ExchangeRight Income Fund

2024 Q2 Form 10-Q Financial Statement

#000095017024089791 Filed on August 02, 2024

View on sec.gov

Income Statement

Concept 2024 Q2

Balance Sheet

Concept 2024 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents $6.841M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets
YoY Change
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets
YoY Change
TOTAL ASSETS
Total Short-Term Assets
Total Long-Term Assets
Total Assets $1.177B
YoY Change 3.82%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable
YoY Change
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities
YoY Change
LONG-TERM LIABILITIES
Long-Term Debt
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities
Total Long-Term Liabilities
Total Liabilities $649.3M
YoY Change 7.67%
SHAREHOLDERS EQUITY
Retained Earnings -$72.70M
YoY Change 63.96%
Common Stock $421.6M
YoY Change 6.86%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $349.1M
YoY Change
Total Liabilities & Shareholders Equity $1.177B
YoY Change 3.82%

Cashflow Statement

Concept 2024 Q2

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
us-gaap Impairment Of Real Estate
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250000
us-gaap Gain Loss On Condemnation
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dei Amendment Flag
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dei Document Fiscal Period Focus
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dei Document Period End Date
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dei Document Transition Report
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dei Entity File Number
EntityFileNumber
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dei Entity Registrant Name
EntityRegistrantName
EXCHANGERIGHT INCOME FUND
dei Entity Incorporation State Country Code
EntityIncorporationStateCountryCode
MD
dei Entity Tax Identification Number
EntityTaxIdentificationNumber
36-7729360
dei Entity Address Address Line1
EntityAddressAddressLine1
1055 E. Colorado Blvd
dei Entity Address Address Line2
EntityAddressAddressLine2
Suite 310
dei Entity Address City Or Town
EntityAddressCityOrTown
Pasadena
dei Entity Address State Or Province
EntityAddressStateOrProvince
CA
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91106
dei City Area Code
CityAreaCode
855
dei Local Phone Number
LocalPhoneNumber
317-4448
dei Entity Current Reporting Status
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Yes
dei Entity Interactive Data Current
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dei Entity Filer Category
EntityFilerCategory
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dei Entity Small Business
EntitySmallBusiness
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dei Entity Emerging Growth Company
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dei Entity Ex Transition Period
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dei Entity Shell Company
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CY2023Q2 us-gaap Stock Repurchased And Retired During Period Value
StockRepurchasedAndRetiredDuringPeriodValue
2451000
CY2023Q2 us-gaap Adjustments To Additional Paid In Capital Stock Issued Issuance Costs
AdjustmentsToAdditionalPaidInCapitalStockIssuedIssuanceCosts
281000
CY2023Q2 us-gaap Minority Interest Decrease From Distributions To Noncontrolling Interest Holders
MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders
9868000
CY2023Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
530551000
us-gaap Profit Loss
ProfitLoss
-614000
us-gaap Profit Loss
ProfitLoss
-833000
us-gaap Depreciation Amortization And Accretion Net
DepreciationAmortizationAndAccretionNet
20655000
us-gaap Depreciation Amortization And Accretion Net
DepreciationAmortizationAndAccretionNet
20252000
er Amortization Of Deferred Ground Rent
AmortizationOfDeferredGroundRent
81000
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-136000
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
65000
us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
265000
us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
-223000
us-gaap Increase Decrease Due From Affiliates
IncreaseDecreaseDueFromAffiliates
