| Summary of Reportable Segments |
The following table summarizes information for the reportable segment for the three and six months ended June 30, 2026 and 2025:
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Three Months Ended June 30, |
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Six Months Ended June 30, |
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2026 |
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2025 |
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2026 |
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2025 |
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Revenues: |
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Leasing and related revenues |
$ |
10,313,336 |
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$ |
9,324,977 |
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$ |
20,536,926 |
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$ |
18,365,157 |
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Operating expenses: |
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Property operating expenses |
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Payroll and administrative |
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4,305,085 |
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4,057,430 |
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8,470,614 |
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7,881,791 |
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Food and related items |
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504,388 |
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514,111 |
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1,008,774 |
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1,007,011 |
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Third-party property management fees |
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500,243 |
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455,166 |
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996,711 |
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896,465 |
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Utilities |
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401,934 |
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387,477 |
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841,222 |
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839,846 |
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Repairs and maintenance |
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297,966 |
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240,606 |
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559,397 |
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500,519 |
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Property taxes |
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267,474 |
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256,533 |
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534,932 |
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513,062 |
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Other direct property costs (1) |
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796,325 |
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523,842 |
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1,549,033 |
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1,126,020 |
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Total property operating expenses |
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7,073,415 |
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6,435,165 |
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13,960,683 |
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12,764,714 |
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Other operating expenses: |
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Property operating expenses – affiliates |
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528,649 |
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513,609 |
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1,055,651 |
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1,023,306 |
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General and administrative |
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1,890,397 |
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541,728 |
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2,291,823 |
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1,067,116 |
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Depreciation |
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1,464,360 |
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1,379,295 |
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2,922,967 |
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2,742,229 |
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Total other operating expenses |
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3,883,406 |
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2,434,632 |
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6,270,441 |
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4,832,651 |
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Income (loss) from operations |
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(643,485 |
) |
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455,180 |
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305,802 |
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767,792 |
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Other income (expense): |
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Interest expense |
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(1,273,710 |
) |
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(1,297,330 |
) |
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(2,539,747 |
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(2,586,221 |
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Interest expense – debt issuance costs |
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(35,511 |
) |
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(35,526 |
) |
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(71,037 |
) |
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(71,050 |
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Other income |
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12,293 |
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135,686 |
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62,261 |
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105,397 |
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Net loss |
$ |
(1,940,413 |
) |
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$ |
(741,990 |
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$ |
(2,242,721 |
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$ |
(1,784,082 |
) |
(1)Primarily includes property insurance, advertising expense, and other miscellaneous direct property costs.
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