Investments in Real Estate (Tables)

9 Months Ended

Sep. 30, 2024

Real Estate [Abstract]

Summary of Real Estate Activity

Real estate activity for the nine months ended September 30, 2024 is composed of the following:

Cost
Balance - beginning of year	$	1,102,298,000
Acquisition		9,782,000
Improvements		564,000
Land condemnation		(53,000	)
Provision for impairment		(250,000	)
Balance - end of period	$	1,112,341,000
Accumulated depreciation
Balance - beginning of year	$	(62,243,000	)
Depreciation expense		(21,677,000	)
Balance - end of period	$	(83,920,000	)
Net book value - end of period	$	1,028,421,000

Summary of Allocation of Purchase Price

An allocation of the purchase price, including acquisition costs, for this acquisition is as follows:

Land	$	2,288,000
Building		6,915,000
Building and site improvements		579,000
Lease in-place intangible assets		993,000
		10,775,000
Liabilities assumed:
Lease below-market intangible liabilities		(557,000	)
Purchase price (including acquisition costs)	$	10,218,000

Schedule of Rental Revenue

Rental revenue is comprised of the following:

	Three months ended September 30,				Nine months ended September 30,
	2024		2023		2024		2023
Base rents	$	17,117,000	$	16,410,000	$	51,177,000	$	48,503,000
Tenant reimbursables		1,990,000		2,101,000		6,720,000		6,387,000
Straight-line rent adjustments		197,000		221,000		614,000		711,000
Above/below market lease amortization, net		625,000		604,000		1,950,000		1,782,000
Lease termination income		-		73,000		-		513,000
	$	19,929,000	$	19,409,000	$	60,461,000	$	57,896,000

Schedule of Percentage of Contractual Base Rents

The following tenants contributed more than 10% of contractual base rents during the nine months ended September 30, 2024:

Tenant	% of Total Base Rents
Dollar General	17.8%
Walgreens	15.9%