XML 35 R25.htm IDEA: XBRL DOCUMENT v3.24.3
REAL ESTATE INVESTMENTS, NET (Tables)
 9 Months Ended
Sep. 30, 2024
Real Estate [Abstract]  
Schedule of Dispositions and Real Estate Investments Held for Sale
Dispositions during the nine months ended September 30, 2024 were as follows:
Property TenantLocationDisposition DateProperty TypeRentable Square FeetContract Sale PriceGain on SaleNet Proceeds
LevinsSacramento, CA1/10/2024Industrial76,000 $7,075,000 $3,178,860 $7,033,680 
CumminsNashville, TN2/28/2024Office87,230 7,950,000 8,946 7,748,946 
Lindsay (Land parcel)Fulton, OH9/27/2024Industrial— 240,000 172,001 240,000 
163,230 $15,265,000 $3,359,807 $15,022,626 
The following table summarizes the major components of assets and liabilities related to the real estate investments held for sale as of December 31, 2023:
December 31,
2023
Assets related to real estate investments held for sale:
Land, buildings and improvements$14,590,062 
Tenant origination and absorption costs1,779,156 
Accumulated depreciation and amortization(4,811,529)
Real estate investments held for sale, net11,557,689 
Other assets, net103,337 
Total assets related to real estate investments held for sale$11,661,026 
Liabilities related to real estate investments held for sale:
Other liabilities, net$248,727 
Total liabilities related to real estate investments held for sale$248,727 
Schedules of Asset and Rental Income Concentration
As of September 30, 2024 and December 31, 2023, the Company’s real estate portfolio asset concentration (greater than 10% of total assets) was as follows:
September 30, 2024December 31, 2023
Property Tenant and LocationNet Carrying ValuePercentage of
Total Assets		Net Carrying ValuePercentage of
Total Assets
KIA retail property, Carson, CA
$66,529,171 13.1 %$67,325,569 12.7 %
During the three and nine months ended September 30, 2024 and 2023, the Company’s rental income concentration (greater than 10% of rental income) was as follows:
Three Months Ended September 30,
20242023
Property Tenant and LocationRental Income
Percentage of
Rental Income
Rental Income
Percentage of
Rental Income
Lindsay, nine industrial properties located in: Colorado (three), Ohio (two), Pennsylvania, North Carolina, South Carolina and Florida
$1,661,178 14.3 %$1,652,422 13.2 %
KIA retail property, Carson, CA
$1,272,449 11.0 %$1,289,545 10.3 %
Nine Months Ended September 30,
20242023
Property Tenant and LocationRental Income
Percentage of
Rental Income
Rental Income
Percentage of
Rental Income
Lindsay, nine industrial properties located in: Colorado (three), Ohio (two), Pennsylvania, North Carolina, South Carolina and Florida
$4,989,473 14.3 %$4,474,870 12.9 %
KIA retail property, Carson, CA
$3,757,648 10.8 %$3,879,601 11.2 %
Schedule of Rental Payments for Operating Leases
As of September 30, 2024, the future minimum contractual rent payments due to the Company under the Company’s non-cancellable operating leases, including lease amendments executed though the date of this report, if any, are as follows:
October through December 2024$9,674,057 
202537,911,304 
202636,167,552 
202736,013,620 
202836,328,214 
Thereafter529,295,839 
$685,390,586 
Schedule of Intangible Assets
As of September 30, 2024 and December 31, 2023, intangible assets, net related to the Company's real estate were as follows:
September 30, 2024December 31, 2023
Tenant Origination and Absorption CostsAbove-Market Lease IntangiblesBelow-Market Lease IntangiblesTenant Origination and Absorption CostsAbove-Market Lease IntangiblesBelow-Market Lease Intangibles
Cost$15,833,293 $1,559,546 $(14,364,650)$15,707,458 $1,559,546 $(14,364,650)
Accumulated amortization(11,475,839)(301,086)6,186,343 (10,715,945)(245,587)5,496,046 
Net$4,357,454 $1,258,460 $(8,178,307)$4,991,513 $1,313,959 $(8,868,604)
Schedule of Intangible Assets Amortization
As of September 30, 2024, the amortization of intangible assets for the remaining three months of the current year ending December 31, 2024 and for each of the four years and thereafter is expected to be as follows:
Tenant Origination and Absorption CostsAbove-Market Lease IntangiblesBelow-Market Lease Intangibles
October through December 2024$253,294 $18,500 $(230,099)
2025815,131 70,712 (920,395)
2026484,121 54,278 (920,395)
2027470,945 54,278 (920,395)
2028450,860 54,278 (910,053)
Thereafter1,883,103 1,006,414 (4,276,970)
$4,357,454 $1,258,460 $(8,178,307)
Weighted-average remaining amortization period8.4 years22.6 years9.1 years