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REAL ESTATE INVESTMENTS (FY) | 6 Months Ended | 12 Months Ended
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Jun. 30, 2021 | Dec. 31, 2020
Real Estate [Abstract] |  |
REAL ESTATE INVESTMENTS | NOTE 3. REAL ESTATE INVESTMENTS, NET As of June 30, 2021, the Company’s real estate investment portfolio consisted of 38 operating properties located in 14 states comprised of: 12 retail properties, 14 office properties and 12 industrial properties, including one industrial property classified as held for sale and an approximate 72.7% undivided TIC Interest in an industrial property in Santa Clara, California, not reflected in the table below, but discussed in Note 4. 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).
Impairment Charges During late March 2020, the Company learned that there would be a substantial impact on the commercial real estate market and specifically on fitness centers such as the Company's property leased at that time to 24 Hour Fitness USA, Inc. (“24 Hour Fitness”) due to the COVID-19 pandemic and the requirement of an indefinite and potentially extended period of store closures. On March 31, 2020, the Company received written notice from 24 Hour Fitness that due to circumstances beyond its control, including the response to the COVID-19 pandemic and directives and mandates of various governmental authorities affecting the Las Vegas, Nevada 24 Hour Fitness store leased from the Company, it would not make the April 2020 rent payment. Despite negotiations with the tenant, no further rent payments were received and on June 15, 2020, the Company received written notice that the lease was formally rejected in connection with 24 Hour Fitness' Chapter 11 bankruptcy proceeding and the premises were surrendered to the Company's subsidiary. The lender on the property agreed to temporarily reduce its $32,000 monthly mortgage payment by $8,000 from May through August 2020 and the Company's special purpose subsidiary determined that if it was unable to secure a replacement tenant, then it would consider allowing the lender to foreclose on, and take possession of, the property. As such, the Company concluded that it was necessary to record an impairment charge to reduce the net book value of the property to its estimated fair value. In addition, the Company determined that the effects of the COVID-19 pandemic on the overall economy and commercial real estate market would also have negative impacts on the Company's ability to re-lease two vacant properties, the property formerly leased to Dinan Cars located in Morgan Hill, CA through January 31, 2020 and the property leased to Dana, but unoccupied, located in Cedar Park, Texas. Based on an evaluation of the value of these properties, the Company determined that impairment charges were required during the three months ended March 31, 2020 to reflect the reduction in value due to the uncertainty regarding leasing or sale prospects. During the three months ended March 31, 2020, the Company recorded impairment charges aggregating $9,157,068, based on the estimated fair values of the aforementioned real estate properties. During the three months ended June 30, 2020, the Company recorded an additional impairment charge of $349,457 related to its property located in Lake Elsinore, CA and leased to Rite Aid through February 29, 2028. The Company determined that the impairment charge was required, representing the excess of the property's carrying value over the property's estimated sale price less estimated selling costs for the subsequent sale. The aggregate impairment charges of $9,157,068 represented approximately 2.2% of the Company’s total investments in real estate property before impairments as of March 31, 2020 and the impairment charge of $349,457 represented approximately 0.1% of the Company’s total investments in real estate property before impairments as of June 30, 2020. The properties formerly leased by Rite Aid, Dinan Cars, 24 Hour Fitness and Dana were sold in August, October and December 2020 and July 2021, respectively. There were no impairment charges recorded during the three and six months ended June 30, 2021. 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 |
Acquisitions The Company did not acquire any real estate properties during the three and six months ended June 30, 2021 or during the three and six months ended June 30, 2020. See Note 12 for the description of a property leased to Raising Cane’s which the Company acquired in July 2021. Dispositions 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 |
