XML 49 R40.htm IDEA: XBRL DOCUMENT
v3.21.2

REAL ESTATE INVESTMENTS (FY) (Tables) | 6 Months Ended | 12 Months Ended
--- | --- | ---
Jun. 30, 2021 | Dec. 31, 2020
Real Estate [Abstract] |  |
Schedule of Real Estate Properties | The following table provides summary information regarding the Company’s operating properties as of June 30, 2021:
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 |  |  | $ | 1,269,350 |  |  | $ | (2,444,918 | ) |  | $ | 8,680,279 |
Dollar General |  | Litchfield, ME | 11/4/2016 | Retail |  |  | 1,281,812 |  |  |  | 116,302 |  |  |  | (186,127 | ) |  |  | 1,211,987 |
Dollar General |  | Wilton, ME | 11/4/2016 | Retail |  |  | 1,543,776 |  |  |  | 140,653 |  |  |  | (238,203 | ) |  |  | 1,446,226 |
Dollar General |  | Thompsontown, PA | 11/4/2016 | Retail |  |  | 1,199,860 |  |  |  | 106,730 |  |  |  | (178,835 | ) |  |  | 1,127,755 |
Dollar General |  | Mt. Gilead, OH | 11/4/2016 | Retail |  |  | 1,174,188 |  |  |  | 111,847 |  |  |  | (171,462 | ) |  |  | 1,114,573 |
Dollar General |  | Lakeside, OH | 11/4/2016 | Retail |  |  | 1,112,872 |  |  |  | 100,857 |  |  |  | (175,973 | ) |  |  | 1,037,756 |
Dollar General |  | Castalia, OH | 11/4/2016 | Retail |  |  | 1,102,086 |  |  |  | 86,408 |  |  |  | (170,976 | ) |  |  | 1,017,518 |
Northrop Grumman |  | Melbourne, FL | 3/7/2017 | Office |  |  | 12,382,991 |  |  |  | 1,469,737 |  |  |  | (3,363,521 | ) |  |  | 10,489,207 |
exp US Services |  | Maitland, FL | 3/27/2017 | Office |  |  | 6,056,668 |  |  |  | 388,248 |  |  |  | (945,261 | ) |  |  | 5,499,655 |
Harley (1) |  | Bedford, TX | 4/13/2017 | Retail |  |  | 12,947,054 |  |  |  | — |  |  |  | (1,196,054 | ) |  |  | 11,751,000 |
Wyndham |  | Summerlin, NV | 6/22/2017 | Office |  |  | 10,406,483 |  |  |  | 669,232 |  |  |  | (1,347,468 | ) |  |  | 9,728,247 |
Williams Sonoma |  | Summerlin, NV | 6/22/2017 | Office |  |  | 8,079,612 |  |  |  | 550,486 |  |  |  | (1,214,232 | ) |  |  | 7,415,866 |
Omnicare |  | Richmond, VA | 7/20/2017 | Industrial |  |  | 7,262,747 |  |  |  | 281,442 |  |  |  | (954,774 | ) |  |  | 6,589,415 |
EMCOR |  | Cincinnati, OH | 8/29/2017 | Office |  |  | 5,960,610 |  |  |  | 463,488 |  |  |  | (693,863 | ) |  |  | 5,730,235 |
Husqvarna |  | Charlotte, NC | 11/30/2017 | Industrial |  |  | 11,840,200 |  |  |  | 1,013,948 |  |  |  | (1,292,198 | ) |  |  | 11,561,950 |
AvAir |  | Chandler, AZ | 12/28/2017 | Industrial |  |  | 27,357,899 |  |  |  | — |  |  |  | (2,458,171 | ) |  |  | 24,899,728 |
| 3 | M | DeKalb, IL | 3/29/2018 | Industrial |  |  | 14,762,819 |  |  |  | 2,356,361 |  |  |  | (4,099,258 | ) |  |  | 13,019,922 |
Cummins |  | Nashville, TN | 4/4/2018 | Office |  |  | 14,465,491 |  |  |  | 1,536,998 |  |  |  | (2,549,219 | ) |  |  | 13,453,270 |
Northrop Grumman Parcel |  | Melbourne, FL | 6/21/2018 | Land |  |  | 329,410 |  |  |  | — |  |  |  | — |  |  |  | 329,410 |
Texas Health |  | Dallas, TX | 9/13/2018 | Office |  |  | 6,976,703 |  |  |  | 713,221 |  |  |  | (829,997 | ) |  |  | 6,859,927 |
Bon Secours |  | Richmond, VA | 10/31/2018 | Office |  |  | 10,388,751 |  |  |  | 800,356 |  |  |  | (1,204,744 | ) |  |  | 9,984,363 |
Costco |  | Issaquah, WA | 12/20/2018 | Office |  |  | 27,330,797 |  |  |  | 2,765,136 |  |  |  | (3,305,667 | ) |  |  | 26,790,266 |
Taylor Fresh Foods |  | Yuma, AZ | 10/24/2019 | Industrial |  |  | 34,194,369 |  |  |  | 2,894,017 |  |  |  | (2,257,859 | ) |  |  | 34,830,527 |
Levins |  | Sacramento, CA | 12/31/2019 | Industrial |  |  | 4,429,390 |  |  |  | 221,927 |  |  |  | (330,913 | ) |  |  | 4,320,404 |
Dollar General |  | Bakersfield, CA | 12/31/2019 | Retail |  |  | 4,899,714 |  |  |  | 261,630 |  |  |  | (220,698 | ) |  |  | 4,940,646 |
Labcorp |  | San Carlos, CA | 12/31/2019 | Industrial |  |  | 9,672,174 |  |  |  | 408,225 |  |  |  | (306,481 | ) |  |  | 9,773,918 |
GSA (MSHA) |  | Vacaville, CA | 12/31/2019 | Office |  |  | 3,112,076 |  |  |  | 243,307 |  |  |  | (207,772 | ) |  |  | 3,147,611 |
PreK Education |  | San Antonio, TX | 12/31/2019 | Retail |  |  | 12,447,287 |  |  |  | 555,767 |  |  |  | (899,142 | ) |  |  | 12,103,912 |
