XML 59 R48.htm IDEA: XBRL DOCUMENT v3.24.3
Note 7 - Debt (Details Textual)
9 Months Ended 12 Months Ended 15 Months Ended 48 Months Ended
Oct. 07, 2024
USD ($)
Oct. 28, 2022
Sep. 16, 2022
USD ($)
Mar. 22, 2019
USD ($)
Sep. 30, 2024
USD ($)
Dec. 31, 2023
USD ($)
Jan. 31, 2024
Jan. 31, 2028
Jun. 21, 2024
USD ($)
Mar. 31, 2024
Secured Debt         $ 153,720,000          
Asset Pledged as Collateral [Member] | Secured Debt [Member]                    
Number of Real Estate Properties         5          
Real Estate Investments, Net         $ 242,700,000          
The 265 Million Note Due January 31, 2028 [Member]                    
Debt Instrument, Interest Rate, Stated Percentage   2.16%     3.18% 3.18% 2.76%      
Debt Instrument, Face Amount         $ 265,000,000 $ 265,000,000        
The 265 Million Note Due January 31, 2028 [Member] | Maximum [Member]                    
Debt Instrument, Basis Spread on Variable Rate         2.10% 2.10%        
The 265 Million Note Due January 31, 2028 [Member] | Minimum [Member]                    
Debt Instrument, Basis Spread on Variable Rate         1.45% 1.45%        
The 265 Million Note Due January 31, 2028 [Member] | Forecast [Member]                    
Debt Instrument, Interest Rate, Stated Percentage               3.32%    
The $50 Million Debt Facility Maturing September 16, 2026 [Member]                    
Debt Instrument, Interest Rate, Stated Percentage                   3.71%
Loan Agreement [Member]                    
Debt Instrument, Interest Rate, Stated Percentage                 6.23%  
Debt Instrument, Face Amount                 $ 56,340,000  
Number of Real Estate Properties                 3  
The Series A and Series B Notes [Member]                    
Debt Instrument, Face Amount       $ 100,000,000            
Debt Instrument, Minimum Partial Prepayment       $ 1,000,000            
Debt Instrument, Redemption Price, Percentage       100.00%            
Debt Instrument, Covenant, Maximum Total Indebtedness to Total Asset Value Ratio       0.6            
Debt Instrument, Covenant, Maximum Secured Debt to Total Asset Value Ratio       0.4            
Debt Instrument, Covenant, Minimum EBITDA to Fixed Charges Ratio       1.5            
Debt Instrument, Covenant, Maximum Secured Recourse Debt to Total Asset Value       0.15            
Debt Instrument, Covenant, Tangible Net Worth Threshold Before Percentage of Aggregate Net Proceeds, Percent       75.00%            
Debt Instrument, Covenant, Tangible Net Worth, Percentage of Aggregate Net Proceeds, Minimum       75.00%            
Debt Instrument, Covenant, Minimum Adjusted Property NOI To Implied Unencumbered Debt Service Ratio       1.5            
Debt Instrument, Covenant, Maximum Unsecured Debt to Unencumbered Assets       0.6            
The Series A Notes [Member]                    
Debt Instrument, Interest Rate, Stated Percentage       5.09%            
Debt Instrument, Face Amount       $ 50,000,000            
Debt Instrument, Annual Principal Payment       $ 7,100,000            
The Series B Notes [Member]                    
Debt Instrument, Interest Rate, Stated Percentage       5.17%            
Debt Instrument, Face Amount       $ 50,000,000            
Debt Instrument, Annual Principal Payment       $ 10,000,000            
Series One Incremental Term Loan [Member] | Subsequent Event [Member]                    
Debt Instrument, Interest Rate, Stated Percentage 3.665%                  
Debt Instrument, Face Amount $ 20,000,000                  
Debt Instrument, Basis Spread on Variable Rate 1.50%                  
Series One Incremental Term Loan [Member] | Subsequent Event [Member] | Maximum [Member]                    
Debt Instrument, Interest Rate, Stated Percentage 5.165%                  
Series One Incremental Term Loan [Member] | Subsequent Event [Member] | Bank Credit Spreads [Member] | Maximum [Member]                    
Debt Instrument, Basis Spread on Variable Rate 5.165%                  
The 2022 Facility [Member]                    
Debt Instrument, Covenant, Maximum Total Indebtedness to Total Asset Value Ratio     0.6              
Debt Instrument, Covenant, Maximum Secured Debt to Total Asset Value Ratio     0.4              
Debt Instrument, Covenant, Minimum EBITDA to Fixed Charges Ratio     1.5              
Debt Instrument, Covenant, Tangible Net Worth, Percentage of Aggregate Net Proceeds, Minimum     75.00%              
Debt Instrument, Covenant, Minimum Adjusted Property NOI To Implied Unencumbered Debt Service Ratio     1.5              
Debt Instrument, Covenant, Maximum Unsecured Debt to Unencumbered Assets     0.6              
Debt Instrument, Basis Spread on Variable Rate         1.50% 1.50%        
Debt Instrument, Applicable Margin Adjustment per Annum     0.02%              
Debt Instrument, Covenant, Maximum Other Recourse Debt to Total Asset Value Ratio     0.15              
Debt Instrument, Covenant, Tangible Net Worth Threshold Before Percentage of Aggregate Net Proceeds, Amount     $ 449,000,000              
The 2022 Facility [Member] | Term Loans [Member]                    
Debt Instrument, Interest Rate, Stated Percentage   2.16%     6.80%   2.80%      
Debt Instrument, Face Amount     265,000,000              
The 2022 Facility [Member] | Revolving Credit Facility [Member]                    
Line of Credit Facility, Maximum Borrowing Capacity     250,000,000              
Line of Credit Facility, Accordion Feature, Increase Limit     $ 200,000,000              
Line of Credit Facility, Remaining Borrowing Capacity         $ 121,000,000          
Long-Term Line of Credit         394,000,000          
Debt Instrument, Unused Borrowing Capacity, Amount         $ 121,000,000          
The 2022 Facility [Member] | Fed Funds Effective Rate Overnight Index Swap Rate [Member]                    
Debt Instrument, Basis Spread on Variable Rate     0.50%              
The 2022 Facility [Member] | Adjusted Term SOFR for One Month Tenor in Effect [Member]                    
Debt Instrument, Basis Spread on Variable Rate     1.10%              
The 2022 Facility [Member] | Adjusted Term SOFR for 2 Business Days Prior [Member]                    
Debt Instrument, Basis Spread on Variable Rate         1.45%          
The 2022 Facility [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | Term Loans [Member]                    
Debt Instrument, Basis Spread on Variable Rate         1.40%          
The 2022 Facility [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | Maximum [Member] | Term Loans [Member]                    
Debt Instrument, Basis Spread on Variable Rate   2.00%         2.00%      
The 2022 Facility [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | Minimum [Member] | Term Loans [Member]                    
Debt Instrument, Basis Spread on Variable Rate   1.35%         1.35%      
The 2022 Facility [Member] | Forecast [Member] | Term Loans [Member]                    
Debt Instrument, Interest Rate, Stated Percentage               3.42%    
The 2022 Facility [Member] | Forecast [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | Maximum [Member] | Term Loans [Member]                    
Debt Instrument, Basis Spread on Variable Rate               2.00%    
The 2022 Facility [Member] | Forecast [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | Minimum [Member] | Term Loans [Member]                    
Debt Instrument, Basis Spread on Variable Rate               1.35%