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Investment in Developmental Real Estate, net (Tables)

9 Months Ended

Sep. 30, 2025

Real Estate Investments, Net [Abstract]

Schedule of investment in rental real estate

As of September 30, 2025 and December 31, 2024, investment in developmental real estate, net consisted of the following:

September 30, 2025						Cost						Accumulated Depreciation						Investment in Developmental Real Estate, Net
						(in thousands)
Land						$	11,432					$	—					$	11,432
Building						5,332						(187)						5,145
Site improvements						870						(54)						816
Tenant improvements						1,183						(66)						1,117
Construction in progress						4,026						—						4,026
Lease intangibles						81						(5)						76
Total						$	22,924					$	(312)					$	22,612

December 31, 2024						Cost						Accumulated Depreciation						Investment in Developmental Real Estate, Net
						(in thousands)
Land						$	4,557					$	—					$	4,557
Building						4,936						(154)						4,782
Site improvements						359						(30)						329
Tenant improvements						1,182						—						1,182
Construction in progress						3,141						—						3,141
Lease intangibles						41						—						41
Total						$	14,216					$	(184)					$	14,032

Schedule of future minimum rents under non-cancelable operating leases

As of September 30, 2025, future minimum rents under non-cancelable operating leases were as follows:

Years Ending December 31,						Amount
						(in thousands)
2025 (remaining three months)						$	—
2026						936
2027						1,267
2028						1,292
2029						1,318
Thereafter						8,852
Total						$	13,665

As of September 30, 2025, future minimum rents under this lease were as follows:

Years Ending December 31,						Amount
						(in thousands)
2025 (remaining three months)						$	18
2026						31
Total						$	49

X

- Definition

Tabular disclosure of maturity of undiscounted cash flows to be received by lessor on annual basis for operating lease.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 842
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479773/842-30-50-12

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- Definition

Tabular disclosure of nonconsolidated investments in real estate including interests in corporations, partnerships and joint ventures. Disclosures may include summarized aggregate financial statements for the real estate investments.

+ References

No definition available.

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- References

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