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DEBT OBLIGATIONS - Line of Credit (Details) - USD ($)
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Feb. 28, 2025
Line of Credit        
Line of credit, outstanding balance $ 0      
Amount of unamortized deferred financing costs reclassified to Escrow, deposits and other assets and receivables 366,000 $ 549,000    
Accumulated amortization of deferred financing costs 5,214,000 $ 5,298,000    
Line of Credit        
Line of Credit        
Maximum borrowing capacity 100,000,000      
Borrowing capacity available for renovation and operating expense purposes $ 40,000,000     $ 40,000,000
Percentage of permitted borrowing base available for renovation and operating expense purposes 40.00%      
Basis of interest rate 30-day SOFR      
Applicable margin at December 31 (as a percent) 1.75% 1.75%    
Unused facility fee (as a percent) 0.25%      
Remaining amount available to be borrowed under the facility $ 100,000,000     $ 100,000,000
Line of Credit | Minimum        
Line of Credit        
Applicable margin (as a percent) 1.75%      
Line of Credit | Maximum        
Line of Credit        
Applicable margin (as a percent) 2.75%      
Line of Credit | Weighted average        
Line of Credit        
Line of credit, interest rate during the period   6.69% 3.42%