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

7. OPERATING SEGMENTS

 

Segment information is prepared on the same basis that our chief operating decision maker (“CODM”) reviews information to assess performance and make resource allocation decisions. Our CODM is our President and Chief Executive Officer. We operate in ONE reportable segment: (i) ownership and management of commercial real estate property (“Commercial Segment”). The service for our segment include rental of property and other tenant services, including parking and storage space rental. The key operating metric that the CODM utilizes to evaluate the segments is net operating income (“NOI”), which we defined as property revenue less direct property operating expenses, NOI excludes depreciation, interest income and expenses, general and administrative expenses, advisory fees and income taxes.

 

The following table reconciles the segment information to the corresponding amounts in the condensed consolidated statements of operations (in thousands):

             
Three Months Ended June 30, 2026 

Current

Operations

   Corporate   Total 
             
             
Operating revenue  $41   $-   $41 
                
Operating expenses   9    129    138 
Depreciation   4    -    4 
Total operating expenses   13    129    142 
Interest income   -    35    35 
Segment operating income (loss)  $28   $(94)  $(66)

 

Three Months Ended June 30, 2025   

Current

Operations

    Corporate     Total 
                
                
Operating revenue  $40   $-   $40 
                
Operating expenses   11    85    96 
Depreciation   4    -    4 
Total operating expenses   15    85    100 
Interest income   -    42    42 
Segment operating income (loss)  $25   $(43)  $(18)

 

Six Months Ended June 30, 2026   

Current

Operations

    Corporate     Total 
                
                
Operating revenue  $80   $-   $80 
                
Operating expenses   19    206    225 
Depreciation   7    -    7 
Total operating expenses   26    206    232 
Interest income   -    72    72 
Segment operating income (loss)  $54   $(134)  $(80)

 

Six Months Ended June 30, 2025   

Current

Operations

    Corporate     Total 
                
                
Operating revenue  $78   $-   $78 
                
Operating expenses   20    174    194 
Depreciation   7    -    7 
Total operating expenses   27    174    201 
Interest income   -    85    85 
Segment operating income (loss)  $51   $(89)  $(38)