XML 42 R29.htm IDEA: XBRL DOCUMENT
v3.25.1

Debt, Net (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2024
Debt Disclosure [Abstract] |
Schedule of Debt, Net | The following table details our Debt, net (dollars in thousands): Schedule of Debt, Net
Indebtedness |  | Interest Rate |  |  | Maturity Date |  | Maximum Facility |  |  | 2024 |  |  | 2023 |
|  |  |  |  |  |  |  |  |  | Carrying Value as of December 31, |
Indebtedness |  | Interest Rate |  |  | Maturity Date |  | Maximum Facility |  |  | 2024 |  |  | 2023 |
Fixed rate loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
1991 Main Mezzanine Loan (1) (3) |  |  | 13.00 | % |  | May 2027 |  | $ | 56,378 |  |  | $ | 46,243 |  |  | $ | — |
900 8th Land Loan (2) |  |  | 9.50 | % |  | June 2025 |  |  | N/A |  |  |  | 10,000 |  |  |  | — |
Variable rate loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
1991 Main Construction Loan (1) (4) |  |  | SOFR + 3.45 | % |  | May 2027 |  | $ | 130,000 |  |  |  | 97,521 |  |  |  | 23,076 |
1000 First Construction Loan (5) |  |  | SOFR + 3.80 | % |  | June 2027 |  | $ | 104,000 |  |  |  | 29,468 |  |  |  | — |
Total debt |  |  |  |  |  |  |  |  |  |  |  |  | 183,232 |  |  |  | 23,076 |
Unamortized debt issuance costs |  |  |  |  |  |  |  |  |  |  |  |  | (3,931 | ) |  |  | (2,239 | )
Unamortized debt discount |  |  |  |  |  |  |  |  |  |  |  |  | (2,284 | ) |  |  | (1,159 | )
Debt, net |  |  |  |  |  |  |  |  |  |  |  | $ | 177,017 |  |  | $ | 19,678 |
(1) | Loan contains a one-year extension option, subject to certain restrictions.
(2) | The 900 8th Land Loan contains two six-month extension options, subject to certain restrictions.
(3) | We are required to maintain an interest reserve and carry reserve for purposes of paying accrued but unpaid interest on the 1991 Main Mezzanine Loan and interest, principal and other obligations under the 1991 Main Construction Loan. Undrawn amounts were held back at closing and are being maintained by an administrative agent appointed by the lender (the “Reserves”). As interest and other obligations accrue, the Reserves balance will be reduced and be added to the principal outstanding on the 1991 Main Mezzanine Loan. As of December 31, 2024, the Reserves balance was $10.1 million.
(4) | Advances under the 1991 Main Construction Loan bear interest at a per annum rate equal to the one-month term Secured Overnight Financing Rate (“SOFR”) plus 3.45%, subject to a minimum all-in per annum rate of 8.51%. To mitigate our exposure to increases to the one-month SOFR, we have obtained an interest rate cap (see Note 9 – Derivative Instruments).
(5) | The 1000 First Construction Loan contains two one-year extension options, subject to certain restrictions. Advances under the 1000 First Construction Loan bear interest at a per annum rate equal to the one-month term SOFR plus 3.80%, subject to a minimum all-in per annum rate of 7.55%. To mitigate our exposure to increases to the one-month SOFR, we have obtained an interest rate cap (see Note 9 – Derivative Instruments).
Schedule of Future Principal Payments | The following table summarizes the scheduled future principal payments under our debt arrangements as of December 31, 2024 (amounts in thousands): Schedule of Future Principal Payments
Year ended December 31, |  |  |
2025 |  | $ | 10,000 |
2026 |  |  | — |
2027 |  |  | 173,232 |
2028 |  |  | — |
2029 |  |  | — |
Thereafter |  |  | — |
Total |  | $ | 183,232 |

X
- References No definition available. + Details
Name: | us-gaap_DebtDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | us-gaap_ScheduleOfDebtTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of maturity and sinking fund requirement for long-term debt. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 1 -SubTopic 10 -Topic 470 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481544/470-10-50-1 + Details
Name: | us-gaap_ScheduleOfMaturitiesOfLongTermDebtTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration