Investments in Real Estate

12 Months Ended

Dec. 31, 2022

Note 3 – Investments in Real Estate

Acquisitions:

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 twelve months ended December 31, 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		1,217,395			700,859			6,175,908			8,094,162
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	$	3,239,286		$	2,277,455		$	7,506,247		$	13,022,988
Right of use asset		-			-			6,304,334			6,304,334
Less: Acquired lease intangible liabilities	$	(19,864	)	$	(13,497	)	$	(131,999	)	$	(165,360	)
Less: Lease liability		-			-			(6,304,334	)		(6,304,334	)
Total real estate investments, net	$	3,219,422		$	2,263,958		$	7,374,248		$	12,857,628

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 and debt of $850,000.

On December 28, 2021, the Company acquired an approximately 30,700 square foot single tenant property leased to Best Buy Co., Inc. in Grand Junction, Colorado. The acquisition was financed with a $2,350,000 promissory note and the balance with cash on hand.

The following table details the properties acquired during the twelve months ended December 31, 2021:


	GSA-Manteo, NC			Irby Construction-Plant City, FL		Best Buy Co., Inc.-Grand Junction, CO		Total
Land	$	341,949		$	1,212,213	$	2,733,919	$	4,288,081
Building and site improvements		1,807,066			423,611		1,666,533		3,897,210
Acquired lease intangible assets		100,379			121,509		354,603		576,491
Total real estate investments		2,249,394			1,757,333		4,755,055		8,761,782
Less Acquired lease intangible liabilities		(511,620	)		-		-		(511,620	)
Total real estate investments, net	$	1,737,774		$	1,757,333	$	4,755,055	$	8,250,162

Dispositions:

During the year ended December 31, 2021, the Company sold one property.


	Walgreens-Cocoa Beach, FL
Land	$	669,871
Building and site improvements		3,869,746
Acquired lease intangible assets		298,230
Total real estate investments		4,837,847
Less Accumulated depreciation and amortization		(313,447	)
Less Acquired lease intangible liability, net		(202,650	)
Net book value of property upon sale		4,321,750

The property was located in Cocoa Beach, FL and was sold on August 31, 2021 for approximately $5,245,900 and recognized a gain of approximately $923,200.