XML 52 R45.htm IDEA: XBRL DOCUMENT v3.25.1
Non-Controlling Interests - Additional Information (Details)
3 Months Ended 12 Months Ended
Feb. 06, 2025
USD ($)
$ / shares
shares
Jun. 27, 2024
USD ($)
$ / shares
shares
Sep. 07, 2023
USD ($)
Feb. 08, 2023
USD ($)
$ / shares
shares
Aug. 09, 2022
USD ($)
Jul. 20, 2022
USD ($)
$ / shares
shares
Jan. 14, 2022
USD ($)
Building
$ / shares
shares
Aug. 02, 2021
USD ($)
Apr. 21, 2021
USD ($)
Feb. 11, 2021
USD ($)
Nov. 30, 2020
USD ($)
Building
$ / shares
shares
Sep. 30, 2019
USD ($)
Investor
Building
Entity
$ / shares
shares
Mar. 31, 2025
USD ($)
$ / shares
shares
Mar. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Dec. 31, 2024
USD ($)
shares
Dec. 15, 2024
shares
Sep. 15, 2024
shares
Jun. 15, 2024
shares
Mar. 15, 2024
shares
Oct. 31, 2023
shares
Sep. 15, 2023
shares
Mar. 15, 2023
shares
Jan. 27, 2023
USD ($)
$ / shares
shares
Sep. 30, 2022
$ / shares
shares
Sep. 15, 2022
USD ($)
$ / shares
shares
Sep. 12, 2022
$ / shares
shares
Apr. 25, 2022
USD ($)
$ / shares
shares
Mar. 21, 2022
USD ($)
$ / shares
shares
Noncontrolling Interest [Line Items]                                                          
Redeemable noncontrolling interest redeemed                         $ 31,402,450 $ 19,498,296 $ 18,812,423 $ 26,664,545                          
Full Repayment of Liability                         $ 2,912,300                                
Common stock, shares issued | shares                         5,443,188     2,024                          
Other Expense                         $ 286 0                              
Percentage Of Leased 100.00%                                                        
Combined gross asset value                         11,200,000                                
outstanding debt secured by the properties                         $ 7                                
cumulative annual distribution | $ / shares                         $ 0.33                                
LC2-NNN Pref LLC [Member]                                                          
Noncontrolling Interest [Line Items]                                                          
Noncontrolling interest, description                         The Company will have the right to extend the Mandatory Redemption Date for two consecutive 12-month extension periods, provided that (i) LC2 is paid an extension fee of 0.01% of the outstanding amount of the LC2 Investment for each such extension, (ii) the preferred return is increased from 15.5% to 18% of which the accrued preferred return is increased from 10.5% to 13%, (iii) the trailing 6-month annualized adjusted net operating income (as defined in the GIP SPE Operating Agreement) is in excess of $5.0 million, (iv) GIP SPE and its subsidiaries’ senior debt is extended through the end of the extension period, and there are no defaults under the GIP SPE Operating Agreement.                                
Noncontrolling interest total internal rate of return percentage                         0.50%                                
Redemption Agreement [Member]                                                          
Noncontrolling Interest [Line Items]                                                          
Issuance of Other payable - related party for redemption of Redeemable Non-Controlling Interest           $ 2,912,299                                              
Common stock, shares issued | shares                               200,000                          
LMB Owenton I LLC                                                          
Noncontrolling Interest [Line Items]                                                          
Redeemable noncontrolling interest redeemed                         $ 1,109,570 1,109,570 1,109,570 $ 1,109,570                          
Total units issued | shares                         155,185                                
Brown Family Trust                                                          
Noncontrolling Interest [Line Items]                                                          
Redeemable noncontrolling interest redeemed                         $ 3,000,000 $ 3,000,000 3,000,000 $ 3,000,000                          
Other Expense                             $ 506,000                            
Two Entities [Member]                                                          
Noncontrolling Interest [Line Items]                                                          
Percentage Value Of Interest In Common Units                         99.60%                                
Total units issued | shares                                         180,615                
Two Entities [Member] | Outside Investor                                                          
Noncontrolling Interest [Line Items]                                                          
Percentage Value Of Interest In Common Units                         0.40%                                
Common Stock [Member]                                                          
Noncontrolling Interest [Line Items]                                                          
Common stock, shares issued | shares                                                   200,000      
Preferred Stock [Member] | LC2-NNN Pref LLC [Member]                                                          
Noncontrolling Interest [Line Items]                                                          
Redeemable Noncontrolling Interest, Equity, Preferred, Redemption Value                         $ 14,100,000                                
Redeemable Noncontrolling Interest Unpaid                         $ 3,403,728                                
Preferred Equity Agreement | Brown Family Trust                                                          
Noncontrolling Interest [Line Items]                                                          
Capital contribution received                   $ 500,000                                      
Noncontrolling interest, description                         The Operating Partnership is the general manager of the subsidiary while Brown Family Trust is a preferred equity member. Pursuant to the agreement, the Company is required to pay the preferred equity member a 9% internal rate of return ("IRR") on a monthly basis. After 24 months, the Brown Family Trust has the right to redeem and the Operating Partnership has the right to call the preferred equity at redemption value. Because of the redemption right, the non-controlling interest was presented as temporary equity at redemption value.                                
