Modiv (MDV) 10-K 13 Mar 23 2022 FY Annual report Financial data

Cover

Cover - USD ($)	12 Months Ended
	Dec. 31, 2022	Feb. 28, 2023	Jun. 30, 2022
Document Information [Line Items]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2022
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	001-40814
Entity Registrant Name	MODIV INC.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	47-4156046
Entity Address, Address Line One	200 S. Virginia Street
Entity Address, City or Town	Reno
Entity Address, State or Province	NV
Entity Address, Postal Zip Code	89501
City Area Code	(888)
Local Phone Number	686-6348
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	false
Entity Shell Company	false
Entity Public Float			$ 131,302,924
Entity Common Stock, Shares Outstanding		7,546,069
Documents Incorporated by Reference	The information that is required to be included in Part III of this Annual Report on Form 10-K is incorporated by reference to the definitive proxy statement to be filed by the registrant within 120 days of December 31, 2022. Only those portions of the definitive proxy statement that are specifically incorporated by reference herein shall constitute a part of this Annual Report on Form 10-K.
Amendment Flag	false
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	FY
Entity Central Index Key	0001645873
Class C
Document Information [Line Items]
Title of 12(b) Security	Class C Common Stock, $0.001 par value per share
Trading Symbol	MDV
Security Exchange Name	NYSE
Series A Cumulative Redeemable Preferred Stock
Document Information [Line Items]
Title of 12(b) Security	7.375% Series A Cumulative Redeemable Perpetual Preferred Stock, $0.001 par value per share
Trading Symbol	MDV.PA
Security Exchange Name	NYSE

Audit Information

Audit Information	12 Months Ended
	Dec. 31, 2022
Audit Information [Abstract]
Auditor Firm ID	23
Auditor Name	BAKER TILLY US, LLP
Auditor Location	Irvine, California

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($)	Dec. 31, 2022	Dec. 31, 2021
Real estate investments:
Land	$ 103,657,237	$ 61,005,402
Building and improvements	329,867,099	251,246,290
Equipment	4,429,000	0
Tenant origination and absorption costs	19,499,749	21,504,210
Total investments in real estate property	457,453,085	333,755,902
Accumulated depreciation and amortization	(46,752,322)	(37,611,133)
Total Investment in Real Estate Property, Net	410,700,763	296,144,769
Unconsolidated investment in a real estate property	10,007,420	9,941,338
Total real estate investments excluding real estate investments held for sale, net	420,708,183	306,086,107
Real estate investments held for sale, net	5,255,725	31,510,762
Total real estate investments, net	425,963,908	337,596,869
Cash and cash equivalents	8,608,649	55,965,550
Restricted cash	0	2,441,970
Receivable from early termination of lease	0	1,836,767
Tenant receivables	8,859,329	5,996,919
Above-market lease intangibles, net	1,850,756	691,019
Prepaid expenses and other assets	6,100,937	5,856,255
Interest rate swap derivative	4,629,702	0
Other assets related to real estate investments held for sale	12,765	788,296
Goodwill, net	0	17,320,857
Total assets	456,026,046	428,494,502
Liabilities and Equity
Mortgage notes payable, net	44,435,556	152,223,579
Mortgage notes payable related to real estate investments held for sale, net	0	21,699,912
Total mortgage notes payable, net	44,435,556	173,923,491
Credit facility revolver	3,000,000	8,022,000
Credit facility term loan, net	148,018,164	0
Accounts payable, accrued and other liabilities	9,245,933	11,844,881
Below-market lease intangibles, net	9,675,686	11,102,940
Interest rate swap derivatives	498,866	788,016
Other liabilities related to real estate investments held for sale	117,881	383,282
Total liabilities	214,992,086	206,064,610
Commitments and contingencies (Note 11)
Additional paid-in-capital	278,339,020	273,441,831
Treasury stock, at cost, 250,153 shares held as of December 31, 2022 and no shares held as of December 31, 2021	(4,161,618)	0
Cumulative distributions and net losses	(117,938,876)	(101,624,430)
Accumulated other comprehensive income	3,502,616	0
Total Modiv Inc. equity	159,750,904	171,826,892
Noncontrolling interest in the Operating Partnership	81,283,056	50,603,000
Total equity	241,033,960	222,429,892
Total liabilities and equity	456,026,046	428,494,502
Series A
Liabilities and Equity
7.375% Series A cumulative redeemable perpetual preferred stock, $0.001 par value, 2,000,000 shares authorized, issued and outstanding as of December 31, 2022 and 2021 (Note 9)	2,000	2,000
Class C
Liabilities and Equity
Common stock, value issued	7,762	7,427
Class S
Liabilities and Equity
Common stock, value issued	$ 0	$ 64

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Preferred Stock
Preferred stock par value (in usd per share)	$ 0.001
Preferred stock, shares authorized (in shares)	50,000,000
Preferred stock, shares outstanding (in shares)	2,000,000
Treasury stock
Treasury stock (in shares)	(250,153)	0
Series A
Preferred Stock
Preferred stock, dividend rate, percentage	7.375%	7.375%
Preferred stock par value (in usd per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	2,000,000	2,000,000
Preferred stock, shares issued (in shares)	2,000,000	2,000,000
Preferred stock, shares outstanding (in shares)	2,000,000	2,000,000
Class C
Common Stock
Common stock par value (in usd per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	300,000,000	300,000,000
Common stock, shares issued (in shares)	7,762,506	7,426,636
Common stock, shares outstanding (in shares)	7,512,353	7,426,636
Class S
Common Stock
Common stock par value (in usd per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	100,000,000	100,000,000
Common stock, shares issued (in shares)	0	63,768
Common stock, shares outstanding (in shares)	0	63,768

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Income Statement [Abstract]
Rental income	$ 46,174,267	$ 37,889,831
Expenses:
General and administrative	7,812,057	9,715,067
Stock compensation expense	2,401,022	2,744,881
Depreciation and amortization	14,929,574	15,266,936
Interest expense	8,106,658	7,586,197
Property expenses	8,899,626	6,880,993
Impairment (reversal of impairment) of real estate investment property	2,080,727	(400,999)
Impairment of goodwill and intangible assets	17,320,857	3,767,190
Total expenses	61,550,521	45,560,265
Operating loss:
Gain on sale of real estate investments, net	12,196,371	6,136,588
Operating loss	(3,179,883)	(1,533,846)
Other income (expense):
Interest income	21,910	21,328
Income from unconsolidated investment in a real estate property	278,002	276,042
Gain on forgiveness of economic relief note payable	0	517,000
Loss on early extinguishment of debt	(1,725,318)	0
Other	93,971	283,971
Other (expense) income, net	(1,331,435)	1,098,341
Net loss	(4,511,318)	(435,505)
Less: net loss attributable to noncontrolling interest in Operating Partnership	(1,222,783)	0
Net loss attributable to Modiv Inc.	(3,288,535)	(435,505)
Preferred stock dividends	(3,687,500)	(1,065,278)