-536000
us-gaap Increase Decrease Due From Affiliates
IncreaseDecreaseDueFromAffiliates
-39000
er Accounts Payable Accrued Expenses And Other Liabilities
AccountsPayableAccruedExpensesAndOtherLiabilities
-108000
er Accounts Payable Accrued Expenses And Other Liabilities
AccountsPayableAccruedExpensesAndOtherLiabilities
1330000
us-gaap Increase Decrease In Due To Affiliates
IncreaseDecreaseInDueToAffiliates
-173000
us-gaap Increase Decrease In Due To Affiliates
IncreaseDecreaseInDueToAffiliates
470000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
20936000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
21645000
us-gaap Payments To Acquire Real Estate
PaymentsToAcquireRealEstate
10218000
us-gaap Payments To Acquire Real Estate
PaymentsToAcquireRealEstate
2259000
er Proceeds From Land Condemnation
ProceedsFromLandCondemnation
122000
us-gaap Payments To Develop Real Estate Assets
PaymentsToDevelopRealEstateAssets
420000
us-gaap Payments To Develop Real Estate Assets
PaymentsToDevelopRealEstateAssets
410000
us-gaap Origination Of Notes Receivable From Related Parties
OriginationOfNotesReceivableFromRelatedParties
2000
us-gaap Origination Of Notes Receivable From Related Parties
OriginationOfNotesReceivableFromRelatedParties
5000
er Revolving Secured Line Of Credit Agreement Notes Receivable From Related Parties
RevolvingSecuredLineOfCreditAgreementNotesReceivableFromRelatedParties
74508000
er Revolving Secured Line Of Credit Agreement Notes Receivable From Related Parties
RevolvingSecuredLineOfCreditAgreementNotesReceivableFromRelatedParties
73291000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-25557000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-21190000
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
20623000
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
22880000
us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
772000
us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
1276000
er Redemption Of Common Share
RedemptionOfCommonShare
11963000
er Redemption Of Common Share
RedemptionOfCommonShare
5984000
er Proceeds From Pending Trade Deposits
ProceedsFromPendingTradeDeposits
364000
er Proceeds From Pending Trade Deposits
ProceedsFromPendingTradeDeposits
2954000
us-gaap Proceeds From Issuance Of Secured Debt
ProceedsFromIssuanceOfSecuredDebt
65430000
us-gaap Repayments Of Secured Debt
RepaymentsOfSecuredDebt
28839000
us-gaap Repayments Of Secured Debt
RepaymentsOfSecuredDebt
6528000
us-gaap Proceeds From Long Term Lines Of Credit
ProceedsFromLongTermLinesOfCredit
59000000
us-gaap Repayments Of Long Term Lines Of Credit
RepaymentsOfLongTermLinesOfCredit
15000000
us-gaap Repayments Of Long Term Lines Of Credit
RepaymentsOfLongTermLinesOfCredit
73311000
us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
761000
us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
781000
us-gaap Payments Of Capital Distribution
PaymentsOfCapitalDistribution
11929000
us-gaap Payments Of Capital Distribution
PaymentsOfCapitalDistribution
12904000
us-gaap Payments Of Dividends Minority Interest
PaymentsOfDividendsMinorityInterest
6714000
us-gaap Payments Of Dividends Minority Interest
PaymentsOfDividendsMinorityInterest
6557000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
4009000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-16077000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-612000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-15622000
CY2023Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
19329000
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
36645000
CY2024Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
18717000
CY2023Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
21023000
CY2024Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
6841000
CY2023Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
7956000
CY2024Q2 us-gaap Restricted Cash
RestrictedCash
11876000
CY2023Q2 us-gaap Restricted Cash
RestrictedCash
13067000
CY2024Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
18717000
CY2023Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
21023000
us-gaap Interest Paid Net
InterestPaidNet
13834000
us-gaap Interest Paid Net
InterestPaidNet
12581000
