607) (1,705) (4,921) (5,116)
Discount (premium) on redemption of preferred shares (1) 0 297 0
NET INCOME (LOSS) AVAILABLE TO COMMON SHAREHOLDERS $ 18,021 $ 29,891 $ 4,195 $ 24,895
BASIC        
NET EARNINGS (LOSS) PER COMMON SHARE - BASIC (in dollars per share) $ 1.40 $ 2.57 $ 0.33 $ 2.11
DILUTED        
NET EARNINGS (LOSS) PER COMMON SHARE - DILUTED (in dollars per share) $ 1.38 $ 2.54 $ 0.33 $ 2.11