Net loss attributable to common stockholders	$ (6,976,035)	$ (1,500,783)
Net loss per share attributable to common stockholders, basic (in usd per share)	$ (0.93)	$ (0.20)
Net loss per share attributable to common stockholders, diluted (in usd per share)	$ (0.93)	$ (0.20)
Weighted-average number of common stock outstanding, basic (in shares)	7,487,204	7,544,834
Weighted-average number of common stock outstanding, diluted (in shares)	7,487,204	7,544,834

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Loss) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Statement of Comprehensive Income [Abstract]
Net loss	$ (4,511,318)	$ (435,505)
Other comprehensive income:
Unrealized holding gain on interest rate swap designated as a cash flow hedge	4,039,706	0
Comprehensive loss	(471,612)	(435,505)
Net loss attributable to noncontrolling interest in Operating Partnership	(1,222,783)	0
Other comprehensive income attributable to noncontrolling interest in Operating Partnership:
Unrealized holding gain on interest rate swap designated as a cash flow hedge	602,487	0
Comprehensive loss attributable to noncontrolling interest in Operating Partnership	(620,296)	0
Comprehensive income (loss) attributable to Modiv Inc.	$ 148,684	$ (435,505)

Consolidated Statements of Equi

Consolidated Statements of Equity - USD ($)	Total	Preferred Stock	Class C OP Units	Preferred Stock	Preferred Stock Preferred Stock	Common Stock Class C And S	Additional Paid-in Capital	Additional Paid-in Capital Preferred Stock	Treasury Stock	Cumulative Distributions and Net Losses	Accumulated Other Comprehensive Income	Total Modiv Inc. Equity	Total Modiv Inc. Equity Preferred Stock	Noncontrolling Interest in the Operating Partnership	Noncontrolling Interest in the Operating Partnership Class C OP Units
Beginning balance (in shares) at Dec. 31, 2020				0
Beginning balance at Dec. 31, 2020	$ 182,886,668			$ 0		$ 7,938	$ 224,288,416		$ 0	$ (92,012,686)	$ 0	$ 132,283,668		$ 50,603,000
Beginning balance (in shares) at Dec. 31, 2020						7,937,401
Beginning balance (in shares) at Dec. 31, 2020									0
Increase (Decrease) in Stockholders' Equity
Issuance of stock (in shares)					2,000,000	370,043
Issuance of Stock	8,936,697	$ 47,607,309			$ 2,000	$ 370	8,936,327	$ 47,605,309				8,936,697	$ 47,607,309
Stock compensation expense (in shares)						15,191
Stock compensation expense	378,750					$ 15	378,735					378,750
OP Units compensation expense	2,387,381						2,387,381					2,387,381
Offering costs	(1,418,334)						(1,418,334)					(1,418,334)
Reclassification from redeemable common stock	10,346,127						10,346,127					10,346,127
Repurchases of common stock (in shares)						(832,231)
Repurchases of common stock	(19,082,962)					$ (832)	(19,082,130)					(19,082,962)
Dividends, preferred stock	(1,065,278)									(1,065,278)		(1,065,278)
Distributions declared, common stock	(8,110,961)									(8,110,961)		(8,110,961)
Net loss	(435,505)
Net loss	(435,505)									(435,505)		(435,505)
Ending balance (in shares) at Dec. 31, 2021				2,000,000
Ending balance at Dec. 31, 2021	$ 222,429,892			$ 2,000		$ 7,491	273,441,831		$ 0	(101,624,430)	0	171,826,892		50,603,000
Ending balance (in shares) at Dec. 31, 2021						7,490,404
Ending balance (in shares) at Dec. 31, 2021	0								0
Increase (Decrease) in Stockholders' Equity
Issuance of stock (in shares)						210,311
Issuance of Stock	$ 3,490,159		$ 32,809,550			$ 210	3,489,949					3,490,159			$ 32,809,550
Listed offering of common stock, net (in shares)						40,000
Listed offering of common stock, net	114,500					$ 40	114,460					114,500
Stock compensation expense (in shares)						21,791
Stock compensation expense	330,000					$ 21	329,979					330,000
OP Units compensation expense	2,071,022						2,071,022					2,071,022
Offering costs	(1,108,221)						(1,108,221)					(1,108,221)
Repurchases of common stock (in shares)									(250,153)
Repurchases of common stock	(4,161,618)								$ (4,161,618)			(4,161,618)
Dividends, preferred stock	(3,687,500)									(3,687,500)		(3,687,500)
Distributions declared, common stock	(9,338,411)									(9,338,411)		(9,338,411)
Distributions declared, Class C OP Units			$ (1,509,198)												$ (1,509,198)
Net loss	(4,511,318)
Net loss	(3,288,535)									(3,288,535)		(3,288,535)		(1,222,783)
Other comprehensive income	$ 4,105,103										3,502,616	3,502,616		602,487
Ending balance (in shares) at Dec. 31, 2022	2,000,000			2,000,000
Ending balance at Dec. 31, 2022	$ 241,033,960			$ 2,000		$ 7,762	$ 278,339,020		$ (4,161,618)	$ (117,938,876)	$ 3,502,616	$ 159,750,904		$ 81,283,056
Ending balance (in shares) at Dec. 31, 2022						7,762,506
Ending balance (in shares) at Dec. 31, 2022	(250,153)								(250,153)

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Cash Flows from Operating Activities:
Net loss	$ (4,511,318)	$ (435,505)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	14,929,574	15,266,936
Stock and OP Units compensation expense	2,401,022	2,744,881
Amortization of deferred rents	(1,665,925)	188,297
Amortization of deferred lease incentives	412,098	245,438
Amortization of deferred financing costs and premium/discount	484,930	369,286
Amortization of above-market lease intangibles	197,224	129,823
Amortization of below-market lease intangibles	(1,202,711)	(1,462,797)
Impairment (reversal of impairment) of real estate investment property	2,080,727	(400,999)
Impairment of goodwill and intangible assets	17,320,857	3,767,190
Write-off of purchase deposit	375,000	0
Gain on sale of real estate investments, net	(12,196,371)	(6,136,588)
Write-off of deferred financing costs upon early termination of mortgage notes payable	1,164,999	0
Gain on extinguishment of interest swaps	(788,016)	0
Unrealized gain on interest rate swap valuation	(25,733)	(970,039)
Gain on forgiveness of economic relief note payable	0	(517,000)
Income from unconsolidated investment in a real estate property	(278,002)	(276,042)
Distributions from unconsolidated investment in a real estate property	211,921	337,072
Changes in operating assets and liabilities:
Increase in tenant receivables	(2,072,718)	(913,208)
Increase in note receivable	0	(1,836,767)
Decrease (increase) in prepaid expenses and other assets	555,343	(1,348,856)
(Decrease) increase in accounts payable, accrued and other liabilities	(744,080)	977,563
Net cash provided by operating activities	16,648,821	9,728,685
Cash Flows from Investing Activities:
Acquisitions of real estate investments	(127,144,030)	(15,162,305)
Improvements to existing real estate investments	(4,353,938)	(1,356,038)
Additions to intangible assets	0	(195,750)
Collection of receivable from early termination of lease	1,836,767	0
Collection of receivable from sale of real estate property	0	1,824,383
Net proceeds from sale of real estate investments	70,662,287	37,719,998
Purchase deposits, net	84,452	(1,000,000)
Payment of lease incentives	(2,148,731)	0
Net cash (used in) provided by investing activities	(61,063,193)	21,830,288
Cash Flows from Financing Activities:
