For the Year Ended December 31,

2024

2023

Rental income (1)

$

38,228

$

38,172

Property operating expenses

Property taxes

4,021

3,884

Contract maintenance

2,304

2,297

Utilities

1,759

1,888

Repairs

1,565

1,310

Other segment items (2)

2,014

2,274

Total property operating expenses

11,663

11,653

Segment net operating income

26,565

26,519

Reconciliation of net operating income to net loss

Commissions

2,329

2,897

Management and other income

206

282

Straight-line rent revenue

862

1,137

Amortization of above and below market lease, net

(280

)

(319

)

Cost of services

(2,103

)

(2,493

)

Depreciation and amortization

(14,930

)

(18,778

)

Impairment of real estate assets

(560

)

(973

)

Impairment of real estate held for sale

—

(2,353

)

Bad debt expense

(268

)

(134

)

General and administrative

(12,113

)

(11,891

)

Gain on disposal of properties

—

11,486

Net interest and other income

1,084

938

Derivative fair value adjustment

589

(692

)

Net gain on fair value change on debt held under the fair value option

2,318

2,344

Interest expense

(18,381

)

(18,504

)

Loss on extinguishment of debt

(7

)

(43

)

Other expense

(31

)

(68

)

Income tax (expense) benefit, net

(78

)

3,628

Net loss

$

(14,798

)

$

(7,017

)