v3.26.1
Segment Reporting
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Segment Reporting

NOTE 15 – SEGMENT REPORTING

As of June 30, 2026, the Company operates in three reportable segments: Healthcare, Self-Storage and Education. Prior to the consolidation on May 1, 2026, the Company operated as one reportable segment. The Company assesses performance and makes operational decisions based on the performance of each segment individually. Factors used to determine the Company’s reportable segments include the physical and economic characteristics of the properties and the related operating activities. The accounting policies of the segments are the same as those described in the summary of significant accounting policies for the Company. The chief operating decision maker (“CODM”) relies on segment net operating income to make decisions about allocating resources and assessing segment performance. Segment net operating income is the key performance metric that captures the unique operating characteristics of each segment. The Company defines segment net operating income as total revenues less property operating expenses and real estate tax expense attributable to the segment. The significant segment expenses provided to the CODM are property operating expenses and the real estate tax expense, which are both disclosed in the tables below. The Company’s CODM is the Chief Executive Officer.

The following table details the total assets by reportable segment as of June 30, 2026:

 

 

June 30, 2026

 

Healthcare

 

$

356,074

 

Self-Storage

 

 

38,014

 

Education

 

 

43,705

 

Corporate and other

 

 

6,164

 

Total assets

 

$

443,957

 

The following table details the financial results by reportable segment for the three months ended June 30, 2026:

 

 

Healthcare

 

 

Self-Storage

 

 

Education

 

 

Total

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

Rental revenue

 

$

4,178

 

 

$

576

 

 

$

797

 

 

$

5,551

 

Other property revenue

 

 

1

 

 

 

71

 

 

 

—

 

 

 

72

 

Total revenues

 

 

4,179

 

 

 

647

 

 

 

797

 

 

 

5,623

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Property operating expenses

 

 

411

 

 

 

245

 

 

 

375

 

 

 

1,031

 

Real estate tax expense

 

 

186

 

 

 

51

 

 

 

77

 

 

 

314

 

Total expenses

 

 

597

 

 

 

296

 

 

 

452

 

 

 

1,345

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Segment net operating income

 

$

3,582

 

 

$

351

 

 

$

345

 

 

$

4,278

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

$

(2,596

)

 

$

(762

)

 

$

(734

)

 

$

(4,092

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Loss from equity method investment in Operating Partnership

 

 

 

 

 

 

 

 

 

 

$

(100

)

Gain on consolidation of equity method investment

 

 

 

 

 

 

 

 

 

 

 

2,140

 

General and administrative expenses

 

 

 

 

 

 

 

 

 

 

 

(628

)

Advisor management fee

 

 

 

 

 

 

 

 

 

 

 

(140

)

Performance participation allocation

 

 

 

 

 

 

 

 

 

 

 

(82

)

Interest expense

 

 

 

 

 

 

 

 

 

 

 

(2,702

)

Interest and other income

 

 

 

 

 

 

 

 

 

 

 

8

 

Net loss

 

 

 

 

 

 

 

 

 

 

$

(1,318

)

 

The following table details the financial results by reportable segment for the six months ended June 30, 2026:

 

 

Healthcare

 

 

Self-Storage

 

 

Education

 

 

Total

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

Rental revenue

 

$

4,178

 

 

$

576

 

 

$

797

 

 

$

5,551

 

Other property revenue

 

 

1

 

 

 

71

 

 

 

—

 

 

 

72

 

Total revenues

 

 

4,179

 

 

 

647

 

 

 

797

 

 

 

5,623

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Property operating expenses

 

 

411

 

 

 

245

 

 

 

375

 

 

 

1,031

 

Real estate tax expense

 

 

186

 

 

 

51

 

 

 

77

 

 

 

314

 

Total expenses

 

 

597

 

 

 

296

 

 

 

452

 

 

 

1,345

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Segment net operating income

 

$

3,582

 

 

$

351

 

 

$

345

 

 

$

4,278

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

$

(2,596

)

 

$

(762

)

 

$

(734

)

 

$

(4,092

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Loss from equity method investment in Operating Partnership

 

 

 

 

 

 

 

 

 

 

$

(463

)

Gain on consolidation of equity method investment

 

 

 

 

 

 

 

 

 

 

 

2,140

 

General and administrative expenses

 

 

 

 

 

 

 

 

 

 

 

(628

)

Advisor management fee

 

 

 

 

 

 

 

 

 

 

 

(140

)

Performance participation allocation

 

 

 

 

 

 

 

 

 

 

 

(82

)

Interest expense

 

 

 

 

 

 

 

 

 

 

 

(2,702

)

Interest and other income

 

 

 

 

 

 

 

 

 

 

 

8

 

Net loss

 

 

 

 

 

 

 

 

 

 

$

(1,681

)