Dollar Tree |  | Morrow, GA | 12/31/2019 | Retail |  |  | 1,320,367 |  |  |  | 73,298 |  |  |  | (106,366 | ) |  |  | 1,287,299 |
Solar Turbines |  | San Diego, CA | 12/31/2019 | Office |  |  | 7,133,241 |  |  |  | 284,026 |  |  |  | (507,486 | ) |  |  | 6,909,781 |
Wood Group |  | San Diego, CA | 12/31/2019 | Industrial |  |  | 9,731,220 |  |  |  | 539,633 |  |  |  | (742,040 | ) |  |  | 9,528,813 |
ITW Rippey |  | El Dorado, CA | 12/31/2019 | Industrial |  |  | 7,071,143 |  |  |  | 304,387 |  |  |  | (456,010 | ) |  |  | 6,919,520 |
Dollar General |  | Big Spring, TX | 12/31/2019 | Retail |  |  | 1,281,683 |  |  |  | 76,351 |  |  |  | (76,453 | ) |  |  | 1,281,581 |
Gap |  | Rocklin, CA | 12/31/2019 | Office |  |  | 8,378,276 |  |  |  | 360,377 |  |  |  | (718,960 | ) |  |  | 8,019,693 |
L3Harris |  | San Diego, CA | 12/31/2019 | Industrial |  |  | 11,631,857 |  |  |  | 454,035 |  |  |  | (706,233 | ) |  |  | 11,379,659 |
Sutter Health |  | Rancho Cordova, CA | 12/31/2019 | Office |  |  | 29,555,055 |  |  |  | 1,616,610 |  |  |  | (1,620,523 | ) |  |  | 29,551,142 |
Walgreens |  | Santa Maria, CA | 12/31/2019 | Retail |  |  | 5,223,442 |  |  |  | 335,945 |  |  |  | (199,441 | ) |  |  | 5,359,946 |
|  |  |  |  |  |  | $ | 343,899,970 |  |  | $ | 23,570,335 |  |  | $ | (38,377,298 | ) |  | $ | 329,093,007 |
(1) | Reclassified to real estate investment held for investment and use during the second quarter of 2021 from real estate held for sale beginning September 30, 2020 (see detailed discussion below).
The details of the Company's real estate impairment charges for the three and six months ended June 30, 2020 were as follows:
Property |  | Location |  | Three Months Ended June 30, 2020 |  |  | Six Months Ended June 30, 2020 |
Rite Aid |  | Lake Elsinore, CA |  | $ | 349,457 |  |  | $ | 349,457 |
Dana |  | Cedar Park, TX |  |  | — |  |  |  | 2,184,395 |
24 Hour Fitness |  | Las Vegas, NV |  |  | — |  |  |  | 5,664,517 |
Dinan Cars |  | Morgan Hill, CA |  |  | — |  |  |  | 1,308,156 |
Total |  |  |  | $ | 349,457 |  |  | $ | 9,506,525 |
| The following table provides summary information regarding the Company’s real estate portfolio as of December 31, 2020:
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 |  |  | $ | 1,269,351 |  |  | $ | (2,221,380 | ) |  | $ | 8,903,818 |
Dollar General |  | Litchfield, ME |  | 11/4/2016 |  | Retail |  |  | 1,281,812 |  |  |  | 116,302 |  |  |  | (166,006 | ) |  |  | 1,232,108 |
Dollar General |  | Wilton, ME |  | 11/4/2016 |  | Retail |  |  | 1,543,776 |  |  |  | 140,653 |  |  |  | (212,451 | ) |  |  | 1,471,978 |
Dollar General |  | Thompsontown, PA |  | 11/4/2016 |  | Retail |  |  | 1,199,860 |  |  |  | 106,730 |  |  |  | (159,501 | ) |  |  | 1,147,089 |
Dollar General |  | Mt. Gilead, OH |  | 11/4/2016 |  | Retail |  |  | 1,174,188 |  |  |  | 111,847 |  |  |  | (152,925 | ) |  |  | 1,133,110 |
Dollar General |  | Lakeside, OH |  | 11/4/2016 |  | Retail |  |  | 1,112,872 |  |  |  | 100,857 |  |  |  | (156,949 | ) |  |  | 1,056,780 |
Dollar General |  | Castalia, OH |  | 11/4/2016 |  | Retail |  |  | 1,102,086 |  |  |  | 86,408 |  |  |  | (152,492 | ) |  |  | 1,036,002 |
Dana |  | Cedar Park, TX |  | 12/27/2016 |  | Industrial |  |  | 6,802,876 |  |  |  | 531,439 |  |  |  | (1,835,800 | ) |  |  | 5,498,515 |
Northrop Grumman |  | Melbourne, FL |  | 3/7/2017 |  | Office |  |  | 12,382,991 |  |  |  | 1,341,199 |  |  |  | (2,968,985 | ) |  |  | 10,755,205 |
exp US Services |  | Maitland, FL |  | 3/27/2017 |  | Office |  |  | 6,056,668 |  |  |  | 388,248 |  |  |  | (833,278 | ) |  |  | 5,611,638 |
Wyndham |  | Summerlin, NV |  | 6/22/2017 |  | Office |  |  | 10,406,483 |  |  |  | 669,232 |  |  |  | (1,170,222 | ) |  |  | 9,905,493 |
Williams Sonoma |  | Summerlin, NV |  | 6/22/2017 |  | Office |  |  | 8,079,612 |  |  |  | 550,486 |  |  |  | (1,058,455 | ) |  |  | 7,571,643 |
Omnicare |  | Richmond, VA |  | 7/20/2017 |  | Industrial |  |  | 7,262,747 |  |  |  | 281,442 |  |  |  | (832,474 | ) |  |  | 6,711,715 |
EMCOR |  | Cincinnati, OH |  | 8/29/2017 |  | Office |  |  | 5,960,610 |  |  |  | 463,488 |  |  |  | (604,163 | ) |  |  | 5,819,935 |