Preferred Equity Agreement | Irby Property Partners | Preferred Equity Partners                                                          
Noncontrolling Interest [Line Items]                                                          
Noncontrolling interest, description                         Pursuant to the agreement, the Company is required to pay the preferred equity member a 12% total IRR of which 8% IRR is paid on a monthly basis and 4% IRR is deferred. After 24 months, Irby Prop Partners has the right to redeem the preferred equity at redemption value plus any deferred interest accrued and the Operating Partnership has the right to call the preferred equity at redemption value. Because of the redemption right, the non-controlling interest was presented as temporary equity at redemption value.                                
Noncontrolling interest internal rate of return percentage paid on monthly basis                 8.00%                                        
Noncontrolling interest total internal rate of return percentage                 12.00%                                        
Preferred Equity Agreement | Richard Hornstrom | Preferred Equity Partners                                                          
Noncontrolling Interest [Line Items]                                                          
Capital contribution received               $ 650,000                                          
Noncontrolling interest, description                         pursuant to which the Company’s subsidiary received a capital contribution of $650,000. The Operating Partnership is the general manager of the subsidiary while Richard Hornstrom is a preferred equity member. Pursuant to the agreement, the Company is required to pay the preferred equity member a 12% total IRR of which 8% IRR is paid on a monthly basis and 4% IRR is deferred.                                
Noncontrolling interest internal rate of return percentage paid on monthly basis               8.00%                                          
Noncontrolling interest total internal rate of return percentage               12.00%                                          
Preferred Equity Agreement | GIPVA 130 | Preferred Equity Partners                                                          
Noncontrolling Interest [Line Items]                                                          
Noncontrolling interest, description                         The Operating Partnership is the general manager of the subsidiary while Brown Family Enterprises, LLC is a preferred equity member. Pursuant to the agreement, the Company is required to pay the preferred equity member a 7% IRR paid on a monthly basis and will share in 16% of the equity in each of the Virginia SPEs upon a capital transaction resulting in distributable proceeds. On July 25, 2024, we entered into First Amendments to the Second Amended and Restated Limited Liability Company Agreements, dated as of February 8, 2023, for each of these entities revising the redemption date from February 8, 2025 to February 8, 2027.                                
Redeemable noncontrolling interest redeemed                         $ 3,000,000                                
Preferred Equity Agreement | Preferred Stock [Member] | GIPVA 130                                                          
Noncontrolling Interest [Line Items]                                                          
Capital contribution received       $ 1,200,000                                                  
Preferred Units Sold | shares       120,000                                                  
Preferred units issue price per share | $ / shares | $ / shares       $ 10                                                  
Preferred Equity Agreement | Preferred Stock [Member] | GIPVA 2510                                                          
Noncontrolling Interest [Line Items]                                                          
Capital contribution received       $ 1,800,000                                                  
Number of preferred units issued | shares       180,000                                                  
Preferred units issue price per share | $ / shares | $ / shares       $ 10                                                  
Contribution Agreement                                                          
Noncontrolling Interest [Line Items]                                                          
Number of preferred units issued | shares 698,465                                                        
Preferred units issue price per share | $ / shares | $ / shares $ 6                                                        
Defined Contribution Plan, Cost $ 4,200,000                                                        
Contribution Agreement | LMB Owenton I LLC                                                          
Noncontrolling Interest [Line Items]                                                          
Number of common units issued | shares             110,957                                            
Common units issue price per share | $ / shares             $ 10                                            
Common units value issued             $ 1,109,570                                            
Common units redemption price per share | $ / shares             $ 10           $ 7.15                                
Total units issued | shares                         44,228                                
Common units value redeemed                         $ 1,109,570                                
Contribution Agreement | One Entity                                                          
Noncontrolling Interest [Line Items]                                                          
Number of common units issued | shares                     24,309                                    
Common units issue price per share | $ / shares                     $ 20                                    
Common units value issued                     $ 486,180                                    
Contribution Agreement | One Entity | President                                                          
Noncontrolling Interest [Line Items]                                                          
Ownership percentage                     11.00%                                    
Contribution Agreement | Two Entities [Member]                                                          
Noncontrolling Interest [Line Items]                                                          
Issuance of Other payable - related party for redemption of Redeemable Non-Controlling Interest         $ 2,912,300                                                
Number of entities | Entity                       2                                  
Number of common units issued | shares                       349,913                                  
Common units issue price per share | $ / shares                       $ 20                                  
