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INVESTMENT IN UNCONSOLIDATED ENTITY (FY) | 6 Months Ended | 12 Months Ended
--- | --- | ---
Jun. 30, 2021 | Dec. 31, 2020
Investments, Debt and Equity Securities [Abstract] |  |
INVESTMENT IN UNCONSOLIDATED ENTITY | NOTE 4. INVESTMENT IN UNCONSOLIDATED ENTITY The Company’s investment in unconsolidated entity as of June 30, 2021 and December 31, 2020 is as follows:
|  | June 30, 2021 |  |  | December 31, 2020 |
The TIC Interest |  | $ | 9,987,703 |  |  | $ | 10,002,368 |
The Company’s income from investment in unconsolidated entity for the three and six months ended June 30, 2021 and 2020, is as follows:
|  | Three Months Ended June 30, |  |  | Six Months Ended June 30, |
|  | 2021 |  |  | 2020 |  |  | 2021 |  |  | 2020 |
The TIC Interest |  | $ | 74,834 |  |  | $ | 125,658 |  |  | $ | 147,302 |  |  | $ | 146,411 |
TIC Interest During 2017, the Company, through a wholly-owned subsidiary of the Operating Partnership, acquired an approximate 72.7% interest in an industrial property in Santa Clara, California. The remaining approximate 27.3% of undivided interest in the Santa Clara property is held by Hagg Lane II, LLC (an approximate 23.4% interest) and Hagg Lane III, LLC (an approximate 3.9% interest). The manager of both Hagg Lane II, LLC and Hagg Lane III, LLC became a member of the Company's board of directors in December 2019. The Santa Clara property does not qualify as a variable interest entity and consolidation is not required as the Company’s TIC Interest does not control the property. Therefore, the Company accounts for the TIC Interest using the equity method. The Company receives approximately 72.7% of the cash flow distributions and recognizes approximately 72.7% of the results of operations. During the three months ended June 30, 2021 and 2020, the Company received $82,588 and $169,158 in cash distributions, respectively, and $161,967 and $334,189 during the six months ended June 30, 2021 and 2020, respectively. The following is summarized financial information for the Santa Clara property as of June 30, 2021 and December 31, 2020 and for the three and six months ended June 30, 2021 and 2020:
|  | June 30, 2021 |  |  | December 31, 2020 |
Assets: |  |  |  |  |  |
Real estate investments, net |  | $ | 29,406,115 |  |  | $ | 29,906,146 |
Cash and cash equivalents |  |  | 786,775 |  |  |  | 380,774 |
Other assets |  |  | 50,041 |  |  |  | 164,684 |
Total assets |  | $ | 30,242,931 |  |  | $ | 30,451,604 |
Liabilities: |  |  |  |  |  |  |  |
Mortgage note payable, net |  | $ | 13,354,714 |  |  | $ | 13,489,126 |
Below-market lease, net |  |  | 2,733,780 |  |  |  | 2,806,973 |
Other liabilities |  |  | 111,598 |  |  |  | 92,777 |
Total liabilities |  |  | 16,200,092 |  |  |  | 16,388,876 |
Total equity |  |  | 14,042,839 |  |  |  | 14,062,728 |
Total liabilities and equity |  | $ | 30,242,931 |  |  | $ | 30,451,604 |
|  | Three Months Ended June 30, |  |  | Six Months Ended June 30, |
|  | 2021 |  |  | 2020 |  |  | 2021 |  |  | 2020 |
Total revenues |  | $ | 676,936 |  |  | $ | 751,653 |  |  | $ | 1,350,912 |  |  | $ | 1,349,573 |
Expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest expense |  |  | 138,036 |  |  |  | 140,906 |  |  |  | 275,642 |  |  |  | 282,609 |
Depreciation and amortization |  |  | 250,015 |  |  |  | 250,680 |  |  |  | 500,030 |  |  |  | 499,898 |
Other expenses |  |  | 185,964 |  |  |  | 187,246 |  |  |  | 372,652 |  |  |  | 365,703 |
Total expenses |  |  | 574,015 |  |  |  | 578,832 |  |  |  | 1,148,324 |  |  |  | 1,148,210 |
Net income |  | $ | 102,921 |  |  | $ | 172,821 |  |  | $ | 202,588 |  |  | $ | 201,363 |
| NOTE 5. INVESTMENT IN UNCONSOLIDATED ENTITY The Company’s investment in unconsolidated entity as of December 31, 2020 and 2019 is as follows:
|  | December 31, |
|  | 2020 |  |  | 2019 |
The TIC Interest |  | $ | 10,002,368 |  |  | $ | 10,388,588 |
As discussed in Note 3, REIT I merged with and into the Company on December 31, 2019. The Company’s income (loss) from investments in unconsolidated entities for the years ended December 31, 2020 and 2019 is as follows:
