v3.25.1
Transactions with Related Parties (Schedule of Related Party Transactions) (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Dec. 31, 2024
Related Party Transaction [Line Items]      
Due to related parties $ 2,842   $ 2,668
General and Administrative Reimbursements [Member]      
Related Party Transaction [Line Items]      
General and administrative expenses incurred with related party [1] 416 $ 402  
Due to related parties [1] 308   241
Real Estate Management Fees [Member]      
Related Party Transaction [Line Items]      
Real estate management related costs with related party 1,449 1,470  
Property Operating Expenses [Member]      
Related Party Transaction [Line Items]      
Real estate management related costs with related party 613 425  
Due to related parties 75   23
Construction Management Fees [Member]      
Related Party Transaction [Line Items]      
Real estate management related costs with related party 107 44  
Due to related parties 37   51
Leasing fees [Member]      
Related Party Transaction [Line Items]      
Real estate management related costs with related party 86 90  
Due to related parties 180   112
Real Estate Management Costs [Member]      
Related Party Transaction [Line Items]      
Real estate management related costs with related party [2] 2,255 2,029  
Due to related parties [2] 292   186
Business Management Fee [Member]      
Related Party Transaction [Line Items]      
Business management fees [3] 2,242 $ 2,255  
Due to related parties [3] $ 2,242   $ 2,241
[1] The Business Manager and its related parties are entitled to reimbursement for certain general and administrative expenses incurred by the Business Manager or its related parties relating to the Company’s administration. Such costs are included in general and administrative expenses in the consolidated statements of operations and comprehensive income (loss). Unpaid amounts are included in due to related parties on the consolidated balance sheets.
[2] For each property that is managed by the Real Estate Manager, the Company pays a monthly real estate management fee of up to 1.9% of the gross income from any single-tenant, net-leased property, and up to 3.9% of the gross income from any other property type. The Real Estate Manager determines, in its sole discretion, the amount of the fee with respect to a particular property, subject to the limitations. For each property that is managed directly by the Real Estate Manager or its affiliates, the Company pays the Real Estate Manager a separate leasing fee. Further, in the event that the Company engages its Real Estate Manager to provide construction management services for a property, the Company pays a separate construction management fee. Leasing fees are included in deferred costs, net and construction management fees are included in building and other improvements in the consolidated balance sheets. The Company also reimburses the Real Estate Manager and its affiliates for property-level expenses that they pay or incur on the Company’s behalf, including the salaries, bonuses and benefits of persons performing services for the Real Estate Manager and its affiliates except for the salaries, bonuses and benefits of persons who also serve as an executive officer of the Real Estate Manager or the Company. Real estate management fees and reimbursable expenses are included in property operating expenses in the consolidated statements of operations and comprehensive income (loss).
[3] The Company pays the Business Manager an annual business management fee equal to 0.55% of its “averaged invested assets.” The fee is payable quarterly in an amount equal to 0.1375% of its average invested assets as of the last day of the immediately preceding quarter. “Average invested assets” means, for any period, the average of the aggregate book value of the Company’s assets, including all intangibles and goodwill, invested, directly or indirectly, in equity interests in, and loans secured by, properties, as well as amounts invested in securities and consolidated and unconsolidated joint ventures or other partnerships, before reserves for amortization and depreciation or bad debts, impairments or other similar non-cash reserves, computed by taking the average of these values at the end of each month during the relevant calendar quarter. Unpaid amounts are included in due to related parties on the consolidated balance sheets. The Business Management Agreement terminates on March 31, 2027.