Proceeds from lines of credit	150,000,000	0
Proceeds from long-term lines of credit	3,000,000	0
(Repayments) borrowings from prior credit facility revolver, net	(8,022,000)	2,022,000
Proceeds from mortgage notes payable	0	25,436,000
Principal payments on mortgage notes payable	(130,496,746)	(36,569,537)
Refundable loan deposit	0	18,804
Payments of deferred financing costs	(3,638,229)	(404,971)
Proceeds from issuance of preferred stock, net	0	47,607,309
Proceeds from listed offering of common stock, net	114,500	4,336,086
Payment of offering costs	(1,108,221)	(1,418,334)
Repurchases of common stock	(4,161,618)	(19,082,962)
Dividends paid to preferred stockholders	(3,830,903)	0
Net cash (used in) provided by financing activities	(5,384,499)	18,471,017
Net (decrease) increase in cash, cash equivalents and restricted cash	(49,798,871)	50,029,990
Cash, cash equivalents and restricted cash, beginning of year	58,407,520	8,377,530
Cash, cash equivalents and restricted cash, end of year	8,608,649	58,407,520
Supplemental disclosure of cash flow information:
Cash paid for interest	7,768,212	8,053,000
Supplemental disclosure of noncash flow information:
Reclassifications from redeemable common stock	0	10,346,127
Unpaid real estate improvements	522,845	0
Deferred lease incentives	0	(2,128,538)
Issuance of Class C OP Units in the acquisition of a real estate investment	32,809,550	0
Reinvested distributions from common stockholders	3,490,159	4,600,611
Reclassification of tenant improvements from other assets to real estate investments	0	73,037
Decrease in share repurchases payable	0	(2,980,559)
(Decrease) increase in accrued distributions	(27,235)	36,972
Decrease (increase) in real estate investments held for sale	26,255,037	(6,925,023)
Decrease in assets related to real estate investments held for sale	775,531	291,065
Decrease in above-market lease intangibles	0	50,549
(Decrease) increase in mortgage notes payable related to real estate investments held for sale	(21,699,912)	12,611,474
Decrease in liabilities related to real estate investments held for sale	(267,850)	(418,055)
Increase (decrease) in below-market lease intangibles	2,449	(325,734)
Decrease in interest swap derivatives	0	(14,166)
Common Stock
Cash Flows from Financing Activities:
Distributions paid	(5,857,849)	(3,473,378)
Class C OP Units
Cash Flows from Financing Activities:
Distributions paid	$ (1,383,433)	$ 0

BUSINESS AND ORGANIZATION

BUSINESS AND ORGANIZATION	12 Months Ended
	Dec. 31, 2022
Accounting Policies [Abstract]
BUSINESS AND ORGANIZATION	BUSINESS AND ORGANIZATION Modiv Inc. (the “Company”) was incorporated on May 15, 2015 as a Maryland corporation. The Company has the authority to issue 450,000,000 shares of stock, consisting of 50,000,000 shares of preferred stock, $0.001 par value per share, of which 2,000,000 shares are designated as 7.375% Series A cumulative redeemable perpetual preferred stock (“Series A Preferred Stock”), 300,000,000 shares of Class C common stock, $0.001 par value per share, and 100,000,000 shares of Class S common stock, $0.001 par value per share. The Company's five-year emerging growth company registration with the Securities and Exchange Commission (the “SEC”) ended on December 31, 2021 and the Company continues to report with the SEC as a smaller reporting company under Rule 12b-2 of the Securities Exchange Act of 1934, as amended. The Company's Series A Preferred Stock is listed on the New York Stock Exchange (the “NYSE”) under the symbol MDV.PA and has been trading since September 17, 2021. The Company's Class C common stock is listed on the NYSE under the symbol “MDV” and has been trading since February 11, 2022. Prior to that date, there was no public trading market for the Company's Class C common stock. In connection with and upon the listing on the NYSE, each share of the Company's Class S common stock converted into Class C common stock (see details of the initial listed offering (the “Listed Offering”) below). The Company has been internally managed since its December 31, 2019 acquisition of the business of BrixInvest, LLC, a Delaware limited liability company and the Company’s former sponsor (“BrixInvest”), and the Company’s merger with Rich Uncles Real Estate Investment Trust I (“REIT I”) on December 31, 2019. The Company holds its investments in real property primarily through special purpose limited liability companies which are wholly-owned subsidiaries of Modiv Operating Partnership, LP, a Delaware limited partnership (the “Operating Partnership”). The Operating Partnership was formed on January 28, 2016. The Company is the sole general partner of, and owned an approximate 73% and 83% partnership interest in, the Operating Partnership on December 31, 2022 and 2021, respectively. The Operating Partnership's limited partners include holders of several classes of units with various vesting and enhancement terms as further described in Note 12 . As of December 31, 2022, the Company's portfolio of approximately 3.2 million square feet of aggregate leasable space consisted of investments in 46 real estate properties, comprised of: 27 industrial properties, including an approximate 72.7% tenant-in-common interest in a Santa Clara, California property (the “TIC Interest”), which represent approximately 59% of the portfolio, 12 retail properties, which represent approximately 20% of the portfolio, and 7 office properties (including one held for sale), which represent approximately 21% of the portfolio (expressed as a percentage of annual base rent (“ABR”) as of December 31, 2022). New Principal Executive Offices Effective December 16, 2022, the Company and its subsidiaries moved their principal executive offices to 200 S. Virginia Street, Reno, Nevada 89501 from 120 Newport Center Drive, Newport Beach, California 92660. Common Stock Offerings Since the Company’s initial registered offering of common stock was declared effective by the SEC in 2016, the Company has raised an aggregate of $212,086,682 pursuant to: (i) non-listed offerings of common stock registered with the SEC (collectively, the “Registered Offering”), (ii) offerings of common stock exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended (the “Securities Act”), (iii) distribution reinvestment plan (“DRP”) offerings of common stock registered with the SEC, (iv) a private offering of common stock pursuant to Regulation D under the Securities Act, (v) a qualified offering of common stock pursuant to Regulation A under the Securities Act and (vi) an offering of common stock listed on the NYSE. On December 8, 2021, the Company filed with the SEC a Registration Statement on Form S-11 (File No. 333-261529), and, on February 9, 2022, the Company filed with the SEC Amendment No. 1 to the Registration Statement on Form S-11, in connection with the Listed Offering of the Company’s Class C common stock, which became effective on February 10, 2022. In connection with and upon the listing on the NYSE, each share of the Company's Class S common