Subsequent Events |
6 Months Ended |
|---|---|
Jun. 30, 2026 | |
| Subsequent Events [Abstract] | |
| Subsequent Events | Subsequent Events On July 9, 2026, the Company, through its subsidiary IVT PPD Hudson Associates, L.L.C., entered into a Lease Agreement (the “Lease”) with GEO Secure Services, LLC (the “Lessee”) for its property located at 3001 Juniper Street, Hudson, CO 80642 (the “Property”). The Lease has an effective date of August 1, 2026 (the “Commencement Date”), and will terminate eighty-eight (88) months after the Commencement Date (the “Term”). Pursuant to the Lease, the Lessee will pay the Company a monthly base rental fee of $250,000 per month (“Base Rent”), beginning four (4) months after the Commencement Date. Base Rent will be increased to $958,333.33 per month beginning on the earlier of (i) the six-month anniversary of the Commencement Date or (ii) the date on which the Property becomes occupied (the “Occupancy Date”). Thereafter, Base Rent shall be increased by 3% on each annual anniversary of the Occupancy Date. Notwithstanding the foregoing, if a certain agreement between the Lessee and an unrelated third party (as described in the Lease) is terminated during the Term, Base Rent shall be decreased to $250,000 per year for the remainder of the Term. In addition to Base Rent, the Lessee will also pay to the Company a sum equal to the total annual taxes for the Property and all improvements thereon and thereto.
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