TAXABLE INCOME AND TAX BASIS (Tables)

12 Months Ended

Dec. 31, 2025

TAXABLE INCOME AND TAX BASIS

Schedule of reconciliation of GAAP net income to taxable income

	For the year ended
	December 31,
	2025		2024		2023
	(in thousands)
Financial statement (“book”) net income (loss)	$	6,031	$	15,662	$	8,454
Book/Tax differences from depreciation		(5,573)		3,610		(2,300)
Book/Tax differences from Investment Properties		(2)		104		351
Increase in prepaid rent and allowances		1,005		435		732
Other items*		3,620		1,291		2,752
Taxable income	$	5,081	$	21,102	$	9,989

*Includes amortization of in-place lease expense of approximately $2,662,000 for 2025, and approximately $829,000 for 2023.