v3.26.1
Consolidated Balance Sheets - USD ($)
Mar. 31, 2026
Dec. 31, 2025
Dec. 31, 2024
ASSETS      
Land $ 13,789,653 $ 16,390,250 $ 15,983,323
Buildings and improvements 82,684,544 101,878,107 102,862,977
Tenant improvements 11,435,230 17,645,103 16,488,066
Lease intangibles 1,400,602 3,467,798 3,776,654
Real estate assets and lease intangibles held for investment, cost 109,310,029 139,381,258 139,111,020
Accumulated depreciation and amortization (26,266,550) (37,536,809) (33,700,262)
Real estate assets and lease intangibles held for investment, net 83,043,479 101,844,449 105,410,758
Real estate assets held for sale, net 17,451,127 6,805,255 22,185,742
Real estate assets, net 100,494,606 108,649,704 127,596,500
Other assets:      
Cash, cash equivalents and restricted cash 5,171,903 7,422,359 8,036,496
Deferred leasing costs, net 1,230,452 1,340,853 1,666,135
Goodwill 1,317,000 1,317,000 1,389,000
Investment in Conduit Pharmaceuticals marketable securities (see Notes 2 & 9) 5,885 3,900 206,177
Deferred tax asset 223,388 223,388 298,645
Other assets, net (see Note 6) 2,803,541 3,095,670 3,376,697
Total other assets 10,752,169 13,403,170 14,973,150
TOTAL ASSETS 111,246,775 [1] 122,052,874 [1],[2] 142,569,650 [2]
Liabilities:      
Mortgage notes payable, net 64,160,535 81,936,586 80,977,448
Mortgage notes payable related to properties held for sale, net 17,473,032 10,137,781 21,116,646
Mortgage notes payable, total net 81,633,567 92,074,367 102,094,094
Accounts payable and accrued liabilities 3,044,512 3,302,187 3,290,170
Accrued real estate taxes 1,378,644 1,785,029 1,972,477
Dividends payable 190,220 194,784
Lease liability, net 33,756 40,108 64,345
Below-market leases, net 2,073 3,316 8,625
Total liabilities 86,092,552 97,395,227 107,624,495
Commitments and contingencies (see Note 10)
Equity:      
Additional paid-in capital 186,954,022 186,762,388 185,770,842
Dividends and accumulated losses (169,504,393) (169,945,302) (159,374,010)
Total stockholders’ equity before noncontrolling interest 17,472,508 16,839,965 26,535,146
Noncontrolling interest 7,681,715 7,817,682 8,410,009
Total equity 25,154,223 24,657,647 34,945,155
TOTAL LIABILITIES AND EQUITY 111,246,775 122,052,874 142,569,650
Series D Preferred Stock [Member]      
Equity:      
Preferred Stock, value 9,737 9,737 9,971
Series A Preferred Stock [Member]      
Equity:      
Common Stock, value $ 13,142 $ 13,142 $ 128,343
[1] As of March 31, 2026 and December 31, 2025, includes approximately $7.4 million and $8.6 million, respectively, of assets related to consolidated variable interest entities that can be used only to settle obligations of the consolidated variable interest entities.
[2] As of December 31, 2025 and 2024, includes approximately $8.6 million and $11.4 million, respectively, of assets related to consolidated variable interest entities that can be used only to settle obligations of the consolidated variable interest entities.