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BUSINESS SEGMENT DATA (Tables)

9 Months Ended

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