BUSINESS SEGMENT DATA (Tables)

6 Months Ended

Jun. 30, 2025

Segment Reporting [Abstract]

Schedule of operations in different segments

Information about the Company’s operations in different segments for the three months ended June 30, 2025 is as follows (in thousands):



		Income Properties			Management Services			Commercial Loans and Investments			Total
Revenues:
Income Properties		$	33,375		$	—		$	—		$	33,375
Management Fee Income			—			1,247			—			1,247
Interest Income From Commercial Loans and Investments			—			—			3,016			3,016
Total Revenues for Reportable Segments		$	33,375		$	1,247		$	3,016		$	37,638

Operating Expenses:
Income Properties		$	(10,178)		$	—		$	—		$	(10,178)
Total Revenues Less Direct Costs of Revenues		$	23,197		$	1,247		$	3,016		$	27,460
Provision for Impairment			—			—			—			—
Depreciation and Amortization - Real Estate			(15,277)			—			—			(15,277)
Total Revenues Less Operating Expenses for Reportable Segments		$	7,920		$	1,247		$	3,016		$	12,183
Gain on Disposition of Assets			—			—			—			—
Net Income From Operations for Reportable Segments		$	7,920		$	1,247		$	3,016		$	12,183

Reconciliation to Consolidated Net Income
General and Administrative Expenses												(4,448)
Investment and Other Loss												(3,687)
Interest Expense												(6,859)
Loss on Extinguishment of Debt												(20,396)
Depreciation and Amortization - Other												(17)
Net Loss Before Income Tax Expense											$	(23,224)
Income Tax Expense												(194)
Net Loss Attributable to the Company											$	(23,418)

Information about the Company’s operations in different segments for the three months ended June 30, 2024 is as follows (in thousands):



		Income Properties			Management Services			Commercial Loans and Investments			Real Estate Operations			Total
Revenues:
Income Properties		$	25,878		$	—		$	—		$	—		$	25,878
Management Fee Income			—			1,131			—			—			1,131
Interest Income From Commercial Loans and Investments			—			—			1,441			—			1,441
Real Estate Operations			—			—			—			395			395
Total Revenues for Reportable Segments		$	25,878		$	1,131		$	1,441		$	395		$	28,845

Operating Expenses:
Income Properties		$	(8,080)		$	—		$	—		$	—		$	(8,080)
Real Estate Operations			—			—			—			(259)			(259)
Total Revenues Less Direct Costs of Revenues		$	17,798		$	1,131		$	1,441		$	136		$	20,506
Provision for Impairment			—			—			(67)			—			(67)
Depreciation and Amortization - Real Estate			(11,532)			—			—			—			(11,532)
Total Revenues Less Operating Expenses for Reportable Segments		$	6,266		$	1,131		$	1,374		$	136		$	8,907
Gain on Disposition of Assets			—			—			—			—			—
Net Income From Operations for Reportable Segments		$	6,266		$	1,131		$	1,374		$	136		$	8,907

Reconciliation to Consolidated Net Income
General and Administrative Expenses															(3,459)
Investment and Other Income															1,429
Interest Expense															(5,604)
Depreciation and Amortization - Other															(17)
Net Income Before Income Tax Expense														$	1,256
Income Tax Expense															(73)
Net Income Attributable to the Company														$	1,183

Information about the Company’s operations in different segments for the six months ended June 30, 2025 is as follows (in thousands):


		Income Properties			Management Services			Commercial Loans and Investments			Total
Revenues:
Income Properties		$	65,047		$	—		$	—		$	65,047
Management Fee Income			—			2,425			—			2,425
Interest Income From Commercial Loans and Investments			—			—			5,977			5,977
Total Revenues for Reportable Segments		$	65,047		$	2,425		$	5,977		$	73,449

Operating Expenses:
Income Properties		$	(19,069)		$	—		$	—		$	(19,069)
Total Revenues Less Direct Costs of Revenues		$	45,978		$	2,425		$	5,977		$	54,380
Provision for Impairment			—			—			—			—
Depreciation and Amortization - Real Estate			(29,623)			—			—			(29,623)
Total Revenues Less Operating Expenses for Reportable Segments		$	16,355		$	2,425		$	5,977		$	24,757
Gain on Disposition of Assets			—			—			—			—
Net Income From Operations for Reportable Segments		$	16,355		$	2,425		$	5,977		$	24,757

Reconciliation to Consolidated Net Income
General and Administrative Expenses												(9,131)
Investment and Other Loss												(3,112)
Interest Expense												(12,995)
Loss on Extinguishment of Debt												(20,396)
Depreciation and Amortization - Other												(35)
Net Loss Before Income Tax Benefit											$	(20,912)
Income Tax Expense												(245)
Net Loss Attributable to the Company											$	(21,157)

Information about the Company’s operations in different segments for the six months ended June 30, 2024 is as follows (in thousands):


		Income Properties			Management Services			Commercial Loans and Investments			Real Estate Operations			Total
Revenues:
Income Properties		$	50,501		$	—		$	—		$	—		$	50,501
Management Fee Income			—			2,236			—			—			2,236
Interest Income From Commercial Loans and Investments			—			—			2,792			—			2,792
Real Estate Operations			—			—			—			1,443			1,443
Total Revenues for Reportable Segments		$	50,501		$	2,236		$	2,792		$	1,443		$	56,972

Operating Expenses:
Income Properties		$	(14,833)		$	—		$	—		$	—		$	(14,833)
Real Estate Operations			—			—			—			(1,078)			(1,078)
Total Revenues Less Direct Costs of Revenues		$	35,668		$	2,236		$	2,792		$	365		$	41,061
Provision for Impairment			—			—			(115)			—			(115)
Depreciation and Amortization - Real Estate			(22,447)			—			—			—			(22,447)
Total Revenues Less Operating Expenses for Reportable Segments		$	13,221		$	2,236		$	2,677		$	365		$	18,499
Gain on Disposition of Assets			4,618			—			—			4,545			9,163
Net Income From Operations for Reportable Segments		$	17,839		$	2,236		$	2,677		$	4,910		$	27,662

Reconciliation to Consolidated Net Income
General and Administrative Expenses															(7,675)
Investment and Other Loss															(1,830)
Interest Expense															(11,133)
Depreciation and Amortization - Other															(33)
Net Income Before Income Tax Benefit														$	6,991
Income Tax Benefit															34
Net Income Attributable to the Company														$	7,025

Capital expenditures of each segment for the three and six months ended June 30, 2025 and 2024 are as follows (in thousands):


		Three Months Ended						Six Months Ended
		June 30, 2025			June 30, 2024			June 30, 2025			June 30, 2024
Capital Expenditures:
Income Properties		$	195		$	4,716		$	81,059		$	78,119
Commercial Loans and Investments			4,974			455			6,405			7,030
Corporate and Other			13			6			25			15
Total Capital Expenditures		$	5,182		$	5,177		$	87,489		$	85,164

Identifiable assets of each segment as of June 30, 2025 and December 31, 2024 are as follows (in thousands):


		As of
		June 30, 2025			December 31, 2024
Identifiable Assets:
Income Properties		$	1,089,332		$	1,039,466
Management Services			1,443			1,481
Commercial Loans and Investments			106,817			105,763
Real Estate Operations			621			611
Corporate and Other			35,013			34,323
Total Assets		$	1,233,226		$	1,181,644