Investments in Real Estate

6 Months Ended

Jun. 30, 2022

Note 3 – Investments in Real Estate

On January 7, 2022, the Company acquired an approximately 10,900 square foot single tenant medical-retail property leased to Fresenius Medical Care (NYSE: FMS) located in Chicago, Illinois. The acquisition was financed with a $1,550,000 promissory note and the balance with cash on hand.

On January 14, 2022, the Company acquired an approximately 2,600 square foot single tenant retail property leased to Starbucks Coffee (NASDAQ: SBUX) located in Tampa, Florida. The acquisition was financed with the issuance of a redeemable non-controlling interest of $1,109,570, debt of $1,050,000 and the balance with cash on hand.

On March 9, 2022, the Company acquired a leasehold interest in a ground lease and corresponding assignment of an approximately 88,400 square foot single tenant retail property leased to Kohl's Corporation (NYSE: KSS) located in Tucson, Arizona. The acquisition was financed with a $3,650,000 promissory note and the balance with cash on hand.

The following table details the properties acquired during the three and six months ended June 30, 2022.


	Fresenius-Chicago, IL			Starbucks -Tampa, FL			Kohl's -Tucson, AZ			Total
Land	$	1,690,837		$	1,443,262		$	-		$	3,134,099
Building and site improvements		1,194,895			700,859			6,153,408			8,049,162
Tenant improvements		55,041			20,504			349,136			424,681
Acquired lease intangible assets		276,013			112,830			981,203			1,370,046
Total real estate investments	$	3,216,786		$	2,277,455		$	7,483,747		$	12,977,988
Right of use asset		-			-			6,304,334			6,304,334
Less Acquired lease intangible liabilities		(19,864	)		(13,497	)		(131,999	)		(165,360	)
Less Right of use liability		-			-			(6,304,334	)		(6,304,334	)
Total real estate investments, net	$	3,196,922		$	2,263,958		$	7,351,748		$	12,812,628

On February 11, 2021, the Company acquired an approximately 7,500 square foot single tenant office property leased to the General Services Administration located in Manteo, North Carolina. The acquisition was financed with the issuance of a redeemable non-controlling interest of $500,000 and, debt of $1,275,000.

On April 21, 2021, the Company acquired an approximately 7,800 square foot single tenant office property leased to Irby Construction located in Plant City, Florida. The acquisition was financed with the issuance of a redeemable non-controlling interest of $950,000, debt of $850,000.

The following table details the properties acquired during the three and six months ended June 30, 2021:


	GSA-Manteo, NC			Irby Construction-Plant City, FL		Total
Land	$	341,949		$	1,212,213	$	1,554,162
Building and site improvements		1,807,066			423,611		2,230,677
Tenant improvements		-			-		-
Acquired lease intangible assets		100,379			121,509		221,888
Total real estate investments	$	2,249,394		$	1,757,333	$	4,006,727
Less Acquired lease intangible liabilities		(511,620	)		-		(511,620	)
Total real estate investments, net	$	1,737,774		$	1,757,333	$	3,495,107