Financial Performance - Revenue from tenants for the quarter ended December 31, 2024, was 14,889,000[13]−Netlossattributabletocommonstockholderswas(6,650,000), resulting in a basic and diluted net loss per share of (2.60)[13]−CashNOIforthequarterwas6,395,000, while Adjusted EBITDA was 1,252,000[13]−Totalexpensesforthequarterwere17,037,000, significantly lower than 44,659,000inthepriorquarter,primarilyduetoareductioninimpairmentofrealestateinvestments[17]−Thenetlossattributabletocommonstockholdersforthequarterwas6,650,000, compared to a net loss of 34,482,000inthepreviousquarter,indicatinganimprovement[17]−EBITDAforthequarterwas1,243,000, a recovery from a negative EBITDA of 24,789,000inthepriorquarter[18]−ThecompanyhasatotalcashNOIof6,393,000 for the quarter, slightly down from 6,837,000inthepreviousquarter[18]DebtandAssets−GrossassetvalueasofDecember31,2024,was598,201,000, with net debt at 340,224,000[13]−Totalconsolidateddebtstoodat350,000,000, with cash and cash equivalents of 9,776,000[13]−Thecompanyhadanetdebttogrossassetvalueratioof56.9350,000,000 with a weighted-average interest rate of 4.4% as of December 31, 2024[19] Real Estate Portfolio - The real estate portfolio comprised 6 properties with 56 tenants, achieving an occupancy rate of 80.8%[13] - Future minimum lease rents due to the company total 261,315,000overthenextfiveyearsandthereafter[22]−Thetoptentenantscontribute5145,412,000, with City National Bank being the largest tenant at 4,356,000[23]−Theportfolioisdiversifiedwith7232,506,000[26] - The financial services industry accounts for 28% of the total annualized straight-line rent, amounting to 13,118,727[27]LeaseExpirations−TotalannualizedrentfromexpiringleasesasofDecember31,2024,is45,412,000, representing 101% of rentable square feet[29] - The company has 82 leases expiring, with the largest annualized rent from 8 leases in 2031 totaling 6,234,000,accountingfor145,949,000, which is 13% of total annualized rent[29] - The total rentable square feet expiring is 801,000, with the highest contribution from 8 leases in 2031 at 111,000 square feet, also 14% of total rentable square feet[29] - The company has 2 leases expiring after 2039, with an annualized rent of 398,000,representing13,500,000, accounting for 8% of total annualized rent[29] - The year 2026 has 7 leases expiring with an annualized rent of 2,155,000,whichis54,048,000, representing 9% of total annualized rent[29] - The year 2034 has 4 leases expiring with an annualized rent of 3,425,000,accountingfor82,919,000, which is 6% of total annualized rent[29] Company Status - The company terminated its status as a REIT effective January 1, 2023, but did not change its non-GAAP metrics for performance evaluation[5]
