v3.25.2
Investment in Developmental Real Estate, net (Tables)
6 Months Ended
Jun. 30, 2025
Real Estate Investments, Net [Abstract]  
Schedule of investment in rental real estate
As of June 30, 2025 and December 31, 2024, investment in developmental real estate, net consisted of the following:
June 30, 2025CostAccumulated DepreciationInvestment in Developmental
Real Estate, Net
(in thousands)
Land$6,476 $— $6,476 
Building4,936 (185)4,751 
Site improvements359 (42)317 
Tenant improvements1,184 (40)1,144 
Construction in progress3,898 — 3,898 
Lease intangibles81 (3)78 
Total $16,934 $(270)$16,664 
December 31, 2024CostAccumulated DepreciationInvestment in Developmental
Real Estate, Net
(in thousands)
Land$4,557 $— $4,557 
Building4,936 (154)4,782 
Site improvements359 (30)329 
Tenant improvements1,182 — 1,182 
Construction in progress3,141 — 3,141 
Lease intangibles41 — 41 
Total$14,216 $(184)$14,032 
Schedule of future minimum rents under non-cancelable operating leases
As of June 30, 2025, future minimum rents under non-cancelable operating leases were as follows:
Years Ending December 31,Amount
(in thousands)
2025 (remaining six months)$— 
2026936 
20271,267 
20281,292 
20291,318 
Thereafter8,852 
Total$13,665 
As of June 30, 2025, future minimum rents under this lease were as follows:
Years Ending December 31,Amount
(in thousands)
2025 (remaining six months)$27 
202631 
Total$58