v3.26.1
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Revenues:      
Rental revenues (including $579, $652 and $882 for 2025, 2024 and 2023, respectively, from related parties) $ 46,366 $ 44,763 $ 47,023
Other income 3,648 2,555 3,477
Total revenue 50,014 47,318 50,500
Expenses:      
Property operating expenses (including $353, $346 and $366 for 2025, 2024 and 2023, respectively, from related parties) 27,885 27,063 27,896
Depreciation and amortization 12,577 12,276 13,646
General and administrative (including $4,262, $3,871 and $4,006 for 2025, 2024 and 2023, respectively, from related parties) 6,459 6,395 10,011
Advisory fee to related party 9,522 8,225 10,187
Total operating expenses 56,443 53,959 61,740
Net operating loss (6,429) (6,641) (11,240)
Interest income (including $7,478, $8,985 and $13,259 for 2025, 2024 and 2023, respectively, from related parties) 14,637 19,973 26,847
Interest expense (6,825) (7,838) (9,502)
Gain on foreign currency transactions 0 0 993
Loss on early extinguishment of debt (284) 0 (1,710)
Equity in income from unconsolidated joint ventures 119 1,449 3,242
Gain (loss) on real estate transactions 19,988 (23,989) (1,923)
Income tax provision (2,667) 3,607 (1,456)
Net income (loss) 18,539 (13,439) 5,251
Net income attributable to noncontrolling interest (2,836) (1,264) (1,283)
Net income (loss) applicable to the Company $ 15,703 $ (14,703) $ 3,968
Earnings per share      
Basic (in dollars per share) $ 0.97 $ (0.91) $ 0.25
Diluted (in dollars per share) $ 0.97 $ (0.91) $ 0.25
Weighted average common shares used in computing earnings per share      
Basic (in shares) 16,152,043 16,152,043 16,152,043
Diluted (in shares) 16,152,043 16,152,043 16,152,043