stock converted into a share of Class C common stock. The Listed Offering of the Company's Class C common stock closed on February 15, 2022. In connection with the Listed Offering, the Company sold 40,000 shares of its Class C common stock at $25.00 per share to a major stockholder who was formerly a related party (see Note 9 for more details). On March 30, 2022, the Company filed a Registration Statement on Form S-3 (File No. 333-263985), and on May 27, 2022, the Company filed Amendment No. 1 to the Registration Statement on Form S-3, to issue and sell from time to time, together or separately, the following securities at an aggregate public offering price that will not exceed $200,000,000: Class C common stock, preferred stock, warrants, rights and units. The Form S-3, as amended, became effective on June 2, 2022 and the Company filed a prospectus supplement for the Company's at-the-market offering of up to $50,000,000 of its Class C common stock (the “ATM Offering”) on June 6, 2022. As of December 31, 2022, no shares have been issued in connection with the Company's ATM Offering. Preferred Stock Offering On September 17, 2021, the Company and the Operating Partnership completed the issuance and sale of 2,000,000 shares of the Company’s Series A Preferred Stock in an underwritten public offering (the “Preferred Offering”) at a price per share of $25.00 (see Note 9 for additional information). Distribution Reinvestment Plan On February 15, 2022, the Company's board of directors amended and restated its DRP (the “Second Amended and Restated DRP”) with respect to the Class C common stock to change the purchase price at which the Class C common stock is issued to stockholders who elect to participate in the DRP. The purpose of this change was to reflect the fact that the Company's Class C common stock is now listed on the NYSE and no longer priced based on net asset value (“NAV”) per share. As more fully described in the Second Amended and Restated DRP, the purchase price for the Class C common stock under the DRP depends on whether the Company issues new shares to DRP participants or the Company or any third-party administrator obtains shares to be issued to DRP participants by purchasing them in the open market or in privately negotiated transactions. The purchase price for the Class C common stock issued directly by the Company is 97%, reflecting a 3% discount (or such other discount as may then be in effect) of the Market Price (as defined in the Second Amended and Restated DRP) of the Class C common stock. This discount is subject to change from time to time, in the Company’s sole discretion, but will be between 0% to 5% of the Market Price. The purchase price for the Class C common stock that the Company or any third-party administrator purchases from parties other than the Company, either in the open market or in privately negotiated transactions, will be 100% of the “average price per share” (as described in the Second Amended and Restated DRP) actually paid for such shares of Class C common stock, excluding any processing fees. The Second Amended and Restated DRP also reflects the $0.05 per share processing fee that will be paid to the Company's transfer agent by DRP participants for each share of Class C common stock purchased through the DRP. The Second Amended and Restated DRP was effective beginning with distributions paid in February 2022. From February 2022 through December 31, 2022, the Company issued 210,311 shares of Class C common stock under the DRP. Share Repurchase Programs On February 15, 2022, the Company's board of directors authorized up to $20,000,000 in repurchases of the Company's outstanding shares of common stock through December 31, 2022. On December 21, 2022, the Company's board of directors authorized up to $15,000,000 in repurchases of the Company's outstanding shares of common stock and Series A Preferred Stock from January 1, 2023 through December 31, 2023. Repurchases made pursuant to the 2023 repurchase program will be made from time-to-time in the open market, in privately negotiated transactions or in any other manner as permitted by federal securities laws and other legal requirements. The timing, manner, price and amount of any repurchases will be determined by the Company in its discretion and will be subject to economic and market conditions, stock price, applicable legal requirements and other factors. The program may be suspended or discontinued at any time. From February 15, 2022 through December 31, 2022, the Company repurchased a total of 250,153 shares of its common stock for a total of $4,161,618 and an average cost of $16.64 per share under the 2022 share repurchase program and these shares are held as treasury stock. The Company's last share repurchases were made on December 30, 2022.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2022
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation and Principles of Consolidation The accompanying consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) as contained within the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) and the rules and regulations of the SEC. The Company's financial statements, and the financial statements of the Operating Partnership, including its wholly-owned subsidiaries, are consolidated in the accompanying consolidated financial statements. The portion of the Operating Partnership which is not wholly-owned by the Company is presented as a noncontrolling interest. All significant intercompany balances and transactions are eliminated in consolidation. The accompanying consolidated financial statements and related notes are the representations of the Company’s management, who is responsible for their integrity and objectivity. In the opinion of the Company’s management, the consolidated financial statements reflect all adjustments, which are normal and recurring in nature, necessary for fair financial statement presentation. Use of Estimates The preparation of the accompanying consolidated financial statements and the related notes thereto in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in such consolidated financial statements and related notes thereto. These estimates are based on historical experience and, in some cases, assumptions based on current and future market experience. Actual results could differ materially from those estimates. Noncontrolling Interest in Consolidated Entities The Company accounts for the noncontrolling interests in its Operating Partnership in accordance with the related accounting guidance. Due to the Company's control of the Operating Partnership through its general partnership interest therein and the limited rights of the limited partners, the Operating Partnership, including its wholly-owned subsidiaries, is consolidated with the Company, and the limited partner interests not held by the Company are reflected as noncontrolling interests in the accompanying consolidated balance sheets and statements of equity. Other