Husqvarna |  | Charlotte, NC |  | 11/30/2017 |  | Industrial |  |  | 11,840,200 |  |  |  | 1,013,948 |  |  |  | (1,113,651 | ) |  |  | 11,740,497 |
AvAir |  | Chandler, AZ |  | 12/28/2017 |  | Industrial |  |  | 27,357,900 |  |  |  | — |  |  |  | (2,111,134 | ) |  |  | 25,246,766 |
3M |  | DeKalb, IL |  | 3/29/2018 |  | Industrial |  |  | 14,762,819 |  |  |  | 2,356,361 |  |  |  | (3,476,588 | ) |  |  | 13,642,592 |
Cummins |  | Nashville, TN |  | 4/4/2018 |  | Office |  |  | 14,465,491 |  |  |  | 1,536,998 |  |  |  | (2,151,938 | ) |  |  | 13,850,551 |
Northrop Grumman Parcel |  | Melbourne, FL |  | 6/21/2018 |  | Land |  |  | 329,410 |  |  |  | — |  |  |  | — |  |  |  | 329,410 |
Texas Health |  | Dallas, TX |  | 9/13/2018 |  | Office |  |  | 6,976,703 |  |  |  | 713,221 |  |  |  | (681,341 | ) |  |  | 7,008,583 |
Bon Secours |  | Richmond, VA |  | 10/31/2018 |  | Office |  |  | 10,388,751 |  |  |  | 800,356 |  |  |  | (978,335 | ) |  |  | 10,210,772 |
Costco |  | Issaquah, WA |  | 12/20/2018 |  | Office |  |  | 27,330,797 |  |  |  | 2,765,136 |  |  |  | (2,654,329 | ) |  |  | 27,441,604 |
Taylor Fresh Foods |  | Yuma, AZ |  | 10/24/2019 |  | Industrial |  |  | 34,194,369 |  |  |  | 2,894,017 |  |  |  | (1,597,022 | ) |  |  | 35,491,364 |
Levins |  | Sacramento, CA |  | 12/31/2019 |  | Industrial |  |  | 4,429,390 |  |  |  | 221,927 |  |  |  | (220,609 | ) |  |  | 4,430,708 |
Dollar General |  | Bakersfield, CA |  | 12/31/2019 |  | Retail |  |  | 4,899,714 |  |  |  | 261,630 |  |  |  | (147,132 | ) |  |  | 5,014,212 |
PMI Preclinical |  | San Carlos, CA |  | 12/31/2019 |  | Industrial |  |  | 9,672,174 |  |  |  | 408,225 |  |  |  | (204,321 | ) |  |  | 9,876,078 |
GSA (MSHA) |  | Vacaville, CA |  | 12/31/2019 |  | Office |  |  | 3,112,076 |  |  |  | 243,307 |  |  |  | (138,515 | ) |  |  | 3,216,868 |
PreK Education |  | San Antonio, TX |  | 12/31/2019 |  | Retail |  |  | 12,447,287 |  |  |  | 447,927 |  |  |  | (599,428 | ) |  |  | 12,295,786 |
Dollar Tree |  | Morrow, GA |  | 12/31/2019 |  | Retail |  |  | 1,320,367 |  |  |  | 73,298 |  |  |  | (70,911 | ) |  |  | 1,322,754 |
Solar Turbines |  | San Diego, CA |  | 12/31/2019 |  | Office |  |  | 7,133,241 |  |  |  | 284,026 |  |  |  | (338,232 | ) |  |  | 7,079,035 |
Wood Group |  | San Diego, CA |  | 12/31/2019 |  | Industrial |  |  | 9,731,220 |  |  |  | 466,293 |  |  |  | (565,017 | ) |  |  | 9,632,496 |
ITW Rippey |  | El Dorado Hills, CA |  | 12/31/2019 |  | Industrial |  |  | 7,071,143 |  |  |  | 304,387 |  |  |  | (303,219 | ) |  |  | 7,072,311 |
Dollar General |  | Big Spring, TX |  | 12/31/2019 |  | Retail |  |  | 1,281,683 |  |  |  | 76,351 |  |  |  | (50,969 | ) |  |  | 1,307,065 |
Gap |  | Rocklin, CA |  | 12/31/2019 |  | Office |  |  | 8,378,276 |  |  |  | 360,377 |  |  |  | (479,306 | ) |  |  | 8,259,347 |
L-3 Communications |  | Carlsbad, CA |  | 12/31/2019 |  | Industrial |  |  | 11,631,857 |  |  |  | 454,035 |  |  |  | (470,823 | ) |  |  | 11,615,069 |
Sutter Health |  | Rancho Cordova, CA |  | 12/31/2019 |  | Office |  |  | 29,555,055 |  |  |  | 1,616,610 |  |  |  | (1,080,349 | ) |  |  | 30,091,316 |
Walgreens |  | Santa Maria, CA |  | 12/31/2019 |  | Retail |  |  | 5,223,442 |  |  |  | 335,945 |  |  |  | (132,961 | ) |  |  | 5,426,426 |
|  |  |  |  |  |  |  | $ | 337,755,793 |  |  | $ | 23,792,057 |  |  | $ | (32,091,211 | ) |  | $ | 329,456,639 |
The details of the Company's real estate impairment charges for the year ended December 31, 2020 were as follows:
Property |  | Location |  | Year Ended December 31, 2020 |
Dana |  | Cedar Park, TX |  | $ | 2,184,395 |
24 Hour Fitness |  | Las Vegas, NV |  |  | 5,664,517 |
Dinan Cars |  | Morgan Hill, CA |  |  | 1,308,156 |
Rite Aid |  | Lake Elsinore, CA |  |  | 349,457 |
Harley Davidson |  | Bedford, TX |  |  | 632,233 |
Chevron Gas Station |  | San Jose, CA |  |  | 128,867 |
|  |  |  | $ | 10,267,625 |
Property Acquisitions |  | During the year ended December 31, 2019, the Company acquired the following real estate properties:
