Investments in Real Estate

3 Months Ended

Mar. 31, 2022

Note 3 – Investments in Real Estate

Acquisitions:

During the three months ended March 31, 2022, the Company acquired three properties. The purchase price of the asset acquisitions was allocated to land, building, tenant improvements, site improvements, and acquired lease intangible assets and liabilities based on management’s estimate.

	Fresenius -Chicago, IL			Starbucks -Tampa, FL			Kohl's -Tucson, AZ			Total
Property and improvements	$	2,885,732		$	2,144,121		$	6,153,408		$	11,183,261
Tenant improvements		55,041			20,504			349,136			424,681
Acquired lease intangible assets		276,013			112,830			981,203			1,370,046
Total investments		3,216,786			2,277,455			7,483,747			12,977,988
Less acquired lease intangible liabilities		(19,864	)		(13,497	)		(131,999	)		(165,360	)
Total investments, net	$	3,196,922		$	2,263,958		$	7,351,748		$	12,812,628

Fresenius - Chicago, IL: On January 7, 2022, the Company acquired an approximately 10,900 square foot single tenant medical-retail property located in Chicago, Illinois. The acquisition was financed with a $1,550,000 promissory note and the balance with cash on hand.

Starbucks - Tampa, FL: On January 14, 2022, the Company acquired an approximately 2,600 square foot single tenant retail property located in Tampa, Florida. The acquisition was financed with the issuance of a redeemable non-controlling interest of $1,109,570, debt of $1,050,000 and the balance with cash on hand.

Kohl’s - Tucson, AZ: On March 9, 2022, the Company acquired a leasehold interest in a ground lease and corresponding assignment of an approximately 88,400 square foot single tenant retail property located in Tucson, Arizona with Kohl’s Corporation (NYSE: KSS) as the tenant. The acquisition was financed with a $3,650,000 promissory note and the balance with cash on hand.

During the three months ended March 31, 2021, the Company acquired one property.

	GSA- Manteo, NC
Property	$	2,149,015
Tenant improvements		-
Acquired lease intangible assets		100,379
Total investments		2,249,394
Less acquired lease intangible liabilities		(511,620	)
Total investments	$	1,737,774

GSA-FBI - Manteo, NC: On February 11, 2021, acquired an approximately 7,500 square foot single tenant office property located in Manteo, North Carolina. The acquisition was financed with the issuance of a redeemable non-controlling interest of $500,000, debt of $1,275,000, and the balance with cash on hand.