v3.25.2
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
Jun. 30, 2025 |
Jun. 30, 2024 |
Jun. 30, 2025 |
Jun. 30, 2024 |
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| REVENUES | ||||
| Total revenues | $ 7,455,000 | $ 8,611,000 | $ 14,870,000 | $ 17,376,000 |
| EXPENSES | ||||
| Operating, maintenance and management | 1,419,000 | 1,822,000 | 3,338,000 | 4,196,000 |
| Real estate and other property-related taxes | 1,108,000 | 1,429,000 | 2,248,000 | 2,816,000 |
| Corporate general and administrative | 833,000 | 652,000 | 1,486,000 | 1,264,000 |
| Depreciation and amortization | 1,990,000 | 2,323,000 | 3,966,000 | 4,215,000 |
| Total expenses | 5,350,000 | 6,226,000 | 11,038,000 | 12,491,000 |
| OTHER | ||||
| (Loss) gain on sales | 0 | (55,000) | 2,422,000 | (55,000) |
| Total other | 0 | (55,000) | 2,422,000 | (55,000) |
| OPERATING INCOME | 2,105,000 | 2,330,000 | 6,254,000 | 4,830,000 |
| NON-OPERATING INCOME AND EXPENSES | ||||
| Interest expense, net | (2,238,000) | (2,312,000) | (4,224,000) | (4,489,000) |
| Loss on loan prepayment | 0 | 0 | (718,000) | 0 |
| Total non-operating income and expenses | (2,238,000) | (2,312,000) | (4,942,000) | (4,489,000) |
| NET (LOSS) INCOME | (133,000) | 18,000 | 1,312,000 | 341,000 |
| Preferred stock dividends | (1,447,000) | (2,688,000) | (3,311,000) | (5,376,000) |
| Deemed contribution related to preferred stock repurchases | 3,185,000 | 0 | 13,434,000 | 0 |
| NET INCOME (LOSS) ATTRIBUTABLE TO COMMON SHAREHOLDERS, Basic | 1,605,000 | (2,670,000) | 11,435,000 | (5,035,000) |
| NET INCOME (LOSS) ATTRIBUTABLE TO COMMON SHAREHOLDERS, Diluted | $ 1,605,000 | $ (2,670,000) | $ 11,435,000 | $ (5,035,000) |
| NET INCOME (LOSS) PER COMMON SHARE ATTRIBUTABLE TO COMMON SHAREHOLDERS, Basic (in dollars per share) | $ 0.12 | $ (0.19) | $ 0.83 | $ (0.37) |
| NET INCOME (LOSS) PER COMMON SHARE ATTRIBUTABLE TO COMMON SHAREHOLDERS, Diluted (in dollars per share) | $ 0.12 | $ (0.19) | $ 0.83 | $ (0.37) |
| Weighted average number of common shares, basic (in shares) | 13,718,169 | 13,718,169 | 13,718,169 | 13,718,169 |
| Weighted average number of common shares, diluted (in shares) | 13,718,169 | 13,718,169 | 13,718,169 | 13,718,169 |
| Rental revenues | ||||
| REVENUES | ||||
| Total revenues | $ 7,199,000 | $ 8,370,000 | $ 14,591,000 | $ 17,085,000 |
| Other revenues | ||||
| REVENUES | ||||
| Total revenues | $ 256,000 | $ 241,000 | $ 279,000 | $ 291,000 |
| X | ||||||||||
- Definition Deemed Contribution Related To Preferred Stock Repurchases No definition available.
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- Definition Gain (Loss) On Loan Prepayment No definition available.
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- Definition The current period expense charged against earnings on long-lived, physical assets not used in production, and which are not intended for resale, to allocate or recognize the cost of such assets over their useful lives; or to record the reduction in book value of an intangible asset over the benefit period of such asset; or to reflect consumption during the period of an asset that is not used in production. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The difference between the carrying value and the sale price of real estate or properties that were intended to be sold or held for capital appreciation or rental income. This element refers to the gain (loss) included in earnings and not to the cash proceeds of the sale. This element is a noncash adjustment to net income when calculating net cash generated by operating activities using the indirect method. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition The aggregate total of expenses of managing and administering the affairs of an entity, including affiliates of the reporting entity, which are not directly or indirectly associated with the manufacture, sale or creation of a product or product line. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount of interest expense classified as nonoperating. Reference 1: http://www.xbrl.org/2003/role/exampleRef
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- Definition The portion of profit or loss for the period, net of income taxes, which is attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/exampleRef
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- Definition Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities; of income (loss) available to common shareholders. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities, and addition from assumption of issuance of common shares for dilutive potential common shares; of income (loss) available to common shareholders. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The aggregate amount of income or expense from ancillary business-related activities (that is to say, excluding major activities considered part of the normal operations of the business). Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- References No definition available.
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- Definition Generally recurring costs associated with normal operations except for the portion of these expenses which can be clearly related to production and included in cost of sales or services. Includes selling, general and administrative expense. Reference 1: http://www.xbrl.org/2003/role/exampleRef
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- References No definition available.
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- Definition The net result for the period of deducting operating expenses from operating revenues. Reference 1: http://www.xbrl.org/2003/role/exampleRef
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- Definition The total amount of other operating cost and expense items that are associated with the entity's normal revenue producing operation. Reference 1: http://www.xbrl.org/2003/role/exampleRef
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- References No definition available.
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- Definition The net amount of other operating income and expenses, the components of which are not separately disclosed on the income statement, from items that are associated with the entity's normal revenue producing operations. No definition available.
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- Definition The amount of preferred stock dividends that is an adjustment to net income apportioned to common stockholders. No definition available.
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- Definition A tax based on the assessed value of real estate by the local government. The tax is usually based on the value of property (including the land). Reference 1: http://www.xbrl.org/2003/role/exampleRef
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- Definition Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise. Reference 1: http://www.xbrl.org/2003/role/exampleRef
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- References No definition available.
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- Definition The average number of shares or units issued and outstanding that are used in calculating diluted EPS or earnings per unit (EPU), determined based on the timing of issuance of shares or units in the period. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Number of [basic] shares or units, after adjustment for contingently issuable shares or units and other shares or units not deemed outstanding, determined by relating the portion of time within a reporting period that common shares or units have been outstanding to the total time in that period. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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