er Distributions Payable
DistributionsPayable
3512000
er Distributions Payable
DistributionsPayable
3302000
er Distributions Reinvestment Of Common Shares
DistributionsReinvestmentOfCommonShares
2084000
us-gaap Conversion Of Stock Amount Issued1
ConversionOfStockAmountIssued1
1885000
us-gaap Conversion Of Stock Amount Issued1
ConversionOfStockAmountIssued1
1014000
CY2024Q2 us-gaap Number Of Real Estate Properties
NumberOfRealEstateProperties
353
er Number Of States
NumberOfStates
34
er Number Of National Primary Retail Tenants
NumberOfNationalPrimaryRetailTenants
36
us-gaap Use Of Estimates
UseOfEstimates
<p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Use of Estimates</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;"> </span></p><p style="text-indent:36pt;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">The preparation of the unaudited interim condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the unaudited interim condensed consolidated financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The Company’s most significant assumptions and estimates relate to the useful lives of real estate assets, real estate impairment assessments and allocation of fair value of purchase consideration. These estimates are based on historical experience and other assumptions which management believes are reasonable. The Company evaluates its estimates on an ongoing basis and makes revisions to these estimates and related disclosures as experience develops or new information becomes known. Actual results could differ from those estimates.</span></p>
CY2024Q2 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
0
CY2024Q2 us-gaap Restricted Cash
RestrictedCash
11900000
CY2024Q2 us-gaap Number Of Real Estate Properties
NumberOfRealEstateProperties
353
er Number Of States
NumberOfStates
34
er Percentage Of Companys Portfolio Leased
PercentageOfCompanysPortfolioLeased
0.984
er Number Of Retail Tenants
NumberOfRetailTenants
36
CY2023Q4 us-gaap Real Estate Investment Property At Cost
RealEstateInvestmentPropertyAtCost
1102298000
er Acquisition
Acquisition
9782000
er Improvements
Improvements
420000
er Land Condemnation
LandCondemnation
53000
er Provision For Impairment
ProvisionForImpairment
250000
CY2024Q2 us-gaap Real Estate Investment Property At Cost
RealEstateInvestmentPropertyAtCost
1112197000
CY2023Q4 us-gaap Real Estate Investment Property Accumulated Depreciation
RealEstateInvestmentPropertyAccumulatedDepreciation
62243000
us-gaap Depreciation
Depreciation
14424000
CY2024Q2 us-gaap Real Estate Investment Property Accumulated Depreciation
RealEstateInvestmentPropertyAccumulatedDepreciation
76667000
CY2024Q2 us-gaap Real Estate Investment Property Net
RealEstateInvestmentPropertyNet
1035530000
CY2024Q2 er Base Rents
BaseRents
17039000
CY2023Q2 er Base Rents
BaseRents
16063000
er Base Rents
BaseRents
34060000
er Base Rents
BaseRents
32093000
CY2024Q2 er Tenant Reimbursables
TenantReimbursables
2124000
CY2023Q2 er Tenant Reimbursables
TenantReimbursables
1852000
er Tenant Reimbursables
TenantReimbursables
4730000
er Tenant Reimbursables
TenantReimbursables
4286000
CY2024Q2 us-gaap Straight Line Rent Adjustments
StraightLineRentAdjustments
-199000
CY2023Q2 us-gaap Straight Line Rent Adjustments
StraightLineRentAdjustments
-238000
us-gaap Straight Line Rent Adjustments
StraightLineRentAdjustments
-417000
us-gaap Straight Line Rent Adjustments
StraightLineRentAdjustments
-490000
CY2024Q2 us-gaap Amortization Of Above And Below Market Leases
AmortizationOfAboveAndBelowMarketLeases
-701000
CY2023Q2 us-gaap Amortization Of Above And Below Market Leases
AmortizationOfAboveAndBelowMarketLeases
-587000
us-gaap Amortization Of Above And Below Market Leases
AmortizationOfAboveAndBelowMarketLeases
-1325000
us-gaap Amortization Of Above And Below Market Leases
AmortizationOfAboveAndBelowMarketLeases
-1178000
CY2024Q2 us-gaap Gain Loss On Termination Of Lease
GainLossOnTerminationOfLease
0
CY2023Q2 us-gaap Gain Loss On Termination Of Lease
GainLossOnTerminationOfLease
220000
us-gaap Gain Loss On Termination Of Lease
GainLossOnTerminationOfLease
0
us-gaap Gain Loss On Termination Of Lease
GainLossOnTerminationOfLease
440000