On January 7, 2021, the Company completed the sale of its Roseville, California retail property, which was leased to the operator of a Chevron gas station, for $4,050,000, which generated net proceeds of $3,914,909 after payment of commissions and closing costs. On January 29, 2021, the Company completed the sale of its Sacramento, California retail property, which was leased to EcoThrift, for $5,375,300, which generated net proceeds of $2,684,225 after repayment of the existing mortgage, commissions and closing costs. On February 12, 2021, the Company completed the sale of its San Jose, California retail property, which was leased to the operator of a Chevron gas station, for $4,288,888, which generated net proceeds of $4,054,327 after payment of commissions and closing costs. Asset Concentration The Company held no real estate property with a net book value that is greater than 10% of its total assets as of June 30, 2021 or December 31, 2020. Revenue Concentration No tenant represented the source of 10% of total revenues during the three and six months ended June 30, 2021 or during the three and six months ended June 30, 2020. Operating Leases The Company’s real estate properties are primarily leased to tenants under net leases for which terms and expirations vary. The Company monitors the credit of all tenants to stay abreast of any material changes in credit quality. The Company monitors tenant credit by (1) reviewing the credit ratings of tenants (or their parent companies or lease guarantors) that are rated by nationally recognized rating agencies; (2) reviewing financial statements and related metrics and information that are publicly available or that are required to be provided pursuant to the lease; (3) monitoring news reports and press releases regarding the tenants (or their parent companies or lease guarantors), and their underlying business and industry; and (4) monitoring the timeliness of rent collections. During the first four months of 2020, the Company paid an aggregate of $990,000 in lease incentives to cancel certain termination options related to two leases with Walgreens for its Santa Maria, California and Stockbridge, Georgia properties, resulting in extension of the leases for approximately 10 years each. The Stockbridge property was sold on August 27, 2020. These costs were capitalized and are amortized over the period of the extension for the Santa Maria property and were charged to cost of sale for the Stockbridge property in August 2020. During the three months ended June 30, 2021, the tenant in the Company's PreK Education retail property in San Antonio, Texas exercised its option to extend its lease term for eight years from the original termination of July 31, 2021 to July 31, 2029 with an increase in monthly rent. The terms of the original lease required the Company to pay a $2,000,000 term completion incentive upon exercise of the option and the tenant agreed to defer the timing of this payment to no later than January 31, 2022. The deferred lease incentive is presented under prepaid and other assets and the obligation is included in accounts payable, accrued and other liabilities in the Company's balance sheet as of June 30, 2021. 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 |
Lease Intangible Assets, Net As of June 30, 2021, the Company’s lease intangible assets were as follows:
|  | Tenant Origination and Absorption Costs |  |  | Above-Market Lease Intangibles |  |  | Below-Market Lease Intangibles |
Cost |  | $ | 23,570,335 |  |  | $ | 1,128,549 |  |  | $ | (15,097,132 | )
Accumulated amortization |  |  | (11,210,646 | ) |  |  | (372,620 | ) |  |  | 3,266,545 |
Net amount |  | $ | 12,359,689 |  |  | $ | 755,929 |  |  | $ | (11,830,587 | )
The intangible assets acquired in connection with the acquisitions have a weighted average amortization period of approximately 9.4 years as of June 30, 2021. 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 |
Real Estate Investments Held For Sale As a result of the COVID-19 pandemic discussed in Note 1, starting during the second quarter of 2020, the Company deemed it necessary to sell certain of its real estate investment properties to generate funds for share repurchases and certain debt obligations. During 2020, the Company identified nine real estate properties (eight retail properties and one industrial property) as held for sale. During the second half of 2020, five of the nine properties (four retail properties and one industrial property) were sold. Of the four remaining retail properties held for sale as of December 31, 2020, the Company sold three retail properties during the first quarter of 2021: the EcoThrift property and the two Chevron properties (see Dispositions above for more details). The Harley Davidson retail property, which was the only property held for sale as of March 31, 2021, was reclassified as held for investment and use during the second quarter of 2021 (see discussion in Change in Plan of Sale below for more details). During the second quarter of 2021, the Company identified and reclassified the industrial property located in Cedar Park, Texas leased to Dana Incorporated as real estate investment held for sale. This unoccupied property was subsequently sold on July 7, 2021 (see Note 12 for more details). 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 | )