Common units value issued                       $ 6,998,251                                  
Number of investors required to redeem | Investor                       2                                  
Common units redemption price per share | $ / shares           $ 20           $ 20                       $ 20 $ 20 $ 20   $ 20 $ 20
Total units issued | shares           25,000                                   123,965 129,365 16,250   10,166 10,166
Common units value redeemed                                               $ 2,479,299   $ 325,000   $ 203,326 $ 203,326
Contribution Agreement | Tranche One [Member] | Two Entities [Member]                                                          
Noncontrolling Interest [Line Items]                                                          
Total units issued | shares                                             16,250            
Contribution Agreement | Tranche Five [Member] | Two Entities [Member]                                                          
Noncontrolling Interest [Line Items]                                                          
Total units issued | shares                                 22,623 22,623 22,623 22,623   22,623              
Contribution Agreement | Common Stock [Member] | Two Entities [Member]                                                          
Noncontrolling Interest [Line Items]                                                          
Total units issued | shares                                                   60,000      
Common stock, shares issued | shares                                                     200,000    
Common stock issue price | $ / shares                                                     $ 6    
Cocoa, FL | Preferred Equity Agreement | Brown Family Trust                                                          
Noncontrolling Interest [Line Items]                                                          
Acquisition of building                   $ 1,737,800                                      
JCWC Funding, LLC                                                          
Noncontrolling Interest [Line Items]                                                          
Stock Conversion Description   the Company equal to the number of Series A Preferred Units being redeemed multiplied by 1.03                                                      
JCWC Funding, LLC | Series A Preferred Stock [Member]                                                          
Noncontrolling Interest [Line Items]                                                          
Preferred Stock Dividends Declared Per Unit | $ / shares                         $ 0.325                                
Redemption Price Per Unit (Cash) | $ / shares   $ 5.15                                                      
Number of preferred units issued | shares   500,000                                                      
Preferred units issue price per share | $ / shares | $ / shares   $ 5                                                      
Preferred Stock, Value, Issued   $ 2,500,000                                                      
Plant City, FL | Preferred Equity Agreement | Irby Property Partners | Preferred Equity Partners                                                          
Noncontrolling Interest [Line Items]                                                          
Acquisition of building                 $ 1,757,300                                        
Capital contribution received                 $ 950,000                                        
Rockville, IL | Preferred Equity Agreement | Richard Hornstrom | Preferred Equity Partners                                                          
Noncontrolling Interest [Line Items]                                                          
Capital contribution received               $ 724,800                                          
Norfolk, VA [Member] | Contribution Agreement | LMB Owenton I LLC                                                          
Noncontrolling Interest [Line Items]                                                          
Acquisition of building             $ 226,400                                            
Number of buildings acquired | Building             1                                            
Norfolk, VA [Member] | Contribution Agreement | Two Entities [Member]                                                          
Noncontrolling Interest [Line Items]                                                          
Acquisition of building                       $ 19,134,400                                  
Number of buildings acquired | Building                       2                                  
Tampa, FL | Contribution Agreement | One Entity                                                          
Noncontrolling Interest [Line Items]                                                          
Acquisition of building                     $ 1,847,700                                    
Number of buildings acquired | Building                     1                                    
Modiv Portfolio [Member] | LC2-NNN Pref LLC [Member]                                                          
Noncontrolling Interest [Line Items]                                                          
Noncontrolling interest, description                         The Preferred Interest has a cumulative accruing distribution preference of 15.5% per year, compounded monthly, a portion of which in the amount of 5% per annum (compounded monthly) is deemed to be the “current preferred return,” and the remainder of which in the amount of 10.5% per annum (compounded monthly) is deemed to be the “accrued preferred return.” The GIP SPE operating agreement provides that operating distributions by GIP SPE will be made first to LC2 to satisfy any accrued but unpaid current preferred return, with the balance being paid to the Operating Partnership, unless the “annualized debt yield” of GIP SPE is less than 10%, in which case the balance will be paid to LC2. For this purpose, “annualized debt yield” is calculated as the sum of senior debt and LC2 Investment divided by the trailing three-month annualized adjusted net operating income (as defined in the GIP SPE Operating Agreement) of GIP SPE.                                
Payments to Acquire Trust Preferred Investments     $ 2,100,000                                                    
Proceeds from Previous Acquisition     $ 1,300,000                                                    
Modiv Portfolio [Member] | Preferred Stock [Member] | LC2-NNN Pref LLC [Member]                                                          
Noncontrolling Interest [Line Items]                                                          
Adjustment in Net Operating Income                         $ 5,000,000                                
Preferred Stock, Value, Issued                         12                                
Payments to Acquire Trust Preferred Investments                         $ 2,100,000