CY2024Q2 us-gaap Operating Lease Lease Income
OperatingLeaseLeaseIncome
20063000
CY2023Q2 us-gaap Operating Lease Lease Income
OperatingLeaseLeaseIncome
18960000
us-gaap Operating Lease Lease Income
OperatingLeaseLeaseIncome
40532000
us-gaap Operating Lease Lease Income
OperatingLeaseLeaseIncome
38487000
er Number Of Retail Tenants
NumberOfRetailTenants
36
CY2024Q2 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
102219000
CY2024Q2 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
39057000
CY2024Q2 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
63162000
CY2024Q2 us-gaap Amortization Of Above And Below Market Leases
AmortizationOfAboveAndBelowMarketLeases
-701000
CY2023Q2 us-gaap Amortization Of Above And Below Market Leases
AmortizationOfAboveAndBelowMarketLeases
-587000
us-gaap Amortization Of Above And Below Market Leases
AmortizationOfAboveAndBelowMarketLeases
-1325000
us-gaap Amortization Of Above And Below Market Leases
AmortizationOfAboveAndBelowMarketLeases
-1178000
CY2024Q2 er Amortization Of In Place Leases
AmortizationOfInPlaceLeases
3054000
CY2023Q2 er Amortization Of In Place Leases
AmortizationOfInPlaceLeases
3377000
er Amortization Of In Place Leases
AmortizationOfInPlaceLeases
6216000
er Amortization Of In Place Leases
AmortizationOfInPlaceLeases
6828000
CY2024Q2 er Finite Lived Intangible Assets Net Adjustment To Rental Revenue Remainder Of Fiscal Year
FiniteLivedIntangibleAssetsNetAdjustmentToRentalRevenueRemainderOfFiscalYear
-223000
CY2024Q2 us-gaap Below Market Lease Amortization Income Remainder Of Fiscal Year
BelowMarketLeaseAmortizationIncomeRemainderOfFiscalYear
1462000
CY2024Q2 er Finite Lived Intangible Assets Amortization Expense Net Of Above And Below Market Leases Remainder Of Fiscal Year
FiniteLivedIntangibleAssetsAmortizationExpenseNetOfAboveAndBelowMarketLeasesRemainderOfFiscalYear
1239000
CY2024Q2 er Finite Lived Intangible Assets Net Adjustment To Rental Revenue Next Twelve Months
FiniteLivedIntangibleAssetsNetAdjustmentToRentalRevenueNextTwelveMonths
-439000
CY2024Q2 us-gaap Below Market Lease Amortization Income Next Twelve Months
BelowMarketLeaseAmortizationIncomeNextTwelveMonths
2916000
CY2024Q2 er Finite Lived Intangible Assets Amortization Expense Net Of Above And Below Market Leases Next Tweleve Months
FiniteLivedIntangibleAssetsAmortizationExpenseNetOfAboveAndBelowMarketLeasesNextTweleveMonths
2477000
CY2024Q2 er Finite Lived Intangible Assets Net Adjustment To Rental Revenue Year Two
FiniteLivedIntangibleAssetsNetAdjustmentToRentalRevenueYearTwo
-400000
CY2024Q2 us-gaap Below Market Lease Amortization Income Year Two
BelowMarketLeaseAmortizationIncomeYearTwo
2854000
CY2024Q2 er Finite Lived Intangible Assets Amortization Expense Net Of Above And Below Market Leases Two
FiniteLivedIntangibleAssetsAmortizationExpenseNetOfAboveAndBelowMarketLeasesTwo
2454000
CY2024Q2 er Finite Lived Intangible Assets Net Adjustment To Rental Revenue Year Three
FiniteLivedIntangibleAssetsNetAdjustmentToRentalRevenueYearThree
-302000
CY2024Q2 us-gaap Below Market Lease Amortization Income Year Three
BelowMarketLeaseAmortizationIncomeYearThree
2417000
CY2024Q2 er Finite Lived Intangible Assets Amortization Expense Net Of Above And Below Market Leases Three
FiniteLivedIntangibleAssetsAmortizationExpenseNetOfAboveAndBelowMarketLeasesThree
2115000
CY2024Q2 er Finite Lived Intangible Assets Net Adjustment To Rental Revenue Year Four
FiniteLivedIntangibleAssetsNetAdjustmentToRentalRevenueYearFour
-255000
CY2024Q2 us-gaap Below Market Lease Amortization Income Year Four
BelowMarketLeaseAmortizationIncomeYearFour
2182000
CY2024Q2 er Finite Lived Intangible Assets Amortization Expense Net Of Above And Below Market Leases Four
FiniteLivedIntangibleAssetsAmortizationExpenseNetOfAboveAndBelowMarketLeasesFour
1927000
CY2024Q2 er Finite Lived Intangible Assets Net Adjustment To Rental Revenue After Year Four
FiniteLivedIntangibleAssetsNetAdjustmentToRentalRevenueAfterYearFour
-491000
CY2024Q2 er Below Market Lease Amortization Income After Year Four
BelowMarketLeaseAmortizationIncomeAfterYearFour
11764000
CY2024Q2 er Finite Lived Intangible Assets Amortization Expense Net Of Above And Below Market Leases After Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseNetOfAboveAndBelowMarketLeasesAfterYearFour