than the noncontrolling interests related to an “UPREIT” transaction completed in January 2022, as discussed in detail in Note 12 , all noncontrolling interests currently represent non-voting, non-distribution accruing interests with no allocation of profits or losses, but have various conversion rights to obtain future rights to distributions and allocation of profits and losses as discussed further in Note 12. Variable Interest Entities The FASB provides guidance for determining whether an entity is a variable interest entity (a “VIE”). VIEs are defined as entities in which equity investors do not have the characteristics of a controlling financial interest or do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support. A VIE is required to be consolidated by its primary beneficiary, which is the party that (i) has the power to control the activities that most significantly impact the VIE’s economic performance; and (ii) has the obligation to absorb losses, or the right to receive benefits, of the VIE that could potentially be significant to the VIE. As of June 30, 2022, the Company held an interest in a VIE, which was incorporated under a qualified exchange accommodation arrangement to temporarily hold replacement real estate properties, for which the Company was determined to be the primary beneficiary. As a result, the Company consolidated this entity. As of June 30, 2022, the Company's investment related to this VIE aggregated $31,406,864, or 7.3% of total assets, and no liabilities, which related to four real estate properties the VIE held as of that date. Prior to September 30, 2022, the Company completed the exchange transaction related to the four real estate properties held by the VIE, and the entity became a wholly-owned subsidiary of the Company. Business Combinations The Company accounts for business combinations in accordance with FASB ASC 805, Business Combinations (“ASC 805”), and applicable Accounting Standards Updates (each, an “ASU”), whereby the total consideration transferred is allocated to the assets acquired and liabilities assumed, including amounts attributable to any non-controlling interests, when applicable, based on their respective estimated fair values as of the date of acquisition. Goodwill represents the excess of consideration transferred over the estimated fair value of the net assets acquired in a business combination. ASC 805 defines business as an integrated set of activities and assets (collectively, a “set”) that is capable of being conducted and managed for the purpose of providing a return in the form of dividends, lower costs, or other economic benefits directly to investors or other owners, members, or participants. To be considered a business, the set must include, at a minimum, an input and a substantive process that together significantly contribute to the ability to create output. ASC 805 provides a practical screen to determine when a set would not be considered a business. If the screen is not met and further assessment determines that the set is not a business, then the set is an asset acquisition. The primary difference between a business combination and an asset acquisition is that an asset acquisition requires cost accumulation and allocation at relative fair value whereas in a business combination the total consideration transferred is allocated among the fair value of the identifiable tangible and intangible assets and liabilities assumed. Acquisition costs are capitalized for an asset acquisition and expensed for a business combination. Revenue Recognition The Company accounts for revenue in accordance with FASB ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606 ) (“ASU No. 2014-09”), which includes revenue generated by sales of real estate, other operating income and tenant reimbursements for substantial services earned at the Company’s properties. Such revenues are recognized when the services are provided and the performance obligations are satisfied. Tenant reimbursements, consisting of amounts due from tenants for common area maintenance, property taxes and other recoverable costs, are recognized in rental income subsequent to the adoption of Topic 842, as discussed below, in the period the recoverable costs are incurred. Tenant reimbursements, for which the Company pays the associated costs directly to third-party vendors and is reimbursed by the tenants, are recognized and recorded on a gross basis. The Company accounts for leases in accordance with FASB ASU No. 2016-02, Leases ( “ Topic 842 ” ), and the related FASB ASU Nos. 2018-10, 2018-11, 2018-20 and 2019-01, which provide practical expedients, technical corrections and improvements for certain aspects of ASU 2016-02 (collectively, “Topic 842”). Topic 842 established a single comprehensive model for entities to use in accounting for leases. Topic 842 applies to all entities that enter into leases. Lessees are required to report assets and liabilities that arise from leases. Lessor accounting has largely remained unchanged; however, certain refinements are made to conform with revenue recognition guidance, specifically related to the allocation and recognition of contract consideration earned from lease and non-lease revenue components. Topic 842 impacts the Company's accounting for leases primarily as a lessor. Topic 842 also impacts the Company's accounting as a lessee; however, such impact is considered not material. As a lessor, the Company's leases with tenants generally provide for the lease of real estate properties, as well as common area maintenance, property taxes and other recoverable costs. To reflect recognition as one lease component, rental income and tenant reimbursements and other lease related property income that meet the requirements of the practical expedient provided by ASU No. 2018-11 have been combined under rental income in the Company's consolidated statements of operations. For the years ended December 31, 2022 and 2021, tenant reimbursements included in rental income amounted to $6,596,244 and $5,807,634, respectively. The Company recognizes rental income from tenants under operating leases on a straight-line basis over the noncancellable term of the lease when collectability of such amounts is reasonably assured. Recognition of rental income on a straight-line basis includes the effects of rental abatements, lease incentives and fixed and determinable increases in lease payments over the lease term. If the lease provides for tenant improvements, management of the Company determines whether the tenant improvements, for accounting purposes, are owned by the tenant or by the Company. When the Company is the owner of the tenant improvements, the tenant is not considered to have taken physical possession or have control of the physical use of the leased asset until the tenant improvements are substantially completed. When the tenant is the owner of the tenant improvements, any tenant improvement allowance (including amounts that the