Summary of Significant Accounting Policies (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2025 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounting Policies [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Estimated Useful Lives of Real Property Assets | Depreciation of our real property assets is charged to expense on a straight-line basis over the estimated useful lives as follows:
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Summary of Fixed Rate Debt Payable | The table below summarizes the carrying amounts and fair values of fixed rate debt instruments that are not carried at fair value as of June 30, 2025 and December 31, 2024. The estimated fair value of financial instruments is subjective in nature and is dependent on a number of important assumptions, including discount rates and relevant comparable market information associated with each financial instrument. The fair value of our fixed and variable rate debt was estimated by discounting the future cash flows using the current rates at which similar loans would be made to borrowers with similar credit ratings and for the same remaining maturities (categorized within Level 2 of the fair value hierarchy). The use of different market assumptions and estimation methodologies may have a material effect on the reported estimated fair value amounts. As of June 30, 2025 and December 31, 2024, we did not have any variable rate debt.
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Schedule of Interest Rate Derivative | The table below presents the Company's assets measured at fair value on a recurring basis as of June 30, 2024, aggregated by the level in the fair value hierarchy within which the measurement falls:
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Schedule of Temporary Differences to Deferred Tax Effects | The major sources of temporary differences that give rise to the deferred tax effects are shown below:
(1)
Full valuation allowance was applied as the recoverability of such net deferred tax assets was less than more likely than not. |