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Derivative Instruments

12 Months Ended

Dec. 31, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Instruments

Note 10 – Derivative Instruments

The 1991 Main Construction Loan Agreement required the Borrower to enter into an interest rate cap agreement with a one-month SOFR rate based strike price of 5.07% (the “1991 Main Interest Rate Cap”). The notional amount of the 1991 Main Interest Rate Cap increases in accordance with the schedule set forth in the interest rate cap agreement up to a maximum notional amount of $112.5 million.

The following table details our derivative financial instrument as of December 31, 2023 (amounts in thousands):

 Schedule of Table Derivative Financial Instrument

Interest Rate Derivative		Notional Amount				Strike				Maturity Date		Fair Value (1)
1991 Main Interest Rate Cap		$	72,218				5.07	%		July 2024		$	93

⁽¹⁾ Included in Other assets in our consolidated balance sheets.

The following table details the effect of our derivative financial instrument on our consolidated statement of operations for the year ended December 31, 2023 (amounts in thousands):

 Schedule of Table Details Effect Derivative Financial Instrument

Interest Rate Derivative		Location of Gain (Loss)		Amount
1991 Main Interest Rate Cap		Other expense		$	(66	)

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- References

No definition available.

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- Definition

The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480237/815-40-50-5

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5C
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480434/815-10-50-5C

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 815
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//815/tableOfContent

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