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BUSINESS SEGMENT DATA (Tables) | 9 Months Ended
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Sep. 30, 2025
Segment Reporting [Abstract] |
Schedule of operations in different segments | Information about the Company’s operations in different segments for the three months ended September 30, 2025 is as follows (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Income Properties |  | Management Services |  | Commercial Loans and Investments | ​ | Total
Revenues: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Income Properties | ​ | $ | 33,439 | ​ | $ | — | ​ | $ | — | ​ | $ | 33,439
Management Fee Income | ​ | ​ | — | ​ | ​ | 1,176 | ​ | ​ | — | ​ | ​ | 1,176
Interest Income From Commercial Loans and Investments | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 3,142 | ​ | ​ | 3,142
Total Revenues for Reportable Segments | ​ | $ | 33,439 | ​ | $ | 1,176 | ​ | $ | 3,142 | ​ | $ | 37,757
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Operating Expenses: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Income Properties | ​ | $ | (9,274) | ​ | $ | — | ​ | $ | — | ​ | $ | (9,274)
Total Revenues Less Direct Costs of Revenues | ​ | $ | 24,165 | ​ | $ | 1,176 | ​ | $ | 3,142 | ​ | $ | 28,483
Provision for Impairment | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (68) | ​ | ​ | (68)
Depreciation and Amortization - Real Estate | ​ | ​ | (14,913) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (14,913)
Total Revenues Less Operating Expenses for Reportable Segments | ​ | $ | 9,252 | ​ | $ | 1,176 | ​ | $ | 3,074 | ​ | $ | 13,502
Gain on Disposition of Assets | ​ | ​ | 1,373 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 1,373
Net Income From Operations for Reportable Segments | ​ | $ | 10,625 | ​ | $ | 1,176 | ​ | $ | 3,074 | ​ | $ | 14,875
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Reconciliation to Consolidated Net Income | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
General and Administrative Expenses | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | (4,780)
Investment and Other Loss | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | (221)
Interest Expense | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | (6,833)
Loss on Extinguishment of Debt | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | (53)
Depreciation and Amortization - Other | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | (16)
Net Income Before Income Tax Expense | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | 2,972
Income Tax Expense | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | (58)
Net Income Attributable to the Company | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | 2,914
​ ​ Information about the Company’s operations in different segments for the three months ended September 30, 2024 is as follows (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Income Properties |  | Management Services |  | Commercial Loans and Investments | ​ | Real Estate Operations | ​ | Total
Revenues: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Income Properties | ​ | $ | 28,528 | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | 28,528
Management Fee Income | ​ | ​ | — | ​ | ​ | 1,124 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 1,124
Interest Income From Commercial Loans and Investments | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 1,615 | ​ | ​ | — | ​ | ​ | 1,615
Real Estate Operations | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 538 | ​ | ​ | 538
Total Revenues for Reportable Segments | ​ | $ | 28,528 | ​ | $ | 1,124 | ​ | $ | 1,615 | ​ | $ | 538 | ​ | $ | 31,805
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Operating Expenses: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Income Properties | ​ | $ | (7,797) | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | (7,797)
Real Estate Operations | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (359) | ​ | ​ | (359)
Total Revenues Less Direct Costs of Revenues | ​ | $ | 20,731 | ​ | $ | 1,124 | ​ | $ | 1,615 | ​ | $ | 179 | ​ | $ | 23,649
Provision for Impairment | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (538) | ​ | ​ | — | ​ | ​ | (538)
Depreciation and Amortization - Real Estate | ​ | ​ | (13,204) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (13,204)
Total Revenues Less Operating Expenses for Reportable Segments | ​ | $ | 7,527 | ​ | $ | 1,124 | ​ | $ | 1,077 | ​ | $ | 179 | ​ | $ | 9,907
Loss on Disposition of Assets | ​ | ​ | (855) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (855)
Net Income From Operations for Reportable Segments | ​ | $ | 6,672 | ​ | $ | 1,124 | ​ | $ | 1,077 | ​ | $ | 179 | ​ | $ | 9,052
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Reconciliation to Consolidated Net Income | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
General and Administrative Expenses | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | (4,075)
Investment and Other Income | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 7,031
Interest Expense | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | (5,632)
Depreciation and Amortization - Other | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | (17)
Net Income Before Income Tax Expense | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | 6,359
Income Tax Expense | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | (132)
Net Income Attributable to the Company | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | 6,227
​ ​ Information about the Company’s operations in different segments for the nine months ended September 30, 2025 is as follows (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Income Properties |  | Management Services |  | Commercial Loans and Investments | ​ | Total
Revenues: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Income Properties | ​ | $ | 98,486 | ​ | $ | — | ​ | $ | — | ​ | $ | 98,486
Management Fee Income | ​ | ​ | — | ​ | ​ | 3,601 | ​ | ​ | — | ​ | ​ | 3,601
Interest Income From Commercial Loans and Investments | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 9,119 | ​ | ​ | 9,119
Total Revenues for Reportable Segments | ​ | $ | 98,486 | ​ | $ | 3,601 | ​ | $ | 9,119 | ​ | $ | 111,206
