Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2025

Schedule of estimated useful lives of PP&E

Depreciation expense is computed using the straight-line method based on the following estimated useful lives.


Description						Estimated Useful Life
Building						40 Years
Building and land improvements (maximum)						20 Years
Tenant improvements						Shorter of useful life or terms of related lease

Schedule of Cash, Cash Equivalents and Restricted Cash


Reconciliation of cash and cash equivalents and restricted cash (in thousands)	December 31, 2025		December 31, 2024
Cash and cash equivalents	$	14,910	$	36,284
Restricted cash	85,973		1,109
Total cash and cash equivalents and restricted cash	$	100,883	$	37,393

Schedule of tax treatment of common dividends per share for federal income tax

The following table summarizes the tax treatment of dividends per share of common stock for federal income tax purposes during years ended December 31, 2025, 2024 and 2023.


	Year ended December 31,
	2025				2024				2023
Federal Income Tax Treatment of Dividends per Common Share	Per Share		%		Per Share		%		Per Share		%
Ordinary income	$	1.385009	92.4	%	$	1.316017	89.9	%	$	1.243518	83.7	%
Return of capital	—		—	%	0.103508		7.1	%	—		—	%
Unrecaptured section 1250 capital gain	0.030187		2.0	%	0.043793		3.0	%	0.089829		6.0	%
Other capital gain	0.084101		5.6	%	—		—	%	0.151665		10.3	%

Total(1)	$	1.499297	100.0	%	$	1.463318	100.0	%	$	1.485012	100.0	%

(1)The December 2022 monthly common stock dividend of $0.121667 per share was included in the stockholder’s 2023 tax year. The December 2023 monthly common stock dividend of $0.1225 per share was partially included in the stockholder’s 2023 tax year in the amount of $0.015845 per share and the remainder was included in the stockholder’s 2024 tax year. The December 2024 monthly common stock dividend of $0.123333 per share was included in the stockholder’s 2025 tax year. The December 2025 monthly common stock dividend of $0.124167 per share was partially included in the stockholder’s 2025 tax year in the amount of $0.010127 per share and the remainder will be included in the stockholder’s 2026 tax year.