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Investments in Real Estate | 9 Months Ended
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Sep. 30, 2021
Real Estate [Abstract] |
Investments in Real Estate | Note 3 – Investments in Real Estate The Company’s real estate is comprised of the following:
| September 30, |  |  | December 31, |
| 2021 |  |  | 2020 |
Property | $ | 36,621,767 |  |  | $ | 37,352,447 |
Tenant improvements |  | 482,701 |  |  |  | 482,701 |
Acquired lease intangible assets |  | 2,949,411 |  |  |  | 3,014,149 |
Total |  | 40,053,879 |  |  |  | 40,849,297 |
Less accumulated depreciation and amortization |  | (3,168,841 | ) |  |  | (2,317,454 | )
Total investments, net | $ | 36,885,038 |  |  | $ | 38,531,843 |
Depreciation expense for the three and nine-months ended September 30, 2021 and 2020 was approximately $273,300 and $833,300 for 2021 and $261,300 and $776,100 for 2020, respectively. Acquisitions: During the nine-months ended September 30, 2021, the Company acquired two properties.
|  |  | Total
| Manteo, NC | Plant City, FL |
Property | $ 2,149,015 | $ 1,635,824 | $3,784,839
Acquired lease intangible assets | 100,379 | 121,509 | 221,888
Total investments | 2,249,394 | 1,757,333 | 4,006,727
Less acquired lease intangible liability | 511,620 | — | 511,620
Total investments | $ 1,737,774 | $ 1,757,333 | $3,495,107
The first property is located in Manteo, NC and was purchased on February 11, 2021 using a $500,000 cash capital contribution through the issuance of a redeemable non-controlling interest and debt of $1,275,000. The second property is located in Plant City, FL and was purchased on April 21, 2021 using a $950,000 cash capital contribution through the issuance of a redeemable non-controlling interest and debt of $850,000. The acquisitions are accounted for as asset acquisitions under ASC 805-50, Business Combinations. The purchase price of the asset acquisitions was allocated to land, building, and acquired lease intangible assets and liabilities based on management’s estimate. Dispositions: During the nine-months ended September 30, 2021, the Company sold one property.
| Cocoa Beach, FL
Property | $ 4,539,617
Acquired lease intangible assets | 298,230
Total investments | 4,837,847
Less accumulated depreciation and amortization | (313,447)
Less acquired lease intangible liability, net | (202,650)
Net book value of property upon sale | $ 4,321,750
The property was located in Cocoa Beach, FL and was sold on August 31, 2021 for $5.2 million and recognized a gain of $923 thousand.

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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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