| Schedule of Real Estate Under Construction |
The
following table provides the activity of our Real estate under construction (amounts in thousands):
Schedule of Real Estate Under Construction
| | |
March
31, 2026 | | |
December
31, 2025 | |
| | |
| (unaudited) | | |
| | |
| Beginning balance | |
$ | 57,838 | | |
$ | 191,308 | |
| Capitalized costs (1)
(2) | |
| 1,004 | | |
| 50,628 | |
| Placed in service(3) | |
| (927 | ) | |
| (188,716 | ) |
| Capitalized interest | |
| — | | |
| 4,618 | |
| Ending balance | |
$ | 57,915 | | |
$ | 57,838 | |
| (1) | Includes
development fees and employee reimbursement expenditures. See Note 4 – Related Party Arrangements for additional details regarding our transactions with related parties. |
| (2) | Includes
direct and indirect project costs to the construction and development of real estate projects,
including but not limited to loan fees, property taxes, and insurance, incurred of less than
$0.1 million and $2.3 million for the three months ended March 31, 2026 and the year ended
December 31, 2025, respectively. |
| (3) | During
the three months ended March 31, 2026, we reclassified $0.9 million from Real estate under
construction to Building and improvements ($0.8 million) and Furniture, fixtures and equipment
($0.1 million), in connection with certain phases of our 1000 First Avenue North, St Petersburg,
Florida (“VIV”) and 1991 Main Street, Sarasota, Florida (“Aster & Links”)
development projects, which reached substantial completion during 2025 and 2024, respectively. |
|