MARKETABLE SECURITIES |
9 Months Ended |
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Sep. 30, 2026 | |
| Investments, Debt and Equity Securities [Abstract] | |
| MARKETABLE SECURITIES | NOTE 3 – MARKETABLE SECURITIES
The Company’s marketable securities consist primarily of marketable common and preferred stock of other REITs with a fair value of $25.6 million as of September 30, 2026, which represents 1.1% of undepreciated assets (total assets excluding accumulated depreciation). Since 2010, including dividends, the Company has netted over $59.1 million in gains from our investments in marketable equity securities issued by other REITs. Other than purchasing marketable equity securities through automatic dividend reinvestments, the Company has not made any purchases of REIT securities since 2022 and the Company does not intend to increase its investment in the REIT securities portfolio. The REIT securities portfolio provides the Company with additional diversification, liquidity and income.
For the nine months ended September 30, 2026, the Company had a net gain of $2.1 million on our securities portfolio consisting of an increase in fair value of marketable securities of $38.7 million offset by a loss on sales of marketable securities of $36.5 million. As of September 30, 2026, the Company had total net unrealized losses of $2.1 million in its REIT securities portfolio. The Company held seven securities that had unrealized losses as of September 30, 2026.
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