| Schedule of investments in unconsolidated real estate ventures |
The Company’s investments in unconsolidated real estate ventures, are summarized as follows (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Total Investment in Unconsolidated Affiliates at | | Total Assets in Unconsolidated Affiliates at | | Total Liabilities of Unconsolidated Affiliates at | Unconsolidated Affiliates | | | Date Acquired | | | Trust Ownership Interest | | June 30,
2025 | | December 31, 2024 | | June 30,
2025 | | | December 31, 2024 | | June 30,
2025 | | December 31,
2024 | Banner Building | | | 2007 | | | 66.67% | | $ | 1,325 | | $ | 1,276 | | $ | 8,536 | | $ | 8,561 | | $ | 6,605 | | $ | 6,704 | Grand Forks INREIT, LLC | | | 2003 | | | 50% | | | 5,562 | | | 5,684 | | | 20,070 | | | 20,839 | | | 8,947 | | | 9,472 | SE Savage, LLC | | | 2019 | | | 60% | | | (180) | | | 136 | | | 29,684 | | | 30,375 | | | 29,985 | | | 30,298 | SE Maple Grove, LLC | | | 2019 | | | 60% | | | (353) | | | (62) | | | 27,092 | | | 27,754 | | | 27,632 | | | 27,938 | SE Rogers, LLC | | | 2020 | | | 60% | | | 392 | | | 855 | | | 28,395 | | | 29,314 | | | 27,409 | | | 27,975 | ST Oak Cliff, LLC | | | 2021 | | | 70% | | | 6,314 | | | 6,821 | | | 46,060 | | | 47,577 | | | 37,016 | | | 37,806 | SE Brooklyn Park, LLC | | | 2021 | | | 60% | | | 514 | | | 871 | | | 27,342 | | | 28,121 | | | 26,545 | | | 26,877 | ST Fossil Creek, LLC | | | 2022 | | | 70% | | | 6,299 | | | 7,038 | | | 47,465 | | | 48,229 | | | 38,966 | | | 38,175 | Emory North Liberty, LC | | | 2024 | | | 50% | | | 7,585 | | | 5,494 | | | 39,575 | | | 33,281 | | | 24,654 | | | 22,294 | SHG Emory North Liberty, LLC | | | 2024 | | | 99% | | | (14) | | | 232 | | | 491 | | | 500 | | | 380 | | | 268 | | | | | | | | | $ | 27,444 | | $ | 28,345 | | $ | 274,710 | | $ | 274,551 | | $ | 228,139 | | $ | 227,807 | | | | | | | | | | | | | | | | | | | | | | | | | | Negative investments presented in accrued expenses and other liabilities | | | | | | | | | 547 | | | 62 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Total investment in
unconsolidated affiliates | | | | | | | | $ | 27,991 | | $ | 28,407 | | | | | | | | | | | | |
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| Schedule of financial information of unconsolidated entities |
The following is a summary of the financial position of the unconsolidated affiliates at June 30, 2025 and December 31, 2024. | | | | | | | | | June 30, 2025 | | December 31, 2024 | | | | (in thousands) | ASSETS | | | | | | | Real estate investments | | $ | 311,129 | | $ | 305,398 | Accumulated depreciation | | | (45,186) | | | (38,078) | Total Real Estate Investments, net | | | 265,943 | | | 267,320 | Cash and cash equivalents | | | 5,530 | | | 4,147 | Restricted deposits | | | 1,211 | | | 1,263 | Financing and lease costs, net | | | 753 | | | 796 | Other assets, net | | | 1,273 | | | 1,025 | Total Assets | | $ | 274,710 | | $ | 274,551 | | | | | | | | LIABILITIES | | | | | | | Mortgage notes payable, net | | $ | 222,331 | | $ | 221,819 | Tenant security deposits payable | | | 516 | | | 487 | Accrued expenses and other liabilities | | | 5,292 | | | 5,501 | Total Liabilities | | $ | 228,139 | | $ | 227,807 | SHAREHOLDERS' EQUITY | | | | | | | Total Shareholders' Equity | | $ | 46,571 | | $ | 46,744 | | | | | | | | Total liabilities and shareholders' equity | | $ | 274,710 | | $ | 274,551 |
The following is a summary of results of operations of the unconsolidated affiliates for the three and six months ended June 30, 2025 | | | | | | | | | | | | | | | Three months ended
June 30, | | Six months ended
June 30, | | | 2025 | | 2024 | | 2025 | | 2024 | | | | (in thousands) | | | (in thousands) | Income from rental operations | | $ | 7,995 | | $ | 6,213 | | $ | 15,890 | | $ | 12,012 | Expenses from rental operations | | | 3,500 | | | 2,879 | | | 7,046 | | | 5,673 | Net operating income | | $ | 4,495 | | $ | 3,334 | | $ | 8,844 | | $ | 6,339 | Depreciation and Amortization | | | 3,606 | | | 2,699 | | | 7,228 | | | 5,181 | Interest | | | 2,237 | | | 1,611 | | | 4,427 | | | 3,239 | Other expense | | | 174 | | | - | | | 134 | | | - | Net loss | | $ | (1,522) | | $ | (976) | | $ | (2,945) | | $ | (2,081) |
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