Subsequent Events	9 Months Ended
Sep. 30, 2024
Subsequent Events
Subsequent Events	11. Subsequent Events As of November 12, 2024, the following events have occurred subsequent to the September 30, 2024 effective date of the condensed consolidated financial statements: Wells Fargo Line of Credit On October 2, 2024, the Company, through its wholly-owned subsidiaries, entered into an amended and restated Revolving Line of Credit Note with Wells Fargo Bank, National Association that increases the line of credit from $1,500,000 to $4,000,000 and extended the maturity date to September 30, 2026. (See Note 5, above.) Private Placement of Operating Partnership Units On October 11, 2024, the Company’s Operating Partnership entered into a Subscription Agreement with Francis P. Kavanaugh, the Company’s President and Chief Executive Officer and a member of the Board, for the sale by the Operating Partnership in a private placement of 160,000 units of partnership interest in the Operating Partnership at a purchase price of $12.50 per unit for total consideration of $2,000,000. Common Stock Dividend On October 21, 2024, a dividend in the amount of $0.06 per share was paid to common stockholders and Operating Partnership Unit holders of record on October 16, 2024. Mandatorily Redeemable Preferred Stock Dividend On October 21, 2024, a dividend in the amount of $0.50 per share was paid to mandatorily redeemable preferred stockholders of record on October 16, 2024 for the period from July 23, 2024 to October 21, 2024. Notice of Intent to Partially Redeem Shares of Mandatorily Redeemable Preferred Stock On October 23, 2024, the Company gave notice of its intention to redeem 140,000 shares of its mandatorily redeemable preferred stock on November 25, 2024. The Company plans to use the $2,000,000 proceeds from the private placement of Operating Partnership Units and $1,500,000 in cash on hand to fund this redemption.

Subsequent Events

9 Months Ended

Sep. 30, 2024

11. Subsequent Events

As of November 12, 2024, the following events have occurred subsequent to the September 30, 2024 effective date of the condensed consolidated financial statements:

Wells Fargo Line of Credit

On October 2, 2024, the Company, through its wholly-owned subsidiaries, entered into an amended and restated Revolving Line of Credit Note with Wells Fargo Bank, National Association that increases the line of credit from $1,500,000 to $4,000,000 and extended the maturity date to September 30, 2026. (See Note 5, above.)

Private Placement of Operating Partnership Units

On October 11, 2024, the Company’s Operating Partnership entered into a Subscription Agreement with Francis P. Kavanaugh, the Company’s President and Chief Executive Officer and a member of the Board, for the sale by the Operating Partnership in a private placement of 160,000 units of partnership interest in the Operating Partnership at a purchase price of $12.50 per unit for total consideration of $2,000,000.

Common Stock Dividend

On October 21, 2024, a dividend in the amount of $0.06 per share was paid to common stockholders and Operating Partnership Unit holders of record on October 16, 2024.

Mandatorily Redeemable Preferred Stock Dividend

On October 21, 2024, a dividend in the amount of $0.50 per share was paid to mandatorily redeemable preferred stockholders of record on October 16, 2024 for the period from July 23, 2024 to October 21, 2024.

Notice of Intent to Partially Redeem Shares of Mandatorily Redeemable Preferred Stock

On October 23, 2024, the Company gave notice of its intention to redeem 140,000 shares of its mandatorily redeemable preferred stock on November 25, 2024. The Company plans to use the $2,000,000 proceeds from the private placement of Operating Partnership Units and $1,500,000 in cash on hand to fund this redemption.