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Consolidated Statements of Operations - USD ($)
shares in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
REVENUES:        
Rental and other property income $ 18,150,000 $ 17,061,000 $ 56,172,000 $ 49,999,000
Hotel income 6,808,000 7,485,000 29,768,000 29,590,000
Interest and other income 3,658,000 3,572,000 11,113,000 10,201,000
Hotel revenues 28,616,000 28,118,000 97,053,000 89,790,000
EXPENSES:        
Rental and other property operating 17,373,000 15,509,000 52,550,000 47,713,000
Asset management and other fees to related parties           515,000 724,000 1,334,000 2,071,000
Interest 9,616,000 9,733,000 27,819,000 24,678,000
General and administrative 2,221,000 2,142,000 5,243,000 5,751,000
Transaction-related costs 526,000 38,000 1,351,000 3,398,000
Depreciation and amortization 6,423,000 16,082,000 19,357,000 46,056,000
Total Expenses 37,938,000 45,400,000 111,371,000 133,562,000
(Loss) income from unconsolidated entities (1,239,000) 1,189,000 (442,000) 1,053,000
Gain on sale of real estate (Note 3) 0 0 0 1,104,000
LOSS BEFORE PROVISION FOR INCOME TAXES (10,561,000) (16,093,000) (14,760,000) (41,615,000)
Provision for income taxes 15,000 554,000 573,000 969,000
NET LOSS (10,576,000) (16,647,000) (15,333,000) (42,584,000)
Net loss attributable to non-controlling interests 192,000 874,000 423,000 2,501,000
NET LOSS ATTRIBUTABLE TO THE COMPANY (10,384,000) (15,773,000) (14,910,000) (40,083,000)
Redeemable preferred stock dividends declared or accumulated (Note 11) (7,966,000) (6,809,000) (23,601,000) (18,341,000)
Redeemable preferred stock deemed dividends (Note 11) (327,000) 0 (755,000) 0
Redeemable preferred stock redemptions (Note 11) (16,098,000) (352,000) (17,471,000) (1,040,000)
NET LOSS ATTRIBUTABLE TO COMMON STOCKHOLDERS $ (34,775,000) $ (22,934,000) $ (56,737,000) $ (59,464,000)
NET LOSS ATTRIBUTABLE TO COMMON STOCKHOLDERS PER SHARE:        
Basic (in usd per share) $ (1.22) $ (0.94) $ (2.20) $ (2.44)
Diluted (in usd per share) $ (1.22) $ (0.94) $ (2.20) $ (2.44)
WEIGHTED AVERAGE SHARES OF COMMON STOCK OUTSTANDING:        
Basic (in shares) 28,493 24,422 25,789 24,402
Diluted (in shares) 28,493 24,422 25,789 24,402
Revenue from Contract with Customer, Product and Service [Extensible Enumeration] Hotel [Member] Hotel [Member] Hotel [Member] Hotel [Member]
Corporate        
EXPENSES:        
Expense reimbursements to related parties $ 592,000 $ 524,000 $ 1,809,000 $ 1,729,000
Lending Segment        
EXPENSES:        
Expense reimbursements to related parties $ 672,000 $ 648,000 $ 1,908,000 $ 2,166,000