Property |  | Land |  |  | Buildings and Improvements |  |  | Tenant Origination and Absorption Costs |  |  | Above- Market Lease Intangibles |  |  | Below-Market Lease Intangibles |  |  | Total |
REIT I Property Portfolio: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Chevron Gas Station, San Jose |  | $ | 3,787,021 |  |  | $ | 267,738 |  |  | $ | 145,577 |  |  | $ | 41,739 |  |  | $ | — |  |  | $ | 4,242,075 |
Levins |  |  | 1,404,863 |  |  |  | 3,024,527 |  |  |  | 221,927 |  |  |  | 26,469 |  |  |  | — |  |  |  | 4,677,786 |
Chevron Gas Station, Roseville |  |  | 2,636,663 |  |  |  | 1,011,908 |  |  |  | 136,415 |  |  |  | 24,432 |  |  |  | — |  |  |  | 3,809,418 |
Island Pacific Supermarket |  |  | 676,981 |  |  |  | 1,883,330 |  |  |  | 197,495 |  |  |  | — |  |  |  | (76,351 | ) |  |  | 2,681,455 |
Dollar General, Bakersfield |  |  | 1,099,458 |  |  |  | 3,800,256 |  |  |  | 261,630 |  |  |  | — |  |  |  | (41,739 | ) |  |  | 5,119,605 |
Rite Aid |  |  | 3,939,724 |  |  |  | 2,902,365 |  |  |  | 420,441 |  |  |  | 186,297 |  |  |  | — |  |  |  | 7,448,827 |
PMI Preclinical |  |  | 4,774,497 |  |  |  | 4,897,677 |  |  |  | 408,225 |  |  |  | 115,036 |  |  |  | — |  |  |  | 10,195,435 |
EcoThrift |  |  | 2,300,717 |  |  |  | 3,249,509 |  |  |  | 273,846 |  |  |  | — |  |  |  | (388,882 | ) |  |  | 5,435,190 |
GSA (MSHA) |  |  | 399,062 |  |  |  | 2,713,014 |  |  |  | 243,307 |  |  |  | — |  |  |  | (101,802 | ) |  |  | 3,253,581 |
PreK San Antonio |  |  | 963,044 |  |  |  | 11,484,243 |  |  |  | 447,927 |  |  |  | — |  |  |  | (28,504 | ) |  |  | 12,866,710 |
Dollar Tree |  |  | 159,829 |  |  |  | 1,160,538 |  |  |  | 73,298 |  |  |  | 10,180 |  |  |  | — |  |  |  | 1,403,845 |
Dinan Cars |  |  | 2,453,420 |  |  |  | 3,799,237 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 6,252,657 |
Solar Turbines |  |  | 2,483,960 |  |  |  | 4,649,281 |  |  |  | 284,026 |  |  |  | — |  |  |  | (108,928 | ) |  |  | 7,308,339 |
Wood Group |  |  | 3,461,256 |  |  |  | 6,269,964 |  |  |  | 392,955 |  |  |  | — |  |  |  | — |  |  |  | 10,124,175 |
ITW Rippey |  |  | 787,945 |  |  |  | 6,283,198 |  |  |  | 304,387 |  |  |  | — |  |  |  | — |  |  |  | 7,375,530 |
Dollar General, Big Spring |  |  | 103,838 |  |  |  | 1,177,845 |  |  |  | 76,351 |  |  |  | — |  |  |  | (127,252 | ) |  |  | 1,230,782 |
Gap |  |  | 2,076,754 |  |  |  | 6,301,522 |  |  |  | 360,377 |  |  |  | — |  |  |  | (68,207 | ) |  |  | 8,670,446 |
L-3 Communications |  |  | 3,552,878 |  |  |  | 8,078,979 |  |  |  | 454,035 |  |  |  | — |  |  |  | (174,081 | ) |  |  | 11,911,811 |
Sutter Health |  |  | 2,443,240 |  |  |  | 27,111,815 |  |  |  | 1,616,610 |  |  |  | 87,549 |  |  |  | — |  |  |  | 31,259,214 |
Walgreens |  |  | 1,832,430 |  |  |  | 3,391,012 |  |  |  | 335,945 |  |  |  | 272,829 |  |  |  | — |  |  |  | 5,832,216 |
Total REIT I Property Portfolio |  |  | 41,337,580 |  |  |  | 103,457,958 |  |  |  | 6,654,774 |  |  |  | 764,531 |  |  |  | (1,115,746 | ) |  |  | 151,099,097 |
Taylor Fresh Foods |  |  | 4,312,016 |  |  |  | 29,882,353 |  |  |  | 2,894,017 |  |  |  | — |  |  |  | (11,526,976 | ) |  |  | 25,561,410 |
|  | $ | 45,649,596 |  |  | $ | 133,340,311 |  |  | $ | 9,548,791 |  |  | $ | 764,531 |  |  | $ | (12,642,722 | ) |  | $ | 176,660,507 |
Property Purchase Price |  |
Purchase price and other acquisition costs |  | $ | 176,660,507 |
Purchase deposit applied |  |  | (2,000,000 | )
Acquisition fees to affiliate related to Taylor Fresh Foods (Note 9) |  |  | (741,000 | )
Acquisition of real estate before financing |  | $ | 173,919,507 |
Capitalized Acquisition Fees |  | Capitalized acquisition fee paid to the Former Advisor for a property acquired during the year ended December 31, 2019 is as follows:
Property |  | Amount |
Taylor Fresh Foods |  | $ | 741,000 |
Lease Expiration Dates |  | The noncancellable lease terms of the properties acquired during the year ended December 31, 2019 were as follows:
Property |  | Lease Expiration
Chevron Gas Station |  | 5/27/2025
Levins |  | 8/20/2023
Chevron Gas Station |  | 9/30/2025
Island Pacific Supermarket |  | 5/31/2025
Dollar General |  | 7/31/2028
