| Schedule of NOI by reportable segments to consolidated |
The following table summarizes NOI by the Company’s reportable segments for the three months ended March 31, 2026 and 2025, and reconciles NOI to net loss attributable to common stockholders on the Company’s statements of operations and comprehensive income (loss) (amounts in thousands): | | | | | | | | | Three Months Ended March 31, | | | 2026 | | 2025 | Rental and other property revenues | | | | | | | Residential communities | | $ | 12,751 | | $ | 8,109 | Scattered single-family homes | | | 6,950 | | | 7,801 | Total rental and other property revenues | | | 19,701 | | | 15,910 | | | | | | | | Property operating expenses | | | | | | | Residential communities | | | 5,264 | | | 3,502 | Scattered single-family homes | | | 3,817 | | | 4,150 | Total property operating expenses | | | 9,081 | | | 7,652 | | | | | | | | Net operating income | | | | | | | Residential communities | | | 7,487 | | | 4,607 | Scattered single-family homes | | | 3,133 | | | 3,651 | Total net operating income | | | 10,620 | | | 8,258 | Reconciling items: | | | | | | | Interest income from loan investments | | | — | | | 503 | Property management and asset management fee expenses | | | (1,571) | | | (1,325) | General and administrative expenses | | | (3,114) | | | (3,057) | Management fees to related party | | | (2,688) | | | (2,540) | Acquisition and other transaction costs | | | (43) | | | (76) | Weather-related losses, net | | | (250) | | | — | Impairment of real estate investments | | | (601) | | | (124) | Depreciation and amortization | | | (8,858) | | | (7,492) | Other expense, net | | | (882) | | | (59) | Income from preferred equity investments | | | 1,531 | | | 3,110 | Share of net earnings of equity method investment | | | 296 | | | — | Recovery of credit losses, net | | | — | | | 102 | Gain on sale of real estate investments, net | | | 584 | | | 827 | Loss on extinguishment of debt | | | (36) | | | (4) | Interest expense, net | | | (6,485) | | | (6,211) | Interest income | | | 1,276 | | | 1,104 | Income tax expense | | | (76) | | | (346) | Net loss | | | (10,297) | | | (7,330) | Preferred stock dividends | | | (2,609) | | | (2,010) | Preferred stock accretion | | | (993) | | | (523) | Net loss attributable to noncontrolling interests | | | 10,466 | | | 7,334 | Net loss attributable to common stockholders | | $ | (3,433) | | $ | (2,529) |
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| Schedule of total rental and other property revenues for reportable segments |
The following table reconciles the Company’s total rental and other property revenues for reportable segments to total revenues on the Company’s consolidated statements of operations and comprehensive income (loss) for the three months ended March 31, 2026 and 2025 (amounts in thousands): | | | | | | | | | Three Months Ended March 31, | | | 2026 | | 2025 | Revenues | | | | | | | Rental and other property revenues | | | | | | | Residential communities | | $ | 12,751 | | $ | 8,109 | Scattered single-family homes | | | 6,950 | | | 7,801 | Total rental and other property revenues | | | 19,701 | | | 15,910 | Interest income from loan investments | | | — | | | 503 | Total revenues | | $ | 19,701 | | $ | 16,413 |
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