BUSINESS SEGMENT DATA (Tables)

3 Months Ended

Mar. 31, 2026

Segment Reporting [Abstract]

Schedule of operations in different segments

Information about the Company’s operations in different segments for the three months ended March 31, 2026 is as follows (in thousands):



		Income Properties			Management Services			Commercial Loans and Investments			Total
Revenues:
Income Properties		$	36,580		$	—		$	—		$	36,580
Management Fee Income			—			1,349			—			1,349
Interest Income From Commercial Loans and Investments			—			—			3,244			3,244
Total Revenues for Reportable Segments		$	36,580		$	1,349		$	3,244		$	41,173

Operating Expenses:
Income Properties		$	(10,168)		$	—		$	—		$	(10,168)
Total Revenues Less Direct Costs of Revenues		$	26,412		$	1,349		$	3,244		$	31,005
Provision for Impairment and Adjustment to CECL Reserve			—			—			321			321
Depreciation and Amortization - Real Estate			(15,938)			—			—			(15,938)
Total Revenues Less Operating Expenses for Reportable Segments		$	10,474		$	1,349		$	3,565		$	15,388
Gain on Disposition of Assets			—			—			—			—
Net Income From Operations for Reportable Segments		$	10,474		$	1,349		$	3,565		$	15,388

Reconciliation to Consolidated Net Income
General and Administrative Expenses												(5,077)
Investment and Other Income												3,243
Interest Expense												(7,271)
Depreciation and Amortization - Other												(18)
Net Income Before Income Tax Expense											$	6,265
Income Tax Expense												(60)
Net Income Attributable to the Company											$	6,205

Information about the Company’s operations in different segments for the three months ended March 31, 2025 is as follows (in thousands):



		Income Properties			Management Services			Commercial Loans and Investments			Total
Revenues:
Income Properties		$	31,672		$	—		$	—		$	31,672
Management Fee Income			—			1,178			—			1,178
Interest Income From Commercial Loans and Investments			—			—			2,961			2,961
Total Revenues for Reportable Segments		$	31,672		$	1,178		$	2,961		$	35,811

Operating Expenses:
Income Properties		$	(8,891)		$	—		$	—		$	(8,891)
Total Revenues Less Direct Costs of Revenues		$	22,781		$	1,178		$	2,961		$	26,920
Provision for Impairment			—			—			—			—
Depreciation and Amortization - Real Estate			(14,346)			—			—			(14,346)
Total Revenues Less Operating Expenses for Reportable Segments		$	8,435		$	1,178		$	2,961		$	12,574
Gain on Disposition of Assets			—			—			—			—
Net Income From Operations for Reportable Segments		$	8,435		$	1,178		$	2,961		$	12,574

Reconciliation to Consolidated Net Income
General and Administrative Expenses												(4,683)
Investment and Other Income												575
Interest Expense												(6,136)
Depreciation and Amortization - Other												(18)
Net Income Before Income Tax Expense											$	2,312
Income Tax Expense												(51)
Net Income Attributable to the Company											$	2,261

Capital expenditures of each segment for the three months ended March 31, 2026 and 2025 are as follows (in thousands):


		For the Three Months Ended
		March 31, 2026			March 31, 2025
Capital Expenditures:
Income Properties		$	85,368		$	80,864
Commercial Loans and Investments			5,292			1,431
Corporate and Other			—			12
Total Capital Expenditures		$	90,660		$	82,307

Identifiable assets of each segment as of March 31, 2026 and December 31, 2025 are as follows (in thousands):


		As of
		March 31, 2026			December 31, 2025
Identifiable Assets:
Income Properties		$	1,179,627		$	1,102,631
Management Services			1,773			2,465
Commercial Loans and Investments			91,248			118,129
Corporate and Other			27,019			40,677
Total Assets		$	1,299,667		$	1,263,902