Subsequent Events	3 Months Ended
Mar. 31, 2024
Subsequent Events [Abstract]
Subsequent Events	Note 9. Subsequent Events Fayetteville JPM Mortgage Loan Refinance On April 10, 2024, we, through our Operating Partnership, and a property-owning special purpose entity (“Borrower”) wholly-owned by the Operating Partnership, entered into a $34.5 million mortgage loan (the “JPM Mortgage Loan”) with JPMorgan Chase Bank, N.A., a national banking association. The JPM Mortgage Loan repaid and replaced the Company’s existing $29.5 million Fayetteville JPM Mortgage Loan entered into on June 28, 2017. The JPM Mortgage Loan has an initial term of one year with a maturity date of April 9, 2025, and contains two six-month extension options, subject to conditions as defined in the JPM Mortgage Loan. The JPM Mortgage Loan requires payments of interest only for such period, with the principal balance due upon maturity. The JPM Mortgage Loan bears interest at a rate of the one-month Secured Overnight Financing Rate (“SOFR”) plus 2.25%. In conjunction with the JPM Mortgage Loan, the Company entered into an interest rate cap agreement with a notional amount of $34.5 million, whereby SOFR was capped at 4.25% through the maturity of the JPM Mortgage Loan, that fixes the all in rate at 6.5%. We and H. Michael Schwartz, our Chairman of the board of directors and a director (our “Chairman”), serve as non-recourse guarantors pursuant to the terms and conditions of the JPM Mortgage Loan pursuant to a guaranty agreement entered into in connection with the JPM Mortgage Loan (the “Guaranty Agreement”). The JPM Mortgage Loan contains a number of other customary terms and covenants.

Subsequent Events

3 Months Ended

Mar. 31, 2024

Note 9. Subsequent Events

Fayetteville JPM Mortgage Loan Refinance

On April 10, 2024, we, through our Operating Partnership, and a property-owning special purpose entity (“Borrower”) wholly-owned by the Operating Partnership, entered into a $34.5 million mortgage loan (the “JPM Mortgage Loan”) with JPMorgan Chase Bank, N.A., a national banking association. The JPM Mortgage Loan repaid and replaced the Company’s existing $29.5 million Fayetteville JPM Mortgage Loan entered into on June 28, 2017.

The JPM Mortgage Loan has an initial term of one year with a maturity date of April 9, 2025, and contains two six-month extension options, subject to conditions as defined in the JPM Mortgage Loan. The JPM Mortgage Loan requires payments of interest only for such period, with the principal balance due upon maturity. The JPM Mortgage Loan bears interest at a rate of the one-month Secured Overnight Financing Rate (“SOFR”) plus 2.25%. In conjunction with the JPM Mortgage Loan, the Company entered into an interest rate cap agreement with a notional amount of $34.5 million, whereby SOFR was capped at 4.25% through the maturity of the JPM Mortgage Loan, that fixes the all in rate at 6.5%.

We and H. Michael Schwartz, our Chairman of the board of directors and a director (our “Chairman”), serve as non-recourse guarantors pursuant to the terms and conditions of the JPM Mortgage Loan pursuant to a guaranty agreement entered into in connection with the JPM Mortgage Loan (the “Guaranty Agreement”). The JPM Mortgage Loan contains a number of other customary terms and covenants.