| Schedule of Real Estate Properties |
As of June 30, 2026, the components of the Company's investments in multifamily properties were as follows (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Operating Real Estate Investments |
|
Land |
|
|
Buildings and
Improvements |
|
|
Intangible
Lease
Assets |
|
|
Construction
in Progress |
|
|
Furniture,
Fixtures and
Equipment |
|
|
Totals |
|
Alexander at the District |
|
$ |
7,806 |
|
|
$ |
61,008 |
|
|
$ |
— |
|
|
$ |
61 |
|
|
$ |
1,832 |
|
|
$ |
70,707 |
|
Mag & May |
|
|
5,105 |
|
|
|
42,907 |
|
|
|
694 |
|
|
|
— |
|
|
|
705 |
|
|
|
49,411 |
|
Ridgeview Place |
|
|
8,991 |
|
|
|
41,022 |
|
|
|
1,032 |
|
|
|
— |
|
|
|
1,148 |
|
|
|
52,193 |
|
Accumulated depreciation and amortization |
|
|
— |
|
|
|
(6,282 |
) |
|
|
(727 |
) |
|
|
— |
|
|
|
(1,495 |
) |
|
|
(8,504 |
) |
Net Operating Real Estate Investments |
|
$ |
21,902 |
|
|
$ |
138,655 |
|
|
$ |
999 |
|
|
$ |
61 |
|
|
$ |
2,190 |
|
|
$ |
163,807 |
|
As of December 31, 2025, the components of the Company's investments in multifamily properties were as follows (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Operating Real Estate Investments |
|
Land |
|
|
Buildings and
Improvements |
|
|
Intangible
Lease
Assets |
|
|
Construction
in Progress |
|
|
Furniture,
Fixtures and
Equipment |
|
|
Totals |
|
Alexander at the District |
|
$ |
7,806 |
|
|
$ |
59,854 |
|
|
$ |
— |
|
|
$ |
643 |
|
|
$ |
1,515 |
|
|
$ |
69,818 |
|
Mag & May |
|
|
5,105 |
|
|
|
42,907 |
|
|
|
694 |
|
|
|
— |
|
|
|
705 |
|
|
|
49,411 |
|
Accumulated depreciation and amortization |
|
|
— |
|
|
|
(4,524 |
) |
|
|
— |
|
|
|
— |
|
|
|
(826 |
) |
|
|
(5,350 |
) |
Net Operating Real Estate Investments |
|
$ |
12,911 |
|
|
$ |
98,237 |
|
|
$ |
694 |
|
|
$ |
643 |
|
|
$ |
1,394 |
|
|
$ |
113,879 |
|
|
| Schedule of Revenue and Expenses |
The following table reflects the revenues and expenses for the three and six months ended June 30, 2026 and 2025, for our multifamily properties (in thousands).
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended June 30, |
|
|
For the Six Months Ended June 30, |
|
|
|
2026 |
|
|
2025 |
|
|
2026 |
|
|
2025 |
|
Revenues |
|
|
|
|
|
|
|
|
|
|
|
|
Rental income |
|
$ |
2,096 |
|
|
$ |
2,454 |
|
|
$ |
4,233 |
|
|
$ |
4,832 |
|
Other income |
|
|
62 |
|
|
|
48 |
|
|
|
105 |
|
|
|
79 |
|
Total revenues |
|
$ |
2,158 |
|
|
$ |
2,502 |
|
|
$ |
4,338 |
|
|
$ |
4,911 |
|
Expenses |
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense |
|
|
1,149 |
|
|
|
1,837 |
|
|
|
2,284 |
|
|
|
3,657 |
|
Real estate taxes and insurance |
|
|
277 |
|
|
|
374 |
|
|
|
553 |
|
|
|
763 |
|
Property operating expenses |
|
|
400 |
|
|
|
560 |
|
|
|
782 |
|
|
|
1,127 |
|
Property general and administrative expenses |
|
|
1,063 |
|
|
|
117 |
|
|
|
1,999 |
|
|
|
241 |
|
Property management fees |
|
|
64 |
|
|
|
71 |
|
|
|
127 |
|
|
|
141 |
|
Depreciation and amortization |
|
|
1,728 |
|
|
|
614 |
|
|
|
3,154 |
|
|
|
1,693 |
|
Rate cap (income) expense |
|
|
— |
|
|
|
(2 |
) |
|
|
— |
|
|
|
(12 |
) |
Total expenses |
|
$ |
4,681 |
|
|
$ |
3,571 |
|
|
$ |
8,899 |
|
|
$ |
7,610 |
|
Net income (loss) from consolidated real estate owned |
|
$ |
(2,523 |
) |
|
$ |
(1,069 |
) |
|
$ |
(4,561 |
) |
|
$ |
(2,699 |
) |
|