INVESTMENTS IN REAL ESTATE (Tables)

6 Months Ended

Dec. 31, 2020

INVESTMENTS IN REAL ESTATE [Abstract]

Consolidated Operating Properties Information

The following tables provide summary information regarding the Company’s operating properties, which are owned by the Operating Partnership.

Consolidated Operating Properties

Property Name:	Addison Corporate Center
Location:	Windsor, CT
Number of Tenants:	6
Year Built:	1980
Ownership Interest:	100%

Purchase Price Allocation for Property Acquired

The following table summarizes the assets acquired and liabilities assumed at the acquisition date for the Operating Partnership’s acquisition of Property Owner on June 8, 2020:

	Purchase Price Allocation June 8, 2020
Land	$	7,814,670
Building		19,761,048
Building and tenant improvements		4,553,356
Intangible lease assets		6,580,926
Other current assets		3,872,238
Total assets acquired	$	42,582,238
Mortgages assumed	$	24,404,257
Other current liabilities		1,647,965
Total liabilities assumed		26,052,222
Fair value of equity interests	$	16,530,016

Schedule of Adjusted Carrying Value of Long-lived Assets

The Company’s carrying value of the Operating Partnership was the fair value on the effective date of the change in status, which was $8,027,584; however, the net asset value of the Company’s interest in the Operating Partnership as of the that date was $14,308,182. Therefore, during consolidation the Company recorded a carrying value adjustment of $6,332,745 on all of the Operating Partnership’s long-lived assets proportionately based on the relative carrying values at December 31, 2020, immediately prior to the termination of BDC status as shown in the following table:

	Carrying Value Before Adjustment		Adjustment		Adjusted Carrying Value
Land	$	7,814,670	$	1,358,055	$	6,456,615
Building		19,040,593		3,308,926		15,731,667
Building and tenant improvements		3,986,945		692,862		3,294,083
Intangible lease assets:
Lease in place		4,237,905		736,475		3,501,430
Leasing commissions		782,349		120,558		661,791
Leaseholds (above market)		541,822		94,159		447,663
Leasehold improvements		99,599		17,308		82,291
Other intangibles		25,333		4,402		20,931
	$	36,529,216	$	6,332,745	$	30,196,471

Company's Real Estate Properties Under Non-Cancelable Operating Leases

As of December 31, 2020, the future minimum rental income from the Company’s real estate properties under non-cancelable operating leases are as follows:

Year ended June 30,:	Rental Income
2021	$	2,106,490
2022		4,596,996
2023		2,107,398
2024		1,753,599
2025		1,797,916
Thereafter		1,233,560
Total	$	13,595,959