| Summary of Combined Condensed Financial Data of Unconsolidated Entities |
The following tables present summarized financial data for UTC JV (in thousands):
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June 30, 2026 |
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December 31, 2025 |
|
ASSETS |
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|
|
|
|
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Investment in real estate |
|
|
|
|
|
|
Land |
|
$ |
27,992 |
|
|
$ |
27,992 |
|
Buildings and improvements |
|
|
149,373 |
|
|
|
149,373 |
|
Accumulated depreciation |
|
|
(19,983 |
) |
|
|
(17,324 |
) |
|
|
|
157,382 |
|
|
|
160,041 |
|
Construction in progress |
|
|
3,640 |
|
|
|
3,521 |
|
Net investment in real estate |
|
|
161,022 |
|
|
|
163,562 |
|
Cash and cash equivalents |
|
|
1,202 |
|
|
|
1,642 |
|
Tenant and other receivables, net |
|
|
11,570 |
|
|
|
11,780 |
|
Other assets, net |
|
|
10,121 |
|
|
|
10,236 |
|
Total assets |
|
$ |
183,915 |
|
|
$ |
187,220 |
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|
|
|
|
|
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LIABILITIES AND MEMBERS' INTERESTS |
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|
|
|
|
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Accounts payable, accrued expenses and other liabilities |
|
|
5,372 |
|
|
|
6,026 |
|
Total liabilities |
|
|
5,372 |
|
|
|
6,026 |
|
|
|
|
|
|
|
|
Members' Interest |
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|
|
|
|
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Total members' interest |
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|
178,543 |
|
|
|
181,194 |
|
Total liabilities and members' interest |
|
$ |
183,915 |
|
|
$ |
187,220 |
|
Carrying value of Company's investments in unconsolidated entities |
|
$ |
94,220 |
|
|
$ |
95,475 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, |
|
|
Six Months Ended June 30, |
|
|
|
2026 |
|
|
2025 |
|
|
2026 |
|
|
2025 |
|
Total revenue |
|
$ |
4,183 |
|
|
$ |
5,052 |
|
|
$ |
8,335 |
|
|
$ |
9,834 |
|
Property operating expenses |
|
|
(834 |
) |
|
|
(641 |
) |
|
|
(1,567 |
) |
|
|
(1,289 |
) |
Depreciation and amortization |
|
|
(1,557 |
) |
|
|
(1,692 |
) |
|
|
(3,115 |
) |
|
|
(3,257 |
) |
Operating income |
|
|
1,792 |
|
|
|
2,719 |
|
|
|
3,653 |
|
|
|
5,288 |
|
Other income (expenses) |
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|
(37 |
) |
|
|
(134 |
) |
|
|
(59 |
) |
|
|
(293 |
) |
Net income |
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$ |
1,755 |
|
|
$ |
2,585 |
|
|
$ |
3,594 |
|
|
$ |
4,995 |
|
Equity in income of unconsolidated entities (1) |
|
$ |
913 |
|
|
$ |
1,328 |
|
|
$ |
1,868 |
|
|
$ |
2,606 |
|
(1)Equity in income (loss) of unconsolidated entities on the condensed consolidated statements of operations includes basis difference adjustments. The following tables present combined condensed financial data for all of the Company’s Unconsolidated Entities, excluding UTC JV (in thousands):
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|
June 30, 2026 |
|
|
December 31, 2025 |
|
ASSETS |
|
|
|
|
|
|
Investment in real estate |
|
|
|
|
|
|
Land |
|
$ |
56,828 |
|
|
$ |
60,931 |
|
Buildings and improvements |
|
|
30,991 |
|
|
|
30,991 |
|
Accumulated depreciation |
|
|
(11,106 |
) |
|
|
(10,466 |
) |
|
|
|
76,713 |
|
|
|
81,456 |
|
Construction in progress |
|
|
50,106 |
|
|
|
70,207 |
|
Net investment in real estate |
|
|
126,819 |
|
|
|
151,663 |
|
Cash and cash equivalents |
|
|
12,401 |
|
|
|
7,817 |
|
Tenant and other receivables, net |
|
|
15,285 |
|
|
|
345 |
|
Other assets, net |
|
|
326 |
|
|
|
15,625 |
|
Total assets |
|
$ |
154,831 |
|
|
$ |
175,450 |
|
|
|
|
|
|
|
|
LIABILITIES AND MEMBERS' INTERESTS |
|
|
|
|
|
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Liabilities |
|
|
|
|
|
|
Accounts payable, accrued expenses and other liabilities |
|
|
11,467 |
|
|
|
12,076 |
|
Total liabilities |
|
|
11,467 |
|
|
|
12,076 |
|
|
|
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|
|
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Members' Interest |
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|
|
|
|
|
Total members' interest |
|
|
143,364 |
|
|
|
163,374 |
|
Total liabilities and members' interest |
|
$ |
154,831 |
|
|
$ |
175,450 |
|
Carrying value of Company's investments in unconsolidated entities |
|
$ |
49,106 |
|
|
$ |
60,767 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, |
|
|
Six Months Ended June 30, |
|
|
|
2026 |
|
|
2025 |
|
|
2026 |
|
|
2025 |
|
Total revenue |
|
$ |
141 |
|
|
$ |
695 |
|
|
$ |
703 |
|
|
$ |
984 |
|
Property operating expenses |
|
|
(688 |
) |
|
|
(1,053 |
) |
|
|
(1,381 |
) |
|
|
(1,889 |
) |
Depreciation and amortization |
|
|
(321 |
) |
|
|
(754 |
) |
|
|
(640 |
) |
|
|
(1,696 |
) |
Operating loss |
|
|
(868 |
) |
|
|
(1,112 |
) |
|
|
(1,318 |
) |
|
|
(2,601 |
) |
Other income (expenses) |
|
|
42 |
|
|
|
22 |
|
|
|
132 |
|
|
|
157 |
|
Gain (loss) on sale |
|
|
74 |
|
|
|
- |
|
|
|
(8,512 |
) |
|
|
- |
|
Net loss |
|
$ |
(752 |
) |
|
$ |
(1,090 |
) |
|
$ |
(9,698 |
) |
|
$ |
(2,444 |
) |
Equity in loss of unconsolidated entities (1) |
|
$ |
(405 |
) |
|
$ |
(572 |
) |
|
$ |
(8,527 |
) |
|
$ |
(9,778 |
) |
(1)Equity in (loss) of unconsolidated entities on the condensed consolidated statements of operations includes basis difference adjustments.
|