Investments in Real Estate

12 Months Ended

Dec. 31, 2021

Real Estate [Abstract]

Investments in Real Estate

Note 3 – Investments in Real Estate    

Acquisitions:

During the year ended December 31, 2021, the Company acquired three properties.  

	Manteo, NC		Plant City, FL		Grand Junction, CO		Total
Property	$	2,149,015	$	1,635,824	$	4,400,452	$	8,185,291
Acquired lease intangible assets		100,379		121,509		354,603		576,491
Total investments		2,249,394		1,757,333		4,755,055		8,761,782
Less acquired lease intangible liability		511,620		—		—		511,620
Total investments	$	1,737,774	$	1,757,333	$	4,755,055	$	8,250,162

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 third property is located in Grand Junction, CO and was purchased on December 28, 2021 using cash on hand of approximately $2,405,000 and debt of $2,350,000. The acquisitions are accounted for as asset acquisitions under ASC 805-50, Business Combinations. The purchase price of the asset acquisitions were allocated to land, building, and acquired lease intangible assets and liabilities based on management’s estimate.

During the year ended December 31, 2020, the Company acquired one property.

	Tampa, FL
Property	$	1,662,904
Acquired lease intangible assets		184,767
Total investments	$	1,847,671

The property is located in Tampa, FL and was purchased on November 30, 2020 from a related party for 24,309 common units in the Operating Partnership at a $20.00 per unit price valued in total for approximately $486,200, $1,000 in cash and the assumption of approximately $1,286,700 in existing debt.  The Company’s president owns 10% of the related party. The acquisition is accounted for as asset acquisition under ASC 805-50, Business Combinations. The purchase price of the asset acquisition was allocated to land, building, and acquired lease intangible assets based on management’s estimate.

Dispositions:

During the year ended December 31, 2021, the Company sold one property.  

	Cocoa, 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, FL and was sold on August 31, 2021 for approximately $5,245,900 and recognized a gain of approximately $923,200.