XML 22 R11.htm IDEA: XBRL DOCUMENT
v3.22.2.2

Lessee Accounting | 6 Months Ended
--- | ---
Jun. 30, 2022
Lessee Disclosure [Abstract] |
Lessee Accounting | Note 6 – Lessee Accounting The Company acquired one property on March 9, 2022 that is subject to a non-cancelable, long-term ground lease where a third party owns the underlying land and has leased the land to the Company. Accordingly, the Company owns only a long-term leasehold in this property. This ground lease expires through the year 2084 including those options the Company deems probable of exercising. The ground lease expense is recognized on a straight-line basis over the term of the lease, including management's estimate of expected option renewal periods. Operating lease expense was approximately $125,015 for the six months ended June 30, 2022. There are no variable lease expenses required to be paid by the Company as lessee per the lease terms. Cash paid for amounts included in the measurement of the Right of use liability, net was $72,563 for the six months ended June 30, 2022. The following table summarizes the undiscounted future cash flows for subsequent years ending December 31 attributable to the ground lease liability as of June 30, 2022 and provides a reconciliation to the Right of use liability included in the accompanying Consolidated Balance Sheets as June 30, 2022.
| As of June 30, |
| 2022 |
2022 (6 months remaining) | $ | 116,298 |
2023 |  | 232,701 |
2024 |  | 244,077 |
2025 |  | 245,111 |
2026 |  | 245,111 |
Thereafter |  | 22,065,755 |
Total undiscounted liability | $ | 23,149,053 |
Present value discount |  | (16,821,202 | )
Right of use liability | $ | 6,327,851 |
Discount rate |  | 4.58 | %
Term | 62 years |

X
- References No definition available. + Details
Name: | us-gaap_LesseeDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -URI https://asc.fasb.org/subtopic&trid=77888251 + Details
Name: | us-gaap_LesseeOperatingLeasesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration