On August 13, 2021, the Company entered into a tenancy-in-common (“TIC”) investment whereby the TIC acquired a 15,288 square foot single tenant property in Rockford, IL for total consideration of approximately $4.5 million. The Company acquired a 36.8% interest in the TIC acquisition with Sunny Ridge HHP, LLC (“Sunny Ridge”) holding the remaining TIC interest. Funding for the Company’s interest was primarily funded through a redeemable non-controlling interest contribution from Richard Hornstrom to one of the Company's subsidiaries for $650,000. The remainder of the purchase price of the property was funded by Sunny Ridge of $1.2 million and debt financing of approximately $2.7 million. Richard Hornstrom owns 50% of Sunny Ridge and also contributed $600,000 of $950,000 redeemable non-controlling interest contribution for the Plant City, FL property.

On April 1, 2022, the TIC refinanced the debt reducing the total debt outstanding to $2.1 million with an interest rate of 3.85% from April 1, 2022 through and until March 31, 2027. Effective April 1, 2027, the interest rate adjusts to the 5-year Treasury plus 2.5% and subject to a floor of 3.85%. The Company’s CEO entered into a guaranty agreement pursuant to which he guaranteed the payment obligations under the promissory note if they become due as a result of certain “bad-boy” provisions, individually and on behalf of the Operating Partnership. The promissory note requires the TIC to maintain a debt service coverage ratio of 1.50:1:00 in addition to a 54% loan to value ratio. As of March 31, 2023, the Company was in compliance with all covenants.

In conjunction with the refinancing of the debt, the Company contributed $455,888 to the TIC increasing the Company's ownership to 50% interest and reducing Sunny Ridge's interest to 50%. The Rockford, IL property was accounted for under the equity method and as of March 31, 2023 it had a value of $1,232,670.

The condensed income statements for the three months ended March 31, 2023 and 2022 are as follows:


	Three Months ended March 31,
	2023		2022
Total revenue	$	93,139	$	93,139
Total expenses	$	64,335	$	69,924
Net income	$	28,804	$	23,215
GIP, LP's Share	$	14,402	$	8,552

The condensed balance sheets of the tenant in common investment as of March 31, 2023 and December 31, 2022, respectively, are as follows:


	As of March 31,		As of December 31,
	2023		2022

Net real estate investments	$	4,473,616	$	4,503,120
Deferred rent asset		6,764		7,132
Prepaid expenses		4,300		343
Due from related party		52,429		21,710
Total Assets	$	4,537,109	$	4,532,305

Accounts payable and accrued expenses	$	8,275	$	6,738
Prepaid rent		30,550		30,550
Acquired lease intangible liabilities, net		33,703		35,561
Mortgage loan, net of unamortized debt issuance costs		2,088,437		2,088,116
Total Liabilities	$	2,160,965	$	2,160,965

GIP, LP	$	1,232,670	$	1,218,268
SUNNY RIDGE MHP, LLC		1,143,474		1,153,072
Total Tenants in Common Equity	$	2,376,144	$	2,371,340
Total Liabilities and Tenants in Common Equity	$	4,537,109	$	4,532,305