Investment in Unconsolidated Affiliated Entity (Tables)
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3 Months Ended |
Mar. 31, 2026 |
| Investment in Unconsolidated Affiliated Entity (Tables) [Line Items] |
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| 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 | |
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| LSG Joint Venture [Member] |
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| Investment in Unconsolidated Affiliated Entity (Tables) [Line Items] |
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| 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 | |
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