	September 30,			December 31,
	2021			2020

Property	$	36,621,767		$	37,352,447
Tenant improvements		482,701			482,701
Acquired lease intangible assets		2,949,411			3,014,149
Total		40,053,879			40,849,297
Less accumulated depreciation and amortization		(3,168,841	)		(2,317,454	)
Total investments, net	$	36,885,038		$	38,531,843

Depreciation expense for the three and nine-months ended September 30, 2021 and 2020 was approximately $273,300 and $833,300 for 2021 and $261,300 and $776,100 for 2020, respectively.

During the nine-months ended September 30, 2021, the Company acquired two properties.



			Total
	Manteo, NC	Plant City, FL
Property	$ 2,149,015	$ 1,635,824	$3,784,839
Acquired lease intangible assets	100,379	121,509	221,888

Total investments	2,249,394	1,757,333	4,006,727
Less acquired lease intangible liability	511,620	—	511,620

Total investments	$ 1,737,774	$ 1,757,333	$3,495,107

The first property is located in Manteo, NC and was purchased on February 11, 2021 using a $500,000 cash capital contribution through the issuance of a redeemable non-controlling interest and debt of $1,275,000. The second property is located in Plant City, FL and was purchased on April 21, 2021 using a $950,000 cash capital contribution through the issuance of a redeemable non-controlling interest and debt of $850,000. The acquisitions are accounted for as asset acquisitions under ASC 805-50, Business Combinations. The purchase price of the asset acquisitions was allocated to land, building, and acquired lease intangible assets and liabilities based on management’s estimate.


	Cocoa Beach, FL
Property	$ 4,539,617
Acquired lease intangible assets	298,230

Total investments	4,837,847
Less accumulated depreciation and amortization	(313,447)
Less acquired lease intangible liability, net	(202,650)

Net book value of property upon sale	$ 4,321,750

The property was located in Cocoa Beach, FL and was sold on August 31, 2021 for $5.2 million and recognized a gain of $923 thousand.