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Investment in Real Estate (Tables)

9 Months Ended

Sep. 30, 2022

Schedule of Investment in Real Estate, Net

Investment in real estate, net consisted of the following at September 30, 2022 and December 31, 2021:


	September 30, 2022			December 31, 2021
Building and building improvements	$	853,770,213		$	545,727,805
Land		104,747,161			82,236,434
Total		958,517,374			627,964,239
Accumulated depreciation		(32,653,167	)		(18,256,155	)
Investment in real estate, net	$	925,864,207		$	609,708,084

Schedule of Interest in Real Properties

As of September 30, 2022, the Company owned interests in 18 real properties as described below:


Portfolio	Ownership Percentage		Location	Number of Properties	Square Feet		Remaining Lease Term(1)	Annualized Rental Income(3)		Acquisition Date	Purchase Price(4)
Walgreens Grand Rapids ("GR Property")	100	%	Grand Rapids, MI	1		14,552	14.8 years(2)	$	500,000	July 2017	$	7,936,508
Daimler Trucks North America Office Building ("FM Property")	100	%	Fort Mill, SC	1		150,164	6.3 years	$	2,670,638	February 2018	$	40,000,000
Alliance Data Systems Office Building ("CO Property")	100	%	Columbus, OH	1		241,493	10.0 years	$	3,362,844	July 2018	$	46,950,000
Hoya Optical Labs of America ("Lewisville Property")	100	%	Lewisville, TX	1		89,473	5.8 years	$	937,060	November 2018	$	14,120,000
Williams Sonoma Office Building ("SF Property")	75	%	San Francisco, CA	1		13,907	0.0 years(6)	$	0	September 2019	$	11,600,000
Martin Brower Industrial Buildings ("Buchanan Property")	100	%	Phoenix, AZ	1		93,302	9.5 years	$	1,083,444	November 2019	$	17,300,000
Multifamily Residential Property ("Keller Property")	97	%	Carrolton, TX	1		255,627	multiple(5)	$	4,647,552	February 2021	$	56,500,000
Multifamily Residential Property ("Summerfield Property")	25	%	Landover, MD	1		452,876	multiple(5)	$	9,590,592	March 2021	$	115,500,000
Amazon Last Mile Cleveland ("Madison Ave Property")	100	%	Cleveland, OH	1		168,750	8.5 years	$	1,555,254	May 2021	$	30,800,000
Valencia California ("Valencia Property")	10	%	Santa Clarita, CA	1		180,415	13.3 years	$	5,323,193	July 2021	$	92,000,000
De Anza Plaza Office Buildings ("De Anza Property")	100	%	Cupertino, CA	1		83,959	8.8 years	$	4,206,056	July 2021	$	63,750,000
Multifamily Residential Property ("Kacey Property")	10	%	Kingwood, TX	1		296,991	multiple(5)	$	5,080,188	November 2021	$	67,000,000
Multifamily Residential Property ("Industry Property")	10	%	Columbus, OH	1		187,678	multiple(5)	$	4,890,864	December 2021	$	81,000,000
Mars Petcare Dry/Cold Storage Facility ("Fisher Road Property")	100	%	Columbus, OH	1		465,256	4.7 years	$	2,984,877	March 2022	$	58,000,000
Multifamily Residential Property ("Longmire Property")	96.46	%	Conroe, TX	1		231,720	multiple(5)	$	2,992,800	April 2022	$	43,400,000
Office Tower ("ON3 Property")	10	%	Nutley, NJ	1		332,818	16.3 years	$	7,245,828	April 2022	$	131,667,000
Multifamily Residential Property ("West End Property")	10	%	Lenexa, KS	1		299,813	multiple(5)	$	4,950,180	August 2022	$	69,375,000
Multifamily Residential Property ("Palms Property")	10	%	Houston, TX	1		222,672	multiple(5)	$	3,870,720	August 2022	$	48,000,000

(1)

Reflects number of years remaining until the tenant’s first termination option.

(2)

On March 14, 2022 the tenant (Walgreens) of the GR Property SPE waived the lease termination option and extended the non-cancelable term of the lease by five years to July 31, 2037.

(3)

Reflects the average annualized rental income for the lease(s). Annualized rental income for Keller Property, Summerfield Property, Kacey Property, Industry Property, Longmire Property, West End Property, and Palms Property is based on full occupancy.

(4)

Reflects the contract purchase price at 100% ownership as opposed to adjusted for current ownership percentage as applicable.

(5)

Indicates individual tenant leases (with a 1-year average lease term) for the multifamily residential properties.

(6)

The lease with William Sonoma expired on December 31, 2021. As of September 30, 2022, the SF Property is vacant.