Segment Reporting (Tables)

The following tables summarize NOI by segment for the three and six months ended June 30, 2026 and 2025.


	Three Months Ended June 30, 2026						Three Months Ended June 30, 2025
	Total		Multi-family		Other		Total		Multi-family		Other
Rental income	$	7,357	$	4,117	$	3,240	$	7,577	$	4,409	$	3,168
Tenant recovery income	1,183		214		969		1,384		258		1,126
Other property income	243		243		—		235		234		1
Total income	8,783		4,574		4,209		9,196		4,901		4,295
Repairs and maintenance	637		460		177		620		405		215
Property payroll and benefits	410		360		50		332		291		41
Property insurance	371		162		209		424		190		234
Other property expenses	1,398		880		518		1,264		785		479
Real estate taxes	1,538		543		995		1,495		516		979
Total expenses	$	4,354	$	2,405	$	1,949	$	4,135	$	2,187	$	1,948

NOI	$	4,429	$	2,169	$	2,260	$	5,061	$	2,714	$	2,347

Non-allocated expenses (1)	(6,283)						(6,752)

Other income	251						178
Interest expense	(2,029)						(1,780)
GAAP adjustments to NOI (2)	249						275
Net loss	$	(3,383)					$	(3,018)

(1)


	Six Months Ended June 30, 2026						Six Months Ended June 30, 2025
	Total		Multi-family		Other		Total		Multi-family		Other
Rental income	$	14,834	$	8,307	$	6,527	$	14,924	$	8,902	$	6,022
Tenant recovery income	2,696		409		2,287		2,876		513		2,363
Other property income	424		424		—		452		451		1
Total income	$	17,954	$	9,140	$	8,814	$	18,252	$	9,866	$	8,386
Repairs and maintenance	1,344		805		539		1,173		737		436
Property payroll and benefits	766		670		96		674		594		80
Property insurance	801		357		444		796		364		432
Other property expenses	2,897		1,832		1,065		2,588		1,692		896
Real estate taxes	3,021		990		2,031		2,986		1,046		1,940
Total expenses	$	8,829	$	4,654	$	4,175	$	8,217	$	4,433	$	3,784

NOI	$	9,125	$	4,486	$	4,639	$	10,035	$	5,433	$	4,602

Non-allocated expenses (1)	(12,192)						(12,628)

Other income	369						415
Interest expense	(3,746)						(3,616)
GAAP adjustments to NOI (2)	472						524
Net loss	$	(5,972)					$	(5,270)

Balance Sheet Data
Real estate assets, net (3)	$	279,284	$	183,217	$	96,067	$	289,560	$	188,737	$	100,823
Non-segmented assets (4)	61,013						38,662
Total assets	$	340,297					$	328,222
Capital expenditures	$	502	$	393	$	109	$	8,007	$	200	$	7,807

(1)Non-allocated expenses consist of general and administrative expenses and depreciation and amortization.

(2)GAAP adjustments to NOI include straightline rental income and amortization of above and below market lease revenues.

(3)Real estate assets include intangible lease assets, net of amortization.

(4)Non-segmented assets include cash and cash equivalents, restricted cash and escrows, accounts receivable and deferred costs and other assets.