Change in Plan of Sale On September 30, 2020, the Company reclassified the Harley Davidson property’s net book value (“NBV”) of $12,010,919 to real estate held for sale and suspended recording depreciation for the property as of that date. On December 31, 2020, the Company recorded an impairment loss of $632,233 based on the expected net proceeds of sale of the property of $12,117,500 compared to the property's NBV combined with the outstanding straight-line rent receivable balance. Following unsuccessful efforts to sell the property at a price which would be acceptable to the Company, the Company decided to withdraw its decision to sell the property during June 2021 and reclassified the Harley Davidson property to real estate investment held for investment and use. At the time of the decision to reclassify the property to real estate investment held for investment and use in June 2021, the carrying value of the property would have been $11,779,687 if continuously depreciated since September 30, 2020. The fair value of the property as of the June 2021 determination was $11,860,000, based on management’s value for the property in the June 30, 2021 NAV analysis (the most recent valuation). As provided by ASC 360-10, since the adjusted carrying value of the property of $11,779,687 was lower than its fair value of $11,860,000, the Company adjusted the net book value of the property to its adjusted carrying value of $11,779,687. The recording of the property at its adjusted carrying value resulted in an adjustment to reduce the impairment loss recorded as of December 31, 2020 by $400,999 during the three months ended June 30, 2021. | NOTE 4. REAL ESTATE INVESTMENTS As of December 31, 2020, the Company’s real estate investment portfolio consisted of (i) 36 operating properties located in 14 states (including 14 operating properties of the original 20 operating properties acquired in connection with the Merger on December 31, 2019) and comprised of: 11 retail properties, 14 office properties and 11 industrial properties, (ii) one parcel of land, which currently serves as an easement to one of the Company’s office properties and (iii) a 72.7% undivided TIC Interest in an office property in Santa Clara, California, not reflected in the table below, but discussed in Note 5. 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 |
Impairment Charges During late March 2020, the Company learned that there would be a substantial impact on the commercial real estate market and specifically on fitness centers due to the COVID-19 pandemic and the requirement of an indefinite and potentially extended period of store closures. On March 31, 2020, the Company received written notice from 24 Hour Fitness USA, Inc. (“24 Hour Fitness”) that due to circumstances beyond its control, including the response to the COVID-19 pandemic and directives and mandates of various governmental authorities, the Las Vegas, Nevada 24 Hour Fitness store leased from the Company had been closed on or about March 17, 2020 and remained closed as of the date of the tenant's notice. The tenant's notice stated that it would not make the April 2020 rent payment. The Company's special purpose subsidiary, which owns the property, immediately initiated negotiations with the tenant; however, no further rent payments were received and on June 15, 2020, the Company received written notice that the lease was formally rejected in connection with 24 Hour Fitness' Chapter 11 bankruptcy proceeding and the premises were surrendered to the Company's subsidiary. On April 1, 2020, the Company’s special purpose subsidiary initiated negotiations with the lender on the property, and requested a deferral of mortgage payments until the tenant resumed paying rent. The lender did not agree to provide any substantial mortgage relief to the Company's special purpose subsidiary, but agreed to temporarily reduce its $32,000 monthly mortgage payment by $8,000 from May 2020 through August 2020. The Company's special purpose subsidiary determined that if it was unable to secure a replacement tenant, then it would consider allowing the lender to foreclose on, and take possession of, the property. As such, the Company concluded that it was necessary to record an impairment charge to reduce the net book value of the property to its estimated fair value. In addition, the Company determined that the effects of the COVID-19 pandemic on the overall economy and commercial real estate market would also negatively impact the Company's ability to re-lease two vacant properties, the property formerly leased to Dinan Cars through January 31, 2020 located in Morgan Hill, California and the property leased to Dana, but currently unoccupied, located in Cedar Park, Texas. Based on an evaluation of the value of these two properties, the Company determined that impairment charges were required to reflect the reduction in value due to the uncertainty regarding leasing or sale prospects. During the three months ended March 31, 2020, the Company recorded impairment charges aggregating $9,157,068 based on the estimated fair value of the real estate properties discussed above. During the three months ended June 30, 2020 and December 31, 2020, the Company recorded additional impairment charges related to properties held for sale. As of June 30, 2020, the Company recorded an impairment charge of $349,457 related to the property located in Lake Elsinore, California and leased to Rite Aid through February 29, 2028. As of December 31, 2020, the Company recorded an aggregate of $761,100 in impairment charges related to its property located in Bedford, Texas and leased to the operator of a Harley Davidson dealership through April 12, 2032 and its property located in San Jose, California and leased to the operator of a Chevron gas station through