v3.26.1
Consolidated Balance Sheets - USD ($)
Jun. 30, 2026
Dec. 31, 2025
Real estate assets, at cost:    
Buildings and improvements $ 323,422,000 $ 347,880,000
Land 54,549,000 57,225,000
Land improvements 39,277,000 42,358,000
Work in progress 9,013,000 951,000
Tenant improvements 500,000 500,000
Total real estate assets, at cost 426,761,000 448,914,000
Less: accumulated depreciation (23,245,000) (17,773,000)
Total real estate assets, net 403,516,000 431,141,000
Cash and cash equivalents 15,166,000 12,199,000
Prepaid expenses and other assets 10,519,000 11,001,000
Investment in DST (Note 5) 12,879,000  
Deferred financing costs, net of accumulated amortization of $213 and $4 as of June 30, 2026 and December 31, 2025, respectively 1,401,000 68,000
Acquired value of in-place leases, net of accumulated amortization of $21,179 and $15,691 as of June 30, 2026 and December 31, 2025, respectively 26,580,000 35,969,000
Above market intangible lease asset, net of accumulated amortization of $113 and $81 as of June 30, 2026 and December 31, 2025, respectively 195,000 227,000
Total Assets 470,256,000 490,605,000
Liabilities    
Secured revolving credit facility (Note 6) 52,000,000 79,500,000
Term loan, net (Note 6) 103,736,000 103,585,000
Construction loan (Note 6) 4,310,000  
Accounts payable and accrued expenses 15,453,000 15,197,000
Deferred revenues 2,199,000 1,463,000
Below market intangible lease liability, net of accumulated amortization of $1,991 and $1,380 as of June 30, 2026 and December 31, 2025, respectively 3,103,000 4,521,000
Total liabilities 180,801,000 204,266,000
Commitments and contingencies (Note 8)
Partners' Capital    
Series A preferred equity 125,000 125,000
General Partner's capital, 111 Units outstanding as of June 30, 2026 and December 31, 2025, respectively 8,000 8,000
Limited Partners' capital, 4,085,644 Units and 3,887,128 Units outstanding as of June 30, 2026 and December 31, 2025, respectively 287,100,000 284,000,000
Non-controlling interests 2,222,000 2,206,000
Total partners' capital 289,455,000 286,339,000
Total Liabilities and Partners' Capital $ 470,256,000 $ 490,605,000