Annual report [Section 13 and 15(d), not S-K Item 405]

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME

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CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME - USD ($)
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
OPERATING REVENUES:      
Lease revenue, net $ 76,125,000 $ 84,763,000 $ 90,319,000
Crop sales $ 12,164,000 $ 0 $ 0
Revenue from Contract with Customer, Product and Service [Extensible Enumeration] Crop Sales [Member] Crop Sales [Member] Crop Sales [Member]
Other operating revenue $ 50,000 $ 453,000 $ 79,000
Total operating revenues 88,339,000 85,216,000 90,398,000
OPERATING EXPENSES:      
Depreciation and amortization 34,549,000 35,055,000 37,161,000
Property operating expenses 6,696,000 5,334,000 4,201,000
Cost of sales $ 9,588,000 $ 0 $ 0
Cost, Product and Service [Extensible Enumeration] Crop Sales [Member] Crop Sales [Member] Crop Sales [Member]
Base management fee $ 8,007,000 $ 8,370,000 $ 8,603,000
Incentive fee 2,723,000 109,000 1,771,000
Administration fee 2,617,000 2,452,000 2,255,000
General and administrative expenses 2,343,000 2,625,000 2,924,000
Write-off of costs associated with offering of Series E cumulative redeemable preferred stock 547,000 0 0
Impairment charge 3,921,000 2,106,000 0
Total operating expenses 70,991,000 56,051,000 56,915,000
Incentive fee waiver (2,723,000) (109,000) 0
Total operating expenses, net of credits to fees 68,268,000 55,942,000 56,915,000
OTHER INCOME (EXPENSE):      
Other income 2,508,000 3,378,000 3,633,000
Interest expense (20,024,000) (21,885,000) (23,665,000)
Dividends declared on cumulative term preferred stock (3,019,000) (3,019,000) (3,019,000)
Gain on dispositions of real estate assets, net 13,882,000 5,886,000 5,208,000
Property and casualty recovery (loss), net 137,000 (284,000) (1,016,000)
Loss from investments in unconsolidated entities (26,000) (60,000) (59,000)
Total other expense, net (6,542,000) (15,984,000) (18,918,000)
NET INCOME 13,529,000 13,290,000 14,565,000
Dividends declared on cumulative redeemable preferred stock (24,008,000) (24,250,000) (24,371,000)
(Loss) gain on extinguishment of cumulative redeemable preferred stock, net (5,000) 505,000 (46,000)
NET LOSS ATTRIBUTABLE TO COMMON STOCKHOLDERS $ (10,484,000) $ (10,455,000) $ (9,852,000)
NET LOSS PER COMMON SHARE:      
Basic (in dollars per share) $ (0.29) $ (0.29) $ (0.28)
Diluted (in dollars per share) $ (0.29) $ (0.29) $ (0.28)
WEIGHTED AVERAGE SHARES OF COMMON STOCK OUTSTANDING      
Basic (in shares) 36,506,720 35,909,956 35,733,742
Diluted (in shares) 36,506,720 35,909,956 35,733,742
COMPREHENSIVE INCOME      
NET INCOME: $ 13,529,000 $ 13,290,000 $ 14,565,000
Change in fair value related to interest rate hedging instruments (2,736,000) 266,000 (1,641,000)
COMPREHENSIVE INCOME ATTRIBUTABLE TO THE COMPANY $ 10,793,000 $ 13,556,000 $ 12,924,000