v3.26.1
Investment in Unconsolidated Affiliated Entity (Tables)
3 Months Ended
Mar. 31, 2026
Investment in Unconsolidated Affiliated Entity (Tables) [Line Items]  
Schedule of investments in unconsolidated affiliated entities

The entities below are partially owned by the Company. The Company accounts for these investments under the equity method of accounting as the Company exercises significant influence, but does not exercise financial and operating control over these entities. A summary of the Company’s investments in unconsolidated affiliated entities is as follows:

 

   Date of  Ownership   As of
March 31,
   As of
December 31,
 
Entity  Ownership  %   2026   2025 
LSG Joint Venture  December 11, 2025   47.7%  $11,872   $10,517 
Columbus Joint Venture  November 29, 2022   19.0%   12,284    12,787 
                   
Total investments in unconsolidated affiliated entities          $24,156   $23,304 
LSG Joint Venture [Member]  
Investment in Unconsolidated Affiliated Entity (Tables) [Line Items]  
Schedule of condensed consolidated balance sheet

The following table represents the condensed consolidated balance sheet for the LSG Joint Venture:

 

   As of
March 31,
   As of
December 31,
 
   2026   2025 
Land held for development  $20,625   $19,024 
Cash and restricted cash   3,167    - 
Other assets   4,000    4,000 
           
Total assets  $27,792   $23,024 
           
Other liabilities  $873   $3 
Members’ equity   26,919    23,021 
           
Total liabilities and members’ equity  $27,792   $23,024 
Columbus Joint Venture [Member]  
Investment in Unconsolidated Affiliated Entity (Tables) [Line Items]  
Schedule of condensed statements of operations

The following table represents the condensed statements of operations for the Columbus Joint Venture:

 

   For the Three Months Ended
March 31,
 
   2026   2025 
Revenues  $11,699   $11,344 
           
Property operating expenses   6,019    5,526 
General and administrative expense   74    141 
Depreciation and amortization   3,422    3,265 
           
Operating income   2,184    2,412 
           
Interest expense and other, net   (6,951)   (7,021)
           
Net loss  $(4,767)  $(4,609)
           
Company’s share of net loss (19.0%)  $(906)  $(875)
Additional depreciation and amortization expense (1)   (15)   (15)
Company’s loss from investment  $(921)  $(890)

 

(1)Additional depreciation and amortization expense relates to the amortization of the difference between the cost of the interest in the Columbus Joint Venture and the amount of the underlying equity in net assets of the Columbus Joint Venture.
Schedule of condensed balance sheets

The following table represents the condensed balance sheets for the Columbus Joint Venture:

 

   As of
March 31,
   As of
December 31,
 
   2026   2025 
Investment property, net  $441,449   $443,283 
Cash and restricted cash   20,574    24,512 
Other assets   1,926    1,767 
           
Total assets  $463,949   $469,562 
           
Mortgages and loans payable, net  $402,386   $401,193 
Other liabilities   10,319    12,357 
Members' equity   51,244    56,012 
           
Total liabilities and members' equity  $463,949   $469,562