CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (Unaudited) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
|---|---|---|---|---|
Sep. 30, 2026 |
Sep. 30, 2025 |
Sep. 30, 2026 |
Sep. 30, 2025 |
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| Income: | ||||
| Rental income | $ 38,258 | $ 37,862 | $ 114,774 | $ 114,656 |
| Other property income | 97 | 123 | 332 | 259 |
| Total income | 38,355 | 37,985 | 115,106 | 114,915 |
| Expenses: | ||||
| Property operating expenses | 8,012 | 7,644 | 24,567 | 24,254 |
| Real estate tax expense | 3,399 | 4,716 | 12,798 | 13,824 |
| General and administrative expenses | 1,513 | 1,262 | 4,264 | 4,583 |
| Business management fee | 2,315 | 2,251 | 6,985 | 6,738 |
| Depreciation and amortization | 14,333 | 14,302 | 44,024 | 43,039 |
| Total expenses | 29,572 | 30,175 | 92,638 | 92,438 |
| Other Income (Expense): | ||||
| Interest expense | (9,687) | (9,824) | (29,617) | (29,343) |
| Interest and other income | 45 | 53 | 123 | 148 |
| Gain on sale of investment property | 0 | 0 | 4,985 | 0 |
| Net loss | $ (859) | $ (1,961) | $ (2,041) | $ (6,718) |
| Net loss per common share, basic | $ (0.02) | $ (0.05) | $ (0.06) | $ (0.19) |
| Net loss per common share, diluted | $ (0.02) | $ (0.05) | $ (0.06) | $ (0.19) |
| Weighted average number of common shares outstanding, basic | 36,004,254 | 36,104,130 | 36,058,104 | 36,104,130 |
| Weighted average number of common shares outstanding, diluted | 36,004,254 | 36,104,130 | 36,058,104 | 36,104,130 |
| Comprehensive income (loss): | ||||
| Net loss | $ (859) | $ (1,961) | $ (2,041) | $ (6,718) |
| Unrealized gain (loss) on derivatives | 9,315 | 539 | 18,120 | (2,330) |
| Reclassification adjustment for amounts included in net loss | (1,958) | (2,960) | (5,772) | (8,791) |
| Comprehensive income (loss) | $ 6,498 | $ (4,382) | $ 10,307 | $ (17,839) |
| X | ||||||||||
- Definition The fee charged for overseeing and managing the day-to-day operations which is based on the "average invested assets" as defined in the Offering prospectus. No definition available.
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- Definition Interest and other (expense) income. No definition available.
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- Definition Other property income. No definition available.
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- Definition Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- References No definition available.
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- Definition Total costs of sales and operating expenses for the period. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- References No definition available.
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| X | ||||||||||
- Definition The current period expense charged against earnings on long-lived, physical assets not used in production, and which are not intended for resale, to allocate or recognize the cost of such assets over their useful lives; or to record the reduction in book value of an intangible asset over the benefit period of such asset; or to reflect consumption during the period of an asset that is not used in production. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount of expense incurred and directly related to generating revenue by lessor from operating lease of rented property and equipment. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The net gain (loss) resulting from sales and other disposals of real estate owned for investment purposes. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition The aggregate total of expenses of managing and administering the affairs of an entity, including affiliates of the reporting entity, which are not directly or indirectly associated with the manufacture, sale or creation of a product or product line. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition Amount of interest expense classified as operating and nonoperating. Includes, but is not limited to, cost of borrowing accounted for as interest expense. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The portion of profit or loss for the period, net of income taxes, which is attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- References No definition available.
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| X | ||||||||||
- Definition Amount of operating lease income from lease payments and variable lease payments paid and payable to lessor. Includes, but is not limited to, variable lease payments not included in measurement of lease receivable. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Amount, after tax and before reclassification, of gain (loss) from derivative instrument designated and qualifying as cash flow hedge included in assessment of hedge effectiveness. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Amount, after tax, of reclassification of gain (loss) from accumulated other comprehensive income (AOCI) for derivative instrument designated and qualifying as cash flow hedge included in assessment of hedge effectiveness. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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| X | ||||||||||
- References No definition available.
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| X | ||||||||||
- Definition A tax based on the assessed value of real estate by the local government. The tax is usually based on the value of property (including the land). Reference 1: http://www.xbrl.org/2003/role/exampleRef
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- Definition Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The average number of shares or units issued and outstanding that are used in calculating diluted EPS or earnings per unit (EPU), determined based on the timing of issuance of shares or units in the period. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Number of [basic] shares or units, after adjustment for contingently issuable shares or units and other shares or units not deemed outstanding, determined by relating the portion of time within a reporting period that common shares or units have been outstanding to the total time in that period. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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