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Operating Expenses: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Income Properties | ​ | $ | (28,343) | ​ | $ | — | ​ | $ | — | ​ | $ | (28,343)
Total Revenues Less Direct Costs of Revenues | ​ | $ | 70,143 | ​ | $ | 3,601 | ​ | $ | 9,119 | ​ | $ | 82,863
Provision for Impairment | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (68) | ​ | ​ | (68)
Depreciation and Amortization - Real Estate | ​ | ​ | (44,536) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (44,536)
Total Revenues Less Operating Expenses for Reportable Segments | ​ | $ | 25,607 | ​ | $ | 3,601 | ​ | $ | 9,051 | ​ | $ | 38,259
Gain on Disposition of Assets | ​ | ​ | 1,373 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 1,373
Net Income From Operations for Reportable Segments | ​ | $ | 26,980 | ​ | $ | 3,601 | ​ | $ | 9,051 | ​ | $ | 39,632
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Reconciliation to Consolidated Net Income | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
General and Administrative Expenses | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | (13,911)
Investment and Other Loss | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | (3,333)
Interest Expense | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | (19,828)
Loss on Extinguishment of Debt | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | (20,449)
Depreciation and Amortization - Other | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | (51)
Net Loss Before Income Tax Expense | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | (17,940)
Income Tax Expense | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | (303)
Net Loss Attributable to the Company | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | (18,243)
​ ​ Information about the Company’s operations in different segments for the nine months ended September 30, 2024 is as follows (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Income Properties |  | Management Services |  | Commercial Loans and Investments | ​ | Real Estate Operations | ​ | Total
Revenues: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Income Properties | ​ | $ | 79,029 | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | 79,029
Management Fee Income | ​ | ​ | — | ​ | ​ | 3,360 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 3,360
Interest Income From Commercial Loans and Investments | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 4,407 | ​ | ​ | — | ​ | ​ | 4,407
Real Estate Operations | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 1,981 | ​ | ​ | 1,981
Total Revenues for Reportable Segments | ​ | $ | 79,029 | ​ | $ | 3,360 | ​ | $ | 4,407 | ​ | $ | 1,981 | ​ | $ | 88,777
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Operating Expenses: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Income Properties | ​ | $ | (22,630) | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | (22,630)
Real Estate Operations | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (1,437) | ​ | ​ | (1,437)
Total Revenues Less Direct Costs of Revenues | ​ | $ | 56,399 | ​ | $ | 3,360 | ​ | $ | 4,407 | ​ | $ | 544 | ​ | $ | 64,710
Provision for Impairment | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (653) | ​ | ​ | — | ​ | ​ | (653)
Depreciation and Amortization - Real Estate | ​ | ​ | (35,650) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (35,650)
Total Revenues Less Operating Expenses for Reportable Segments | ​ | $ | 20,749 | ​ | $ | 3,360 | ​ | $ | 3,754 | ​ | $ | 544 | ​ | $ | 28,407
Gain on Disposition of Assets | ​ | ​ | 3,763 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 4,545 | ​ | ​ | 8,308
Net Income From Operations for Reportable Segments | ​ | $ | 24,512 | ​ | $ | 3,360 | ​ | $ | 3,754 | ​ | $ | 5,089 | ​ | $ | 36,715
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Reconciliation to Consolidated Net Income | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
General and Administrative Expenses | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | (11,750)
Investment and Other Income | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 5,201
Interest Expense | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | (16,765)
Depreciation and Amortization - Other | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | (51)
Net Income Before Income Tax Expense | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | 13,350
Income Tax Expense | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | (98)
Net Income Attributable to the Company | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | 13,252
​ Capital expenditures of each segment for the three and nine months ended September 30, 2025 and 2024 are as follows (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended | ​ | Nine Months Ended
​ | ​ | September 30, 2025 | ​ | September 30, 2024 | ​ | September 30, 2025 | ​ | September 30, 2024
Capital Expenditures: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Income Properties | ​ | $ | 6,128 | ​ | $ | 138,850 | ​ | $ | 87,187 | ​ | $ | 216,969
Commercial Loans and Investments | ​ | ​ | 6,381 | ​ | ​ | 53,176 | ​ | ​ | 12,786 | ​ | ​ | 60,206
Corporate and Other | ​ | ​ | 8 | ​ | ​ | 2 | ​ | ​ | 33 | ​ | ​ | 17
Total Capital Expenditures | ​ | $ | 12,517 | ​ | $ | 192,028 | ​ | $ | 100,006 | ​ | $ | 277,192
​ Identifiable assets of each segment as of September 30, 2025 and December 31, 2024 are as follows (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | As of
​ |  | September 30, 2025 |  | December 31, 2024
Identifiable Assets: | ​ | ​ | ​ | ​ | ​ | ​
Income Properties | ​ | $ | 1,075,490 | ​ | $ | 1,039,466
Management Services | ​ | ​ | 1,203 | ​ | ​ | 1,481
Commercial Loans and Investments | ​ | ​ | 112,852 | ​ | ​ | 105,763
Real Estate Operations | ​ | ​ | 626 | ​ | ​ | 611
Corporate and Other | ​ | ​ | 32,182 | ​ | ​ | 34,323
Total Assets | ​ | $ | 1,222,353 | ​ | $ | 1,181,644

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- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-25 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-30 + Details
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