Related Party Transactions (Tables)

3 Months Ended

Mar. 31, 2022

Related Party Transactions [Abstract]

Summary of Related Party Costs

Pursuant to the terms of the agreements described above, the following table summarizes related party costs incurred and paid by us for the year ended December 31, 2021 and the three months ended March 31, 2022, as well as any related amounts payable as of December 31, 2021 and March 31, 2022:

	Year Ended December 31, 2021			Three Months Ended March 31, 2022
	Incurred	Paid	Payable	Incurred	Paid	Payable
Expensed
Operating expenses    (including organizational costs)	$1,120,374	$997,903	$122,471	$448,280	$307,661	$263,090
Asset management fees	178,282	156,138	22,144	155,332	175,642	1,834
Property management fees	96,505	88,300	8,205	79,050	75,510	11,745
Transfer Agent expenses	42,949	42,949	—	55,184	50,184	5,000
Acquisition expenses (1)	662,957	551,302	111,655	130,138	104,133	137,660
Capitalized
Acquisition related (2)	1,442,319	1,046,673	395,646	1,200,000	—	1,595,646
Additional Paid-in Capital
Offering costs	501,712	436,212	65,500	—	65,500	—
Total	$4,045,098	$3,319,477	$725,621	$2,067,984	$778,630	$2,014,975

(1)Amounts include third party acquisition expenses paid by our Sponsor and reimbursed by the Company.

(2)Amounts include acquisition fees paid to our Sponsor and third party earnest money deposits paid by our Sponsor and reimbursed by the Company.