v3.25.2
Real Estate
6 Months Ended
Jun. 30, 2025
Real Estate [Abstract]  
Real Estate Real Estate
A significant portion of the Company's land, buildings and improvements serve as collateral for the Company's secured term loans. Accordingly, restrictions exist as to the encumbered properties' transferability, use and other common rights typically associated with property ownership.
The Company's depreciation expense on investment properties was $1.8 million and $2.1 million for the three months ended June 30, 2025 and 2024, respectively, and $3.5 million and $3.8 million for the six months ended June 30, 2025 and 2024, respectively.
Dispositions
The following properties were sold during the six months ended June 30, 2025 and 2024:
Disposal DateProperty Contract Price Gain (Loss)Net Proceeds
March 13, 2025Oregon Avenue$3,000,000 $90,000 $2,765,000 
February 11, 2025Webster Commons14,500,000 2,332,000 13,907,000 
June 26, 2024Oakland Commons6,000,000 (55,000)5,662,000