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Investments in Real Estate | 6 Months Ended
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Jun. 30, 2022
Real Estate [Abstract] |
Investments in Real Estate | Note 3 – Investments in Real Estate On January 7, 2022, the Company acquired an approximately 10,900 square foot single tenant medical-retail property leased to Fresenius Medical Care (NYSE: FMS) located in Chicago, Illinois. The acquisition was financed with a $1,550,000 promissory note and the balance with cash on hand. On January 14, 2022, the Company acquired an approximately 2,600 square foot single tenant retail property leased to Starbucks Coffee (NASDAQ: SBUX) located in Tampa, Florida. The acquisition was financed with the issuance of a redeemable non-controlling interest of $1,109,570, debt of $1,050,000 and the balance with cash on hand. On March 9, 2022, the Company acquired a leasehold interest in a ground lease and corresponding assignment of an approximately 88,400 square foot single tenant retail property leased to Kohl's Corporation (NYSE: KSS) located in Tucson, Arizona. The acquisition was financed with a $3,650,000 promissory note and the balance with cash on hand. The following table details the properties acquired during the three and six months ended June 30, 2022.
﻿ | Fresenius-Chicago, IL |  | ﻿ | Starbucks -Tampa, FL |  | ﻿ | Kohl's -Tucson, AZ |  | ﻿ | Total |
Land | $ | 1,690,837 |  | ﻿ | $ | 1,443,262 |  | ﻿ | $ | - |  | ﻿ | $ | 3,134,099 |
Building and site improvements |  | 1,194,895 |  |  |  | 700,859 |  |  |  | 6,153,408 |  |  |  | 8,049,162 |
Tenant improvements |  | 55,041 |  | ﻿ |  | 20,504 |  | ﻿ |  | 349,136 |  | ﻿ |  | 424,681 |
Acquired lease intangible assets |  | 276,013 |  | ﻿ |  | 112,830 |  | ﻿ |  | 981,203 |  | ﻿ |  | 1,370,046 |
Total real estate investments | $ | 3,216,786 |  | ﻿ | $ | 2,277,455 |  | ﻿ | $ | 7,483,747 |  | ﻿ | $ | 12,977,988 |
Right of use asset |  | - |  |  |  | - |  |  |  | 6,304,334 |  |  |  | 6,304,334 |
Less Acquired lease intangible liabilities |  | (19,864 | ) |  |  | (13,497 | ) |  |  | (131,999 | ) |  |  | (165,360 | )
Less Right of use liability |  | - |  |  |  | - |  |  |  | (6,304,334 | ) |  |  | (6,304,334 | )
Total real estate investments, net | $ | 3,196,922 |  |  | $ | 2,263,958 |  | ﻿ | $ | 7,351,748 |  | ﻿ | $ | 12,812,628 |
On February 11, 2021, the Company acquired an approximately 7,500 square foot single tenant office property leased to the General Services Administration located in Manteo, North Carolina. The acquisition was financed with the issuance of a redeemable non-controlling interest of $500,000 and, debt of $1,275,000. On April 21, 2021, the Company acquired an approximately 7,800 square foot single tenant office property leased to Irby Construction located in Plant City, Florida. The acquisition was financed with the issuance of a redeemable non-controlling interest of $950,000, debt of $850,000. The following table details the properties acquired during the three and six months ended June 30, 2021:
﻿ | GSA-Manteo, NC |  |  | Irby Construction-Plant City, FL |  |  | Total |
Land | $ | 341,949 |  | ﻿ | $ | 1,212,213 |  |  | $ | 1,554,162 |
Building and site improvements |  | 1,807,066 |  |  |  | 423,611 |  |  |  | 2,230,677 |
Tenant improvements |  | - |  | ﻿ |  | - |  |  |  | - |
Acquired lease intangible assets |  | 100,379 |  | ﻿ |  | 121,509 |  |  |  | 221,888 |
Total real estate investments | $ | 2,249,394 |  | ﻿ | $ | 1,757,333 |  |  | $ | 4,006,727 |
Less Acquired lease intangible liabilities |  | (511,620 | ) |  |  | - |  |  |  | (511,620 | )
Total real estate investments, net | $ | 1,737,774 |  |  | $ | 1,757,333 |  |  | $ | 3,495,107 |

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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 https://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 https://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 https://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 https://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 https://asc.fasb.org/topic&trid=2134617 + Details
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