The table below compares NOI of the Company’s reportable segment for the three months ended March 31, 2025 and 2024 and the reconciliation of segment NOI to net loss:
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31, |
|
|
|
2025 |
|
|
2024 |
|
Rental income (1) |
|
$ |
10,070 |
|
|
$ |
9,240 |
|
Property operating expenses |
|
|
|
|
|
|
Property taxes |
|
|
1,041 |
|
|
|
1,046 |
|
Contract maintenance |
|
|
933 |
|
|
|
737 |
|
Utilities |
|
|
370 |
|
|
|
484 |
|
Repairs |
|
|
229 |
|
|
|
232 |
|
Other segment items (2) |
|
|
532 |
|
|
|
507 |
|
Total property operating expenses |
|
|
3,105 |
|
|
|
3,006 |
|
Segment net operating income |
|
|
6,965 |
|
|
|
6,234 |
|
|
|
|
|
|
|
|
Reconciliation of segment net operating income to net loss |
|
|
|
|
|
|
Commissions |
|
|
707 |
|
|
|
502 |
|
Management and other income |
|
|
57 |
|
|
|
58 |
|
Straight-line rent revenue |
|
|
(143 |
) |
|
|
352 |
|
Amortization of above and below market lease, net |
|
|
(85 |
) |
|
|
(81 |
) |
Cost of services |
|
|
(576 |
) |
|
|
(421 |
) |
Depreciation and amortization |
|
|
(3,580 |
) |
|
|
(3,819 |
) |
Impairment of real estate assets |
|
|
(43 |
) |
|
|
(110 |
) |
Bad debt recovery (expense) |
|
|
71 |
|
|
|
(142 |
) |
General and administrative |
|
|
(3,579 |
) |
|
|
(3,480 |
) |
Net interest and other income |
|
|
165 |
|
|
|
217 |
|
Derivative fair value adjustment |
|
|
(582 |
) |
|
|
889 |
|
Net (loss) gain on fair value change on debt held under the fair value option |
|
|
(240 |
) |
|
|
2,343 |
|
Interest expense |
|
|
(4,765 |
) |
|
|
(4,333 |
) |
Loss on extinguishment of debt |
|
|
— |
|
|
|
(7 |
) |
Other expense |
|
|
(1 |
) |
|
|
(6 |
) |
Income tax expense, net |
|
|
— |
|
|
|
(134 |
) |
Net loss |
|
$ |
(5,629 |
) |
|
$ |
(1,938 |
) |
(1)Excludes straight-line revenue and net amortization of above and below market leases. (2)Other segment items include expenses relating to insurance, administrative expenses, payroll and related items and management expenses.
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