
		June 30, 2022		December 31,
		(unaudited)		2021
Land	$	16,526,436	$	14,142,555
Site improvements		4,706,876		4,431,338
Buildings and improvements (1)		64,485,922		57,322,242
Investment properties at cost (2)		85,719,234		75,896,135
Less accumulated depreciation		7,659,889		6,488,220
Investment properties, net	$	78,059,345	$	69,407,915

(1)

Includes tenant improvements (both those acquired at the acquisition and those constructed after the acquisition), tenant inducements, capitalized leasing commissions and other capital costs incurred post-acquisition.

(2)

Excludes intangible assets and liabilities (see Note 2, above, for a discussion of the Company's accounting treatment of intangible assets), escrow deposits and property reserves.

Schedule of assets held for sale and liabilities associated with assets held for sale


		June 30, 2022		December 31,
	(unaudited)		2021
Investment properties, net	$	9,897,045	$	9,846,208
Total assets held for sale	$	9,897,045	$	9,846,208


		June 30, 2022		December 31,
	(unaudited)		2021
Mortgages payable, net	$	7,615,368	$	7,615,368
Total liabilities associated with assets held for sale	$	7,615,368	$	7,615,368

Schedule of fair values of assets acquired and liabilities assumed


		Salisbury
		Marketplace
		Property
Fair value of assets acquired:
Investment property (a)	$	9,963,258
Lease intangibles and other assets (b)		1,045,189
Above market leases (b)		40,392
Below market leases (b)		(769,125)
Fair value of net assets acquired (c)	$	10,279,714

Purchase consideration:
Consideration paid with cash (d)	$	3,746,561
Consideration paid with new mortgage debt, net (e)		6,533,153
Total consideration (f)	$	10,279,714

a.

Represents the fair value of the investment property acquired which includes land, buildings, site improvements, tenant improvements and furniture, fixtures and equipment. The fair value was determined using the market approach, the cost approach, the income approach or a combination thereof. Closing and acquisition costs were allocated and added to the fair value of the tangible assets acquired.

b.

Represents the fair value of lease intangibles and other assets. Lease intangibles include leasing commissions, leases in place, above market leases, below market leases and legal and marketing costs associated with replacing existing leases.

c.

Represents the total fair value of assets and liabilities acquired at closing.

d.

Represents cash paid at closing and cash paid for acquisition (including intangible assets), and closing costs paid at closing or directly by the Company outside of closing.

e.

Represents allocation of the Wells Fargo Mortgage Facility proceeds used to fund the purchase of the Salisbury Marketplace Property, net of $18,847 in capitalized loan issuance costs. See Note 5, below.

f.

Represents the consideration paid for the fair value of the assets and liabilities acquired.