v3.26.1
SEGMENT REPORTING
 12 Months Ended
Dec. 31, 2025
SEGMENT REPORTING  
SEGMENT REPORTING

12.

SEGMENT REPORTING

Prior to the Tower Sale in December 2025, the Company had three operating segments which were presented as three reportable segments: cell towers, data centers, and investments in joint ventures. The cell towers and data centers reportable segments are made up of various consolidated subsidiaries of the Company, and the joint ventures segment is currently made up of a 100% owned subsidiary dedicated to identifying and making investments in joint venture entities that own data/communications infrastructure. As of December 31, 2025, the joint venture segment has a single investment in the 51% owned Datacom JV. Following the Tower Sale, the Company has two operating segments.

These are operating segments that are defined as components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision-makers (“CODM”) in deciding how to allocate resources and in assessing performance. The Company’s chief operating decision maker is the senior executive committee that includes the president and chief financial officer. The Company’s CODM direct the allocation of resources to operating segments based on the profitability and cash flows of each respective segment. The Company defines segment operating income (loss) as rental revenues less property operating expenses and general and administrative expenses directly attributable to segment operations. The Company believes that segment operating income (loss) is the performance metric that captures the unique operating characteristics of each segment and serves as an appropriate supplemental performance measure to net income (loss) because it allows investors and our CODM to measure unlevered property-level operating results and to compare our operating results to the operating results of other real estate companies and between periods on a consistent basis. Our use of the term segment operating income (loss) may not be comparable to that of other real estate companies as they may have different methodologies for computing this amount.

Depreciation and amortization, corporate level general and administrative expenses, asset management fees, accretion expense, and interest income are not attributable to our operating segments for purposes of assessing segment performance and are presented in the table to reconcile to net loss for the Company. Non-segment assets primarily consist of corporate assets, including cash and cash equivalents and prepaid and other corporate assets not attributable to our segments.

The following are the segment results for the year ended December 31, 2025:

​

​

​

​

​

​

​

​

​

​

​

  ​ ​ ​

Data Center

  ​ ​ ​

Datacom JV

  ​ ​ ​

Total

Revenues:

​

​

​

​

​

​

​

​

​

Rental revenues

​

$

2,582,747

​

$

—

​

$

2,582,747

Total revenues

​

​

2,582,747

​

​

—

​

​

2,582,747

Expenses:

​

​

​

​

​

​

​

​

​

Property operating expenses

 

​

321,601

​

​

—

 

​

321,601

General and administrative

 

​

6,254

​

​

478

 

​

6,732

Total expenses

 

​

327,855

 

​

478

 

​

328,333

Other income (expense):

 

​

  ​

 

​

  ​

 

​

  ​

Interest expense

 

​

(1,245,177)

​

​

—

 

​

(1,245,177)

Equity method loss on investments

 

​

—

​

​

(5,261,052)

 

​

(5,261,052)

Segment operating net loss

​

$

1,009,715

​

$

(5,261,530)

​

$

(4,251,815)

Depreciation and amortization

​

 

  ​

​

 

  ​

​

 

(1,225,013)

General and administrative

​

 

  ​

​

 

  ​

​

 

(4,322,546)

Asset management fees

​

 

  ​

​

 

  ​

​

 

(1,468,366)

Interest income

​

 

  ​

​

 

  ​

​

​

6,890

Loss from continuing operations

​

 

  ​

​

 

  ​

​

$

(11,260,850)

​

The following are the segment results for the year ended December 31, 2024:

​

​

​

​

​

​

​

​

​

​

​

  ​ ​ ​

Data Center

  ​ ​ ​

Datacom JV

  ​ ​ ​

Total

Revenues:

​

​

​

​

​

​

​

​

​

Rental revenues

​

$

2,652,459

​

$

—

​

$

2,652,459

Total revenues

​

​

2,652,459

​

​

—

​

​

2,652,459

Expenses:

​

​

​

​

​

​

​

​

​

Property operating expenses

 

​

311,947

 

​

—

 

​

311,947

General and administrative

 

​

29,366

 

​

16,985

 

​

46,351

Total expenses

 

​

341,313

 

​

16,985

 

​

358,298

Other income (expense):

​

​

​

​

​

​

​

​

​

Interest expense

​

​

(1,422,046)

​

​

—

 

​

(1,422,046)

Equity method loss on investments

​

​

—

​

​

(3,378,066)

 

​

(3,378,066)

Segment operating net loss

​

$

889,100

​

$

(3,395,051)

​

$

(2,505,951)

Depreciation and amortization

​

​

​

​

​

​

​

 

(1,225,010)

General and administrative

​

​

​

​

​

​

​

 

(3,619,889)

Asset management fees

​

 

  ​

​

 

  ​

​

 

(1,484,727)

Interest income

​

 

  ​

​

 

  ​

​

 

226,047

Performance participation allocation

​

 

  ​

​

 

  ​

​

 

(948,118)

Loss from continuing operations

​

 

  ​

​

 

  ​

​

$

(9,557,648)

​

The operating segments assets held as of December 31, 2025 and December 31, 2024:

​

​

​

​

​

​

​

​

​

  ​ ​ ​

December 31, 2025

  ​ ​ ​

December 31, 2024

Data Center

​

$

33,175,658

 

$

34,019,552

Joint Venture

​

​

34,861,734

 

​

40,122,786

Other (Corporate)

​

​

43,937,706

 

​

7,044,759

Total assets

​

$

111,975,098

​

$

81,187,097

​