Segment Reporting (Tables)

3 Months Ended

Mar. 31, 2026

The following tables summarize NOI by segment for the three months ended March 31, 2026 and 2025.

(1)


	Three Months Ended March 31, 2026						Three Months Ended March 31, 2025
	Total		Multi-family		Other		Total		Multi-family		Other
Rental income	$	7,476	$	4,190	$	3,286	$	7,346	$	4,493	$	2,853
Tenant recovery income	1,514		196		1,318		1,492		255		1,237
Other property income	181		181		—		217		217		—
Total income	$	9,171	$	4,567	$	4,604	$	9,055	$	4,965	$	4,090
Repairs and maintenance	707		345		362		552		332		220
Property payroll and benefits	357		311		46		342		303		39
Property insurance	431		195		236		373		174		199
Other property expenses	1,497		952		545		1,324		907		417
Real estate taxes	1,483		447		1,036		1,491		530		961
Total expenses	$	4,475	$	2,250	$	2,225	$	4,082	$	2,246	$	1,836

NOI	$	4,696	$	2,317	$	2,379	$	4,973	$	2,719	$	2,254

Non-allocated expenses (1)	(5,909)						(5,876)

Other income	118						237
Interest expense	(1,717)						(1,836)
GAAP adjustments to NOI (3)	223						250
Net loss	$	(2,589)					$	(2,252)

Balance Sheet Data
Real estate assets, net (3)	$	281,878	$	184,599	$	97,279	$	292,008	$	190,302	$	101,706
Non-segmented assets (4)	36,608						42,563
Total assets	$	318,486					$	334,571
Capital expenditures	$	280	$	179	$	101	$	5,464	$	114	$	5,350

(1)Non-allocated expenses consist of general and administrative expenses and depreciation and amortization.

(2)GAAP adjustments to NOI include straightline rental income and amortization of above and below market lease revenues.

(3)Real estate assets include intangible lease assets, net of amortization.

(4)Non-segmented assets include cash and cash equivalents, restricted cash and escrows, accounts receivable and deferred costs and other assets.

Highlands REIT, Inc. 10-Q