May 31, 2025. The impairment charges related to the properties located in Lake Elsinore and San Jose, California reflect the excess of the property's carrying value over the property's sale price less estimated selling costs (see below for discussion of the property sale), while the impairment charge related to the property located in Bedford, Texas pertained to a portion of the Company's straight-line rent receivable for this property which the Company does not expect to recover as a result of the planned sale (see below for discussion of the property classification to held for sale). The aggregated impairment charges of $10,267,625 during the year ended December 31, 2020 represented approximately 2.5% of the Company’s total investments in real estate property as of December 31, 2020. 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 |
Acquisitions: The Company acquired no real estate properties during the year ended December 31, 2020. 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 |
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 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 |
The Company also paid the Former Advisor capitalized acquisition fees of $5,459 during the year ended December 31, 2019 related to additions to real estate investments. During the year ended December 31, 2019, the Company recognized $548,362 of total revenue related to the Taylor Fresh foods property. No revenue was recognized related to the 20 properties acquired in the Merger because the transaction closed on December 31, 2019. 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: 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 |
On August 3, 2020, the Company completed the sale of its Lake Elsinore, California retail property which was leased to Rite Aid for $7,250,000, which generated net proceeds of $3,299,016 after repayment of the existing mortgage, commissions and closing costs. Prior to the sale, the Company evaluated the Rite Aid property for impairment and recognized a $349,457 impairment charge during the three months ended June 30, 2020 in order to reduce the carrying value of the property to its estimated net realizable value. On August 27, 2020, the Company completed the sale of its Stockbridge, Georgia retail property which was leased to Walgreens for $5,538,462, which generated net proceeds of $5,296,356 after payment of commissions and closing costs. The mortgage for this property was previously repaid on August 10, 2020 in connection with the refinancing of the Accredo property as discussed in Note 7. On September 16, 2020, the Company completed the sale of its Elk Grove, California retail property which was leased to Island Pacific for $3,155,000, which generated net proceeds of $1,124,016 after repayment of the existing mortgage, commissions and closing costs. On October 28, 2020, the Company completed the sale of its Morgan Hill, California industrial property which was formerly leased to Dinan Cars for $6,100,000, which generated net proceeds of $3,811,580 after repayment of the existing mortgage, commissions and closing costs. Prior to the sale, the Company recognized an impairment charge for $1,308,156 during the three months ended March 31, 2020. On December 16, 2020, the Company completed the sale of its Las Vegas, Nevada retail property which was formerly leased to 24 Hour Fitness for $9,052,941, which is expected to generate net proceeds of $1,324,383 upon collection of the receivable from the buyer and after assignment of the existing mortgage to the buyer, payment of commissions and closing costs, and reserves for tenant improvements and free rent. Prior to the sale, the Company recognized an impairment charge for $5,664,517 during the three months ended March 31, 2020. There were no disposition of properties during the year ended December 31, 2019. Asset Concentration The Company holds no real estate property with a net book value that is greater than 10% of its total assets as of December 31, 2020 and 2019. Revenue Concentration No tenants represented the source of 10% of total revenues during the year ended December 31, 2020. 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 | %
Operating Leases The Company’s real estate properties are primarily leased to tenants under net leases for which terms and expirations vary. The Company monitors the credit of all tenants to stay abreast of any material changes in credit quality. The Company monitors tenant credit by (1) reviewing the credit ratings of tenants (or their parent companies or lease guarantors) that are rated by nationally recognized rating agencies; (2) reviewing financial statements and related metrics and information that are publicly available or that are required to be provided pursuant to the lease; (3) monitoring news reports and press releases regarding the tenants (or their parent companies or lease guarantors), and their underlying business and industry; and (4) monitoring the timeliness of rent collections. During the first four months of 2020, the Company paid an aggregate of $990,000 in lease incentives to cancel certain termination options related to two leases with Walgreens for its Santa Maria, California and Stockbridge, Georgia properties, resulting in extension of the