Investments in Unconsolidated Affiliated Real Estate Entities (Tables)
|
6 Months Ended |
Jun. 30, 2026 |
|---|
| Investments in Unconsolidated Affiliated Real Estate Entities (Tables) [Line Items] |
|
| Schedule of investments in unconsolidated entities |
The entities below are partially owned by the
Company. The Company accounts for these investments under the equity method of accounting as the Company exercises significant influence,
but does not exercise financial and operating control over these entities. A summary of the Company’s investments in unconsolidated
affiliated real estate entities is as follows:
| | | | | | | | As of | | | Entity | | Date of
Ownership | | Ownership
% | | | June 30,
2026 | | | December 31,
2025 | | | Hilton Garden Inn Joint Venture | | March 27, 2018 | | | 50 | % | | $ | 7,152 | | | $ | 7,534 | | | Williamsburg Moxy Hotel Joint Venture | | August 5, 2021 | | | 25 | % | | | 7,967 | | | | 8,382 | | | | | | | | | | | | | | | | | | | Total investments in unconsolidated affiliated real estate entities | | | | | | | | $ | 15,119 | | | $ | 15,916 | |
|
| Hilton Garden Inn Joint Venture [Member] |
|
| Investments in Unconsolidated Affiliated Real Estate Entities (Tables) [Line Items] |
|
| Schedule of condensed income statements |
The following table represents the condensed statements
of operations for the Hilton Garden Inn Joint Venture:
| | |
For the Three Months Ended
June
30, | | |
For the Six Months Ended
June 30, | |
| | |
2026 | | |
2025 | | |
2026 | | |
2025 | |
| Revenues | |
$ | 3,583 | | |
$ | 3,475 | | |
$ | 6,108 | | |
$ | 5,563 | |
| | |
| | | |
| | | |
| | | |
| | |
| Property operating expenses | |
| 2,074 | | |
| 1,956 | | |
| 3,980 | | |
| 3,726 | |
| General and administrative costs | |
| 17 | | |
| 9 | | |
| 31 | | |
| 29 | |
| Depreciation and amortization | |
| 440 | | |
| 434 | | |
| 891 | | |
| 1,036 | |
| Operating income | |
| 1,052 | | |
| 1,076 | | |
| 1,206 | | |
| 772 | |
| Interest expense and other, net | |
| (712 | ) | |
| (1,029 | ) | |
| (1,260 | ) | |
| (1,666 | ) |
| | |
| | | |
| | | |
| | | |
| | |
| Net income/(loss) | |
$ | 340 | | |
$ | 47 | | |
$ | (54 | ) | |
$ | (894 | ) |
| | |
| | | |
| | | |
| | | |
| | |
| Company’s share of earnings (50%) | |
$ | 170 | | |
$ | 24 | | |
$ | (27 | ) | |
$ | (447 | ) |
|
| Schedule of condensed balance sheets |
The following table represents the condensed balance sheets for the
Hilton Garden Inn Joint Venture:
| | |
As of
June 30, | | |
As of
December 31, | |
| | |
2026 | | |
2025 | |
| | |
| | |
| |
| | |
| | |
| |
| Investment property, net | |
$ | 43,696 | | |
$ | 44,503 | |
| Cash and restricted cash | |
| 2,062 | | |
| 2,433 | |
| Other assets | |
| 1,345 | | |
| 1,189 | |
| | |
| | | |
| | |
| Total assets | |
$ | 47,103 | | |
$ | 48,125 | |
| | |
| | | |
| | |
| Mortgage payable, net | |
$ | 32,355 | | |
$ | 32,364 | |
| Other liabilities | |
| 1,044 | | |
| 1,293 | |
| Members’ capital | |
| 13,704 | | |
| 14,468 | |
| | |
| | | |
| | |
| Total liabilities and members’ capital | |
$ | 47,103 | | |
$ | 48,125 | |
|
| Williamsburg Moxy Hotel Joint Venture [Member] |
|
| Investments in Unconsolidated Affiliated Real Estate Entities (Tables) [Line Items] |
|
| Schedule of condensed income statements |
The following table represents the condensed statements
of operations for the Williamsburg Moxy Hotel Joint Venture:
| | |
For the Three Months Ended
June 30, | | |
For the Six Months Ended
June 30, | |
| | |
2026 | | |
2025 | | |
2026 | | |
2025 | |
| Revenues | |
$ | 8,510 | | |
$ | 8,616 | | |
$ | 13,499 | | |
$ | 13,702 | |
| | |
| | | |
| | | |
| | | |
| | |
| Property operating expenses | |
| 5,184 | | |
| 5,118 | | |
| 9,787 | | |
| 9,782 | |
| General and administrative costs | |
| 64 | | |
| 71 | | |
| 136 | | |
| 149 | |
| Casualty (gain)/loss, net | |
| (578 | ) | |
| - | | |
| (578 | ) | |
| 67 | |
| Business interruption insurance recovery | |
| (949 | ) | |
| - | | |
| (949 | ) | |
| - | |
| Depreciation and amortization | |
| 977 | | |
| 934 | | |
| 1,959 | | |
| 1,866 | |
| Operating income | |
| 3,812 | | |
| 2,493 | | |
| 3,144 | | |
| 1,838 | |
| Interest expense | |
| (2,347 | ) | |
| (2,501 | ) | |
| (4,684 | ) | |
| (4,964 | ) |
| | |
| | | |
| | | |
| | | |
| | |
| Net income/(loss) | |
$ | 1,465 | | |
$ | (8 | ) | |
$ | (1,540 | ) | |
$ | (3,126 | ) |
| | |
| | | |
| | | |
| | | |
| | |
| Company’s share of net income/(loss) (25%) | |
$ | 366 | | |
$ | (2 | ) | |
$ | (385 | ) | |
$ | (782 | ) |
| | |
| | | |
| | | |
| | | |
| | |
| Additional deprecation and amortization expense (1) | |
| (15 | ) | |
| (15 | ) | |
| (30 | ) | |
| (30 | ) |
| Company’s net income/(loss) from investment | |
$ | 351 | | |
$ | (17 | ) | |
$ | (415 | ) | |
$ | (812 | ) |
| (1) | Additional depreciation and amortization expense relates
to the amortization of the difference between the cost of the interest in the Williamsburg Moxy Hotel Joint Venture and the amount of
the underlying equity in net assets of the Williamsburg Moxy Hotel Joint Venture. |
|
| Schedule of condensed balance sheets |
The following table represents the condensed balance
sheets for the Williamsburg Moxy Hotel Joint Venture:
|
|
As of
June 30,
2026 |
|
|
As of
December 31,
2025 |
|
| | |
| | |
| |
| Investment property, net | |
$ | 118,701 | | |
$ | 120,491 | |
| Cash and restricted cash | |
| 9,904 | | |
| 10,249 | |
| Other assets | |
| 2,930 | | |
| 1,693 | |
| | |
| | | |
| | |
| Total assets | |
$ | 131,535 | | |
$ | 132,433 | |
| | |
| | | |
| | |
| Mortgages payable, net | |
$ | 94,077 | | |
$ | 93,523 | |
| Other liabilities | |
| 6,375 | | |
| 6,286 | |
| Members’ capital | |
| 31,083 | | |
| 32,624 | |
| | |
| | | |
| | |
| Total liabilities and members’ capital | |
$ | 131,535 | | |
$ | 132,433 | |
|