v3.26.1
Summary of Significant Accounting Policies (Tables)
12 Months Ended
Dec. 31, 2025
Accounting Policies [Abstract]  
Schedule of Estimated Useful Lives of Assets The Company’s investments in real estate are stated at cost and are generally depreciated on a straight-line basis over the estimated remaining useful lives of the assets as follows:

 

Description

 

Depreciable Life

Buildings

 

35 - 40 years

Tenant improvements

 

15 - 25 years

Land improvements

 

1 - 15 years

In-place lease intangibles

 

Over lease term

Schedule of Interest Rate Swaps Measured at Fair Value on a Recurring Basis The following table details the Company’s interest rate swaps measured at fair value on a recurring basis ($ in thousands):

 

 

 

 

 

 

 

 

 

December 31, 2025

 

 

December 31, 2024

 

Counterparty

 

Maturity Date

 

Fixed Rate

 

 

Variable Rate Index

 

Notional Amount

 

 

Fair Value

 

 

Notional Amount

 

 

Fair Value

 

Goldman Sachs Bank USA

 

10/21/2026

 

 

3.70

%

 

One-month SOFR

 

$

250,000

 

 

$

(473

)

 

$

 

 

$

 

Goldman Sachs Bank USA

 

10/21/2027

 

 

3.38

%

 

One-month SOFR

 

 

150,000

 

 

 

(243

)

 

 

 

 

 

 

Bank of America, National Association

 

8/13/2027

 

 

3.35

%

 

Daily simple SOFR

 

 

60,000

 

 

 

(84

)

 

 

60,000

 

 

 

948

 

Total Swaps

 

 

 

 

 

 

 

 

$

460,000

 

 

$

(800

)

 

$

60,000

 

 

$

948

 

 

Schedule of Concentration Risk The Company had one tenant from which it derived 10% or more of its revenue for the year ended December 31, 2025, as follows ($ in thousands):

 

 

Rental Income

 

 

Percentage of Total Rental Income

 

Tenant

 

Year Ended December 31, 2025

 

Tenant A

 

$

28,497

 

 

 

15.46

%

 

The Company had three tenants from which it derived 10% or more of its revenue for the year ended December 31, 2024, as follows ($ in thousands):

 

 

Rental Income

 

 

Percentage of Total Rental Income

 

Tenant

 

Year Ended December 31, 2024

 

Tenant A

 

$

6,902

 

 

 

21.72

%

Tenant B

 

$

5,405

 

 

 

17.01

%

Tenant C

 

$

4,790

 

 

 

15.07

%