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RELATED PARTY TRANSACTIONS | 9 Months Ended
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Sep. 30, 2024
Related Party Transactions [Abstract] |
RELATED PARTY TRANSACTIONS | RELATED PARTY TRANSACTIONS The Company pays the members of its board of directors who are not executive officers for services rendered through cash payments and by issuing shares of Class C Common Stock to them. Total fees incurred and paid or accrued by the Company for board of directors' services for the three and nine months ended September 30, 2024 and 2023 are as follows:
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
Board of Directors Compensation |  | 2024 |  | 2023 |  | 2024 |  | 2023
Payments for services rendered |  | $ | 62,500 |  |  | $ | 57,500 |  |  | $ | 182,500 |  |  | $ | 192,500 |
Value of shares issued for services rendered |  | 75,000 |  |  | 70,000 |  |  | 210,000 |  |  | 235,000 |
Total |  | $ | 137,500 |  |  | $ | 127,500 |  |  | $ | 392,500 |  |  | $ | 427,500 |
Number of shares issued for services rendered |  | 4,464 |  |  | 4,194 |  |  | 13,258 |  |  | 17,455 |
Transactions with Other Related Parties On January 31, 2022, the Company acquired an industrial property and related equipment leased to Kalera Inc. (“Kalera”) in Saint Paul, Minnesota, for $8,079,000. Kalera was introduced to the Company by Curtis B. McWilliams, a former director of the Company. Since Mr. McWilliams was serving as a director of the Company and as an executive of Kalera at the time of the acquisition, all of the disinterested members of the Company’s board of directors approved this transaction in January 2022. Mr. McWilliams resigned as a director of the Company effective September 18, 2024. His resignation was not due to any disagreement with the Company, the Company’s board of directors, or the Company’s management on any matter relating to the Company’s operations, policies, or practices, including the Kalera bankruptcy. On April 4, 2023, Kalera filed a voluntary petition for bankruptcy relief under Chapter 11 of Title 11 of the United States Code and Mr. McWilliams was appointed as Kalera’s independent director as Kalera continued to operate its business while in bankruptcy. Mr. McWilliams served as Kalera Inc.’s independent director from April 2023 until December 2023 and, while he was an independent director of the Company, recused himself from any matters that related to the Company’s property in Saint Paul, Minnesota which was previously leased to Kalera (see in Note 11 for additional information on the Saint Paul, Minnesota property). Related Party Transactions with Unconsolidated Investment in a Real Estate Property The Company earns management fee income from the Santa Clara property, in which it has a TIC Interest. The management fee income is presented as part of total income in the Company’s statements of operations. The related Santa Clara property management fee expense is included as a reduction in the income from unconsolidated investment in a real estate property. Amounts of each for the three and nine months ended September 30, 2024 and 2023 are as follows:
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
|  | 2024 |  | 2023 |  | 2024 |  | 2023
Management fee income from TIC Interest |  | $ | 65,993 |  |  | $ | 65,991 |  |  | $ | 197,979 |  |  | $ | 197,978 |
Company's share in TIC management fee expense |  | $ | 47,984 |  |  | $ | 47,982 |  |  | $ | 143,951 |  |  | $ | 143,951 |
Stock and OP Unit Repurchases from Related Party See Notes 1 and 12 for a description of the Company’s repurchases of Class C Common Stock and Class C OP Units from First City Investment Group, LLC which were completed on August 1, 2024.

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