Schedule III – Real Estate and Accumulated Depreciation

12 Months Ended

Dec. 31, 2022

SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]

Schedule III – Real Estate and Accumulated Depreciation

As of December 31, 2022


			Initial Costs				Cost Capitalized Subsequent to Acquisition		Decrease in Net Investment (1)		Gross Amount at Period End
Description	Encumbrance		Land		Building and Building Improvements						Land		Building and Building Improvements		Total		Accumulated Depreciation		Date of Construction	Date Acquired	Life Used for Depreciation
Office building in Santa Monica, CA	$	29,252,308	$	—	$	51,308,076	$	2,508,533	$	—	$	—	$	53,816,609	$	53,816,609	$	7,156,383	2002-2004	July 30, 2018	40 years
Land in Conshohocken, PA	—		14,703,359		—		242,071		(14,945,430)		—		—		—		—		N/A	January 9, 2019	N/A
	$	29,252,308	$	14,703,359	$	51,308,076	$	2,750,604	$	(14,945,430)	$	—	$	53,816,609	$	53,816,609	$	7,156,383

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(1)For the year ended December 31, 2019, the Company recorded an impairment charge of $1.5 million on the land in order to reduce the carrying value of the land to its estimated fair value, which was the then estimated selling price less the cost of sale. For the year ended December 31, 2021, the Company recorded another impairment charge of $3.4 million to reflect the current estimated selling price less the cost of sale. For the period from January 1, 2022 through the date the land was sold in June 2022, the Company recorded another impairment charge of $1.6 million to reflect the current estimated selling price less the cost of sale. In June 2022, the Company sold land for net proceeds of $8.6 million, and recognized a net loss on sale of $0.1 million.

At December 31, 2022, the aggregate cost of real estate for federal income tax purposes was $57.6 million.

The changes in total real estate assets and accumulated depreciation are as follows:


	Real Estate Asset			Accumulated Depreciation
	Year Ended December 31, 2022			Year Ended December 31, 2022
Balance, beginning of year	$	63,816,609	Balance, beginning of year	$	5,491,541
Sale of land	(8,395,011)		Depreciation for the year	1,664,842
Impairment charge	(1,604,989)		Balance, end of year	$	7,156,383
Balance, end of year	$	53,816,609