| SEGMENT REPORTING |
Prior to the Tower Sale in December 2025, the Company had three operating segments which were presented as three reportable segments: cell towers, data centers, and investments in joint ventures. The cell towers and data centers reportable segments are made up of various consolidated subsidiaries of the Company, and the joint ventures segment is currently made up of a 100% owned subsidiary dedicated to identifying and making investments in joint venture entities that own data/communications infrastructure. As of June 30, 2026 and December 31, 2025, the joint venture segment has a single investment in the 51% owned Datacom JV. Following the Tower Sale, the Company has two operating segments. These are operating segments that are defined as components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision-makers (“CODM”) in deciding how to allocate resources and in assessing performance. The Company’s CODM is the senior executive committee that includes the president and chief financial officer. The Company’s CODM directs the allocation of resources to operating segments based on the profitability and cash flows of each respective segment. The Company defines segment operating income (loss) as rental revenues less property operating expenses and general and administrative expenses directly attributable to segment operations. The Company believes that segment operating income (loss) is the performance metric that captures the unique operating characteristics of each segment and serves as an appropriate supplemental performance measure to net income (loss) because it allows investors and the Company’s CODM to measure unlevered property-level operating results and to compare the Company’s operating results to the operating results of other real estate companies and between periods on a consistent basis. The Company’s use of the term segment operating income (loss) may not be comparable to that of other real estate companies as they may have different methodologies for computing this amount. Depreciation and amortization, corporate level general and administrative expenses, asset management fees, accretion expense, and interest income are not attributable to the Company’s operating segments for purposes of assessing segment performance and are presented in the table to reconcile to net loss for the Company. Non-segment assets primarily consist of corporate assets, including cash and cash equivalents and prepaid and other corporate assets not attributable to the Company’s segments. The following are the segment results for the three months ended June 30, 2026: | | | | | | | | | | | | Data Center | | Datacom JV | | Total | Revenues: | | | | | | | | | | Rental revenues | | $ | 655,921 | | $ | — | | $ | 655,921 | Total revenues | | | 655,921 | | | — | | | 655,921 | Expenses: | | | | | | | | | | Property operating expenses | | | 96,490 | | | — | | | 96,490 | General and administrative | | | 1,143 | | | — | | | 1,143 | Total expenses | | | 97,633 | | | — | | | 97,633 | Other expenses: | | | | | | | | | | Interest expense | | | (314,980) | | | — | | | (314,980) | Equity method loss on investments | | | — | | | (1,404,492) | | | (1,404,492) | Segment operating net loss | | $ | 243,308 | | $ | (1,404,492) | | | (1,161,184) | Depreciation and amortization | | | | | | | | | (306,253) | General and administrative | | | | | | | | | (864,928) | Asset management fees | | | | | | | | | (335,833) | Interest income | | | | | | | | | 206,711 | Gain on sale of easement | | | | | | | | | 110,172 | Loss from continuing operations | | | | | | | | $ | (2,351,315) |
The following are the segment results for the three months ended June 30, 2025: | | | | | | | | | | | | Data Center | | Datacom JV | | Total | Revenues: | | | | | | | | | | Rental revenues | | $ | 624,496 | | $ | — | | $ | 624,496 | Total revenues | | | 624,496 | | | — | | | 624,496 | Expenses: | | | | | | | | | | Property operating expenses | | | 55,468 | | | — | | | 55,468 | General and administrative | | | 685 | | | — | | | 685 | Total expenses | | | 56,153 | | | — | | | 56,153 | Other expenses: | | | | | | | | | | Interest expense | | | (388,705) | | | — | | | (388,705) | Equity method loss on investments | | | — | | | (933,030) | | | (933,030) | Segment operating net loss | | $ | 179,638 | | $ | (933,030) | | | (753,392) | Depreciation and amortization | | | | | | | | | (306,253) | General and administrative | | | | | | | | | (1,152,944) | Asset management fees | | | | | | | | | (365,855) | Interest income | | | | | | | | | 1,779 | Loss from continuing operations | | | | | | | | $ | (2,576,665) |
The following are the segment results for the six months ended June 30, 2026: | | | | | | | | | | | | Data Center | | Datacom JV | | Total | Revenues: | | | | | | | | | | Rental revenues | | $ | 1,311,255 | | $ | — | | $ | 1,311,255 | Total revenues | | | 1,311,255 | | | — | | | 1,311,255 | Expenses: | | | | | | | | | | Property operating expenses | | | 171,574 | | | — | | | 171,574 | General and administrative | | | 7,060 | | | 385 | | | 7,445 | Total expenses | | | 178,634 | | | 385 | | | 179,019 | Other expenses: | | | | | | | | | | Interest expense | | | (630,915) | | | — | | | (630,915) | Equity method loss on investments | | | — | | | (2,791,381) | | | (2,791,381) | Segment operating net income (loss) | | $ | 501,706 | | $ | (2,791,766) | | | (2,290,060) | Depreciation and amortization | | | | | | | | | (612,506) | General and administrative | | | | | | | | | (1,416,724) | Asset management fees | | | | | | | | | (686,342) | Interest income | | | | | | | | | 519,659 | Gain on sale of easement | | | | | | | | | 110,172 | Loss from continuing operations | | | | | | | | $ | (4,375,801) |
The following are the segment results for the six months ended June 30, 2025: | | | | | | | | | | | | Data Center | | Datacom JV | | Total | Revenues: | | | | | | | | | | Rental revenues | | $ | 1,249,029 | | $ | — | | $ | 1,249,029 | Total revenues | | | 1,249,029 | | | — | | | 1,249,029 | Expenses: | | | | | | | | | | Property operating expenses | | | 125,065 | | | — | | | 125,065 | General and administrative | | | 2,713 | | | — | | | 2,713 | Total expenses | | | 127,778 | | | — | | | 127,778 | Other expenses: | | | | | | | | | | Interest expense | | | (644,538) | | | — | | | (644,538) | Equity method loss on investments | | | — | | | (2,372,646) | | | (2,372,646) | Segment operating net income (loss) | | $ | 476,713 | | $ | (2,372,646) | | | (1,895,933) | Depreciation and amortization | | | | | | | | | (612,506) | General and administrative | | | | | | | | | (1,389,215) | Asset management fees | | | | | | | | | (733,342) | Interest income | | | | | | | | | 3,550 | Performance participation allocation | | | | | | | | | (165,100) | Loss from continuing operations | | | | | | | | $ | (4,792,546) |
The operating segments assets held as of June 30, 2026 and December 31, 2025 are as follows: | | | | | | | | | | June 30, 2026 | | December 31, 2025 | | Data Center | | $ | 32,704,588 | | $ | 33,175,658 | | Joint Venture | | | 32,072,822 | | | 34,861,734 | | Other (Corporate) | | | 29,258,010 | | | 43,937,706 | | Total assets | | $ | 94,035,420 | | $ | 111,975,098 | |
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