Leases (Tables)

6 Months Ended

Jun. 30, 2024

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 for the six months ended June 30, 2024 and 2023:

	2024			2023
Rental income
Fixed and in-substance fixed lease income	$	3,891,804		$	1,203,924
Variable lease income		735,963			79,821
Other related lease income, net:
Amortization of above- and below-market leases, net		(135,938	)		26,114
Straight line rent revenue		31,283			16,848
Total rental income	$	4,523,112		$	1,326,707

Summary of Concentration of Risk Percentage of Tenants

For the six months ended June 30, 2024 and 2023, the following tenants each accounted for more than 10% of our rental revenue as indicated below:

	2024			2023
General Services Administration - Norfolk, VA, Manteo, NC & Vacaville, CA		13	%		23	%
Pre-K - San Antonio, TX		12	%	N/A
Kohl's Corporation - Tucson, AZ		11	%		17	%
exp U.S. Services - Maitland, FL		11	%	N/A
PRA Holdings, Inc. - Norfolk, VA		10	%		16	%
Pratt & Whitney Automation, Inc. - Huntsville, AL	N/A				15	%

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,
	2024
2024 (6 months remaining)	$	12,255,593
2025		8,164,467
2026		7,877,077
2027		6,264,047
2028		4,815,997
Thereafter		11,204,220
	$	50,581,401

On March 29, 2024, the Company executed a 10-year lease, with two five-year renewal options, with Armed Services YMCA for the use of approximately 35,000 square feet on the property located at 2510 Walmer Avenue, Norfolk, Virginia. Rent commenced on May 1, 2024 under the contracted twelve month tenant improvement period at a reduced fixed base rent of approximately $23,000 per month. Base rent increases to a fixed rate of approximately $34,000 per month in month 13 and escalates annually at approximately 2.5%.

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, 2024 and provides a reconciliation to the lease liability included in the accompanying Consolidated Balance Sheets as of June 30, 2024.

	As of June 30,
	2024
2024 (6 months remaining)		122,039
2025		245,111
2026		245,111
2027		245,111
2028		245,111
Thereafter		21,575,533
Total undiscounted liability	$	22,678,016
Present value discount		(16,239,359	)
Lease liability	$	6,439,175
Discount rate		4.58	%
Term Remaining	60 years