| Years Ended December 31, |
| 2020 |  | 2019 |
The TIC Interest |  | $ | 296,780 |  |  | $ | 296,691 |
REIT I |  |  | — |  |  |  | (62,643 | )
Total |  | $ | 296,780 |  |  | $ | 234,048 |
The TIC Interest During 2017, the Company, through a wholly-owned subsidiary of the Operating Partnership, acquired the approximate 72.7% TIC Interest. The remaining approximate 27.3% undivided interest in the Santa Clara property is held by Hagg Lane II, LLC (an approximate 23.4%) and Hagg Lane III, LLC (an approximate 3.9%). The manager of Hagg Lane II, LLC and Hagg Lane III, LLC became a member of the Company's board of directors in December 2019. The Santa Clara property does not qualify as a variable interest entity and consolidation is not required as the Company's TIC Interest does not control the property. Therefore, the Company accounts for the TIC Interest using the equity method. The property lease expiration date is March 16, 2026 and the lease provides for three five-year renewal options. The Company receives approximately 72.7% of the cash flow distributions and recognizes approximately 72.7% of the results of operations. During the years ended December 31, 2020 and 2019, the Company received $683,000 and $657,435 in cash distributions, respectively. The following is summarized financial information for the Santa Clara property as of and for the years ended December 31, 2020 and 2019:
|  | December 31, |
|  | 2020 |  |  | 2019 |
Assets: |  |  |  |  |  |
Real estate investments, net |  | $ | 29,906,146 |  |  | $ | 30,858,240 |
Cash and cash equivalents |  |  | 380,774 |  |  |  | 275,760 |
Other assets |  |  | 164,684 |  |  |  | 228,770 |
Total assets |  | $ | 30,451,604 |  |  | $ | 31,362,770 |
Liabilities: |  |  |  |  |  |  |  |
Mortgage notes payable, net |  | $ | 13,489,126 |  |  | $ | 13,746,635 |
Below-market lease, net |  |  | 2,806,973 |  |  |  | 2,953,360 |
Other liabilities |  |  | 92,777 |  |  |  | 68,587 |
Total liabilities |  |  | 16,388,876 |  |  |  | 16,768,582 |
Total equity |  |  | 14,062,728 |  |  |  | 14,594,188 |
Total liabilities and equity |  | $ | 30,451,604 |  |  | $ | 31,362,770 |
|  | Years Ended December 31, |
|  | 2020 |  |  | 2019 |
Total revenue |  | $ | 2,694,874 |  |  | $ | 2,705,126 |
Expenses: |  |  |  |  |  |  |  |
Depreciation and amortization |  |  | 999,929 |  |  |  | 993,564 |
Interest expense |  |  | 565,778 |  |  |  | 574,086 |
Other expenses |  |  | 721,279 |  |  |  | 731,044 |
Total expenses |  |  | 2,286,986 |  |  |  | 2,298,694 |
Net income |  | $ | 407,888 |  |  | $ | 406,432 |
REIT I Prior to the Merger on December 31, 2019, the Company had an approximate 4.8% ownership interest in REIT I. The Company recorded its share of loss of REIT I based on REIT I’s results of operations for the year ended December 31, 2019. During the year ended December 31, 2019, the Company received $372,351 in cash distributions related to its investment in REIT I. The following is REIT I's summarized results of operations for the year ended December 31, 2019:
|  | Year Ended December 31, 2019 |
Total revenue |  | $ | 13,132,226 |
Expenses: |  |  |  |
Depreciation and amortization |  |  | 5,787,709 |
Interest expense |  |  | 3,425,625 |
Other expenses |  |  | 5,342,365 |
Total expenses |  |  | 14,555,699 |
Other income: |  |  |  |
Gain on sale of real estate investment property, net |  |  | (1,850,845 | )
Loss on debt restructuring |  |  | 1,964,618 |
Total other income |  |  | 113,773 |
Net loss |  | $ | (1,309,700 | )

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- Definition The entire disclosure for equity method investments and joint ventures. Equity method investments are investments that give the investor the ability to exercise significant influence over the operating and financial policies of an investee. Joint ventures are entities owned and operated by a small group of businesses as a separate and specific business or project for the mutual benefit of the members of the group. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -URI http://asc.fasb.org/topic&trid=2196965 + Details
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