v3.8.0.1

REAL ESTATE (Tables)

3 Months Ended

Mar. 31, 2018

Real Estate [Abstract]

Schedule of Real Estate Properties [Table Text Block]

As of March 31, 2018, the Company’s real estate portfolio consisted of 19 properties in 11 states consisting of: (i) eight retail, (ii) six office and (iii) five industrial properties. The following table provides summary information regarding the Company’s real estate as of March 31, 2018:

Property		Location		Acquisition Date		Property Type		Land, Buildings and Improvements			Tenant Origination and Absorption Costs			Accumulated Depreciation and Amortization			Total Investments in Real Estate  Property, Net
Accredo Health		Orlando, FL		6/15/2016		Office		$	9,855,847		$	1,053,637		$	(889,101)		$	10,020,383
Walgreens		Stockbridge, GA		6/21/2016		Retail			4,147,948			705,423			(587,592)			4,265,779
Dollar General		Litchfield, ME		11/4/2016		Retail			1,281,812			116,302			(55,335)			1,342,779
Dollar General		Wilton, ME		11/4/2016		Retail			1,543,776			140,653			(70,817)			1,613,612
Dollar General		Thompsontown, PA		11/4/2016		Retail			1,199,860			106,730			(53,167)			1,253,423
Dollar General		Mt. Gilead, OH		11/4/2016		Retail			1,174,188			111,847			(50,975)			1,235,060
Dollar General		Lakeside, OH		11/4/2016		Retail			1,112,872			100,857			(52,316)			1,161,413
Dollar General		Castalia, OH		11/4/2016		Retail			1,102,086			86,408			(50,831)			1,137,663
Dana		Cedar Park, TX		12/27/2016		Industrial			8,392,906			1,210,874			(633,662)			8,970,118
Northrop Grumman		Melbourne, FL		3/7/2017		Office			12,382,991			1,341,199			(815,655)			12,908,535
exp US Services		Maitland, FL		3/27/2017		Office			5,920,121			388,248			(226,187)			6,082,182
Harley		Bedford, TX		4/13/2017		Retail			13,178,288			—			(303,992)			12,874,296
Wyndham		Summerlin, NV		6/22/2017		Office			9,447,270			669,232			(230,013)			9,886,489
Williams Sonoma		Summerlin, NV		6/22/2017		Office			7,531,809			550,486			(209,289)			7,873,006
Omnicare		Richmond, VA		7/20/2017		Industrial			7,042,928			281,442			(162,878)			7,161,492
EMCOR		Cincinnati, OH		8/29/2017		Office			5,960,610			463,488			(110,969)			6,313,129
Husqvarna		Charlotte, NC		11/30/2017		Industrial			11,840,201			1,013,948			(131,909)			12,722,240
AvAir		Chandler, AZ		12/28/2017		Industrial			27,357,900			—			(202,437)			27,155,463
3M		DeKalb, IL		3/29/2018		Industrial			14,762,798			2,356,361			(51,889)			17,067,270
								$	145,236,211		$	10,697,135		$	(4,889,014)		$	151,044,332

Schedule Of Real Estate Property Acquisitions [Table Text Block]

During the three months ended March 31, 2018, the Company acquired the following property:

Property		Acquisition Date		Land			Buildings and Improvements			Below-Market Lease			Tenant Origination and Absorption Costs			Total
3M		3/29/2018		$	758,780		$	14,004,018		$	(1,417,483)		$	2,356,361		$	15,701,676

Schedule Of Real Estate Investment Property Purchase Price [Table Text Block]

Purchase price		$	15,701,676
Acquisition fees to affiliate			(456,000)
Cash paid for acquisition of real estate investments		$	15,245,676

Schedule Of Lease Expiration Date [Table Text Block]

The non-cancellable lease term of the property acquired during the three months ended March 31, 2018 is as follows:

Property		Lease Expiration
3M			7/31/2022

Schedule Of Portfolios Asset Concentration [Table Text Block]

As of March 31, 2018, the Company’s portfolio’s asset concentration (greater than 10% of total assets) was as follows:

Property and Location		Net Carrying Value			Percentage of Total Assets
AvAir, Chandler, AZ		$	27,155,463			14.9	%

Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block]

As of March 31, 2018, the future minimum contractual rent payments due under the Company’s operating leases, excluding any renewal periods, are as follows:

April 2018 to December 2018		$	8,863,143
2019			12,029,905
2020			12,139,170
2021			10,919,726
2022			9,508,165
2023			8,394,782
Thereafter			45,898,687
		$	107,753,578

Schedule Of Portfolios Revenue Concentration [Table Text Block]

For the three months ended March 31, 2018, the following tenants accounted for more than 10% of the Company’s total revenue:

Property and Location		Revenue			Percentage of  Total Revenue
AvAir, AZ		$	635,572			18.4	%
Northrop Grumman, FL		$	353,558			10.2	%

Schedule of Finite-Lived Intangible Assets [Table Text Block]

As of March 31, 2018, the Company’s intangibles were as follows:

		Tenant Origination and Absorption Costs			Above-Market Leases			Below-Market Lease
Cost		$	10,697,135		$	783,115		$	(3,071,253)
Accumulated amortization			(1,518,526)			(126,083)			120,078
Net amount		$	9,178,609		$	657,032		$	(2,951,175)

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block]

The amortization of intangible assets over the next five years is expected to be as follows:

		Tenant Origination and Absorption Costs			Above- Market Lease Intangibles			Below- Market Lease Intangibles
April 2018 through December 2018		$	1,318,047		$	72,784		$	(355,793)
2019			1,757,396			97,045			(474,391)
2020			1,757,396			97,045			(474,391)
2021			1,341,137			78,994			(474,391)
2022			805,067			63,719			(306,829)
2023			432,856			63,719			(78,369)
Thereafter			1,766,710			183,726			(787,011)
		$	9,178,609		$	657,032		$	(2,951,175)
Weighted-average remaining amortization period			7.7 years			7.8 years			10.0 years

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 30
-Section 50
-Paragraph 2
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-URI http://asc.fasb.org/extlink&oid=66006027&loc=d3e16323-109275

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