REAL ESTATE INVESTMENTS (Tables)

6 Months Ended

Jun. 30, 2018

Schedule of Real Estate Properties [Table Text Block]

As of June 30, 2018, the Company’s real estate portfolio consisted of 21 properties in 12 states consisting of: (i) eight retail, (ii) seven office, (iii) five industrial properties and (iv) one parcel of land, which previously served as an easement to one of our office properties. The following table provides summary information regarding the Company’s real estate as of June 30, 2018:

Property	Location	Acquisition Date	Property Type	Land, Buildings and Improvements		Tenant Origination and Absorption Costs		Accumulated Depreciation and Amortization			Total Investment in Real Estate Property, Net
Accredo Health	Orlando, FL	6/15/2016	Office	$	9,855,847	$	1,053,637	$	(1,016,759	)	$	9,892,725
Walgreens	Stockbridge, GA	6/21/2016	Retail		4,147,948		705,423		(669,582	)		4,183,789
Dollar General	Litchfield, ME	11/4/2016	Retail		1,281,812		116,302		(65,396	)		1,332,718
Dollar General	Wilton, ME	11/4/2016	Retail		1,543,776		140,653		(83,693	)		1,600,736
Dollar General	Thompsontown, PA	11/4/2016	Retail		1,199,860		106,730		(62,834	)		1,243,756
Dollar General	Mt. Gilead, OH	11/4/2016	Retail		1,174,188		111,847		(60,243	)		1,225,792
Dollar General	Lakeside, OH	11/4/2016	Retail		1,112,872		100,857		(61,828	)		1,151,901
Dollar General	Castalia, OH	11/4/2016	Retail		1,102,086		86,408		(60,073	)		1,128,421
Dana	Cedar Park, TX	12/27/2016	Industrial		8,392,906		1,210,874		(756,306	)		8,847,474
Northrop Grumman	Melbourne, FL	3/7/2017	Office		12,382,991		1,341,199		(1,011,412	)		12,712,778
exp US Services	Maitland, FL	3/27/2017	Office		5,920,121		388,248		(280,472	)		6,027,897
Harley	Bedford, TX	4/13/2017	Retail		13,178,288		—		(390,169	)		12,788,119
Wyndham	Summerlin, NV	6/22/2017	Office		9,447,270		669,232		(302,649	)		9,813,853
Williams Sonoma	Summerlin, NV	6/22/2017	Office		8,079,612		550,486		(278,048	)		8,352,050
Omnicare	Richmond, VA	7/20/2017	Industrial		7,262,746		281,442		(220,364	)		7,323,824
EMCOR	Cincinnati, OH	8/29/2017	Office		5,960,610		463,488		(155,797	)		6,268,301
Husqvarna	Charlotte, NC	11/30/2017	Industrial		11,840,201		1,013,948		(221,143	)		12,633,006
AvAir	Chandler, AZ	12/28/2017	Industrial		27,357,900		—		(375,955	)		26,981,945
3M	DeKalb, IL	3/29/2018	Industrial		14,762,819		2,356,361		(363,226	)		16,755,954
Cummins	Nashville, TN	4/4/2018	Office		14,465,490		1,536,998		(165,535	)		15,836,953
Northrop Grumman Parcel	Melbourne, FL	6/21/2018	Land		329,410		—		—			329,410
				$	160,798,753	$	12,234,133	$	(6,601,484	)	$	166,431,402

Schedule Of Real Estate Property Acquisitions [Table Text Block]

During the six months ended June 30, 2018, the Company acquired the following properties:

Property	Acquisition Date	Land		Buildings and Improvements		Tenant Origination and Absorption Costs		Above- Market Lease		Below- Market Lease			Total
3M	3/29/2018	$	758,780	$	14,004,039	$	2,356,361	$	—	$	(1,417,483	)	$	15,701,697
Cummins	4/4/2018		3,347,959		11,117,531		1,536,998		—		—			16,002,488
Northrop Grumman Parcel	6/21/2018		329,410		—		—		—		—			329,410
		$	4,436,149	$	25,121,570	$	3,893,359	$	—	$	(1,417,483	)	$	32,033,595

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

Purchase price	$	32,033,595
Acquisition fees to affiliates		(930,000	)
Cash paid for acquisition of real estate investments	$	31,103,595

Schedule Of Lease Expiration Date [Table Text Block]

The non-cancellable lease terms of the properties acquired during the six months ended June 30, 2018 are as follows:

Property		Lease Expiration
3M		7/31/2022
Cummins		2/28/2023

Schedule Of Portfolios Asset Concentration [Table Text Block]

As of June 30, 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		$	26,981,945				14.2	%

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

As of June 30, 2018, the future minimum contractual rent payments due under the Company’s non-cancelable operating leases, excluding any renewal periods, are as follows:

July through December 2018	$	6,582,221
2019		13,381,683
2020		13,524,743
2021		12,339,938
2022		10,963,883
2023		8,643,467
Thereafter		45,898,687
	$	111,334,622

Schedule Of Portfolios Revenue Concentration [Table Text Block]

The Company’s revenue concentration for the three and six months ended June 30, 2018 is as follows:

	Three Months Ended June 30, 2018					Six Months Ended June 30, 2018
Property and Location	Revenue		Percentage of Total Revenue			Revenue		Percentage of Total Revenue
AvAir, Chandler, AZ	$	653,374		14.9	%	$	1,289,146		16.4	%
3M, DeKalb, IL	$	506,229		11.5	%	$	—		—

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

As of June 30, 2018, the Company’s lease intangibles were as follows:

	Tenant Origination and Absorption Costs			Above-Market Leases			Below-Market Leases
Cost	$	12,234,133		$	783,115		$	(3,071,253	)
Accumulated amortization		(2,023,224	)		(150,345	)		238,676
Net amount	$	10,210,909		$	632,770		$	(2,832,577	)

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 Leases		Below-Market Leases
July through December 2018	$	1,035,535	$	48,523	$	(237,196	)
2019		2,071,069		97,045		(474,391	)
2020		2,071,069		97,045		(474,391	)
2021		1,654,810		78,994		(474,391	)
2022		1,118,740		63,719		(306,829	)
2023		492,976		63,719		(78,369	)
Thereafter		1,766,710		183,725		(787,010	)
	$	10,210,909	$	632,770	$	(2,832,577	)

Weighted-average remaining amortization period		7.2 years		7.6 years		9.9 years