Consolidated Real Estate Investments

6 Months Ended

Jun. 30, 2025

Investments, All Other Investments [Abstract]

As of June 30, 2025, the major components of the Company’s investments in real estate held by SPEs the Company consolidates, which are included in "Consolidated Real Estate Investments" on the Consolidated Balance Sheets, were as follows (in thousands):


Operating Properties	Land		Buildings and Improvements		Intangible Lease Assets		Intangible Lease Liabilities		Right of use assets		Construction in Progress		Furniture, Fixtures, and Equipment		Totals
White Rock Center	$	1,315	$	10,597	$	1,921	$	(101)	$	—	$	—	$	13	$	13,745
5916 W Loop 289	1,081		2,938		—		—		—		—		—		4,019
Cityplace Tower	18,813		195,416		9,058		(6,669)		—		19,418		356		236,392
NexPoint Dominion Land, LLC	26,500		—		—		—		—		—		—		26,500
Dallas Hilton Garden Inn	4,116		24,674		—		—		—		79		1,527		30,396



St. Petersburg Marriott	5,829		33,770		—		—		—		4,090		2,301		45,990
Hyatt Place Park City	3,737		20,175		—		—		—		956		3,166		28,034
Bradenton Hampton Inn & Suites	837		25,535		—		—		1,465		281		2,869		30,987
HUB Research Triangle Park	—		—		—		—		623		—		—		623

Accumulated depreciation and amortization	—		(31,545)		(8,799)		4,168		(48)		—		(2,155)		(38,379)
Total Operating Properties	$	62,228	$	281,560	$	2,180	$	(2,602)	$	2,040	$	24,824	$	8,077	$	378,307

As of December 31, 2024, the major components of the Company’s investments in real estate held by SPEs the Company consolidates, which are included in "Consolidated Real Estate Investments" on the Consolidated Balance Sheets, were as follows (in thousands):


Operating Properties	Land		Buildings and Improvements		Intangible Lease Assets		Intangible Lease Liabilities		Right of use assets		Construction in Progress		Furniture, Fixtures, and Equipment		Totals
White Rock Center	$	1,315	$	10,568	$	1,921	$	(101)	$	—	$	—	$	13	$	13,716
5916 W Loop 289	1,081		2,938		—		—		—		—		—		4,019
Cityplace Tower	18,812		195,408		9,058		(6,669)		—		19,053		356		236,018
NexPoint Dominion Land, LLC	26,500		—		—		—		—		—		—		26,500
Dallas Hilton Garden Inn	4,116		24,631		—		—		—		96		1,475		30,318



St. Petersburg Marriott	5,829		33,715		—		—		—		3,951		2,301		45,796
Hyatt Place Park City	3,737		19,876		—		—		—		877		3,146		27,636
Bradenton Hampton Inn & Suites	837		25,064		—		—		1,465		712		2,833		30,911
HUB Research Triangle Park	—		—		—		—		711		—		—		711

Accumulated depreciation and amortization	—		(25,230)		(8,353)		3,631		(29)		—		(1,390)		(31,371)
Total Operating Properties	$	62,227	$	286,970	$	2,626	$	(3,139)	$	2,147	$	24,689	$	8,734	$	384,254

Held for Sale Properties
Plano Homewood Suites	$	2,106	$	5,394	$	—	$	—	$	—	$	28	$	738	$	8,266
Las Colinas Homewood Suites	2,292		10,153		—		—		—		313		1,004		13,762
Addison Property	2,351		4,577		—		—		—		518		804		8,250
Accumulated depreciation and amortization	—		(218)		—		—		—		—		(170)		(388)
Total Held for Sale Properties	$	6,749	$	19,906	$	—	$	—	$	—	$	859	$	2,376	$	29,890

Depreciation expense was $3.5 million and $7.1 million for the three and six months ended June 30, 2025 and $3.7 million and $6.0 million for the three and six months ended June 30, 2024. Amortization expense related to the Company’s intangible lease assets was $0.2 million and $0.4 million for the three and six months ended June 30, 2025 and $0.3 million and $0.6 million for the three and six months ended June 30, 2024. Amortization expense related to the Company's intangible lease liabilities was $0.3 million and $0.5 million for the three and six months ended June 30, 2025 and $0.3 million and $0.6 million for the three and six months ended June 30, 2024. The net amount amortized as an increase to rental revenue for capitalized above and below-market lease intangibles was $0.2 million and $0.5 million for the three and six months ended June 30, 2025 and $0.2 million and $0.5 million for the three and six months ended June 30, 2024.

Acquisitions

There were no acquisitions by the Company for the six months ended June 30, 2025. During the six months ended June 30, 2024, as a result of the NHT Acquisition, the Company consolidated the following properties: Dallas Hilton Garden Inn, Addison Property, Plano Homewood Suites, Las Colinas Homewood Suites, St. Petersburg Marriott, Hyatt Place Park City, Bradenton Hampton Inn & Suites.

Dispositions

The Company sold three properties during the six months ended June 30, 2025 as detailed in the table below (in thousands). The Company did not sell any properties during the six months ended June 30, 2024.


Property Name	Location	Date of Sale	Sales Price		Net Cash Proceeds		Gain (Loss) on Sale of Real Estate
Plano Homewood Suites	Plano, Texas	January 24, 2025	$	8,300	$	8,154	$	11
Addison Property	Addison, Texas	April 18, 2025	$	6,400	$	6,308	$	(88)
Las Colinas HomeWood Suites	Las Colinas, Texas	April 8, 2025	$	14,000	$	13,844	$	114