Leases (Tables)

12 Months Ended

Dec. 31, 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:

	2023		2022
Rental income
Fixed and in-substance fixed lease income		6,595,120		4,510,677
Variable lease income		931,731		608,985
Other related lease income, net:
Amortization of below market leases, net		2,141		102,183
Straight line rent, net		64,572		172,933
Total Rental income		7,593,564		5,394,778

Summary of Concentration of Risk Percentage of Tenants

For the twelve months ended December 31, 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 & Vacaville, CA		18	%		22	%
PRA Holdings, Inc. - Norfolk, VA		11	%		16	%
Pratt & Whitney Automation, Inc. - Huntsville, AL		20	%		15	%
Kohl's Corporation - Tucson, AZ		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 December 31,
	2023
2024	$	8,048,449
2025		7,798,628
2026		7,458,648
2027		5,835,157
2028		4,376,385
Thereafter		8,669,905
	$	42,187,172

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 December 31, 2023 and provides a reconciliation to the lease liability included in the accompanying Consolidated Balance Sheets as of December 31, 2023.

	As of December 31,
	2023
2024		244,077
2025		245,111
2026		245,111
2027		245,111
2028		245,111
Thereafter		21,575,533
Total undiscounted liability	$	22,800,054
Present value discount		(16,385,013	)
Lease liability	$	6,415,041
Discount rate		4.58	%
Term Remaining	60 years