| Summary of Reportable Segments |
The following table summarizes information for the reportable segment for the three and six months ended June 30, 2025 and 2024:
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Three Months Ended June 30, |
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Six Months Ended June 30, |
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2025 |
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2024 |
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2025 |
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2024 |
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Revenues: |
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Leasing and related revenues |
$ |
9,324,977 |
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$ |
8,615,846 |
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$ |
18,365,157 |
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$ |
16,991,857 |
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Operating expenses: |
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Property operating expenses |
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Payroll and administrative |
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4,057,430 |
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3,791,306 |
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7,881,791 |
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7,433,053 |
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Food and related items |
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514,111 |
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544,914 |
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1,007,011 |
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1,065,606 |
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Third-party property management fees |
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455,166 |
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420,523 |
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896,465 |
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829,139 |
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Utilities |
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387,477 |
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437,878 |
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839,846 |
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874,335 |
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Repairs and maintenance |
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240,606 |
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290,925 |
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500,519 |
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617,640 |
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Property taxes |
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256,533 |
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246,374 |
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513,062 |
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473,665 |
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Other direct property costs (1) |
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523,842 |
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648,941 |
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1,126,020 |
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1,344,823 |
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Total property operating expenses |
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6,435,165 |
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6,380,861 |
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12,764,714 |
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12,638,261 |
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Other operating expenses: |
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Property operating expenses – affiliates |
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513,609 |
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502,928 |
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1,023,306 |
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1,002,320 |
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General and administrative |
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541,728 |
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713,064 |
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1,067,116 |
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1,145,987 |
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Depreciation |
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1,379,295 |
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1,335,039 |
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2,742,229 |
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2,657,048 |
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Total other operating expenses |
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2,434,632 |
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2,551,031 |
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4,832,651 |
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4,805,355 |
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Income (loss) from operations |
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455,180 |
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(316,046 |
) |
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767,792 |
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(451,759 |
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Other income (expense): |
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Interest expense |
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(1,297,330 |
) |
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(1,319,794 |
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(2,586,221 |
) |
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(2,645,077 |
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Interest expense – debt issuance costs |
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(35,526 |
) |
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(35,525 |
) |
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(71,050 |
) |
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(71,050 |
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Other income (expense) |
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135,686 |
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(36,413 |
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105,397 |
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(71,270 |
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Net loss from continuing operations |
$ |
(741,990 |
) |
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$ |
(1,707,778 |
) |
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$ |
(1,784,082 |
) |
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$ |
(3,239,156 |
) |
(1)Primarily includes property insurance, advertising expense, and other miscellaneous direct property costs.
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