v3.25.0.1
Summary of Significant Accounting Policies (Tables)
 12 Months Ended
Dec. 31, 2024
Accounting Policies [Abstract]  
Schedule of estimated useful lives of PP&E
Depreciation expense is computed using the straight-line method based on the following estimated useful lives.

Description Estimated Useful Life
Building40 Years
Building and land improvements (maximum)20 Years
Tenant improvementsShorter of useful life or terms of related lease
Schedule of Cash, Cash Equivalents and Restricted Cash
Reconciliation of cash and cash equivalents and restricted cash (in thousands)December 31, 2024December 31, 2023
Cash and cash equivalents$36,284 $20,741 
Restricted cash1,109 1,127 
Total cash and cash equivalents and restricted cash$37,393 $21,868 
Schedule of tax treatment of common dividends per share for federal income tax
The following table summarizes the tax treatment of dividends per share of common stock for federal income tax purposes.

 Year ended December 31,
 202420232022
Federal Income Tax Treatment of Dividends per Common SharePer Share%Per Share%Per Share%
Ordinary income$1.316017 89.9 %$1.243518 83.7 %$1.172486 80.4 %
Return of capital0.103508 7.1 %— — %0.165158 11.3 %
Unrecaptured section 1250 capital gain0.043793 3.0 %0.089829 6.0 %0.014248 1.0 %
Other capital gain— — %0.151665 10.3 %0.107278 7.3 %
Total (1)
$1.463318 100.0 %$1.485012 100.0 %$1.459170 100.0 %
(1)The December 2021 monthly common stock dividend of $0.120833 per share was included in the stockholder’s 2022 tax year. The December 2022 monthly common stock dividend of $0.121667 per share was included in the stockholder’s 2023 tax year. The December 2023 monthly common stock dividend of $0.1225 per share was partially included in the stockholder’s 2023 tax year in the amount of $0.015845 per share and the remainder was included in the stockholder’s 2024 tax year. The December 2024 monthly common stock dividend of $0.123333 per share will be included in the stockholder’s 2025 tax year.