CNSREIT-AR-2024 Final - Flipbook - Page 107
Investments in Real Estate-Related Securities
The following table details our investments in real estate-related securities as of December 31, 2024 ($ in thousands):
December 31, 2024
Type of Real Estate-Related Securities
Cost Basis
Common stock of publicly-listed REITs
$
Real estate-related debt securities
Real estate-related preferred securities
Total Investments in real estate-related securities
$
Fair Value
11,587 $
11,040
10,963
10,908
873
862
23,423 $
22,810
Results of Operations
We were formed on July 18, 2022, and commenced principal operations on January 11, 2024. As of December 31,
2023, we had not made any investments. Therefore, there were minimal operations in the period for the year ended
December 31, 2023. Due to our investments in real estate and real estate-related securities during the year ended December
31, 2024, our results of operations for the year ended December 31, 2023 and the year ended December 31, 2024 are not
comparable. Accordingly, no comparative amounts for the year ended December 31, 2023 are discussed.
The following table sets forth information regarding our consolidated results of operations for the years ended
December 31, 2024 and 2023 (in thousands, except per share data):
For the Years Ended December 31,
2024
2023
Revenues
Rental revenue
$
Total revenues
8,277
$
4
8,277
4
3,138
4
472
169
1,852
4
Expenses
Property operating
General and administrative
Organization expenses
Performance participation allocation
7
4
Depreciation and amortization
5,204
4
Total expenses
10,673
169
Other income (expense), net
Realized and unrealized gains from real estate-related securities, net
269
4
Interest expense
(1,593)
4
Other income
579
4
Total other income (expense), net
(745)
4
(3,141) $
(169)
(51)
4
Net loss
$
Net loss attributable to non-controlling interests
Net loss attributable to common stockholders
$
(3,090) $
(169)
Net loss per share of common stock - basic
$
(0.49) $
(8.46)
Net loss per share of common stock - diluted
$
(0.49) $
(8.46)
Weighted-average shares of common stock outstanding
Basic
6,252
20
Diluted
6,252
20
90
