SEGMENT REPORTING (Tables)

6 Months Ended

Jun. 30, 2025

SEGMENT REPORTING

Summary of segment results

The following are the segment results for the three months ended June 30, 2025:


		Cell Tower			Data Center			Joint Venture			Total
Revenues:
Rental revenues		$	466,643		$	624,496		$	—		$	1,091,139
Total revenues			466,643			624,496			—			1,091,139
Expenses:
Property operating expenses			158,656			55,468			—			214,124
General and administrative			21,866			685			—			22,551
Total expenses			180,522			56,153			—			236,675
Other income (expense):
Interest expense			(320,355)			(388,705)			—			(709,060)
Equity method loss on investments			—			—			(933,030)			(933,030)
Segment operating net loss		$	(34,234)		$	179,638		$	(933,030)		$	(787,626)
Depreciation and amortization												(1,019,087)
Accretion expense												(24,679)
General and administrative												(1,152,943)
Asset management fees												(365,855)
Interest income												2,525
Performance participation allocation												—
Net loss											$	(3,347,665)

The following are the segment results for the three months ended June 30, 2024:


		Cell Tower			Data Center			Joint Venture			Total
Revenues:
Rental revenues		$	275,429		$	645,083		$	—		$	920,512
Total revenues			275,429			645,083			—			920,512
Expenses:
Property operating expenses			50,669			59,860			—			110,529
General and administrative			23,504			1,495			16,896			41,895
Total expenses			74,173			61,355			16,896			152,424
Other income (expense):
Interest expense			—			(361,546)			—			(361,546)
Equity method loss on investments			—			—			(802,601)			(802,601)
Gain on transfer of assets			—			—			—			—
Segment operating net loss		$	201,256		$	222,182		$	(819,497)		$	(396,059)
Depreciation and amortization												(828,392)
Accretion expense												(16,854)
General and administrative												(1,446,138)
Asset management fees												(386,443)
Interest income												71,818
Performance participation allocation												—
Net loss											$	(3,002,068)

The following are the segment results for the six months ended June 30, 2025:


		Cell Tower			Data Center			Joint Venture			Total
Revenues:
Rental revenues		$	903,394		$	1,249,029		$	—		$	2,152,423
Total revenues			903,394			1,249,029			—			2,152,423
Expenses:
Property operating expenses			270,704			125,065			—			395,769
General and administrative			38,577			2,713			—			41,290
Total expenses			309,281			127,778			—			437,059
Other income (expense):
Interest expense			(565,295)			(644,538)			—			(1,209,833)
Equity method loss on investments			—			—			(2,372,646)			(2,372,646)
Segment operating net loss		$	28,818		$	476,713		$	(2,372,646)		$	(1,867,115)
Depreciation and amortization												(2,104,680)
Accretion expense												(48,388)
General and administrative												(1,389,214)
Asset management fees												(733,342)
Interest income												4,296
Performance participation allocation												(165,100)
Net loss											$	(6,303,543)

The following are the segment results for the six months ended June 30, 2024:


		Cell Tower			Data Center			Joint Venture			Total
Revenues:
Rental revenues		$	550,915		$	1,279,017		$	—		$	1,829,932
Total revenues			550,915			1,279,017			—			1,829,932
Expenses:
Property operating expenses			143,718			109,659			—			253,377
General and administrative			34,724			2,330			16,896			53,950
Total expenses			178,442			111,989			16,896			307,327
Other income (expense):
Interest expense			—			(723,457)			—			(723,457)
Equity method loss on investments			—			—			(1,386,435)			(1,386,435)
Gain on transfer of assets			—			—			—			—
Segment operating net loss		$	372,473		$	443,571		$	(1,403,331)		$	(587,287)
Depreciation and amortization												(1,574,024)
Accretion expense												(30,297)
General and administrative												(2,556,749)
Asset management fees												(740,901)
Interest income												194,463
Performance participation allocation												—
Net loss											$	(5,294,795)

Summary of operating segments assets


		June 30, 2025			December 31, 2024
Cell Tower		$	42,846,923		$	39,578,722
Data Center			33,006,113			34,019,552
Joint Venture			37,750,140			40,122,786
Other (Corporate)			3,045,045			6,890,998
Total assets		$	116,648,221		$	120,612,058