Rite Aid |  | 2/25/2028
PMI Preclinical |  | 10/31/2025
EcoThrift |  | 2/28/2026
GSA (MSHA) |  | 8/24/2026
PreK San Antonio |  | 7/31/2021
Dollar Tree |  | 7/31/2025
Dinan Cars |  | 4/30/2023
Solar Turbines |  | 2/28/2021
Amec Foster |  | 7/31/2021
ITW Rippey |  | 8/1/2022
Dollar General Big Spring |  | 4/30/2030
Gap |  | 2/28/2023
L-3 Communications |  | 4/30/2022
Sutter Health |  | 10/31/2025
Walgreens |  | 2/28/2031
Taylor Fresh Foods |  | 9/30/2033
Dispositions and Real Estate Investments Held for Sale | There were no disposals of properties during the three months ended June 30, 2021 nor during the three and six months ended June 30, 2020. The Company sold the following properties during the first quarter of 2021:
Property |  | Location |  | Disposition Date |  | Property Type |  | Rentable Square Feet |  |  | Contract Sale Price |  |  | Gain on Sale |
Chevron Gas Station |  | Roseville, CA |  | 1/7/2021 |  | Retail |  |  | 3,300 |  |  | $ | 4,050,000 |  |  | $ | 228,769 |
EcoThrift |  | Sacramento, CA |  | 1/29/2021 |  | Retail |  |  | 38,536 |  |  |  | 5,375,300 |  |  |  | 51,415 |
Chevron Gas Station |  | San Jose, CA |  | 2/12/2021 |  | Retail |  |  | 1,060 |  |  |  | 4,288,888 |  |  |  | 9,458 |
Total |  |  |  |  |  |  |  |  | 42,896 |  |  | $ | 13,714,188 |  |  | $ | 289,642 |
The following table summarizes the major components of assets and liabilities related to real estate investments held for sale as of June 30, 2021 (Dana property) and December 31, 2020 (Harley Davidson, EcoThrift and two Chevron properties):
|  | June 30, 2021 |  |  | December 31, 2020 |
Assets related to real estate investments held for sale: |  |  |  |  |  |
Land, buildings and improvements |  | $ | 6,802,876 |  |  | $ | 25,675,459 |
Tenant origination and absorption costs |  |  | 531,439 |  |  |  | 554,788 |
Accumulated depreciation and amortization |  |  | (1,958,569 | ) |  |  | (1,644,508 | )
Real estate investments held for sale, net |  |  | 5,375,746 |  |  |  | 24,585,739 |
Other assets, net |  |  | 671,265 |  |  |  | 1,079,361 |
Total assets related to real estate investments held for sale: |  | $ | 6,047,011 |  |  | $ | 25,665,100 |
Liabilities related to real estate investments held for sale: |  |  |  |  |  |  |  |
Mortgage notes payable, net |  | $ | 4,381,426 |  |  | $ | 9,088,438 |
Other liabilities, net |  |  | 227,433 |  |  |  | 801,337 |
Total liabilities related to real estate investments held for sale: |  | $ | 4,608,859 |  |  | $ | 9,889,775 |
The following table summarizes the major components of rental income, expenses and impairment related to real estate investments held for sale as of June 30, 2021 (the property leased to Dana) and 2020 (the property leased to Island Pacific Supermarket located in Elk Grove, CA, the property leased to Rite Aid located in Lake Elsinore, CA, the property leased to Walgreens located in Stockbridge, GA and the property previously leased to Dinan Cars located in Morgan Hill, CA), which were included in continuing operations for the three and six months ended June 30, 2021 and 2020:
|  | Three Months Ended June 30, |  |  | Six Months Ended June 30, |
|  | 2021 |  |  | 2020 |  |  | 2021 |  |  | 2020 |
Total revenues |  | $ | 342,198 |  |  | $ | 312,060 |  |  | $ | 716,160 |  |  | $ | 1,480,909 |
Expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest expense |  |  | 63,207 |  |  |  | 83,658 |  |  |  | 138,629 |  |  |  | 221,022 |
Depreciation and amortization |  |  | 49,108 |  |  |  | 185,658 |  |  |  | 122,769 |  |  |  | 375,575 |
Other expenses |  |  | 78,857 |  |  |  | 101,131 |  |  |  | 145,797 |  |  |  | 221,811 |
Impairment |  |  | — |  |  |  | 349,457 |  |  |  | — |  |  |  | 1,657,613 |
Total expenses |  |  | 191,172 |  |  |  | 719,904 |  |  |  | 407,195 |  |  |  | 2,476,021 |
Net income (loss) |  | $ | 151,026 |  |  | $ | (407,844 | ) |  | $ | 308,965 |  |  | $ | (995,112 | )
| The Company sold the following properties during the year ended December 31, 2020:
Property | Location | Disposition Date | Property Type |  | Rentable Square Feet |  |  | Contract Sale Price |  |  | Gain (Loss) on Sale |
