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Leases (Tables)
3 Months Ended
Mar. 31, 2026
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 three months ended March 31, 2026 and 2025:

 

 

2026

 

 

2025

 

Rental income



 

 



 

Fixed and in-substance fixed lease income

 

1,894,261

 

 

 

2,192,055

 

Variable lease income

 

299,432

 

 

 

197,879

 

Other related lease income, net:

 

 

 

 

 

Amortization of above- and below-market leases, net

 

(2,209

)

 

 

(60,145

)

Straight line rent, net

 

(17,748

)

 

 

41,508

 

Total Rental income

 

2,173,736

 

 

 

2,371,297

 

Summary of Concentration of Risk Percentage of Tenants

For the three months ended March 31, 2026 and 2025, the following tenants each accounted for more than 10% of our rental revenue as indicated below:

 

 

2026

 

2025

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

19%

 

14%

Dollar General - multiple locations

15%

 

12%

Pre-K - San Antonio, TX

12%

 

10%

Kohl's - Tucson, AZ

12%

 

N/A

PRA Holdings, Inc. - Norfolk, VA

11%

 

N/A

 

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 March 31:

 

 

As of March 31,

 

 

2026

 

2026 (9 months remaining)

$

5,531,655

 

2027

 

6,778,479

 

2028

 

5,553,073

 

2029

 

4,360,889

 

2030

 

2,484,878

 

Thereafter

 

19,259,919

 

 

$

43,968,893

 

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 of March 31, 2026 and provides a reconciliation to the lease liability included in the accompanying Consolidated Balance Sheets as of March 31, 2026.

 

 

As of March 31,

 

 

2026

 

2026 (9 months remaining)

 

183,833

 

2027

 

245,111

 

2028

 

245,111

 

2029

 

257,839

 

2030

 

258,996

 

Thereafter

 

21,058,699

 

Total undiscounted liability

$

22,249,589

 

Present value discount

 

(15,720,432

)

Lease liability

$

6,529,157

 

Discount rate

 

4.58

%

Term Remaining

58 years