[1]

Includes development fees and employee reimbursement expenditures. See “Note 4 – Related Party Agreements” for additional details regarding our transactions with related parties.

[2]

Includes direct and indirect project costs to the construction and development of real estate projects, including but not limited to loan fees, property taxes and insurance, incurred of $3.4 million and $2.2 million for the years ended December 31, 2023 and 2022, respectively.

[3]

Includes the acquisition of land located in Sarasota, Florida during the year ended December 31, 2023 as discussed above. Additionally, includes ground lease payments and straight-line rent adjustments incurred of $0.1 million and $0.8 million for the years ended December 31, 2023 and 2022, respectively.

[4]

During the year ended December 31, 2023, we recorded impairment charges of $4.1 million in relation to one of our real estate assets located in Nashville, Tennessee, based on our conclusion that the estimated fair market value of the real estate asset was lower than the carrying value, and as a result, we reduced the carrying value to the estimated fair market value.