Mortgage Loans (Tables)

6 Months Ended

Jun. 30, 2025

Debt Disclosure [Abstract]

Schedule of Promissory Notes

The Company had the following mortgage loans outstanding as of June 30, 2025 and December 31, 2024, respectively:

Occupying Tenant	Property Location	Original Loan Amount			Interest Rate		Maturity Date	6/30/2025			12/31/2024			Debt Service Coverage Ratios ("DSCR") Required
7-Eleven Corporation	Washington, D.C.	$	750,000		6.50%		3/31/2026	$	750,000		$	-		1.50
7-Eleven Corporation, Starbucks Corporation & Auburn University	Washington, D.C., Tampa, FL, and Huntsville, AL		11,287,500	(a)	4.17%		3/6/2030		-			10,602,711		1.25
General Services Administration-Navy & AYMCA	Norfolk, VA		8,260,000	(f)	6.15%		8/30/2029		7,023,791			7,119,184		1.25
PRA Holdings, Inc.	Norfolk, VA		5,216,749	(f)	6.15%		8/23/2029		4,351,851			4,410,949		1.25
Sherwin Williams Company	Tampa, FL		1,286,664		3.72%	(b)	8/10/2028		1,238,754			1,255,068		1.20
General Services Administration-FBI	Manteo, NC		928,728	(c)	3.85%	(d)	3/31/2032		879,195			891,071		1.50
Irby Construction	Plant City , FL		928,728	(c)	3.85%	(d)	3/31/2032		879,195			891,071		1.50
La-Z-Boy Inc.	Rockford, IL		2,100,000		3.85%	(d)	3/31/2032		1,987,989			2,014,851		1.50
Best Buy Co., Inc.	Grand Junction, CO		2,552,644	(c)	3.85%	(d)	3/31/2032		2,416,501			2,449,141		1.50
Fresenius Medical Care Holdings, Inc.	Chicago, IL		1,727,108	(c)	3.85%	(d)	3/31/2032		1,634,994			1,657,079		1.50
Starbucks Corporation	Tampa, FL		1,298,047	(c)	3.85%	(d)	3/31/2032		1,228,817			1,245,414		1.50
Kohl's Corporation	Tucson, AZ		3,964,745	(c)	3.85%	(d)	3/31/2032		3,753,289			3,803,985		1.50
City of San Antonio (PreK)	San Antonio, TX		6,444,000	(e)	7.47%	(b)	8/10/2028		6,273,913			6,323,628		1.50
Dollar General Market	Bakersfield, CA		2,428,000	(e)	7.47%	(b)	8/10/2028		2,363,914			2,382,646		1.50
Dollar General	Big Spring, TX		635,000	(e)	7.47%	(b)	8/10/2028		618,239			623,138		1.50
Dollar General	Castalia, OH		556,000	(e)	7.47%	(b)	8/10/2028		541,325			545,614		1.50
Dollar General	East Wilton, ME		726,000	(e)	7.47%	(b)	8/10/2028		706,837			712,439		1.50
Dollar General	Lakeside, OH		567,000	(e)	7.47%	(b)	8/10/2028		552,034			556,409		1.50
Dollar General	Litchfield, ME		624,000	(e)	7.47%	(b)	8/10/2028		607,530			612,344		1.50
Dollar General	Mount Gilead, OH		533,000	(e)	7.47%	(b)	8/10/2028		518,932			523,044		1.50
Dollar General	Thompsontown, PA		556,000	(e)	7.47%	(b)	8/10/2028		541,325			545,614		1.50
Dollar Tree Stores, Inc.	Morrow, GA		647,000	(e)	7.47%	(b)	8/10/2028		629,922			634,914		1.50
exp U.S. Services Inc.	Maitland, FL		2,950,000	(e)	7.47%	(b)	8/10/2028		2,872,136			2,894,895		1.50
General Services Administration	Vacaville, CA		1,293,000	(e)	7.47%	(b)	8/10/2028		1,258,872			1,268,847		1.50
Walgreens	Santa Maria, CA		3,041,000	(e)	7.47%	(b)	8/10/2028		2,960,734			2,984,195		1.50
Best Buy Co., Inc.	Ames, IA		2,495,000		6.29%	(b)	8/23/2029		2,495,000			2,495,000		1.50
Zaxby's	Sanford, FL		2,947,000		6.29%		5/14/2026		2,499,550		n/a			1.30
Dollar General	Cleveland, TN		1,350,000		3.50%		5/14/2026		1,239,210		n/a			1.25
Tractor Supply	Kernersville, NC		3,507,000		2.90%		10/22/2031		3,225,198		n/a			1.20
		$	71,599,913					$	56,049,047		$	59,443,251
							Less Debt Discount, net		(778,551	)		(317,978	)
							Less Debt Issuance Costs, net		(483,403	)		(785,358	)
								$	54,787,093		$	58,339,915

(a) Loan subject to prepayment penalty

(b) Fixed via interest rate swap

(c) One loan in the amount of $11.4 million secured by six properties and allocated to each property based on each property's appraised value.

(d) Adjustment effective April 1, 2027 equal to 5-year Treasury plus 2.5% and subject to a floor of 3.85%

(e) One loan in the amount of $21.0 million secured by 13 properties and allocated to each property at the date of acquisition based on each property's appraised value.

Schedule of Minimum Required Principal Payments

Minimum required principal payments on the Company’s debt for subsequent years ending December 31 are as follows:

	Mortgage Loans		Other Payable - Related Party		Loan Payable - Related Party		Total as of June 30, 2025
2025	$	584,509		-		2,074,870		2,659,379
2026		5,632,806		-		5,500,000		11,132,806
2027		1,271,201		-		-		1,271,201
2028		21,599,551		-		-		21,599,551
2029		13,053,041		-		-		13,053,041
Thereafter		13,907,939		-		-		13,907,939
	$	56,049,047	$	-	$	7,574,870	$	63,623,917

Other Loans Payable

On May 29, 2025, the Company, through the Operating Partnership, entered into a loan transaction for $332,000 with Chase Commercial Realty, Inc. d/b/a NAI Chase for broker’s fees payable by the Company to Chase in connection with the sale of the Company’s Auburn University-occupied industrial building located in Huntsville, Alabama. The loan provides that an amount equal to the aggregate unpaid principal amount of the loan, together with accrued but unpaid interest at an interest rate of 7.5% per annum, will be due on December 31, 2025. The loan may be repaid without penalty at any time.

On May 29, 2025, GIPFL 1300 S Dale Mabry, LLC (“GIPFL”), an indirect wholly owned subsidiary of the Company, entered into a loan for $103,500 that is evidenced by a promissory note issued to SRS Real Estate Partners, LLC ("SRS") for broker’s fees payable by the Company to SRS in connection with the sale of the Company’s Starbucks-occupied retail building located in Tampa, Florida.. The note provides that an amount equal to the aggregate unpaid principal amount of the loan, together with accrued but unpaid interest at an interest rate of 0% per annum, will be due on December 31, 2025. The note may be repaid without penalty at any time.