| 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 | | March 31,
2026 | | December 31, 2025 | | March 31,
2026 | | | December 31, 2025 | | March 31,
2026 | | December 31, 2025 | Banner Building | | | 2007 | | | 66.67% | | $ | 1,357 | | $ | 1,347 | | $ | 8,434 | | $ | 8,470 | | $ | 6,455 | | $ | 6,505 | Grand Forks INREIT, LLC | | | 2003 | | | 50% | | | 5,318 | | | 5,417 | | | 19,285 | | | 19,848 | | | 8,651 | | | 9,015 | SE Savage, LLC | | | 2019 | | | 60% | | | (923) | | | (575) | | | 28,268 | | | 28,783 | | | 29,806 | | | 30,274 | SE Maple Grove, LLC | | | 2019 | | | 60% | | | 251 | | | 553 | | | 25,946 | | | 26,394 | | | 26,374 | | | 26,545 | SE Rogers, LLC | | | 2020 | | | 60% | | | (63) | | | 40 | | | 27,482 | | | 28,040 | | | 27,712 | | | 28,210 | ST Oak Cliff, LLC | | | 2021 | | | 70% | | | 5,775 | | | 5,930 | | | 44,587 | | | 45,608 | | | 36,200 | | | 37,073 | SE Brooklyn Park, LLC | | | 2021 | | | 60% | | | (21) | | | 144 | | | 26,287 | | | 26,535 | | | 26,314 | | | 26,398 | ST Fossil Creek, LLC | | | 2022 | | | 70% | | | 6,357 | | | 5,333 | | | 46,536 | | | 46,131 | | | 37,956 | | | 39,013 | SHG Emory North Liberty, LLC | | | 2024 | | | 99% | | | 10,797 | | | 11,027 | | | 12,175 | | | 12,241 | | | 654 | | | 482 | | | | | | | | | $ | 28,848 | | $ | 29,216 | | $ | 239,000 | | $ | 242,050 | | $ | 200,122 | | $ | 203,515 | | | | | | | | | | | | | | | | | | | | | | | | | | Negative investments presented in accrued expenses and other liabilities | | | | | | | | | 1,006 | | | 575 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Total investment in
unconsolidated affiliates | | | | | | | | $ | 29,854 | | $ | 29,791 | | | | | | | | | | | | |
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| Schedule of financial information of unconsolidated entities |
| | | | | | | | | March 31, 2026 | | December 31, 2025 | | | | (in thousands) | ASSETS | | | | | | | Real estate investments | | $ | 272,104 | | $ | 272,102 | Accumulated depreciation | | | (52,126) | | | (51,086) | Total Real Estate Investments, net | | | 219,978 | | | 221,016 | Cash and cash equivalents | | | 3,782 | | | 6,130 | Restricted deposits | | | 2,203 | | | 1,451 | Investment in unconsolidated affiliates | | | 11,691 | | | 11,758 | Financing and lease costs, net | | | 689 | | | 710 | Other assets, net | | | 657 | | | 985 | Total Assets | | $ | 239,000 | | $ | 242,050 | | | | | | | | LIABILITIES | | | | | | | Mortgage notes payable, net | | $ | 195,971 | | $ | 196,774 | Tenant security deposits payable | | | 422 | | | 428 | Accrued expenses and other liabilities | | | 3,729 | | | 6,313 | Total Liabilities | | | 200,122 | | | 203,515 | SHAREHOLDERS' EQUITY | | | | | | | Total Shareholders' Equity | | | 38,878 | | | 38,535 | | | | | | | | Total liabilities and shareholders' equity | | $ | 239,000 | | $ | 242,050 |
| | | | | | | | | Three months ended
March 31, | | | 2026 | | 2025 | | | | (in thousands) | Income from rental operations | | $ | 7,296 | | $ | 7,380 | Expenses from rental operations | | | 3,259 | | | 3,237 | Net operating income | | | 4,037 | | | 4,143 | Depreciation and amortization | | | 1,062 | | | 3,352 | Interest | | | 1,820 | | | 1,850 | Other income (expense) | | | 19 | | | (162) | Net income (loss) | | $ | 1,174 | | $ | (1,221) |
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