| Summary of Reportable Segments |
The following table summarizes information for the reportable segment for the three months ended March 31, 2026 and 2025:
|
|
|
|
|
|
|
|
|
Three Months Ended March 31, |
|
|
2026 |
|
|
2025 |
|
Revenues: |
|
|
|
|
|
Leasing and related revenues |
$ |
10,223,590 |
|
|
$ |
9,040,180 |
|
Operating expenses: |
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|
|
|
|
Property operating expenses |
|
|
|
|
|
Payroll and administrative |
|
4,165,529 |
|
|
|
3,824,360 |
|
Food and related items |
|
504,386 |
|
|
|
492,900 |
|
Third-party property management fees |
|
496,468 |
|
|
|
441,300 |
|
Utilities |
|
439,288 |
|
|
|
452,370 |
|
Repairs and maintenance |
|
261,431 |
|
|
|
259,914 |
|
Property taxes |
|
267,458 |
|
|
|
256,529 |
|
Other direct property costs (1) |
|
752,708 |
|
|
|
602,175 |
|
Total property operating expenses |
|
6,887,268 |
|
|
|
6,329,548 |
|
Other operating expenses: |
|
|
|
|
|
Property operating expenses – affiliates |
|
527,002 |
|
|
|
509,697 |
|
General and administrative |
|
401,427 |
|
|
|
525,387 |
|
Depreciation |
|
1,458,607 |
|
|
|
1,362,934 |
|
Total other operating expenses |
|
2,387,036 |
|
|
|
2,398,018 |
|
Income from operations |
|
949,286 |
|
|
|
312,614 |
|
Other income (expense): |
|
|
|
|
|
Interest expense |
|
(1,266,037 |
) |
|
|
(1,288,891 |
) |
Interest expense – debt issuance costs |
|
(35,525 |
) |
|
|
(35,526 |
) |
Other income (expense) |
|
49,968 |
|
|
|
(30,289 |
) |
Net loss |
$ |
(302,308 |
) |
|
$ |
(1,042,092 |
) |
(1)Primarily includes property insurance, advertising expense, and other miscellaneous direct property costs.
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