Related Party Transactions (Tables)

6 Months Ended

Jun. 30, 2023

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, 2022 and the six months ended June 30, 2023, as well as any related amounts payable as of December 31, 2022 and June 30, 2023:

	Year Ended December 31, 2022			For the Six Months Ended June 30, 2023
	Incurred	Paid	Payable	Incurred	Paid	Payable
Expensed
Operating expenses    (including organizational costs)	$2,761,281	$1,936,266	$947,486	$2,554,375	$2,141,659	$1,360,202
Asset management fees	1,348,314	1,370,458	—	1,315,925	1,044,717	271,208
Property management fees	551,493	559,698	—	511,193	376,863	134,330
Transfer Agent expenses	145,716	138,529	7,187	104,067	111,254	—
Acquisition expenses (1)	631,575	739,556	3,674	280,899	179,263	105,310
Capitalized
Acquisition related (2)	4,797,897	4,442,083	751,460	5,808,206	3,851,088	2,708,578
Additional Paid-in Capital
Offering costs	102,285	167,785	—	14,940	14,940	—
Total	$10,338,561	$9,354,375	$1,709,807	$10,589,605	$7,719,784	$4,579,628

(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.