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Tenant in Common Investment | 9 Months Ended
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Sep. 30, 2021
Tenant In Common Investment [Abstract] |
Tenant in Common Investment | Note 11 – Tenant in Common Investment On August 13, 2021, the Company entered into a tenancy-in-common (“TIC”) structure whereby the TIC acquired a 15,288 square foot single tenant building in Rockford, IL for total consideration of approximately $4.5 million. The Company acquired a 36.8% interest in the TIC acquisition with Sunny Ridge HHP, LLC (“Sunny Ridge”) holding the remaining TIC interest. Funding for the Company’s interest was primarily funded through a Redeemable Non-Controlling Interest Contribution from Mr. Hornstrom to one of our subsidiaries for $0.65 million. The remainder of the purchase price of the property was funded by Sunny Ridge of $1.2 million and debt financing of approximately $2.7 million. Mr. Hornstorm owns 50% of Sunny Ridge and also contributed $600,000 of $950,000 Redeemable Non-Controlling Interest contribution for the Plant City, FL property. The Rockford, IL property was accounted for under the equity method and as of September 30, 2021 it had a value of $717 thousand. The acquisition of this property was financed in part through the issuance of a Promissory note for $2,715,000 by a financial institution as part of a Tenants in Common ownership structure. The Note was issued on August 13, 2021 and can be prepaid at any time without penalty and is secured by the Lazy Boy - Rockville, IL property. The Company's share of this debt is approximately $1.0 million. The Company’s President has personally guaranteed the repayment of the $2.7 million loan. The loan has normal covenants which includes DSCR 1.50:1.0. The condensed income statement for the nine months ended September 30, 2021 for the Tenant in Common Investment is as follows:
| Total | Company Portion
Revenue | $ 48,757 | $ 17,943
Total operating expenses | 35,862 | 13,193
Operating income | $ 12,895 | $ 4,750
The condensed balance sheet as of September 30, 2021 for the Tenant in Common Investment is as follows:
| September 30, |
| 2021 |
Property, net of depreciation | $ | 4,358,785 |
Prepaid expenses |  | 1,088 |
Deferred rent asset |  | 527 |
Acquired lease intangible asset, net of amortization |  | 292,006 |
Due from tenant-in-common |  | 39,257 |
Total assets | $ | 4,691,663 |
Mortgage payable net of unamortized debt issuance costs | $ | 2,671,742 |
Prepaid rent |  | 29,900 |
Accrued expenses |  | 5,877 |
Accounts payable - related party |  | 4,726 |
Acquired lease intangible liability, net of amortization |  | 44,860 |
Equity, GIP Inc. Tenant-in-common |  | 717,337 |
Equity, Sunny Ridge Tenant-in-common |  | 1,217,221 |
Total liabilities and equity | $ | 4,691,663 |

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