| Schedule of Real Estate Properties |
As of March 31, 2026, the components of the Company's investments in multifamily properties were as follows (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Operating Real Estate Investments |
|
Land |
|
|
Buildings and
Improvements |
|
|
Intangible
Lease
Assets |
|
|
Construction
in Progress |
|
|
Furniture,
Fixtures and
Equipment |
|
|
Totals |
|
Alexander at the District |
|
$ |
7,806 |
|
|
$ |
60,700 |
|
|
$ |
— |
|
|
$ |
158 |
|
|
$ |
1,640 |
|
|
$ |
70,304 |
|
Mag & May |
|
|
5,105 |
|
|
|
42,907 |
|
|
|
694 |
|
|
|
— |
|
|
|
705 |
|
|
|
49,411 |
|
Accumulated depreciation and amortization |
|
|
— |
|
|
|
(5,399 |
) |
|
|
(363 |
) |
|
|
— |
|
|
|
(1,014 |
) |
|
|
(6,776 |
) |
Net Operating Real Estate Investments |
|
$ |
12,911 |
|
|
$ |
98,208 |
|
|
$ |
331 |
|
|
$ |
158 |
|
|
$ |
1,331 |
|
|
$ |
112,939 |
|
As of December 31, 2025, the components of the Company's investments in multifamily properties were as follows (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Operating Real Estate Investments |
|
Land |
|
|
Buildings and
Improvements |
|
|
Intangible
Lease
Assets |
|
|
Construction
in Progress |
|
|
Furniture,
Fixtures and
Equipment |
|
|
Totals |
|
Alexander at the District |
|
$ |
7,806 |
|
|
$ |
59,854 |
|
|
$ |
— |
|
|
$ |
643 |
|
|
$ |
1,515 |
|
|
$ |
69,818 |
|
Mag & May |
|
|
5,105 |
|
|
|
42,907 |
|
|
|
694 |
|
|
|
— |
|
|
|
705 |
|
|
|
49,411 |
|
Accumulated depreciation and amortization |
|
|
— |
|
|
|
(4,524 |
) |
|
|
— |
|
|
|
— |
|
|
|
(826 |
) |
|
|
(5,350 |
) |
Net Operating Real Estate Investments |
|
$ |
12,911 |
|
|
$ |
98,237 |
|
|
$ |
694 |
|
|
$ |
643 |
|
|
$ |
1,394 |
|
|
$ |
113,879 |
|
|
| Schedule of Revenue and Expenses |
The following table reflects the revenues and expenses for the three months ended March 31, 2026 and 2025, for our multifamily properties (in thousands).
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended March 31, |
|
|
|
2026 |
|
|
2025 |
|
Revenues |
|
|
|
|
|
|
Rental income |
|
$ |
2,137 |
|
|
$ |
2,378 |
|
Other income |
|
|
43 |
|
|
|
31 |
|
Total revenues |
|
$ |
2,180 |
|
|
$ |
2,409 |
|
Expenses |
|
|
|
|
|
|
Interest expense |
|
|
1,135 |
|
|
|
1,820 |
|
Real estate taxes and insurance |
|
|
276 |
|
|
|
389 |
|
Property operating expenses |
|
|
382 |
|
|
|
567 |
|
Property general and administrative expenses |
|
|
936 |
|
|
|
124 |
|
Property management fees |
|
|
63 |
|
|
|
70 |
|
Depreciation and amortization |
|
|
1,426 |
|
|
|
1,079 |
|
Rate cap (income) expense |
|
|
— |
|
|
|
(10 |
) |
Total expenses |
|
$ |
4,218 |
|
|
$ |
4,039 |
|
Net income (loss) from consolidated real estate owned |
|
$ |
(2,038 |
) |
|
$ |
(1,630 |
) |
|