Rite Aid | Lake Elsinore, CA | 8/3/2020 | Retail |  |  | 17,272 |  |  | $ | 7,250,000 |  |  | $ | (422 | )
Walgreens | Stockbridge, GA | 8/27/2020 | Retail |  |  | 15,120 |  |  |  | 5,538,462 |  |  |  | 1,306,768 |
Island Pacific Supermarket | Elk Grove, CA | 9/16/2020 | Retail |  |  | 13,963 |  |  |  | 3,155,000 |  |  |  | 387,296 |
Dinan Cars | Morgan Hill, CA | 10/28/2020 | Industrial |  |  | 27,296 |  |  |  | 6,100,000 |  |  |  | 961,836 |
24 Hour Fitness | Las Vegas, NV | 12/16/2020 | Retail |  |  | 45,000 |  |  |  | 9,052,941 |  |  |  | 1,484,271 |
|  |  |  |  |  | 118,651 |  |  | $ | 31,096,403 |  |  | $ | 4,139,749 |
The following table summarizes the major components of assets and liabilities related to real estate investments held for sale as of December 31, 2020:
|  | December 31, 2020 |
Assets related to real estate investments held for sale: |  |  |
Land, buildings and improvements |  | $ | 25,675,459 |
Tenant origination and absorption costs |  |  | 554,788 |
Accumulated depreciation and amortization |  |  | (1,644,508 | )
Real estate investments held for sale, net |  |  | 24,585,739 |
Other assets, net |  |  | 1,079,361 |
Total assets related to real estate investments held for sale: |  | $ | 25,665,100 |
Liabilities related to real estate investments held for sale: |  |  |  |
Mortgage notes payable, net |  | $ | 9,088,438 |
Other liabilities, net |  |  | 801,337 |
Total liabilities related to real estate investments held for sale: |  | $ | 9,889,775 |
The following table summarizes the major components of rental income, expenses and impairment related to real estate investments held for sale as of December 31, 2020, which were included in continuing operations for the years ended December 31, 2020 and 2019:
|  | Year Ended December 31, |
|  | 2020 |  |  | 2019 |
Total revenues |  | $ | 2,326,058 |  |  | $ | 1,325,265 |
Expenses: |  |  |  |  |  |  |  |
Interest expense |  |  | 552,246 |  |  |  | 323,460 |
Depreciation and amortization |  |  | 737,278 |  |  |  | 344,708 |
Other expenses |  |  | 352,280 |  |  |  | 385,282 |
Impairment of real estate properties |  |  | 761,100 |  |  |  | — |
Total expenses |  |  | 2,402,904 |  |  |  | 1,053,450 |
Net (loss) income |  | $ | (76,846 | ) |  | $ | 271,815 |
Revenue Concentration |  | The Company’s revenue concentration based on tenants representing greater than 10% of total revenues for the year ended December 31, 2019 is as follows:
|  | 2019 |
Property and Location |  | Revenue |  |  | Percentage of Total Revenue |
AvAir, Chandler, AZ |  | $ | 2,670,159 |  |  |  | 10.9 | %
Future Minimum Contractual Rent Payments Due under Noncancelable Operating Leases | As of June 30, 2021, the future minimum contractual rent payments due to the Company under the Company’s non-cancellable operating leases, including lease amendments executed through August 13, 2021 and excluding rents due related to the real estate investments held for sale, are as follows:
July through December 2021 |  | $ | 13,219,545 |
2022 |  |  | 25,533,893 |
2023 |  |  | 22,070,671 |
2024 |  |  | 21,588,111 |
2025 |  |  | 18,369,437 |
2026 |  |  | 11,524,427 |
Thereafter |  |  | 42,329,568 |
|  | $ | 154,635,652 |
| As of December 31, 2020, the future minimum contractual rent payments due under the Company’s noncancelable operating leases, including lease amendments executed subsequent to December 31, 2020 and excluding rents due related to real estate investments held for sale, are as follows:
2021 |  | $ | 26,761,843 |
2022 |  |  | 24,418,710 |
2023 |  |  | 20,157,378 |
2024 |  |  | 19,674,819 |
2025 |  |  | 16,456,145 |
Thereafter |  |  | 43,827,967 |
|  | $ | 151,296,862 |
Finite-Lived Intangible Assets | The following table sets forth the Company's intangible assets, net as of June 30, 2021 and December 31, 2020 and their related useful lives:
Intangible Assets | Weighted- Average Useful Life |  | June 30, 2021 |  |  | December 31, 2020 |
Investor list, net | 5.0 years |  | $ | 3,494,740 |  |  | $ | 3,494,740 |
Web services technology, domains and licenses | 3.0 years |  |  | 3,577,852 |  |  |  | 3,466,102 |
