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UNCONSOLIDATED INVESTMENT IN REAL ESTATE PROPERTY
 9 Months Ended
Sep. 30, 2022
Investments, Debt and Equity Securities [Abstract]  
UNCONSOLIDATED INVESTMENT IN REAL ESTATE PROPERTY UNCONSOLIDATED INVESTMENT IN REAL ESTATE PROPERTY
The Company’s investment in unconsolidated entity as of September 30, 2022 and December 31, 2021 is as follows:
September 30,
2022		December 31,
2021
The TIC Interest$9,988,498 $9,941,338 
The Company’s income from investment in unconsolidated entity for the three and nine months ended September 30, 2022 and 2021 is as follows:
Three Months Ended
September 30,		Nine Months Ended
September 30,
2022202120222021
The TIC Interest$64,358 $75,403 $226,690 $222,705 
TIC Interest
During 2017, the Company, through a wholly-owned subsidiary of the Operating Partnership, acquired an approximate 72.7% interest in a 91,740 square foot industrial property in Santa Clara, California. The remaining approximate 27.3% of undivided interest in the Santa Clara property is held by Hagg Lane II, LLC (an approximate 23.4% interest) and Hagg Lane III, LLC (an approximate 3.9% interest). The manager of both Hagg Lane II, LLC and Hagg Lane III, LLC was a member of the Company's board of directors from December 2019 to December 2021. The Santa Clara property does not qualify as a variable interest entity and consolidation is not required as the Company’s TIC Interest does not control the property. Therefore, the Company accounts for the TIC Interest using the equity method. The Company receives approximately 72.7% of the cash flow distributions and recognizes approximately 72.7% of the results of operations for this property.
During the three months ended September 30, 2022 and 2021, the Company received $32,378 and $85,962 in cash distributions, respectively, and $179,531 and $247,929 during the nine months ended September 30, 2022 and 2021, respectively.
The following is summarized financial information for the Santa Clara property as of September 30, 2022 and December 31, 2021 and for the three and nine months ended September 30, 2022 and 2021:
September 30,
2022		December 31,
2021
Assets:
Real estate investments, net$29,574,593 $29,403,232 
Cash and cash equivalents468,996 690,470 
Other assets62,350 134,049 
Total assets$30,105,939 $30,227,751 
Liabilities:
Mortgage note payable, net$13,008,884 $13,218,883 
Below-market lease, net2,550,796 2,660,586 
Other liabilities502,326 369,209 
Total liabilities16,062,006 16,248,678 
Total equity14,043,933 13,979,073 
Total liabilities and equity$30,105,939 $30,227,751 
Three Months Ended
September 30,		Nine Months Ended
September 30,
2022202120222021
Total revenues$679,500 $683,160 $2,071,258 $2,034,072 
Expenses:
Interest expense135,640 138,616 404,902 414,258 
Depreciation and amortization264,820 250,754 788,732 750,784 
Other expenses190,527 190,086 565,851 562,738 
Total expenses590,987 579,456 1,759,485 1,727,780 
Net income$88,513 $103,704 $311,773 $306,292