XML 47 R31.htm IDEA: XBRL DOCUMENT v3.25.4
Basis of Presentation and Summary of Significant Accounting Policies (Tables)
12 Months Ended
Dec. 31, 2025
Accounting Policies [Line Items]  
Schedule of estimated useful life of assets

Buildings

  ​ ​ ​

30 – 40 years

Building improvements

5 – 15 years

Land improvements

5 – 15 years

Furniture, fixtures and equipment

3 – 8 years

In-place leases

6 months

Schedule of income tax expense

  ​ ​ ​

2025

Current Income Tax Expense

  ​

U.S. federal

$

1,299

State and local

 

333

Total current income tax expense

 

1,632

Deferred Income Tax Expense (Benefit)

 

Total income tax expense

$

1,632

Schedule of income tax expense and effective tax rate

The income tax expense is computed by applying the U.S. federal statutory rate of 21% to pretax loss for the years ended December 31, 2025 and 2024 as follows (amounts in thousands):

2025

  ​ ​ ​

2024

 

  ​ ​ ​

Amount

  ​ ​ ​

Percentage

  ​ ​ ​

Amount

  ​ ​ ​

Percentage

 

U.S. federal statutory tax rate

$

(6,503)

21.00

%  

$

(2,539)

21.00

%  

State and local income taxes, net of federal tax effect

 

264

 

(0.85)

%  

 

Benefit of non-taxable entities

 

7,714

 

(24.91)

%  

2,539

 

(21.00)

%  

Changes in valuation allowance

 

55

 

(0.18)

%  

 

Other non-taxable or non-deductible items

 

102

 

(0.33)

%  

 

Total income tax expense and effective tax rate

$

1,632

 

(5.27)

%

$

 

Schedule of Income tax paid

During the year ended December 31, 2025, the Company paid the following amounts related to income taxes (amounts in thousands). The Company paid no amounts related to income taxes in the year ended December 31, 2024.

  ​ ​ ​

2025

U.S. federal income taxes

$

1,052

State and local income taxes

 

84

Total income taxes paid

$

1,136

In-place lease intangible assets  
Accounting Policies [Line Items]  
Schedule of intangible assets

The following table summarizes the Company’s in-place lease intangible assets at December 31, 2025 and 2024 (amounts in thousands):

  ​ ​ ​

2025

  ​ ​ ​

2024

Gross carrying value

$

13,359

$

9,757

Accumulated amortization

 

(11,295)

 

(7,008)

Net carrying value

$

2,064

$

2,749

Schedule of in-place lease activity

The following table summarizes the Company’s in-place lease activity for the years ended December 31, 2025 and 2024 (amounts in thousands):

  ​ ​ ​

2025

 

2024

Beginning balances as of January 1, 2025 and 2024, respectively

$

2,749

 

$

Acquisitions

 

3,905

5,309

Amortization

 

(4,590)

(2,560)

In-place lease intangible assets, net, end of period

$

2,064

$

2,749

Real estate tax abatement  
Accounting Policies [Line Items]  
Schedule of intangible assets

The following table summarizes the real estate tax abatement at December 31, 2025 (amounts in thousands):

  ​ ​ ​

2025

Gross carrying value

$

5,534

Accumulated amortization

 

(104)

Net carrying value

$

5,430

Schedule of estimated future amortization expense

The following table presents the estimated future amortization expense of the real estate tax abatement as of December 31, 2025 (amounts in thousands):

Year

  ​ ​ ​

Total

2026

$

418

2027

 

418

2028

 

418

2029

 

418

2030

 

418

Thereafter

 

3,340

$

5,430