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Leases (Tables)
12 Months Ended
Dec. 31, 2025
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:

 

2025

 

 

2024

 

Rental income



 

 



 

Fixed and in-substance fixed lease income

 

8,769,808

 

 

 

8,086,951

 

Variable lease income

 

1,035,480

 

 

 

1,715,047

 

Other related lease income, net:

 

 

 

 

 

Amortization of above- and below-market leases, net

 

(172,500

)

 

 

(263,442

)

Straight line rent, net

 

66,203

 

 

 

(27,765

)

Total Rental income

 

9,698,991

 

 

 

9,510,791

 

Summary of Concentration of Risk Percentage of Tenants

For the twelve months ended December 31, 2025 and 2024, we had five tenants and five tenants, respectively, that each account for more than 10% of our annual rental revenue as indicated below:

 

 

2025

 

2024

General Services Administration - Norfolk, VA, Manteo, NC & Vacaville, CA

16%

 

12%

Dollar General - multiple locations

13%

 

12%

Pre-K - San Antonio, TX

11%

 

11%

Kohl's - Tucson, AZ

10%

 

10%

PRA Holdings, Inc. - Norfolk, VA

11%

 

<10%

exp U.S. Services - Maitland, FL

N/A

 

10%

 

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,

 

 

2025

 

2026

$

7,527,656

 

2027

 

6,898,479

 

2028

 

5,673,073

 

2029

 

4,480,889

 

2030

 

2,604,878

 

Thereafter

 

19,289,918

 

 

$

46,474,893

 

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, 2025 and provides a reconciliation to the lease liability included in the accompanying Consolidated Balance Sheets as of December 31, 2025.

 

 

As of December 31,

 

 

2025

 

2026

 

245,111

 

2027

 

245,111

 

2028

 

245,111

 

2029

 

257,839

 

2030

 

258,996

 

Thereafter

 

21,058,698

 

Total undiscounted liability

$

22,310,866

 

Present value discount

 

(15,794,855

)

Lease liability

$

6,516,011

 

Discount rate

 

4.58

%

Term Remaining

58 years