XML 63 R53.htm IDEA: XBRL DOCUMENT v3.22.4
RELATED PARTY TRANSACTIONS (Details)
3 Months Ended 6 Months Ended 12 Months Ended
Dec. 31, 2022
USD ($)
Sep. 30, 2022
USD ($)
Dec. 31, 2021
USD ($)
Sep. 30, 2021
USD ($)
Dec. 31, 2022
USD ($)
Agreement
Dec. 31, 2021
USD ($)
Jun. 30, 2022
USD ($)
Oct. 14, 2022
USD ($)
Oct. 13, 2022
USD ($)
May 06, 2022
PropertyLimitedPartnership
Transactions with Related Party [Abstract]                    
Number of advisory agreements | Agreement         2          
Gross Invested Capital [Abstract]                    
Total gross invested capital $ 152,470,792 $ 148,639,649 $ 134,242,127 $ 133,927,634            
Incentive management fee 0   0   $ 0 $ 0        
Number of property limited partnerships | PropertyLimitedPartnership                   8
Incurred offering costs 933,963 600,130     933,963          
Related Party Expenses [Abstract]                    
Asset management fees- the Real Estate Adviser 741,519   677,622   1,457,786 1,354,174        
Asset acquisition fees- the Real Estate Adviser         870,964 [1] 0        
Administrative cost reimbursements - Mackenzie 181,500   152,400   363,000 304,800        
Transfer agent cost reimbursements - Mackenzie 23,000   26,600   46,000 53,201        
Organization and Offering Cost - Mackenzie [2]         334,463 242,409        
Other expenses - MacKenzie and Subsidiary's GP's [3]         0 $ 0        
Unpaid as of [Abstract]                    
Asset management fees- the Real Estate Adviser 0       0   $ 0      
Asset acquisition fees- the Real Estate Adviser [1] 0       0   0      
Administrative cost reimbursements - Mackenzie 0       0   0      
Transfer agent cost reimbursement - Mackenzie 0       0   0      
Organization and Offering Cost - Mackenzie [2] 333,517       333,517   141,397      
Other Expenses - Mackenzie [3] 32,787       32,787   72,697      
Due to related entities $ 366,304       $ 366,304   214,094      
Mackenzie [Member]                    
Gross Invested Capital [Abstract]                    
Syndication cost paid in connection with preferred stock offering     835,434       $ 501,917      
Advisory Agreements [Member]                    
Transactions with Related Party [Abstract]                    
Percentage of acquisition fee         2.50%          
Percentage of incentive management fee         15.00%          
Cumulative distribution percentage to effect incentive management fee         6.00%          
3.0% Annual Asset Management Fee [Member]                    
Transactions with Related Party [Abstract]                    
Percentage of asset management fee 3.00%                  
Gross Invested Capital [Abstract]                    
Total gross invested capital $ 20,000,000 20,000,000 20,000,000 20,000,000            
2.0% Annual Asset Management Fee [Member]                    
Transactions with Related Party [Abstract]                    
Percentage of asset management fee 2.00%                  
Gross Invested Capital [Abstract]                    
Total gross invested capital $ 80,000,000 80,000,000 80,000,000 80,000,000            
1.5% Annual Asset Management Fee [Member]                    
Transactions with Related Party [Abstract]                    
Percentage of asset management fee 1.50%                  
Gross Invested Capital [Abstract]                    
Total gross invested capital $ 52,470,792 48,639,649 $ 34,242,127 $ 33,927,634            
1.5% Annual Asset Management Fee [Member] | Minimum [Member]                    
Gross Invested Capital [Abstract]                    
Total gross invested capital 100,000,000                  
Investment Adviser [Member]                    
Gross Invested Capital [Abstract]                    
Percentage broker fee not incurred         10.00%          
Investment Adviser [Member] | Minimum [Member]                    
Gross Invested Capital [Abstract]                    
Cumulative deferred offering costs incurred               $ 825,000 $ 550,000  
Unpaid as of [Abstract]                    
Organization and Offering Cost - Mackenzie   $ 21,841                
Investment Adviser [Member] | Amended and Restated Investment Advisory Agreement [Member]                    
Transactions with Related Party [Abstract]                    
Annual fee         $ 100          
Coastal Realty Business Trust, REEP, Inc. [Member]                    
Affiliated Investments [Abstract]                    
Proceeds from sale of affiliated investment 81,627                  
Realized gain $ 47,637                  
[1] Asset acquisition fees paid to the Real Estate Adviser were capitalized as a part of the real estate basis in accordance with our policy. The acquisition fee paid during the six months ended December 31, 2022 was for the acquisition of First & Main in July 2022 and 1300 Main in October 2022.
[2] Offering costs paid by MacKenzie - discussed in this Note under organization and offering costs reimbursements.
[3] Expenses paid by MacKenzie and General Partner of a subsidiary on behalf of us and subsidiary.