STOCKHOLDER DIVIDENDS AND DRIP

3 Months Ended

Sep. 30, 2025

STOCKHOLDER DIVIDENDS AND DRIP [Abstract]

NOTE 13 – STOCKHOLDER DIVIDENDS AND DRIP

The following table reflects the dividends per share that we have declared on our common stock and preferred stock during the three months ended September 30, 2025:

	Dividends
	Series A Preferred Stock				Series B Preferred Stock					Series C Preferred Stock
During the Quarter Ended	Per Share		Amount		Per Share		Amount			Per Share		Amount
September 30, 2025	$	0.375	$	285,758	$	0.750	$	88,878	*	$	0.563	$	6,465

*Of the total dividends declared for Series B during the three months ended September 30, 2025, $66,658 was an increase in liquidation preference and $22,220 was the cash dividend.

During the three months ended September 30, 2025, we did not issue any common shares under our common stock DRIP since the plan was suspended in March 2024. During the three months ended September 30, 2025, $53,558 of Series A preferred dividends and $6,328 of Series B preferred dividends were reinvested under the preferred stock DRIP.

On May 19, 2025, following a review of the Company’s financials, the current economic climate, the potential impact of new tariffs on demand for office and retail space, and the increased likelihood of a near-term recession, the Board of Directors approved the suspension of the regular quarterly dividend on the Company’s common stock effective immediately. This decision was made to preserve liquidity, enable the Company to make further investments in its own properties and developments where prudent, and to provide financial flexibility as to near-term commitments; the suspension will remain in effect until further notice.

On September 15, 2025, we declared the Series A preferred stock quarterly dividend of $0.375 per share payable at the rate of $0.125 per month for holders of record as of October 31, 2025, November 30, 2025, and December 31, 2025. The Series A preferred stock dividend declared on September 15, 2025 will be paid in January 2026.

On September 15, 2025, we declared the Series B preferred stock quarterly 3% dividend of $0.1875 per share payable at the rate of $0.0625 per month for holders of record as of October 31, 2025, November 30, 2025, and December 31, 2025. The Series B preferred stock dividend declared on September 15, 2025 will be paid in January 2026. In addition, the Series B preferred Stock will accrue dividends at the rate of 9% per annum on the stated value as an increase in liquidation preference.

On September 15, 2025, we declared the Series C preferred stock quarterly dividend of $0.5625 per share payable at the rate of $0.1875 per month for holders of record as of October 31, 2025, November 30, 2025, and December 31, 2025. The Series C preferred stock dividend declared on September 15, 2025 will be paid in January 2026.

The following table reflects the distributions declared by the Operating Partnership for the Class A and preferred unit holders during the three months ended September 30, 2025:

	Distributions
	Series A Preferred Units				Series B Preferred Units
During the Quarter Ended	Per Share		Amount		Per Share		Amount
September 30, 2025	$	0.375	$	399,247	$	0.750	$	32,410	*

*Of the total distributions declared for Series B during the three months ended September 30, 2025, $24,308 was an increase in liquidation preference and $8,102 was the cash dividend.

During the three months ended September 30, 2025, the Operating Partnership paid Series A preferred distributions of $398,814, of which $25,995 have been reinvested under the preferred stock DRIP. During the three months ended September 30, 2025, the Operating Partnership paid Series B preferred distributions of $32,410, none of which was reinvested.

The following table reflects the dividends per share that we have declared on our common stock and preferred stock during the three months ended September 30, 2024:

	Dividends
	Common Stock				Series A Preferred Stock				Series B Preferred Stock
During the Quarter Ended	Per Share		Amount		Per Share		Amount		Per Share		Amount
September 30, 2024	$	1.250	$	1,679,460	$	0.375	$	287,036	$	0.750	$	45,378

*Of the total dividends declared for Series B during the three months ended September 30, 2024, $34,037 was an increase in liquidation preference and $11,341 was the cash dividend.

The above dividends declared were recorded as dividends payable in the consolidated balance sheets as of September 30, 2024, and were subsequently paid in October 2024.

The following table reflects the distributions declared by the Operating Partnership for the Class A and Preferred unit holders during the three months ended September 30, 2024:

					Distributions
	Class A Units				Series A Preferred Units				Series B Preferred Units
During the Quarter Ended	Per Share		Amount		Per Share		Amount		Per Share		Amount
September 30, 2024	$	0.125	$	10,269	$	0.375	$	382,489	$	0.750	$	32,410

*Of the total distributions declared for Series B during the three months ended September 30, 2024, $24,307 was an increase in liquidation preference and $8,103 was the cash dividend.

During the three months ended September 30, 2024, the Operating Partnership paid Series A preferred distributions of $342,654, of which $23,514 have been reinvested under our DRIP. Preferred (Series A and B), and common distributions declared during the three months ended September 30, 2024 were paid in October 2024.