XML 19 R9.htm IDEA: XBRL DOCUMENT v3.20.2
Investment in Real Estate
 6 Months Ended
Jun. 30, 2020
Real Estate [Abstract]  
Investment in Real Estate

Note 3 – Investment in Real Estate

Investment in real estate, net consisted of the following at June 30, 2020 and December 31, 2019:

 

 

 

June 30, 2020

 

 

December 31, 2019

 

Building and building improvements

 

$

140,185,153

 

 

$

140,185,153

 

Land

 

 

23,195,885

 

 

 

23,195,885

 

Total

 

 

163,381,038

 

 

 

163,381,038

 

Accumulated depreciation

 

 

(6,433,313

)

 

 

(4,275,639

)

Investment in real estate, net

 

$

156,947,725

 

 

$

159,105,399

 

As of June 30, 2020, the Company owned interests in 13 real properties as described below:

 

Portfolio

 

Ownership

Percentage

 

Location

 

Number of

Properties

 

Square

Feet

 

 

Remaining

Lease

Term(1)

 

Annualized

Rental

Income(2)

 

 

Acquisition

Date

 

Purchase

Price(3)

 

 

Walgreens Grand Rapids ("GR Property")

 

100

%

 

Grand Rapids, MI

 

1

 

 

14,552

 

 

12.1 years

 

$

 

500,000

 

 

July 2017

 

$

 

7,936,508

 

 

CF Net Lease Portfolio IV DST ("DST Properties")

 

100

%

 

Various

 

7

 

 

103,537

 

 

11.4 years

 

$

 

2,323,749

 

 

September 2017

 

$

 

35,706,642

 

 

Daimler Trucks North America Office Building ("FM Property")

 

100

%

 

Fort Mill, SC

 

1

 

 

150,164

 

 

8.4 years

 

$

 

2,670,638

 

 

February 2018

 

$

 

40,000,000

 

 

Alliance Data Systems Office Building ("CO Property")

 

100

%

 

Columbus, OH

 

1

 

 

241,493

 

 

12.2 years

 

$

 

3,362,844

 

 

July 2018

 

$

 

46,950,000

 

 

Hoya Optical Labs of America ("Lewisville Property")

 

100

%

 

Lewisville, TX

 

1

 

 

89,473

 

 

7.9 years

 

$

 

937,060

 

 

November 2018

 

$

 

14,120,000

 

 

Williams Sonoma Office Building ("SF Property")(4)

 

75

%

 

San Francisco, CA

 

1

 

 

13,907

 

 

1.4 years

 

$

 

582,860

 

 

September 2019

 

$

 

11,600,000

 

 

Martin Brower Industrial Buildings ("Buchanan Property")

 

100

%

 

Phoenix, AZ

 

1

 

 

93,302

 

 

11.7 years

 

$

 

1,083,444

 

 

November 2019

 

$

 

17,300,000

 

 

 

(1)

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

 

 

(2)

Reflects the average annualized rental income for the lease.

 

 

(3)

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

 

 

(4)

Effective as of May 1, 2020, for a period of two (2) months, the tenant's monthly rent payment of $48,839 was abated with regards to the Company’s SF Property investment as a result of COVID-19. Absent the tenant's default under the terms of the rent deferral agreement or the lease, the landlord will not charge any late fees or interest related to the deferred rent. Rent payments shall re-commence on July 1, 2020 pursuant to the existing lease terms and the two months of deferred rent will be repaid in equal parts over the period beginning July 1, 2020 and ending on December 1, 2020.

 

As of June 30, 2020, all of the Company’s properties were 100% leased and occupied.