v3.25.2
Mortgage Notes, Lines of Credit and Bonds Payable (Details) - USD ($)
1 Months Ended 6 Months Ended
Jul. 01, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
May 31, 2025
Apr. 30, 2025
Dec. 31, 2024
Oct. 17, 2024
Oct. 16, 2024
Mortgage notes payable                  
Principal outstanding     $ 193,391,000       $ 204,574,000    
Book Value of Collateral     598,493,000            
Debt issuance costs     (644,000)       (891,000)    
Mortgage notes and bonds payable, net     $ 192,747,000       203,683,000    
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration]     us-gaap:SecuredOvernightFinancingRateSofrMember            
Amortization expense     $ 200,000 $ 400,000          
Debt issuance costs incurred     0 $ 100,000          
Accumulated amortization of deferred financing fees     2,800,000       2,600,000    
Interest Rate Swap | Cash Flow Hedging | Designated as Hedging Instrument                  
Mortgage notes payable                  
Notional amount     $ 4,900,000            
Farmer Mac Facility                  
Mortgage notes payable                  
Interest Rate (as a percent)     5.83%            
Principal outstanding     $ 14,000,000            
Book Value of Collateral     55,841,000            
Remaining borrowing capacity     $ 44,000,000       42,400,000    
Margin added to reference rate (as a percent)     1.50%            
Additional bond purchase amount     $ 200,000,000            
Farmer Mac Facility | Secured Debt                  
Mortgage notes payable                  
Outstanding debt     $ 14,000,000       25,000,000    
Margin added to reference rate (as a percent)     1.50%            
Commitment fees percentage     0.20%            
Farmer Mac Facility | Secured Debt | Subsequent Event                  
Mortgage notes payable                  
Debt repaid $ 14,000,000                
Farmer Mac Facility | Secured Debt | Maximum                  
Mortgage notes payable                  
Loan-to-value ratio (as a percent)     60.00%            
MetLife Facility                  
Mortgage notes payable                  
Interest Rate (as a percent)     6.40%            
Book Value of Collateral     $ 79,929,000            
Margin added to reference rate (as a percent)     2.10%            
MetLife Facility | Term Loan                  
Mortgage notes payable                  
Outstanding debt     $ 165,500,000       167,800,000    
Maximum loan to value ratio     60.00%            
Amount borrowed     $ 50,000,000            
MetLife Facility | Term Loan | Minimum                  
Mortgage notes payable                  
Percentage of prepayment equal to unpaid principal balance     20.00%            
MetLife Facility | Term Loan | Maximum                  
Mortgage notes payable                  
Percentage of prepayment equal to unpaid principal balance     50.00%            
MetLife Facility | Term Loan                  
Mortgage notes payable                  
Margin added to reference rate (as a percent)     2.10%            
Amount borrowed     $ 0            
MetLife Facility | Credit Facility                  
Mortgage notes payable                  
Remaining borrowing capacity     $ 50,000,000            
Rutledge Credit Facilities                  
Mortgage notes payable                  
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration]   us-gaap:SecuredOvernightFinancingRateSofrMember us-gaap:SecuredOvernightFinancingRateSofrMember            
Outstanding debt     $ 9,000,000       0    
Remaining borrowing capacity     $ 66,000,000            
Margin added to reference rate (as a percent)   1.40% 1.40%            
Commitment fee percentage   0.20%              
Elimination of annual reduction (in percent)   2.50%   2.50%          
Maximum borrowing capacity   $ 75,000,000 $ 75,000,000 $ 75,000,000          
Rutledge Credit Facilities | Subsequent Event                  
Mortgage notes payable                  
Debt repaid $ 9,000,000                
Farmer Mac Bond #6                  
Mortgage notes payable                  
Interest Rate (as a percent)     3.69%            
Principal outstanding             13,827,000    
Farmer Mac Bond #7                  
Mortgage notes payable                  
Interest Rate (as a percent)     3.68%            
Principal outstanding             11,160,000    
MetLife Term Loan #1                  
Mortgage notes payable                  
Interest Rate (as a percent)     5.55%            
Principal outstanding     $ 67,086,000       67,086,000    
Book Value of Collateral     $ 102,171,000            
MetLife Term Loan #4                  
Mortgage notes payable                  
Interest Rate (as a percent)     5.55%            
Interest Rate Terms     3 years            
Principal outstanding     $ 1,200,000       1,550,000    
Book Value of Collateral     $ 2,698,000            
MetLife Term Loan #5                  
Mortgage notes payable                  
Interest Rate (as a percent)     5.63%            
Interest Rate Terms     3 years            
Principal outstanding     $ 1,827,000       1,827,000    
Book Value of Collateral     $ 5,370,000            
MetLife Term Loan #6                  
Mortgage notes payable                  
Interest Rate (as a percent)     5.55%            
Interest Rate Terms     3 years            
Principal outstanding     $ 16,226,000       16,226,000    
Book Value of Collateral     $ 26,230,000            
MetLife Term Loan #7                  
Mortgage notes payable                  
Interest Rate (as a percent)     5.87%            
Interest Rate Terms     3 years            
Principal outstanding     $ 6,934,000       6,934,000    
Book Value of Collateral     $ 12,120,000            
MetLife Term Loan #8                  
Mortgage notes payable                  
Interest Rate (as a percent)     4.12%            
Interest Rate Terms     10 years            
Principal outstanding     $ 44,000,000       44,000,000    
Book Value of Collateral     $ 110,042,000            
Metlife Term Loan #9                  
Mortgage notes payable                  
Interest Rate (as a percent)     6.37%            
Interest Rate Terms     3 years            
Principal outstanding     $ 6,400,000       8,400,000    
Book Value of Collateral     $ 12,434,000            
Metlife Term Loan #10                  
Mortgage notes payable                  
Interest Rate (as a percent)     6.36%            
Principal outstanding     $ 21,806,000       21,806,000    
Book Value of Collateral     $ 35,751,000            
Rabobank                  
Mortgage notes payable                  
Interest Rate (as a percent)     6.14%            
Principal outstanding     $ 4,912,000       $ 11,758,000    
Book Value of Collateral     $ 8,633,000            
Margin added to reference rate (as a percent)     1.81%            
Rabobank | Interest Rate Swap | Cash Flow Hedging | Designated as Hedging Instrument                  
Mortgage notes payable                  
Notional amount     $ 4,900,000   $ 7,700,000 $ 11,800,000   $ 11,800,000 $ 33,200,000
Derivative basis spread on variable rate     2.114%            
Weighted average rate percentage     3.81%            
Adjustment amount of notional amount     $ 4,900,000            
Ratio of floating rate debt to total debt (as percent)     11.90%       14.40%    
Rabobank | Secured Debt                  
Mortgage notes payable                  
Outstanding debt     $ 4,900,000       $ 11,800,000    
Rutledge Facility                  
Mortgage notes payable                  
Interest Rate (as a percent)     5.70%            
Principal outstanding     $ 9,000,000            
Book Value of Collateral     $ 147,274,000            
Margin added to reference rate (as a percent)     1.40%