Note 8 - Real Estate Investment, Net

3 Months Ended

Mar. 31, 2022

Notes to Financial Statements

Real Estate Owned [Text Block]

8. Real Estate Investment, net

On December 31, 2021, the Company acquired a 204-unit multifamily property in Charlotte, North Carolina. As of  March 31, 2022, the property was 92.2% occupied, with effective rent per occupied unit of $1,529 per month (unaudited).

As of  March 31, 2022, the major components of the Company's investments in multifamily properties were as follows (in thousands): 

Real Estate Investment, Net	Land		Buildings and Improvements			Intangible Lease Assets			Furniture, Fixtures and Equipment			Totals
Hudson Montford	$	10,996	$	49,813		$	954		$	527		$	62,290
Accumulated depreciation and amortization		—		(424	)		(477	)		(43	)		(944	)
Total Real Estate Investment, Net	$	10,996	$	49,389		$	477		$	484		$	61,346

As of  December 31, 2021, the major components of the Company's investments in multifamily properties were as follows (in thousands): 

Real Estate Investment, Net	Land		Buildings and Improvements		Intangible Lease Assets		Furniture, Fixtures and Equipment		Totals
Hudson Montford	$	10,996	$	49,807	$	954	$	512	$	62,269
Accumulated depreciation and amortization		—		—		—		—		—
Total Real Estate Investment, Net	$	10,996	$	49,807	$	954	$	512	$	62,269

The following table reflects the revenue and expenses for the three months ended March 31, 2022 and 2021, for our multifamily property (in thousands). 

	For the Three Months Ended March 31,
	2022			2021
Revenues
Rental income	$	931		$	—
Other income		5			—
Total revenues		936			—
Expenses
Interest expense		236			—
Real estate taxes and insurance		113			—
Property operating expenses		147			—
Property general and administrative expenses		33			—
Property management fees		27			—
Depreciation and amortization		944			—
Rate cap (income) expense		(351	)		—
Total expenses		1,149			—
Net loss from consolidated real estate owned	$	(213	)	$	—