Summary of Significant Accounting Policies (Tables)

9 Months Ended

Sep. 30, 2024

Accounting Policies [Abstract]

Estimated Useful Lives used to Depreciate Real Property Assets

Depreciation of our real property assets is charged to expense on a straight-line basis over the estimated useful lives
as follows:

Description	Standard Depreciable Life
Land	Not Depreciated
Buildings	35 years
Site Improvements	7-10 years

Summary of Fixed Rate Notes Payable

The table below summarizes our fixed rate notes payable at December 31, 2023, we had no fixed rate notes payable at September 30, 2024. The estimated fair value of financial instruments is subjective in nature and are dependent on a number of important assumptions, including discount rates and relevant comparable market information associated with each financial instrument. The fair value of our fixed and variable rate notes payable was estimated by discounting the future cash flows using the current rates at which similar loans would be made to borrowers with similar credit ratings and for the same remaining maturities. These assumptions are considered level 2 inputs within the fair value hierarchy. The use of different market assumptions and estimation methodologies may have a material effect on the reported estimated fair value amounts. As of September 30, 2024 we had no fixed rate notes payable outstanding. As of September 30, 2024 and December 31, 2023, we believe the fair value of our variable rate debt are reasonably estimated at their notional amounts as there have been minimal changes to the fixed spread portion of interest rates for similar loans observed in the market, and as the variable portion of our interest rates fluctuate with the associated market indices.

	September 30, 2024				December 31, 2023
	Fair Value		Carrying Value		Fair Value		Carrying Value
Fixed Rate Secured Debt	$	-	$	-	$	4,600,000	$	4,764,241

As of September 30, 2024, we held interest rate cash flow hedges and foreign currency net investment hedges to hedge our interest rate and foreign currency exposure (See Notes 5 – Debt and 6 – Derivative Instruments). The valuation of these instruments was determined using widely accepted valuation techniques including discounted cash flow analysis on the expected cash flows of the derivatives. The analyses reflect the contractual terms of the derivatives, including the period to maturity, and used observable market-based inputs, including interest rate curves, foreign exchange rates and implied volatilities as applicable. The fair value of the interest rate swaps and cap agreements were determined using the market standard methodology of netting the discounted future fixed cash payments and the discounted expected variable cash payments. Our fair values of our net investment hedges are based primarily on the change in the spot rate at the end of the period as compared with the strike price at inception.

Summary of Portion of Sponsor Funding Received

Below is a summary of the portion of sponsor funding received which exceeds the fair value of the Series C Units issued:

Balance at December 31, 2023	$	3,372,686
Total consideration received		965,403
Reduction of Property operating expense - affiliates		(581,150	)
Balance at September 30, 2024	$	3,756,939

Schedule of Assets and Liabilities Measured at Fair Value On Recurring Basis

The table below presents the Company's assets and liabilities measured at fair value on a recurring basis as of September 30, 2024, aggregated by the level in the fair value hierarchy within which those measurements fall:

	Fair Value Measurements at Reporting Date Using
Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Other assets - interest rate hedges	$	—	$	3,599,183	$	—
Accounts payable and accrued liabilities - interest rate hedges	$	—	$	2,783,709	$	—
Other assets - foreign currency hedge	$	—	$	242,954	$	—

Schedule of Deferred Tax Asset

	September 30, 2024			December 31, 2023
Deferred tax asset:
Canadian real estate and non-capital losses	$	9,318,742		$	2,853,603
Total deferred tax asset		9,318,742			2,853,603
Deferred tax liabilities:
Canadian real estate	$	(2,696,208	)	$	—
		(2,696,208	)		—
Valuation allowance		(6,622,534	)		(2,853,603	)
Net deferred tax liabilities	$	—		$	—

Schedule of Securities Excluded from Computation of Diluted Earnings Per Share

The following table presents the unconverted Series B Convertible Preferred Stock and unvested restricted stock awards, that were excluded from the computation of diluted earnings per share above as their effect would have been antidilutive for the respective periods, and was calculated using the treasury stock or if-converted method, as applicable:

	For the nine months ended September 30,
	2024		2023
	Equivalent Shares (if converted)		Equivalent Shares (if converted)
Series B Convertible Preferred Stock		13,636,364		7,642,358
Unvested restricted stock awards		8,020		6,225
		13,644,384		7,648,583