11273000
CY2024Q2 er Finite Lived Intangible Assets Net Adjustment To Rental Revenue Net
FiniteLivedIntangibleAssetsNetAdjustmentToRentalRevenueNet
-2110000
CY2024Q2 us-gaap Below Market Lease Net
BelowMarketLeaseNet
23595000
CY2024Q2 er Finite Lived Intangible Assets Amortization Expense Net Of Above And Below Market Leases Net
FiniteLivedIntangibleAssetsAmortizationExpenseNetOfAboveAndBelowMarketLeasesNet
21485000
CY2024Q2 us-gaap Long Term Debt Fair Value
LongTermDebtFairValue
526900000
CY2024Q2 us-gaap Long Term Debt
LongTermDebt
563200000
CY2023Q1 us-gaap Debt Instrument Interest Rate Stated Percentage
DebtInstrumentInterestRateStatedPercentage
0.058
CY2023Q1 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
26900000
CY2023Q1 us-gaap Debt Instrument Maturity Date
DebtInstrumentMaturityDate
2028-02-01
CY2024Q2 er Contractual Weighted Average Interest Rate
ContractualWeightedAverageInterestRate
0.0429
CY2024Q2 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
984000
CY2024Q2 us-gaap Debt Instrument Unamortized Discount Premium And Debt Issuance Costs Net
DebtInstrumentUnamortizedDiscountPremiumAndDebtIssuanceCostsNet
11310000
CY2024Q2 us-gaap Long Term Debt
LongTermDebt
563159000
CY2024Q1 us-gaap Repayments Of Senior Debt
RepaymentsOfSeniorDebt
10800000
CY2024Q1 us-gaap Debt Instrument Maturity Date
DebtInstrumentMaturityDate
2024-03-01
CY2024Q2 us-gaap Repayments Of Senior Debt
RepaymentsOfSeniorDebt
18000000
us-gaap Debt Instrument Maturity Date
DebtInstrumentMaturityDate
2024-06-01
CY2024Q2 us-gaap Long Term Debt Maturities Repayments Of Principal Remainder Of Fiscal Year
LongTermDebtMaturitiesRepaymentsOfPrincipalRemainderOfFiscalYear
16902000
CY2024Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths
96501000
CY2024Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
77445000
CY2024Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
178223000
CY2024Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour
182587000
CY2024Q2 er Long Term Debt Maturities Repayments Of Principal After Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFour
67795000
CY2024Q2 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
619453000
CY2024Q2 er Percentage Of Shares Repurchase Plan
PercentageOfSharesRepurchasePlan
0.05
CY2024Q2 er Percentage Of Acquisition Fee
PercentageOfAcquisitionFee
0.01
CY2024Q2 er Property Acquisition Fees Income
PropertyAcquisitionFeesIncome
100000
CY2024Q2 er Offering Costs
OfferingCosts
100000
er Offering Costs
OfferingCosts
200000
CY2024Q2 us-gaap Investment Owned Balance Shares
InvestmentOwnedBalanceShares
77308
er Percentage Of Holders Of Op Units One
PercentageOfHoldersOfOpUnitsOne
1
er Percentage Of Equal To Cumulative Non Compounding Annual Return On Capital Contributions
PercentageOfEqualToCumulativeNonCompoundingAnnualReturnOnCapitalContributions
0.07
er Percentage Of Holders Of Op Units Two
PercentageOfHoldersOfOpUnitsTwo
1
er Percentage Of Holders Of Op Units Three
PercentageOfHoldersOfOpUnitsThree
0.80
er Percentage Of Special Limited Partner
PercentageOfSpecialLimitedPartner
0.20
CY2024Q2 er Performance Participation Earned Or Paid
PerformanceParticipationEarnedOrPaid
0
CY2023Q2 er Performance Participation Earned Or Paid
PerformanceParticipationEarnedOrPaid
0
er Performance Participation Earned Or Paid
PerformanceParticipationEarnedOrPaid
0
er Performance Participation Earned Or Paid
PerformanceParticipationEarnedOrPaid
0
er Percentage Of Asset Management Fee Is Equal To Trusts Assets
PercentageOfAssetManagementFeeIsEqualToTrustsAssets
0.0015
er Percentage Of Asset Management Fee Is Payable Quarterly
PercentageOfAssetManagementFeeIsPayableQuarterly
0.000375
er Asset Management Agreement Renew Term Description
AssetManagementAgreementRenewTermDescription
The asset management agreement has an initial term of five years and will automatically renew at the expiration of the initial or any subsequent five-year term for an additional five-year term.
er Asset Management Agreement Initial Term
AssetManagementAgreementInitialTerm
P5Y
er Asset Management Agreement Renew Term
AssetManagementAgreementRenewTerm
P5Y
