Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Reconciliation of GAAP Income (Loss) from Continuing Operations to Taxable Income (Loss)

The following table reconciles GAAP income from continuing operations to taxable income for the years ended December 31, 2024 and 2023 (in thousands):

	2024			2023
Net income	$	8,599		$	11,264
GAAP net (income) of taxable subsidiaries		(666	)		(605	)
GAAP net income from REIT operations		7,933			10,659
Operating expense book deductions greater than tax		8,258			4,099
Book depreciation in excess of tax depreciation		4,714			4,872
GAAP amortization of intangibles in excess of tax    amortization		674			821
Straight-line rent adjustments		(112	)		(1,054	)
(Income) allocable to noncontrolling interest		(3,600	)		(5,226	)
Estimated taxable income	$	17,867		$	14,171