Leases (Tables)

6 Months Ended

Jun. 30, 2023

Leases [Abstract]

Summary of Disaggregation of Lease Income

The following table provides a disaggregation of lease income recognized as either fixed or variable lease income during the three months ended June 30, 2023 and 2022:

	2023		2022
Rental income
Fixed and in-substance fixed lease income	$	1,149,170	$	1,236,032
Variable lease income		79,822		86,101
Other related lease income, net:		-		-
Amortization of below-market leases		75,875		26,114
Straight line rent revenue		13,883		30,315
Total rental income	$	1,318,750	$	1,378,562

The following table provides a disaggregation of lease income recognized as either fixed or variable lease income during the six months ended June 30, 2023 and 2022:

	2023		2022
Rental income
Fixed and in-substance fixed lease income	$	2,353,094	$	2,321,773
Variable lease income		159,643		157,354
Other related lease income, net:
Amortization of below-market leases		101,989		49,955
Straight line rent revenue		30,731		31,415
Total rental income	$	2,645,457	$	2,560,497

Summary of Concentration of Risk Percentage of Tenants

For the six months ended June 30, 2023 and 2022, we had four tenants that each account for more than 10% of our annual rental revenue as indicated below:

	2023			2022
General Services Administration - Norfolk, VA & Manteo, NC		23	%		21	%
PRA Holdings, Inc. - Norfolk, VA		16	%		15	%
Pratt & Whitney Automation, Inc. - Huntsville, AL		15	%		14	%
Kohl's Corporation - Tucson, AZ		17	%		11	%

Summary of Future Minimum Rental Payments Due to the Company

The following table presents future minimum rental cash payments due to the Company over the next five calendar years and thereafter as of December 31:

	As of June 30,
	2023
2023 (6 months remaining)	$	2,364,460
2024		4,157,539
2025		3,950,715
2026		3,828,728
2027		3,234,122
Thereafter		4,468,842
	$	22,004,406

Summary of Future Minimum Rental Cash Payments Due and Undiscounted Future Cash Flows

The following table summarizes the undiscounted future cash flows for subsequent years ending December 31 attributable to the lease liability as of June 30, 2023 and provides a reconciliation to the lease liability included in the accompanying Consolidated Balance Sheet as of June 30, 2023.

	As of June 30,
	2023
2023 (6 months remaining)	$	116,350
2024		244,077
2025		245,111
2026		245,111
2027		245,111
Thereafter		21,820,644
Total undiscounted liability	$	22,916,404
Present value discount		(16,550,467	)
Lease liability	$	6,365,937
Discount rate		4.58	%
Term Remaining	61 years