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Summary of Significant Accounting Policies (Tables) | 12 Months Ended
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Dec. 31, 2024
Accounting Policies [Abstract] |
Schedule of Components of Deferred Costs | Deferred costs consisted of the following at December 31, 2024 and 2023 (in thousands):
| December 31, 2024 |  | December 31, 2023
Loan costs | $ | 6,323 |  |  | $ | 6,256 |
Franchise fees | 4,961 |  |  | 4,311 |
Other | 334 |  |  | 102 |
| 11,618 |  |  | 10,669 |
Less accumulated amortization | (7,580) |  |  | (6,423) |
Deferred costs, net | $ | 4,038 |  |  | $ | 4,246 |
Schedule of Mortgage Loans and Unsecured Term Loans | Mortgage debt consisted of the following at December 31, 2024 and 2023 (in thousands):
| December 31, 2024 |  | December 31, 2023
Mortgage debt | $ | 159,182 |  |  | $ | 396,109 |
Deferred financing costs | (1,971) |  |  | (1,565) |
Mortgage debt, net | $ | 157,211 |  |  | $ | 394,544 |
The balances as of December 31, 2024 and 2023 were as follows (in thousands):
| December 31, 2024 |  | December 31, 2023
Unsecured term loan | $ | 140,000 |  |  | $ | 90,000 |
Deferred financing costs | (362) |  |  | (467) |
Unsecured term loan, net | $ | 139,638 |  |  | $ | 89,533 |

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- Definition Tabular disclosure of the amounts paid in advance for capitalized costs that will be expensed with the passage of time or the occurrence of a triggering event, and will be charged against earnings within one year or the normal operating cycle, if longer; the aggregate carrying amount of current assets, not separately presented elsewhere in the balance sheet; and other deferred costs. + References No definition available. + Details
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- Definition Tabular disclosure of information pertaining to short-term and long-debt instruments or arrangements, including but not limited to identification of terms, features, collateral requirements and other information necessary to a fair presentation. + References No definition available. + Details
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