DEBT (Tables)

3 Months Ended

Mar. 31, 2024

Debt Disclosure [Abstract]

Schedule of Long-Term Debt Instruments

The breakdown of debt as of March 31, 2024 and December 31, 2023 is as follows:

	March 31, 2024		December 31, 2023
Mortgage notes payable, net	$	30,990,813	$	31,030,241
Credit facility:
Term loan, net	248,631,103		248,508,515
Total	$	279,621,916	$	279,538,756

Schedule of Debt

As of March 31, 2024 and December 31, 2023, the Company’s mortgage notes payable consisted of the following:

Collateral	2024 Principal Amount		2023 Principal Amount		Interest Rate (1)	Loan Maturity
Costco property	$	18,803,337	$	18,850,000	4.85%	1/01/2030
Taylor Fresh Foods property	12,350,000		12,350,000		3.85%	11/01/2029
Total mortgage notes payable	31,153,337		31,200,000
Less unamortized deferred financing costs	(162,524)		(169,759)
Mortgage notes payable, net	$	30,990,813	$	31,030,241

(1)Represents the contractual interest rate in effect under the mortgage note payable as of March 31, 2024.

Schedule of Carrying Values and Estimated Fair Values of Debt Instruments

The following summarizes the face value, carrying amount and fair value of the Company’s mortgage notes payable (Level 3 measurement) as of March 31, 2024 and December 31, 2023:

	March 31, 2024						December 31, 2023
	Face Value		Carrying Value		Fair Value		Face value		Carrying Value		Fair Value
Mortgage notes payable	$	31,153,337	$	30,990,813	$	27,814,826	$	31,200,000	$	31,030,241	$	27,999,621

Schedule of Maturities of Long-term Debt

The following summarizes the future principal repayments of the Company’s mortgage notes payable and Credit Facility as of March 31, 2024:

	Mortgage Notes		Credit Facility
	Payable		Revolver		Term Loan		Total
April through December 2024	$	222,967	$	—	$	—	$	222,967
2025	543,886		—		—		543,886
2026	568,370		—		—		568,370
2027	593,972		—		250,000,000		250,593,972
2028	618,278		—		—		618,278
Thereafter	28,605,864		—		—		28,605,864
Total principal	31,153,337		—		250,000,000		281,153,337
Less: deferred financing costs, net	(162,524)		—		(1,368,897)		(1,531,421)
Net principal	$	30,990,813	$	—	$	248,631,103	$	279,621,916

Schedule of Interest Expense

The following is a reconciliation of the components of interest expense, net of derivative settlements and unrealized gain on interest rate swaps for the three months ended March 31, 2024 and 2023:

	Three Months Ended March 31,
	2024		2023
Mortgage notes payable:
Interest expense	$	347,142	$	471,939
Amortization of deferred financing costs	7,235		7,235
Credit facility:
Interest expense	4,507,294		2,388,935
Unused commitment fees	94,792		186,236
Amortization of deferred financing costs	214,261		214,261
Swap derivatives:
Derivative cash settlements (1)	(1,670,732)		(1,074,085)
Unrealized loss on interest rate swap valuation for first swap (2)	3,804		1,144,018
Amortization of unrealized (gain) loss interest rate swap valuation (2)	(253,093)		(250,311)
Unrealized (gain) loss on interest rate swap valuation for second swap (3)	(1,040,075)		828,476
Other	96,521		102,088
Interest expense, net	$	2,307,149	$	4,018,792

(1)    The Company entered into two swap transaction instruments for (i) its original $150,000,000 Credit Facility Term Loan (first swap) effective May 31, 2022 and (ii) its additional $100,000,000 Term Loan commitment (second swap) effective November 30, 2022, as described in Note 8.

(2)    Due to the Company's $150,000,000 derivative instrument's failure to qualify as a cash flow hedge because it was deemed ineffective for the three months ended March 31, 2024 and 2023 as described in Note 8, the $3,804 and $1,144,018 losses on the swap valuation for the three months ended March 31, 2024 and 2023, respectively, are recognized as an increase in interest expense. Furthermore, the unrealized gain on interest rate swap derivative previously recorded in accumulated other comprehensive income and noncontrolling interest in operating partnership is being amortized on a straight-line basis as a reduction to interest expense through the maturity date of the loan agreement (see Note 8 for more details).

(3)    The Company's $100,000,000 derivative instrument was not designated as a cash flow hedge and, therefore, the $(1,040,075) gain and $828,476 loss on the valuation of this swap for the three months ended March 31, 2024 and 2023, respectively, are reflected as a (reduction) increase in interest expense (see Note 8 for more details)