|  |  |  | 7,072,592 |  |  |  | 6,960,842 |
Accumulated amortization |  |  |  | (2,758,793 | ) |  |  | (1,833,054 | )
Net |  |  | $ | 4,313,799 |  |  | $ | 5,127,788 |
| As of December 31, 2020 and 2019, the Company’s intangible assets were as follows:
|  | December 31, 2020 |  |  | December 31, 2019 |
|  | Tenant Origination and Absorption Costs |  |  | Above-Market Lease Intangibles |  |  | Below-Market Lease Intangibles |  |  | Tenant Origination and Absorption Costs |  |  | Above-Market Lease Intangibles |  |  | Below-Market Lease Intangibles |
Cost |  | $ | 23,792,057 |  |  | $ | 1,128,549 |  |  | $ | (15,163,672 | ) |  | $ | 27,266,610 |  |  | $ | 1,547,646 |  |  | $ | (15,713,975 | )
Accumulated amortization |  |  | (9,695,960 | ) |  |  | (307,707 | ) |  |  | 2,597,935 |  |  |  | (6,005,248 | ) |  |  | (295,912 | ) |  |  | 1,122,616 |
Net amount |  | $ | 14,096,097 |  |  | $ | 820,842 |  |  | $ | (12,565,737 | ) |  | $ | 21,261,362 |  |  | $ | 1,251,734 |  |  | $ | (14,591,359 | )
Finite-Lived Intangible Assets, Future Amortization | As of June 30, 2021, the amortization of intangible assets for the nine months ending December 31, 2021 and for each year of the next five years and thereafter is expected to be as follows:
|  | Tenant Origination and Absorption Costs |  |  | Above-Market Lease Intangibles |  |  | Below-Market Lease Intangibles |
July through December 2021 |  | $ | 1,609,387 |  |  | $ | 64,909 |  |  | $ | (727,614 | )
2022 |  |  | 2,682,533 |  |  |  | 129,823 |  |  |  | (1,217,029 | )
2023 |  |  | 1,805,532 |  |  |  | 127,174 |  |  |  | (921,169 | )
2024 |  |  | 1,689,428 |  |  |  | 122,543 |  |  |  | (917,750 | )
2025 |  |  | 1,311,545 |  |  |  | 115,996 |  |  |  | (917,750 | )
2026 |  |  | 601,734 |  |  |  | 78,557 |  |  |  | (912,347 | )
Thereafter |  |  | 2,659,530 |  |  |  | 116,927 |  |  |  | (6,216,928 | )
|  | $ | 12,359,689 |  |  | $ | 755,929 |  |  | $ | (11,830,587 | )
Weighted-average remaining amortization period |  | 7.1 years |  |  | 6.8 years |  |  | 11.9 years |
| As of December 31, 2020, amortization of intangible assets for each year of the next five years and thereafter is expected to be as follows:
|  | Tenant Origination and Absorption Costs |  |  | Above-Market Lease Intangibles |  |  | Below-Market Lease Intangibles |
2021 |  | $ | 3,801,383 |  |  | $ | 129,823 |  |  | $ | (1,462,730 | )
2022 |  |  | 2,628,700 |  |  |  | 129,823 |  |  |  | (1,217,076 | )
2023 |  |  | 1,751,653 |  |  |  | 127,174 |  |  |  | (921,169 | )
2024 |  |  | 1,625,159 |  |  |  | 122,543 |  |  |  | (917,750 | )
2025 |  |  | 1,242,973 |  |  |  | 115,995 |  |  |  | (917,750 | )
Thereafter |  |  | 3,046,229 |  |  |  | 195,484 |  |  |  | (7,129,262 | )
|  | $ | 14,096,097 |  |  | $ | 820,842 |  |  | $ | (12,565,737 | )
Weighted-Average Remaining Amortization Period |  | 7.1 years |  |  | 7.2 years |  |  | 12.2 years |

X
- Definition ScheduleOfCapitalizedPropertiesAcquisition [Table Text Block] + References No definition available. + Details
Name: | cik0001645873_ScheduleOfCapitalizedPropertiesAcquisitionTableTextBlock
Namespace Prefix: | cik0001645873_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of lease expiration date. + References No definition available. + Details
Name: | cik0001645873_ScheduleOfLeaseExpirationDateTableTextBlock
Namespace Prefix: | cik0001645873_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of current period real estate acquisitions. + References No definition available. + Details
Name: | cik0001645873_ScheduleOfRealEstatePropertyAcquisitionsTableTextBlock
Namespace Prefix: | cik0001645873_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of real estate investment property purchase price. + References No definition available. + Details
Name: | cik0001645873_ScheduleofrealestateinvestmentpropertypurchaseTableTextBlock
Namespace Prefix: | cik0001645873_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of maturity of undiscounted cash flows to be received by lessor on annual basis for operating lease. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 30 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=124258985&loc=SL77919396-209981 + Details
