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REAL ESTATE INVESTMENTS, NET (Tables) | 9 Months Ended
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Sep. 30, 2024
Real Estate [Abstract] |
Schedule of Dispositions and Real Estate Investments Held for Sale | Dispositions during the nine months ended September 30, 2024 were as follows:
Property Tenant |  | Location |  | Disposition Date |  | Property Type |  | Rentable Square Feet |  | Contract Sale Price |  | Gain on Sale |  | Net Proceeds
Levins |  | Sacramento, CA |  | 1/10/2024 |  | Industrial |  | 76,000 |  |  | $ | 7,075,000 |  |  | $ | 3,178,860 |  |  | $ | 7,033,680 |
Cummins |  | Nashville, TN |  | 2/28/2024 |  | Office |  | 87,230 |  |  | 7,950,000 |  |  | 8,946 |  |  | 7,748,946 |
Lindsay (Land parcel) |  | Fulton, OH |  | 9/27/2024 |  | Industrial |  | — |  |  | 240,000 |  |  | 172,001 |  |  | 240,000 |
|  |  |  |  |  |  |  | 163,230 |  |  | $ | 15,265,000 |  |  | $ | 3,359,807 |  |  | $ | 15,022,626 |
The following table summarizes the major components of assets and liabilities related to the real estate investments held for sale as of December 31, 2023:
|  |  |  | December 31, 2023
Assets related to real estate investments held for sale: |  |  |  |
Land, buildings and improvements |  |  |  | $ | 14,590,062 |
Tenant origination and absorption costs |  |  |  | 1,779,156 |
Accumulated depreciation and amortization |  |  |  | (4,811,529) |
Real estate investments held for sale, net |  |  |  | 11,557,689 |
Other assets, net |  |  |  | 103,337 |
Total assets related to real estate investments held for sale |  |  |  | $ | 11,661,026 |
Liabilities related to real estate investments held for sale: |  |  |  |
Other liabilities, net |  |  |  | $ | 248,727 |
Total liabilities related to real estate investments held for sale |  |  |  | $ | 248,727 |
Schedules of Asset and Rental Income Concentration | As of September 30, 2024 and December 31, 2023, the Company’s real estate portfolio asset concentration (greater than 10% of total assets) was as follows:
|  | September 30, 2024 |  | December 31, 2023
Property Tenant and Location |  | Net Carrying Value |  | Percentage of Total Assets |  | Net Carrying Value |  | Percentage of Total Assets
KIA retail property, Carson, CA |  | $ | 66,529,171 |  |  | 13.1 | % |  | $ | 67,325,569 |  |  | 12.7 | %
During the three and nine months ended September 30, 2024 and 2023, the Company’s rental income concentration (greater than 10% of rental income) was as follows:
|  | Three Months Ended September 30,
|  | 2024 |  | 2023
Property Tenant and Location |  | Rental Income |  | Percentage of Rental Income |  | Rental Income |  | Percentage of Rental Income
Lindsay, nine industrial properties located in: Colorado (three), Ohio (two), Pennsylvania, North Carolina, South Carolina and Florida |  | $ | 1,661,178 |  |  | 14.3 | % |  | $ | 1,652,422 |  |  | 13.2 | %
KIA retail property, Carson, CA |  | $ | 1,272,449 |  |  | 11.0 | % |  | $ | 1,289,545 |  |  | 10.3 | %
|  | Nine Months Ended September 30,
|  | 2024 |  | 2023
Property Tenant and Location |  | Rental Income |  | Percentage of Rental Income |  | Rental Income |  | Percentage of Rental Income
Lindsay, nine industrial properties located in: Colorado (three), Ohio (two), Pennsylvania, North Carolina, South Carolina and Florida |  | $ | 4,989,473 |  |  | 14.3 | % |  | $ | 4,474,870 |  |  | 12.9 | %
KIA retail property, Carson, CA |  | $ | 3,757,648 |  |  | 10.8 | % |  | $ | 3,879,601 |  |  | 11.2 | %
Schedule of Rental Payments for Operating Leases | As of September 30, 2024, the future minimum contractual rent payments due to the Company under the Company’s non-cancellable operating leases, including lease amendments executed though the date of this report, if any, are as follows:
October through December 2024 |  | $ | 9,674,057 |
2025 |  | 37,911,304 |
2026 |  | 36,167,552 |
2027 |  | 36,013,620 |
2028 |  | 36,328,214 |
Thereafter |  | 529,295,839 |
|  | $ | 685,390,586 |
Schedule of Intangible Assets | As of September 30, 2024 and December 31, 2023, intangible assets, net related to the Company's real estate were as follows:
| September 30, 2024 |  | December 31, 2023
| 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 | $ | 15,833,293 |  |  | $ | 1,559,546 |  |  | $ | (14,364,650) |  |  | $ | 15,707,458 |  |  | $ | 1,559,546 |  |  | $ | (14,364,650) |
Accumulated amortization | (11,475,839) |  |  | (301,086) |  |  | 6,186,343 |  |  | (10,715,945) |  |  | (245,587) |  |  | 5,496,046 |
Net | $ | 4,357,454 |  |  | $ | 1,258,460 |  |  | $ | (8,178,307) |  |  | $ | 4,991,513 |  |  | $ | 1,313,959 |  |  | $ | (8,868,604) |
Schedule of Intangible Assets Amortization | As of September 30, 2024, the amortization of intangible assets for the remaining three months of the current year ending December 31, 2024 and for each of the four years and thereafter is expected to be as follows:
|  | Tenant Origination and Absorption Costs |  | Above-Market Lease Intangibles |  | Below-Market Lease Intangibles
October through December 2024 |  | $ | 253,294 |  |  | $ | 18,500 |  |  | $ | (230,099) |
2025 |  | 815,131 |  |  | 70,712 |  |  | (920,395) |
2026 |  | 484,121 |  |  | 54,278 |  |  | (920,395) |
2027 |  | 470,945 |  |  | 54,278 |  |  | (920,395) |
2028 |  | 450,860 |  |  | 54,278 |  |  | (910,053) |
Thereafter |  | 1,883,103 |  |  | 1,006,414 |  |  | (4,276,970) |
|  | $ | 4,357,454 |  |  | $ | 1,258,460 |  |  | $ | (8,178,307) |
Weighted-average remaining amortization period |  | 8.4 years |  | 22.6 years |  | 9.1 years

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