Leases (Tables)

9 Months Ended

Sep. 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 September 30, 2023 and 2022:

	2023			2022
Rental income
Fixed and in-substance fixed lease income	$	1,431,546		$	1,018,406
Variable lease income		415,435			304,365
Other related lease income, net:
Amortization of above- and below-market leases		(20,581	)		26,114
Straight line rent revenue		14,644			124,904
Total rental income	$	1,841,044		$	1,473,789

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

	2023		2022
Rental income
Fixed and in-substance fixed lease income	$	3,784,640	$	3,340,179
Variable lease income		575,078		461,719
Other related lease income, net:
Amortization of above- and below-market leases		81,408		76,069
Straight line rent revenue		45,375		156,319
Total rental income	$	4,486,501	$	4,034,286

Summary of Concentration of Risk Percentage of Tenants

As of September 30, 2023, we had four tenants that each account for more than 10% of our annual rental revenue as indicated below:

	2023			2022
General Services Administration		23	%		21	%
Kohl's Corporation		14	%		16	%
PRA Holdings, Inc.		13	%		15	%
Pratt & Whitney Automation, Inc.		12	%		14	%

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 September 30,
	2023
2023 (3 months remaining)	$	2,394,505
2024		8,092,847
2025		7,842,853
2026		7,480,808
2027		5,817,420
Thereafter		13,038,988
	$	44,667,421

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 September 30, 2023 and provides a reconciliation to the lease liability included in the accompanying Consolidated Balance Sheet as of September 30, 2023.

	As of September 30,
	2023
2023 (3 months remaining)	$	58,175
2024		244,077
2025		245,111
2026		245,111
2027		245,111
Thereafter		21,820,644
Total undiscounted liability	$	22,858,229
Present value discount		(16,477,521	)
Lease liability	$	6,380,708
Discount rate		4.58	%
Term Remaining	60 years