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Leases (Tables) | 3 Months Ended
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Mar. 31, 2025
Leases [Abstract] |
Summary of Disaggregation of Lease Income | The following table provides a disaggregation of lease income recognized as either fixed or variable lease income three months ended March 31, 2025 and 2024:
| 2025 |  |  | 2024 |
Rental income |  |  |  |  |
Fixed and in-substance fixed lease income | $ | 2,192,055 |  |  | $ | 1,949,206 |
Variable lease income |  | 197,879 |  |  |  | 388,729 |
Other related lease income, net: |  |  |  |  |
Amortization of above- and below-market leases, net |  | (60,145 | ) |  |  | (67,969 | )
Straight line rent revenue |  | 41,508 |  |  |  | 4,764 |
Total rental income | $ | 2,371,297 |  |  | $ | 2,274,730 |
Summary of Concentration of Risk Percentage of Tenants | For the three months ended March 31, 2025 and 2024, we had three tenants that each account for more than 10% of our rental revenue as indicated below:
| 2025 |  |  | 2024 |
General Services Administration - Norfolk, VA, Manteo, NC & Vacaville, CA |  | 14 | % |  |  | 16 | %
Pre-K - San Antonio, TX |  | 10 | % |  |  | 14 | %
Dollar General - multiple locations |  | 12 | % |  |  | 13 | %
Summary of Future Minimum Rental Payments Due to the Company | The following table presents future minimum rental cash payments due to the Company over the next five calendar years and thereafter ending December 31 is listed below:
| As of March 31, |
| 2025 |
2025 (9 months remaining) | $ | 6,984,283 |
2026 |  | 9,081,429 |
2027 |  | 7,273,565 |
2028 |  | 5,617,155 |
2029 |  | 4,365,213 |
Thereafter |  | 21,722,580 |
| $ | 55,044,225 |
Summary of Future Minimum Rental Cash Payments Due and Undiscounted Future Cash Flows | The following table summarizes the undiscounted future cash flows for subsequent years ending December 31 attributable to the lease liability as of March 31, 2025 and provides a reconciliation to the lease liability included in the accompanying Consolidated Balance Sheets as of March 31, 2025.
| As of March 31, |
| 2025 |
2025 (9 months remaining) |  | 183,833 |
2026 |  | 245,111 |
2027 |  | 245,111 |
2028 |  | 245,111 |
2029 |  | 257,839 |
Thereafter |  | 21,317,695 |
Total undiscounted liability | $ | 22,494,700 |
Present value discount |  | (16,017,240 | )
Lease liability | $ | 6,477,460 |
Discount rate |  | 4.58 | %
Term Remaining | 59 years |

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- Definition Tabular disclosure of disaggregation of revenue into categories depicting how nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factor. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 5 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-5 + Details
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- Definition Tabular disclosure of undiscounted cash flows of lessee's operating lease liability. Includes, but is not limited to, reconciliation of undiscounted cash flows to operating lease liability recognized in statement of financial position. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Publisher FASB -URI https://asc.fasb.org/1943274/2147478964/842-20-50-6 + Details
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- Definition Tabular disclosure of maturity of undiscounted cash flows to be received by lessor on annual basis for operating lease. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 842 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479773/842-30-50-12 + Details
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