The Company’s unconsolidated investment in a real estate property amounted to $9.4 million and $9.3 million as of December 31, 2025 and 2024, respectively. The related income from unconsolidated investment in a real estate property amounted to $0.8 million and $0.3 million for the years ended December 31, 2025 and 2024, respectively.

During 2017, the Company, through a wholly-owned subsidiary of the Operating Partnership, acquired an approximate 72.7% TIC Interest. The remaining approximate 27.3% interest in the Santa Clara, California property was held by third parties. The Company receives approximately 72.7% of the cash flow distributions and recognizes approximately 72.7% of the results of operations from the TIC Interest.

As of December 31, 2025, the Company and the third parties each hold an individual, undivided ownership interest in the Santa Clara property. Undivided ownership interests are arrangements in which two or more parties jointly own the property and the title is held individually to the extent of each party’s interest. Based upon the nature of the Company’s interest, consolidation is not appropriate. As the Santa Clara property is subject to joint control, the Company accounts for its TIC Interest using the equity method. Subsequent to December 31, 2025, the Company acquired the 27.3% remaining TIC interest for $9.6 million, giving the Company 100% ownership and control of the property.

On April 24, 2025, the TIC’s leases with Fujifilm Dimatix, Inc. were amended to extend the leases for ten years from March 17, 2026 to March 16, 2036. The leases, as amended, provide for annual rent escalations of 3.0% and include two seven-year renewal options. The mortgage on this property bears interest at 3.86% and has a maturity date of October 1, 2027.

The following is summarized financial information for the Santa Clara, California property as of December 31, 2025 and 2024 and for the years ended December 31, 2025 and 2024 (in thousands):


	December 31,
	2025		2024

Assets:
Real estate investments, net	$	27,032	$	27,529
Cash and cash equivalents	233		599
Other assets	79		59
Total assets	$	27,344	$	28,187
Liabilities:
Mortgage note payable, net	$	12,018	$	12,337
Below-market lease, net	2,075		2,221
Other liabilities	273		806
Total liabilities	14,366		15,364
Total equity	12,978		12,823
Total liabilities and equity	$	27,344	$	28,187


	Year Ended December 31,
		2025		2024
Total revenue		$	3,409	$	2,758
Operating expenses:
Depreciation and amortization		1,040		1,039
Other expenses		824		794
Total operating expenses		1,864		1,833
Operating income		1,545		925
Interest expense		502		516
Net income		$	1,043	$	409