Real Estate

3 Months Ended

Mar. 31, 2026

A significant portion of the Company's land, buildings and improvements serve as collateral for the Company's secured term loans. Accordingly, restrictions exist as to the encumbered properties' transferability, use and other common rights typically associated with property ownership.

The Company's depreciation expense on real estate was $1.6 million and $1.7 million for the three months ended March 31, 2026 and 2025, respectively.

Dispositions

No properties were sold during the three months ended March 31, 2026 and the following properties were sold during the three months ended March 31, 2025:


Disposal Date	Property	Contract Price		Gain		Net Proceeds
March 13, 2025	Oregon Avenue	$	3,000,000	$	90,000	$	2,765,000
February 11, 2025	Webster Commons	14,500,000		2,332,000		13,907,000