tenant can take in the form of cash or a credit against its rent) that is funded is treated as a lease incentive and amortized as a reduction of revenue over the lease term. Tenant improvement ownership is determined based on various factors including, but not limited to: • whether the lease stipulates how a tenant improvement allowance may be spent; • whether the amount of a tenant improvement allowance is in excess of market rates; • whether the tenant or landlord retains legal title to the improvements at the end of the lease term; • whether the tenant improvements are unique to the tenant or general-purpose in nature; and • whether the tenant improvements are expected to have any residual value at the end of the lease. Tenant reimbursements of real estate taxes, insurance, repairs and maintenance, and other operating expenses are recognized as revenue in the period the expenses are incurred and presented gross if the Company is the primary obligor and, with respect to purchasing goods and services from third-party suppliers, has discretion in selecting the supplier and bears the associated credit risk. In instances where the operating lease agreement has an early termination option, the termination penalty is based on a predetermined termination fee or based on the unamortized tenant improvements and leasing commissions. The Company evaluates the collectability of rents and other receivables on a regular basis based on factors including, among others, payment history, credit rating, the asset type, and current economic conditions. If the Company’s evaluation of these factors indicates it may not recover the full value of the receivable, it provides an allowance against the portion of the receivable that it estimates may not be recovered. This analysis requires the Company to determine whether there are factors indicating a receivable may not be fully collectible and to estimate the amount of the receivable that may not be collected. Bad Debts and Allowances for Tenant and Deferred Rent Receivables The Company's determination of the adequacy of its allowances for tenant receivables includes a binary assessment of whether or not the amounts due under a tenant’s lease agreement are probable of collection. For such amounts that are deemed probable of collection, revenue continues to be recorded on a straight-line basis over the lease term. For such amounts that are deemed not probable of collection, revenue is recorded as the lesser of (i) the amount which would be recognized on a straight-line basis or (ii) cash that has been received from the tenant, with any tenant and deferred rent receivable balances charged as a direct write-off against rental income in the period of the change in the collectability determination. In addition, for tenant and deferred rent receivables deemed probable of collection, the Company also may record an allowance under other authoritative GAAP depending upon the Company's evaluation of the individual receivables, specific credit enhancements, current economic conditions, and other relevant factors. Such allowances are recorded as increases or decreases through rental income in the Company's consolidated statements of operations. With respect to tenants in bankruptcy, management makes estimates of the expected recovery of pre-petition and post-petition claims in assessing the estimated collectability of the related receivable. In some cases, the ultimate resolution of these claims can exceed one year. When a tenant is in bankruptcy, the Company will record a bad debt allowance for the tenant’s receivable balance and generally will not recognize subsequent rental income until cash is received or until the tenant is no longer in bankruptcy and has the ability to make rental payments. Gain or Loss on Sale of Real Estate Investments The Company recognizes gain or loss on sale of real estate property when the Company has executed a contract for sale of the property, transferred controlling financial interest in the property to the buyer and determined that it is probable that the Company will collect substantially all of the consideration for the property. The Company's real estate property sale transactions for the years ended December 31, 2022 and 2021 met these criteria at closing. When properties are sold, operating results of the properties remain in continuing operations, and any associated gain or loss from the disposition is included in gain or loss on sale of real estate investments in the Company’s accompanying consolidated statements of operations. Advertising Costs The Company incurred advertising costs charged to general and administrative expenses for the years ended December 31, 2022 and 2021 aggregating $25,469 and $592,351, respectively. Income Taxes The Company has elected to be taxed as a real estate investment trust (“REIT”) for U.S. federal income tax purposes under Section 856 through 860 of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”). The Company expects to operate in a manner that will allow it to continue to qualify as a REIT for U.S. federal income tax purposes. To qualify as a REIT, the Company must meet certain organizational and operational requirements, including meeting various tests regarding the nature of the Company's assets and income, the ownership of the Company's outstanding stock and distribution of at least 90% of the Company’s annual REIT taxable income to its stockholders (which is computed without regard to the dividends paid deduction or net capital gain and which does not necessarily equal net income as calculated in accordance with GAAP). As a REIT, the Company generally will not be subject to U.S. federal income tax to the extent it distributes qualifying dividends to its stockholders. If the Company fails to qualify as a REIT in any taxable year, it will be subject to U.S. federal income tax on its taxable income at regular corporate income tax rates and generally will not be permitted to qualify for treatment as a REIT for U.S. federal income tax purposes for the four taxable years following the year during which qualification is lost unless the Internal Revenue Service (“IRS”) grants the Company relief under certain statutory provisions. The Company has concluded that there are no significant uncertain tax positions requiring recognition in its consolidated financial statements. Neither the Company nor its subsidiaries has been assessed material interest or penalties by any major tax jurisdictions. The Company’s evaluations were performed for the tax years ended December 31, 2022 and 2021. As of December 31, 2022, the returns for calendar years 2019, 2020 and 2021 remain subject to examination by the IRS and some additional years may be subject to examination wherein tax loss carryforwards are utilized and in certain state tax jurisdictions. Treasury Stock Effective on the date of the Listed Offering, the Company accounts for repurchased shares of its Class C common stock as treasury stock. Treasury stock