REAL ESTATE INVESTMENTS AND LEASE INTANGIBLES (Tables)

12 Months Ended

Dec. 31, 2022

Real Estate [Abstract]

Investments in Real Estate

Shown below are details of the Company's investments in real estate.

	December 31,
	2022		2021
Land	$	135,169	$	135,169
Buildings and improvements, less accumulated depreciation of $45,734 and $35,225, respectively	259,429		267,826
Furniture, fixtures and equipment, less accumulated depreciation of $1,665 and $658, respectively	2,443		3,226
Acquired intangible lease assets, less accumulated amortization of $43,476 and $35,976, respectively	23,511		31,011
Investment in real estate assets, net	$	420,552	$	437,232

Schedule of Real Estate Acquired, Purchase Price Allocation

The Company's allocations of the purchase price (including acquisition related costs) of the 2021 acquisition to the fair value of the major components of the assets acquired and liabilities assumed, using Level 3 inputs and assumptions, are as follows:

	The Glenn
Land	$	10,309
Building and improvements	111,908
Furniture, fixtures and equipment	3,125
Acquired in-place leases	3,297
Total purchase price	$	128,639

The Company recorded revenues and net loss related to the acquisition during the year ended December 31, 2021, as follows:

	Year Ended December 31, 2021
Revenues	$	794
Net loss	(1,047)

Schedule of Asset Acquisition, Pro Forma Information

The Company’s estimated revenues and net loss, on a pro forma basis, as if The Glenn acquisition was completed on January 1, 2020, are as follows (unaudited):    

	Year Ended December 31, 2021		Year Ended December 31, 2020
Revenues	$	40,745	$	38,789
Net income (loss)	1,033		(9,238)
Basic and diluted net income (loss) per share of Class A common stock	$	0.07	$	(0.61)
Basic and diluted net income (loss) per share of Class I common stock	$	0.06	$	(0.06)
Basic and diluted net income (loss) per share of Class T common stock	$	0.06	$	(0.61)
Basic and diluted net income (loss) per share of Class D common stock	$	0.05	$	(0.61)
Basic and diluted net income (loss) per share of Class N common stock	$	0.07	$	(0.61)
Basic and diluted net loss per share of Class M-I common stock*	$	(0.09)	$	—
Basic and diluted net loss per share of Class T2 common stock*	$	(0.11)	$	—
Basic and diluted net income per share of Class Z common stock*	$	0.42	$	—
*No shares of Class M-I, Class T2 and Class Z common stock were issued and outstanding during any time of the year ended December 31, 2020.

Schedule of Future Amortization Related to Acquired Intangible Assets and Liabilities

Future amortization related to acquired intangible assets and liabilities for all of the Company's properties as of December 31, 2022 is as follows:

	Acquired in-place leases		Acquired above-market leases		Acquired below-market leases
2023	$	3,919	$	32	$	(2,827)
2024	1,970		12		(475)
2025	1,946		12		(475)
2026	1,889		12		(475)
2027	1,707		12		(474)
Thereafter	11,990		10		(6,133)
Total	$	23,421	$	90	$	(10,859)
Weighted average remaining amortization period (in years)	10.0		4.6		15.4