Name: | us-gaap_LessorOperatingLeasePaymentsToBeReceivedMaturityTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_RealEstateAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 50 -Paragraph 3A -URI http://asc.fasb.org/extlink&oid=109226691&loc=SL51724579-110230 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=109222650&loc=d3e1474-107760 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 5D -URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721677-107760 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 45 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=109222160&loc=SL51721533-107759 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 3A -URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721659-107760 Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 4B -URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721665-107760 Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=109226691&loc=d3e2941-110230 Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 5C -URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721675-107760 Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 7 -URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721683-107760 Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=109222650&loc=d3e1361-107760 Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 5A -URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721671-107760 Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 5B -URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721673-107760 Reference 13: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 4A -URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721663-107760 + Details
Name: | us-gaap_ScheduleOfDisposalGroupsIncludingDiscontinuedOperationsIncomeStatementBalanceSheetAndAdditionalDisclosuresTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of assets, excluding financial assets and goodwill, lacking physical substance with a finite life, by either major class or business segment. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 30 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=66006027&loc=d3e16323-109275 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 30 -Section 50 -Paragraph 1 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=66006027&loc=d3e16265-109275 + Details
Name: | us-gaap_ScheduleOfFiniteLivedIntangibleAssetsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of real estate properties and units in those properties that are included in the discussion of the nature of an entity's operations. + References No definition available. + Details
Name: | us-gaap_ScheduleOfRealEstatePropertiesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the extent of the entity's reliance on its major customers, if revenues from transactions with a single external customer amount to 10 percent or more of entity revenues, including the disclosure of that fact, the total amount of revenues from each such customer, and the identity of the reportable segment or segments reporting the revenues. The entity need not disclose the identity of a major customer or the amount of revenues that each segment reports from that customer. For these purposes, a group of companies known to the entity to be under common control is considered a single customer, and the federal government, a state government, a local government such as a county or municipality, or a foreign government is each considered a single customer. + References No definition available. + Details
Name: | us-gaap_ScheduleOfRevenueByMajorCustomersByReportingSegmentsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the amount of amortization expense expected to be recorded in succeeding fiscal years for finite-lived intangible assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 30 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=66006027&loc=d3e16323-109275 + Details
Name: | us-gaap_ScheduleofFiniteLivedIntangibleAssetsFutureAmortizationExpenseTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration