BUSINESS SEGMENT DATA (Tables)

12 Months Ended

Dec. 31, 2024

BUSINESS SEGMENT DATA

Schedule of operations in different segments

Information about the Company’s operations in different segments for the year ended December 31, 2024 is as follows (in thousands):

	For the Year Ended December 31, 2024
	Income Properties		Management Services		Commercial Loans and Investments		Real Estate Operations		Total
Revenues:
Income Properties	$	110,591	$	—	$	—	$	—	$	110,591
Management Fee Income		—		4,590		—		—		4,590
Interest Income From Commercial Loans and Investments		—		—		7,357		—		7,357
Real Estate Operations		—		—		—		1,981		1,981
Total Revenues for Reportable Segments	$	110,591	$	4,590	$	7,357	$	1,981	$	124,519
Operating Expenses:
Income Properties	$	(31,785)	$	—	$	—	$	—	$	(31,785)
Real Estate Operations		—		—		—		(1,437)		(1,437)
Total Revenues Less Direct Costs of Revenues	$	78,806	$	4,590	$	7,357	$	544	$	91,297
Provision for Impairment		—		—		(676)		—		(676)
Depreciation and Amortization - Real Estate		(64,981)		—		—		—		(64,981)
Total Revenues Less Operating Expenses for Reportable Segments	$	13,825	$	4,590	$	6,681	$	544	$	25,640
Gain on Disposition of Assets		3,763		—		—		4,545		8,308
Net Income From Operations for Reportable Segments	$	17,588	$	4,590	$	6,681	$	5,089	$	33,948
Reconciliation to Consolidated Net Loss
General and Administrative Expenses										(16,269)
Investment and Other Income										2,606
Interest Expense										(22,521)
Depreciation and Amortization - Other										(68)
Net Loss Before Income Tax Benefit									$	(2,304)
Income Tax Benefit										339
Net Loss Attributable to the Company									$	(1,965)

Information about the Company’s operations in different segments for the year ended December 31, 2023 is as follows (in thousands):

	For the Year Ended December 31, 2023
	Income Properties		Management Services		Commercial Loans and Investments		Real Estate Operations		Total
Revenues:
Income Properties	$	96,663	$	—	$	—	$	—	$	96,663
Management Fee Income		—		4,388		—		—		4,388
Interest Income From Commercial Loans and Investments		—		—		4,084		—		4,084
Real Estate Operations		—		—		—		3,984		3,984
Total Revenues for Reportable Segments	$	96,663	$	4,388	$	4,084	$	3,984	$	109,119
Operating Expenses:
Income Properties	$	(28,455)	$	—	$	—	$	—	$	(28,455)
Real Estate Operations		—		—		—		(1,723)		(1,723)
Total Revenues Less Direct Costs of Revenues	$	68,208	$	4,388	$	4,084	$	2,261	$	78,941
Provision for Impairment		(929)		—		(627)		—		(1,556)
Depreciation and Amortization - Real Estate		(44,107)		—		—		—		(44,107)
Total Revenues Less Operating Expenses for Reportable Segments	$	23,172	$	4,388	$	3,457	$	2,261	$	33,278
Gain on Disposition of Assets		7,543		—		—		—		7,543
Net Income From Operations for Reportable Segments	$	30,715	$	4,388	$	3,457	$	2,261	$	40,821
Reconciliation to Consolidated Net Income
General and Administrative Expenses										(14,249)
Investment and Other Income										1,987
Interest Expense										(22,359)
Depreciation and Amortization - Other										(66)
Net Income Before Income Tax Expense									$	6,134
Income Tax Expense										(604)
Net Income Attributable to the Company									$	5,530

Information about the Company’s operations in different segments for the year ended December 31, 2022 is as follows (in thousands):

	For the Year Ended December 31, 2022
	Income Properties		Management Services		Commercial Loans and Investments		Real Estate Operations		Total
Revenues:
Income Properties	$	68,857	$	—	$	—	$	—	$	68,857
Management Fee Income		—		3,829		—		—		3,829
Interest Income From Commercial Loans and Investments		—		—		4,172		—		4,172
Real Estate Operations		—		—		—		5,462		5,462
Total Revenues for Reportable Segments	$	68,857	$	3,829	$	4,172	$	5,462	$	82,320
Operating Expenses:
Income Properties	$	(20,364)	$	—	$	—	$	—	$	(20,364)
Real Estate Operations		—		—		—		(2,493)		(2,493)
Total Revenues Less Direct Costs of Revenues	$	48,493	$	3,829	$	4,172	$	2,969	$	59,463
Provision for Impairment		—		—		—		—		—
Depreciation and Amortization - Real Estate		(28,799)		—		—		—		(28,799)
Total Revenues Less Operating Expenses for Reportable Segments	$	19,694	$	3,829	$	4,172	$	2,969	$	30,664
Gain (Loss) on Disposition of Assets		3,869		—		802		(11,713)		(7,042)
Net Income From Operations for Reportable Segments	$	23,563	$	3,829	$	4,974	$	(8,744)	$	23,622
Reconciliation to Consolidated Net Income
General and Administrative Expenses										(12,899)
Investment and Other Income										776
Interest Expense										(11,115)
Depreciation and Amortization - Other										(56)
Net Income Before Income Tax Benefit									$	328
Income Tax Benefit										2,830
Net Income Attributable to the Company									$	3,158

Capital expenditures of each segment as of December 31, 2024, 2023, and 2022 are as follows (in thousands):

	For the Year Ended
	December 31, 2024		December 31, 2023		December 31, 2022
Capital Expenditures:
Income Properties	$	241,859	$	102,688	$	331,754
Commercial Loans and Investments		63,930		32,869		53,369
Corporate and Other		39		261		42
Total Capital Expenditures	$	305,828	$	135,818	$	385,165

Identifiable assets of each segment as of December 31, 2024 and 2023 are as follows (in thousands):

	As of
	December 31, 2024		December 31, 2023
Identifiable Assets:
Income Properties	$	1,039,466	$	887,345
Management Services		1,481		1,395
Commercial Loans and Investments		105,763		62,099
Real Estate Operations		611		2,343
Corporate and Other		34,323		36,486
Total Assets	$	1,181,644	$	989,668