Loans Payable (Tables)

6 Months Ended

Jun. 30, 2023

Debt Disclosure [Abstract]

Schedule of Debt Obligations

Debt obligations are composed of the following at June 30, 2023 and collateralized by 12 properties:

		June 30, 2023
					Contractual
	Maturity	Balance			interest rates
Description	dates	outstanding			weighted average
Fixed-rate:
Term loan	Nov 2032	$	110,000,000		5.3%
Term loan	Jan 2033		25,000,000		6.4%
			135,000,000		5.5%
Unamortized issuance costs			(3,445,000	)
		$	131,555,000

Effect of Derivative Financial Instruments on Condensed Consolidated Statements of Operations and Condensed Consolidated Statements of Equity

The following presents the effect of the Company’s qualifying interest rate swaps on the condensed consolidated statements of operations for the three and six months ended June 30, 2023 and 2022:

	(Loss) recognized in other
	comprehensive income
	reclassified into earnings (effective portion)
	Three months ended June 30,					Six months ended June 30,
Classification	2023		2022			2023		2022
Continuing Operations	$	—	$	(958,000	)	$	—	$	(2,320,000	)