er Percentage Of Property Management Fee Is Equal To Gross Revenues
PercentageOfPropertyManagementFeeIsEqualToGrossRevenues
0.011
er Property Management Agreement Renew Term Description
PropertyManagementAgreementRenewTermDescription
The current term of the property management agreement expires on February 28, 2025, and will automatically renew at the expiration of the term and any subsequent three-year term for an additional three-year term.
er Property Management Agreement Expires Date
PropertyManagementAgreementExpiresDate
2025-02-28
er Property Management Agreement Renew Term
PropertyManagementAgreementRenewTerm
P3Y
CY2024Q2 er Asset Management Fees
AssetManagementFees
32000
CY2023Q2 er Asset Management Fees
AssetManagementFees
450000
er Asset Management Fees
AssetManagementFees
169000
er Asset Management Fees
AssetManagementFees
894000
CY2024Q2 er Property Management Fees
PropertyManagementFees
13000
CY2023Q2 er Property Management Fees
PropertyManagementFees
176000
er Property Management Fees
PropertyManagementFees
200000
er Property Management Fees
PropertyManagementFees
353000
CY2024Q2 er Asset Management Fees Waived Off Net
AssetManagementFeesWaivedOffNet
500000
er Asset Management Fees Waived Off Net
AssetManagementFeesWaivedOffNet
800000
CY2024Q2 er Property Management Fees Waived Off Net
PropertyManagementFeesWaivedOffNet
200000
er Property Management Fees Waived Off Net
PropertyManagementFeesWaivedOffNet
200000
CY2024Q2 us-gaap Profit Loss
ProfitLoss
-25000
CY2023Q2 us-gaap Profit Loss
ProfitLoss
-224000
us-gaap Profit Loss
ProfitLoss
-614000
us-gaap Profit Loss
ProfitLoss
-833000
CY2024Q2 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
-6000
CY2023Q2 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
-73000
us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
-205000
us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
-279000
CY2024Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-19000
CY2024Q2 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-19000
CY2023Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-151000
CY2023Q2 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-151000
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-409000
us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-409000
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-554000
us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-554000
CY2024Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
16112050
CY2024Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
16112050
CY2023Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
15186606
CY2023Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
15186606
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
15908667
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
15908667
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
14987459
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
14987459
CY2024Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0
CY2024Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0
CY2023Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.01
CY2023Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.01
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.03
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.03
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.04
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.04

Files In Submission

Name View Source Status
er-20240630_htm.xml Edgar Link completed
0000950170-24-089791-index-headers.html Edgar Link pending
0000950170-24-089791-index.html Edgar Link pending
0000950170-24-089791.txt Edgar Link pending
0000950170-24-089791-xbrl.zip Edgar Link pending
er-20240630.htm Edgar Link pending
er-20240630.xsd Edgar Link pending
er-ex31_1.htm Edgar Link pending
er-ex31_2.htm Edgar Link pending
er-ex32_1.htm Edgar Link pending
er-ex32_2.htm Edgar Link pending
Financial_Report.xlsx Edgar Link pending
MetaLinks.json Edgar Link pending
R1.htm Edgar Link pending
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FilingSummary.xml Edgar Link unprocessable
R45.htm Edgar Link pending
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report.css Edgar Link pending
Show.js Edgar Link pending