is recorded at cost and is included as a component of equity in the Company's consolidated balance sheet as of December 31, 2022. Per Share Data The Company reports a dual presentation of basic earnings per share (“Basic EPS”) and diluted earnings per share (“Diluted EPS”). Basic EPS excludes dilution and is computed by dividing net income or loss by the weighted average number of common shares outstanding during the period. Diluted EPS uses the treasury stock method or the if-converted method, where applicable, to compute for the potential dilution that would occur if dilutive securities or commitments to issue common stock were exercised. For the years ended December 31, 2022 and 2021, the Company presented both Basic EPS and Diluted EPS reflecting its reported net loss attributable to common stockholders (see Note 13 for additional information). As discussed in Note 1 , in connection with and upon listing on the NYSE, each share of the Company's Class S common stock converted into a share of Class C common stock. Prior to the conversion of the Company's Class S common stock into Class C common stock, application of the two-class method for allocating net loss attributable to common stockholders in accordance with the provisions of ASC 260, Earnings per Share , would have resulted in basic and diluted net loss attributable to common stockholders of $0.20 per share for both Class C common stock and Class S common stock for the year ended December 31, 2021. Fair Value Measurements and Disclosures Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an existing price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. The fair value hierarchy, which is based on three levels of inputs, the first two of which are considered observable and the last unobservable, that may be used to measure fair value, is as follows: Level 1: quoted prices in active markets for identical assets or liabilities; Level 2: inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities; and Level 3: unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. The fair value for certain financial instruments is derived using valuation techniques that involve significant management judgment. The price transparency of financial instruments is a key determinant of the degree of judgment involved in determining the fair value of the Company’s financial instruments. Financial instruments for which actively quoted prices or pricing parameters are available and for which markets contain orderly transactions will generally have a higher degree of price transparency than financial instruments for which markets are inactive or consist of non-orderly trades. The Company evaluates several factors when determining if a market is inactive or when market transactions are not orderly. The following is a summary of the methods and assumptions used by management in estimating the fair value of each class of financial instrument for which it is practicable to estimate the fair value: Cash and cash equivalents; restricted cash; receivable from early termination of lease; tenant receivables; prepaid expenses and other assets and accounts payable, accrued and other liabilities. These balances approximate their fair values due to the short maturities of these items. Derivative instruments : The Company’s derivative instruments are presented at fair value on the accompanying consolidated balance sheets. The valuation of these instruments is determined using a third-party's proprietary model that utilizes observable inputs. As such, the Company classifies these inputs as Level 2 inputs. The proprietary model uses the contractual terms of the derivatives, including the period to maturity, as well as observable market-based inputs, including interest rate curves and volatility. The fair values of interest rate swaps are estimated using the market standard methodology of netting the discounted fixed cash payments and the discounted expected variable cash receipts. The variable cash receipts are based on an expectation of interest rates (forward curves) derived from observable market interest rate curves. In addition, credit valuation adjustments, which consider the impact of any credit risks to the contracts, are incorporated in the fair values to account for potential nonperformance risk. Goodwill : The fair value measurements of goodwill is considered a Level 3 nonrecurring fair value measurement. For goodwill, fair value measurement involves the determination of fair value of a reporting unit. Mortgage notes payable : The fair value of the Company’s mortgage notes payable is estimated using a discounted cash flow analysis based on management’s estimates of current market interest rates for instruments with similar characteristics, including remaining loan term, loan-to-value ratio, type of collateral and other credit enhancements. Additionally, when determining the fair value of liabilities in circumstances in which a quoted price in an active market for an identical liability is not available, the Company measures fair value using (i) a valuation technique that uses the quoted price of the identical liability when traded as an asset or quoted prices for similar liabilities or similar liabilities when traded as assets or (ii) another valuation technique that is consistent with the principles of fair value measurement, such as the income approach or the market approach. The Company classifies these inputs as Level 3 inputs. Credit facilities : The fair value of the Company’s credit facilities approximates the carrying values as their interest rates and other terms are comparable to those available in the marketplace for similar credit facilities. Cash and Cash Equivalents The Company considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. Cash equivalents may include cash and short-term investments. Cash and cash equivalents are stated at cost, which approximates fair value. The Company’s cash and cash equivalents balance may exceed federally insurable limits. The Company mitigates this risk by depositing funds with major financial institutions; however, these cash balances could be impacted if the underlying financial institutions fail or are subject to other adverse conditions in the financial markets. Restricted Cash Restricted cash as of December 31, 2021 amounted to $2,441,970 for the mortgages related to properties discussed below and other lender reserves. There was no restricted cash balance as of December 31, 2022. Under the terms of the Company’s June 2021 refinancing of mortgages on its properties leased to Northrop Grumman and L3Harris Technologies, Inc. (“L3Harris”) with Banc of California as described in Note 7 , the Company established restricted cash accounts at Banc of California with $1,400,000 and $1,000,000 held for the Northrop Grumman and L3Harris properties, respectively, to fund building improvements, tenant improvements and leasing commissions. Subsequent to the origination of the loans, $128,538 was released to fund