Leases (Tables)

9 Months Ended

Sep. 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 nine months ended September 30, 2024 and 2023:

	2024			2023
Rental income
Fixed and in-substance fixed lease income	$	5,934,480		$	3,784,640
Variable lease income		1,045,265			575,078
Other related lease income, net:
Amortization of above- and below-market leases, net		(203,906	)		81,408
Straight line rent revenue		74,253			45,375
Total rental income	$	6,850,092		$	4,486,501

Summary of Concentration of Risk Percentage of Tenants

For the nine months ended September 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		12	%		23	%
Pre-K - San Antonio, TX		11	%	N/A
Dollar General		11	%	N/A
Kohl's Corporation		10	%		14	%
exp U.S. services		10	%	N/A
PRA Holdings, Inc. - Norfolk, VA		9	%		13	%
Pratt & Whitney Automation, Inc. - Huntsville, AL	N/A				12	%

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,
	2024
2024 (3 months remaining)	$	2,155,664
2025		8,535,343
2026		8,251,393
2027		6,227,716
2028		4,547,697
Thereafter		18,645,714
	$	48,363,527

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

	As of September 30,
	2024
2024 (3 months remaining)		61,019
2025		245,111
2026		245,111
2027		245,111
2028		245,111
Thereafter		21,575,533
Total undiscounted liability	$	22,616,996
Present value discount		(16,164,772	)
Lease liability	$	6,452,224
Discount rate		4.58	%
Term Remaining	60 years