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Tenant in Common Investment | 3 Months Ended
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Mar. 31, 2023
Tenant In Common Investment [Abstract] |
Tenant in Common Investment | Note 11 – Tenancy-in-Common Investment On August 13, 2021, the Company entered into a tenancy-in-common (“TIC”) investment whereby the TIC acquired a 15,288 square foot single tenant property 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 Richard Hornstrom to one of the Company's subsidiaries for $650,000. 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. Richard Hornstrom owns 50% of Sunny Ridge and also contributed $600,000 of $950,000 redeemable non-controlling interest contribution for the Plant City, FL property. On April 1, 2022, the TIC refinanced the debt reducing the total debt outstanding to $2.1 million with an interest rate of 3.85% from April 1, 2022 through and until March 31, 2027. Effective April 1, 2027, the interest rate adjusts to the 5-year Treasury plus 2.5% and subject to a floor of 3.85%. The Company’s CEO entered into a guaranty agreement pursuant to which he guaranteed the payment obligations under the promissory note if they become due as a result of certain “bad-boy” provisions, individually and on behalf of the Operating Partnership. The promissory note requires the TIC to maintain a debt service coverage ratio of 1.50:1:00 in addition to a 54% loan to value ratio. As of March 31, 2023, the Company was in compliance with all covenants. In conjunction with the refinancing of the debt, the Company contributed $455,888 to the TIC increasing the Company's ownership to 50% interest and reducing Sunny Ridge's interest to 50%. The Rockford, IL property was accounted for under the equity method and as of March 31, 2023 it had a value of $1,232,670. The condensed income statements for the three months ended March 31, 2023 and 2022 are as follows:
| Three Months ended March 31, |
| 2023 |  | 2022 |
Total revenue | $ | 93,139 |  | $ | 93,139 |
Total expenses | $ | 64,335 |  | $ | 69,924 |
Net income | $ | 28,804 |  | $ | 23,215 |
GIP, LP's Share | $ | 14,402 |  | $ | 8,552 |
The condensed balance sheets of the tenant in common investment as of March 31, 2023 and December 31, 2022, respectively, are as follows:
| As of March 31, |  |  | As of December 31, |
| 2023 |  |  | 2022 |
Net real estate investments | $ | 4,473,616 |  |  | $ | 4,503,120 |
Deferred rent asset |  | 6,764 |  |  |  | 7,132 |
Prepaid expenses |  | 4,300 |  |  |  | 343 |
Due from related party |  | 52,429 |  |  |  | 21,710 |
Total Assets | $ | 4,537,109 |  |  | $ | 4,532,305 |
Accounts payable and accrued expenses | $ | 8,275 |  |  | $ | 6,738 |
Prepaid rent |  | 30,550 |  |  |  | 30,550 |
Acquired lease intangible liabilities, net |  | 33,703 |  |  |  | 35,561 |
Mortgage loan, net of unamortized debt issuance costs |  | 2,088,437 |  |  |  | 2,088,116 |
Total Liabilities | $ | 2,160,965 |  |  | $ | 2,160,965 |
GIP, LP | $ | 1,232,670 |  |  | $ | 1,218,268 |
SUNNY RIDGE MHP, LLC |  | 1,143,474 |  |  |  | 1,153,072 |
Total Tenants in Common Equity | $ | 2,376,144 |  |  | $ | 2,371,340 |
Total Liabilities and Tenants in Common Equity | $ | 4,537,109 |  |  | $ | 4,532,305 |

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