MARKETABLE SECURITIES

9 Months Ended

Sep. 30, 2023

Investments, Debt and Equity Securities [Abstract]

MARKETABLE SECURITIES

NOTE 4 – MARKETABLE SECURITIES

The Company’s marketable securities consist primarily of marketable common and preferred stock of other REITs with a fair value of $27.6 million as of September 30, 2023, which represents 1.5% of undepreciated assets. The Company does not intend to increase its investments in this REIT securities portfolio. The REIT securities portfolio provides the Company with additional liquidity and additional income and serves as a proxy for real estate when more favorable risk adjusted returns are not available.

As of September 30, 2023, the Company had total net unrealized losses of $46.6 million in its REIT securities portfolio. For the three and nine months ended September 30, 2023, the Company recorded a decrease of $5.5 million and $10.4 million, respectively, in the fair value of these marketable securities. The Company held twelve securities that had unrealized losses as of September 30, 2023.