FORMATION OF MAC AND SUMMARIZED FINANCIAL INFORMATION |
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| FORMATION OF MAC AND SUMMARIZED FINANCIAL INFORMATION [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| FORMATION OF MAC AND SUMMARIZED FINANCIAL INFORMATION | NOTE 18 – FORMATION OF MAC AND SUMMARIZED FINANCIAL INFORMATION
As discussed in Note 1, on January 1, 2026, the Company contributed all of its multi-family residential properties (Commodore, The Park View, Hollywood and Shoreline Apartments and Aurora at Green Valley) and the Blue Ridge development project to a newly formed entity, MAC, in exchange for 1,906,580 shares of MAC (on a 1:1 basis with the Parent Company’s outstanding shares). MAC is focused on developing and owning multi-family properties on the West Coast. The Parent Company is the sole shareholder of MAC as of June 30, 2026.
In connection with the formation of MAC, MAC OP was established as the operating partnership through which substantially all of MAC’s business is conducted. The contributed properties and development project are held by MAC OP, which directly or indirectly owns and operates a portfolio of five residential properties and one development project. MAC owns all the limited partnership units except for 1 owned by the Operating Partnership and is the sole general partner of MAC OP.
The following summarized financial information presents the combined financial position and results of operations of MAC and its subsidiaries (collectively, the “MAC Group”), including
MAC OP and its consolidated real estate entities.
Basis of Presentation
The summarized financial information has been derived from the Company’s consolidated financial statements and reflects the financial position and results of operations of the MAC Group.
Intercompany transactions within the MAC Group have been eliminated; however, transactions between the MAC Group and the Company have not been eliminated. This information is not intended to present the MAC Group as if it were a standalone
independent entity.
Condensed Balance Sheet — MAC Group
Condensed Statement of Operations — MAC Group
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