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Real Estate Owned, Net (Tables)

12 Months Ended

Dec. 31, 2022

Real Estate [Abstract]

Schedule of Real Estate Owned, Net

The following table presents the components of real estate owned, net as of:

			December 31, 2022																		December 31, 2021
			Cost						Accumulated Depreciation/Amortization						Net						Cost						Accumulated Depreciation/Amortization						Net
Real estate:
Land (1)			$	—					$	—					$	—					$	10,000,000					$	—					$	10,000,000
Building and building    improvements			51,725,969						(5,711,468)						46,014,501						51,725,969						(4,418,305)						47,307,664
Tenant improvements			1,854,640						(1,224,648)						629,992						1,854,640						(947,369)						907,271
Furniture and fixtures			236,000						(220,267)						15,733						236,000						(125,867)						110,133
Total real estate			53,816,609						(7,156,383)						46,660,226						63,816,609						(5,491,541)						58,325,068
Lease intangible assets:
In-place lease			14,982,538						(12,493,079)						2,489,459						14,982,538						(7,627,326)						7,355,212
Above-market rent			156,542						(77,540)						79,002						156,542						(59,983)						96,559
Total intangible assets			15,139,080						(12,570,619)						2,568,461						15,139,080						(7,687,309)						7,451,771
Lease intangible liabilities:
Below-market rent			(2,754,922)						2,428,647						(326,275)						(2,754,922)						1,496,125						(1,258,797)
Above-market ground lease			(8,896,270)						575,705						(8,320,565)						(8,896,270)						445,357						(8,450,913)
Total intangible liabilities			(11,651,192)						3,004,352						(8,646,840)						(11,651,192)						1,941,482						(9,709,710)
Total real estate			$	57,304,497					$	(16,722,650)					$	40,581,847					$	67,304,497					$	(11,237,368)					$	56,067,129

_______________

(1)The 4.9 acres of land in Pennsylvania was sold by the Company in the second quarter of 2022.

Real Estate Operating Revenues and Expenses

    The following table presents the components of real estate operating revenues and expenses that are included in the consolidated statements of operations:

												Years Ended December 31,
																		2022						2021
Real estate operating revenues:
Lease revenue																		$	6,782,778					$	7,167,049
Other operating income																		4,669,136						1,727,942
Total																		$	11,451,914					$	8,894,991
Real estate operating expenses:
Utilities																		$	235,403					$	208,098
Real estate taxes																		1,400,519						1,401,279
Repairs and maintenances																		728,944						645,316
Management fees																		267,188						271,303
Lease expense, including amortization of above-market ground lease																		1,948,652						2,084,402
Other operating expenses																		424,845						393,495
Total																		$	5,005,551					$	5,003,893

Scheduled of Future Minimum Rent Income

Scheduled future minimum rents, exclusive of renewals and expenses paid by tenants, under non-cancelable operating leases at December 31, 2022 are as follows: 

Years Ending December 31,						Total
2023						$	4,235,538
2024						4,380,043
2025						792,925
2026						816,724
2027						598,943
Thereafter						1,815,497
Total						$	12,639,670

Scheduled of Annual Net Amortization of Intangibles

Based on the intangible assets and liabilities recorded at December 31, 2022, scheduled annual net amortization of intangibles for each of the next five calendar years and thereafter is as follows:

Years Ending December 31,						Net Decrease in Real Estate Operating Revenue (1)						Increase in Depreciation and Amortization (1)						Decrease in Rent Expense (1)						Total
2023						$	(139,056)					$	1,093,878					$	(130,348)					$	824,474
2024						(152,107)						1,177,775						(130,348)						895,320
2025						17,556						87,121						(130,348)						(25,671)
2026						17,556						87,121						(130,348)						(25,671)
2027						8,778						43,564						(130,348)						(78,006)
Thereafter						—						—						(7,668,825)						(7,668,825)
Total						$	(247,273)					$	2,489,459					$	(8,320,565)					$	(6,078,379)

_______________

(1)Amortization of below-market rent and above-market rent intangibles is recorded as an adjustment to lease revenues; amortization of in-place lease intangibles is included in depreciation and amortization; and amortization of above-market ground lease is recorded as a reduction to rent expense.

Lessee, Operating Lease, Assets and Liabilities

Supplemental balance sheet information related to the ground lease was as follows as of:    

			December 31,
			2022						2021
Operating lease
Operating lease right-of-use asset			$	27,378,786					$	27,394,936
Operating lease liability			$	27,378,786					$	27,394,936
Weighted average remaining lease term — operating lease (years)			63.8						64.8
Weighted average discount rate — operating lease			7.6		%				7.6		%

Schedule of Lease Expense

The component of lease expense for the ground lease was as follows:

												Years Ended December 31,
																		2022						2021
Operating lease cost																		$	2,079,000					$	2,214,750

Schedule of Non-cash Information

Supplemental non-cash information related to the ground lease was as follows:

						Years Ended December 31,
						2022						2021
Amounts included in the measurement of lease liability:
Operating cash flows from an operating lease						$	2,079,000					$	2,214,750
Right-of-use asset obtained in exchange for lease obligations:
Operating lease						$	2,079,000					$	2,214,750

Schedule of Maturities of Operating Lease Liabilities

Maturities of operating lease liability as of December 31, 2022 was as follows:

Years Ending December 31,						Operating Lease
2023						$	2,079,000
2024						2,079,000
2025						2,079,000
2026						2,079,000
2027						2,079,000
Thereafter						122,227,875
Total lease payments						132,622,875
Less: Imputed interest						(105,244,089)
Total						$	27,378,786

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