11. SUBSEQUENT EVENTS:

Mortgage Note Payable:

On April 17, 2025, the Company paid the outstanding mortgage indebtedness to Allstate Life Insurance Company in the amount of $33.6 million from its available cash, cash equivalents and additional borrowings from John Hancock Life Insurance Company.

Mortgage Refinance

On April 17, 2025, the Company entered into a loan agreement with John Hancock Life Insurance Company for a $25,000,000 loan. The loan is a 10-year interest only loan at an interest rate of 5.65%. The proceeds of the loan were used in connection with the maturity of the Company’s mortgage loan with Allstate Life Insurance Company.

Sale Of Real Estate

On January 23, 2025, the Company (through its Operating Partnership) entered into a purchase and sale agreement for the sale of a property located at 25 Corporate Place, Piscataway, New Jersey for $16.0 million. There were conditions precedent to closing and the purchaser had the right to cancel the agreement in its sole discretion for any reason or for no reason by giving written notice of such election on or before March 24, 2025, which election could have been extended by the purchaser for an additional thirty (30) days upon timely notice to the Company. The purchaser did not provide notice of it right to cancel on or before March 24, 2025 and did not elect to extend its right to cancel the agreement. The transaction closed on April 23, 2025.