v3.26.3
Consolidated Balance Sheets - USD ($)
Sep. 30, 2026
Dec. 31, 2025
Real estate assets, at cost:    
Buildings and improvements $ 323,552,000 $ 347,880,000
Land 54,549,000 57,225,000
Land improvements 39,335,000 42,358,000
Work in progress 10,845,000 951,000
Tenant improvements 566,000 500,000
Total real estate assets, at cost 428,847,000 448,914,000
Less: accumulated depreciation (26,013,000) (17,773,000)
Total real estate assets, net 402,834,000 431,141,000
Cash and cash equivalents 26,211,000 12,199,000
Prepaid expenses and other assets 11,355,000 11,001,000
Deferred financing costs, net of accumulated amortization of $350 and $4 as of September 30, 2026 and December 31, 2025, respectively 1,273,000 68,000
Acquired value of in-place leases, net of accumulated amortization of $23,887 and $15,691 as of September 30, 2026 and December 31, 2025, respectively 23,872,000 35,969,000
Above market intangible lease asset, net of accumulated amortization of $130 and $81 as of September 30, 2026 and December 31, 2025, respectively 178,000 227,000
Total Assets 465,723,000 490,605,000
Liabilities    
Secured revolving credit facility (Note 6) 41,500,000 79,500,000
Term loan, net (Note 6) 103,814,000 103,585,000
Construction loan (Note 6) 6,932,000  
Accounts payable and accrued expenses 16,503,000 15,197,000
Deferred revenues 2,228,000 1,463,000
Below market intangible lease liability, net of accumulated amortization of $2,298 and $1,380 as of September 30, 2026 and December 31, 2025, respectively 2,795,000 4,521,000
Total liabilities 173,772,000 204,266,000
Commitments and contingencies (Note 8)
Partners' Capital    
Series A preferred equity 125,000 125,000
General Partner's capital, 111 Units outstanding as of September 30, 2026 and December 31, 2025, respectively 8,000 8,000
Limited Partners' capital, 4,194,199 Units and 3,887,128 Units outstanding as of September 30, 2026 and December 31, 2025, respectively 289,637,000 284,000,000
Non-controlling interests 2,181,000 2,206,000
Total partners' capital 291,951,000 286,339,000
Total Liabilities and Partners' Capital $ 465,723,000 $ 490,605,000