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Investments in Real Estate
 3 Months Ended
Mar. 31, 2023
Real Estate [Abstract]  
Investments in Real Estate

Note 3 – Investments in Real Estate

 

The Company did not acquire any properties during the three months ended March 31, 2023. The Company acquired three properties during the three months ended March 31, 2022, detailed below:

 

•
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 months ended March 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