Item 2. Properties
ITEM 2. PROPERTIES
Our principal offices are located at 4400 Route
9 South, Freehold, NJ 07728. The office building is owned by our subsidiary, Avalon RT 9 Properties, LLC, which is in business of owning
and operating an income-producing real property. Our property is well maintained, adequately meets our needs, and is being utilized for
its intended purpose.
We lease additional office space for operations.
Office location is not crucial to our operations, and we anticipate no difficulty in extending these leases or obtaining comparable office
space.
We are obligated under various lease agreements
providing for office space that expire at various dates through December 31, 2025. Total rent expense under these lease agreements was
approximately $127,000 and $129,000 for the years ended December 31, 2024 and 2023, respectively.
We believe that our current office space is adequate
for our current and immediately foreseeable operating needs.
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