leases for approximately 10 years each. The Stockbridge property was sold on August 27, 2020 as discussed above. These costs were capitalized and will be amortized over the period of the extension for the Santa Maria property and were charged to cost of sale for the Stockbridge property. Effective August 1, 2020, the Company executed an amendment to accelerate the termination of the Dana lease from July 31, 2024 to July 31, 2022 in exchange for the right to receive an early termination payment of $1,381,767 due on July 31, 2022 and continued rent payments of $65,000 per month from August 1, 2020 through July 1, 2022. In the event that the Company is able to re-lease or sell the Dana property prior to July 31, 2022, Dana would be obligated to continue paying rent of $65,000 per month through July 1, 2022 or may elect to pay a cash lump sum payment to the Company equal to the net present value of the remaining rent payments. This amendment is a modification of the existing lease for accounting purposes and the revised payment stream, including the early termination payment, is reflected for the balance of the revised lease term on a straight-line basis. 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 |
During the first quarter of 2021, the Company entered into additional lease extensions for the properties leased to Northrop Grumman in Melbourne, Florida and two Dollar General properties in Castalia, Ohio and Lakeside, Ohio as further discussed in Note 11- Subsequent Events. The table above reflects the extension of these leases. Intangibles 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 | )
The intangible assets acquired in connection with these real estate properties have a weighted average amortization period of approximately 9.4 years as of December 31, 2020. 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 |
Real Estate Investments Held For Sale As a result of the COVID-19 pandemic discussed in Note 1, during the second quarter of 2020, the Company deemed it necessary to sell certain of its real estate investment properties to generate funds for share repurchases and to service certain debt obligations. During the three months ended June 30, 2020, the Company identified four real estate investment properties as held for sale. These four properties consisted of three retail properties (the property leased to Island Pacific Supermarket through May 30, 2033 located in Elk Grove, California, the property leased to Rite Aid through February 29, 2028 located in Lake Elsinore, California and the property leased to Walgreens through February 28, 2031 located in Stockbridge, Georgia) and one industrial property previously leased to Dinan Cars located in Morgan Hill, California. As discussed above, these four properties were sold during the year ended December 31, 2020. As discussed below, additional properties were identified as held for sale during the third and fourth quarters of 2020. During the three months ended September 30, 2020, the Company determined to sell two additional retail properties (the property leased to the operator of a Harley Davidson dealership through April 12, 2032 located in Bedford, Texas and the property formerly leased to 24 Hour Fitness located in Las Vegas, Nevada). As discussed above, the property formerly leased to 24 Hour Fitness was sold during the year ended December 31, 2020. During the three months ended December 31, 2020, the Company determined to sell three more retail properties (the property leased to Chevron through September 30, 2025 located in Roseville, California; the property leased to EcoThrift through February 26, 2026 located in Sacramento, California; and the property leased to Chevron through May 31, 2025 located in San Jose, California). As of December 31, 2020, the Company has four retail properties held for sale, namely: the Harley Davidson property, the EcoThrift property and the two Chevron properties. The property leased to EcoThrift and the two properties leased to Chevron were sold subsequent to December 31, 2020 (see Note 11). 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 |
As discussed in Note 3, the properties located in Roseville, Sacramento, and San Jose, California were acquired in the Merger on December 31, 2019, and therefore did not contribute to the Company's rental income or net loss for the year ended December 31, 2019.

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- Definition The entire disclosure for certain real estate investment financial statements, real estate investment trust operating support agreements, real estate owned, retail land sales, time share transactions, as well as other real estate related disclosures. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 970 -URI http://asc.fasb.org/topic&trid=2156125 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 978 -URI http://asc.fasb.org/topic&trid=2134977 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 976 -URI http://asc.fasb.org/topic&trid=2134846 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 974 -URI http://asc.fasb.org/topic&trid=2156429 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 972 -URI http://asc.fasb.org/topic&trid=2134617 + Details
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