a leasing commission, resulting in $2,271,462 remaining as aggregate restricted cash as of December 31, 2021. Pursuant to the refinancing of the Northrop Grumman and L3Harris mortgages on January 18, 2022 as further discussed in Note 7 , these funds became unrestricted. Additional restricted cash balances of $170,508 as of December 31, 2021 were also released during the first three months of 2022 due to refinancing. Real Estate Investments Real Estate Acquisition Valuation The Company records acquisitions that meet the definition of a business as a business combination. If the acquisition does not meet the definition of a business, the Company records the acquisition as an asset acquisition. Under both methods, all assets acquired and liabilities assumed are measured based on their acquisition-date fair values. All real estate acquisitions during the years ended December 31, 2022 and 2021 were treated as asset acquisitions. Transaction costs that are related to a business combination are charged to expense as incurred. Transaction costs that are related to an asset acquisition are capitalized as incurred. The Company assesses the acquisition date fair values of all tangible assets, identifiable intangibles, and assumed liabilities using methods similar to those used by independent appraisers, generally utilizing a discounted cash flow analysis that applies appropriate discount and/or capitalization rates and available market information. Estimates of future cash flows are based on a number of factors, including historical operating results, known and anticipated trends, and market and economic conditions. The fair value of tangible assets of an acquired property considers the value of the property as if it were vacant. The Company records above-market and below-market in-place lease values for acquired properties based on the present value (using a discount rate that reflects the risks associated with the leases acquired) of the difference between (i) the contractual amounts to be paid pursuant to the in-place leases and (ii) management’s estimate of fair market lease rates for the corresponding in-place leases, measured over a period equal to the remaining noncancellable term of above-market in-place leases plus any extended term for any leases with below-market renewal options. The Company amortizes any recorded above-market or below-market lease values as a reduction or increase, respectively, to rental income over the remaining noncancellable terms of the respective lease, including any below-market renewal periods. The Company estimates the value of tenant origination and absorption costs by considering the estimated carrying costs during hypothetical expected lease-up periods, considering current market conditions. In estimating carrying costs, the Company generally includes real estate taxes, insurance and other operating expenses and estimates of lost rentals at market rates during the expected lease up periods. The Company amortizes the value of tenant origination and absorption costs to depreciation and amortization expense over the remaining term of the respective lease. Estimates of the fair values of the tangible assets, identifiable intangibles and assumed liabilities require the Company to make significant assumptions to estimate market lease rates, property-operating expenses, carrying costs during lease-up periods, discount rates, market absorption periods, and the number of years the property will be held for investment. Therefore, the Company classifies these inputs as Level 3 inputs. The use of inappropriate assumptions would result in an incorrect valuation of the Company’s acquired tangible assets, identifiable intangibles and assumed liabilities, which would impact the amount of the Company’s net income (loss). Depreciation and Amortization Real estate costs related to the acquisition and improvement of properties are capitalized and depreciated or amortized over the expected useful life of the asset on a straight-line basis. Repair and maintenance costs include all costs that do not extend the useful life of the real estate asset and are expensed as incurred. Significant replacements and betterments are capitalized. The Company anticipates the estimated useful lives of its assets by class to be generally as follows: ● Buildings 10 - 48 years ● Site improvements Shorter of 15 years or remaining lease term ● Tenant improvements Shorter of 15 years or remaining lease term ● Industrial equipment 20 years ● Tenant origination and absorption costs, and above-/below-market lease intangibles Remaining lease term Impairment of Investment in Real Estate Properties The Company monitors events and changes in circumstances that could indicate that the carrying amounts of real estate properties may not be recoverable. When indicators of potential impairment are present that indicate that the carrying amounts of real estate assets may not be recoverable, management assesses whether the carrying value of the real estate properties will be recovered through the future undiscounted operating cash flows expected from the use of and eventual disposition of the property. If, based on the analysis, the Company does not believe that it will be able to recover the carrying value of the real estate properties, the Company records an impairment charge to the extent the carrying value exceeds the estimated fair value of the real estate properties. Leasing Costs The Company accounts for leasing costs under Topic 842. Initial direct costs include only those costs that are incremental to the lease arrangement and would not have been incurred if the lease had not been obtained. The Company charges internal leasing costs and third-party legal leasing costs to expense as incurred. These expenses are included in general and administrative expenses and property expenses, respectively, in the Company's consolidated statements of operations. Real Estate Investments Held for Sale The Company generally considers a real estate investment to be “held for sale” when the following criteria are met: (i) management commits to a plan to sell the property, (ii) the property is available for sale immediately, (iii) the property is actively being marketed for sale at a price that is reasonable in relation to its current fair value, (iv) the sale of the property within one year is considered probable and (v) significant changes to the plan to sell are not expected. Real estate that is held for sale and its related assets are classified as “real estate investments held for sale, net” and “assets related to real estate investments held for sale,” respectively, in the accompanying consolidated balance sheets. Mortgage notes payable and other liabilities related to real estate investments held for sale are classified as “mortgage notes payable related to real estate investments held for sale, net” and “liabilities related to real estate investments held for sale,” respectively, in the accompanying consolidated balance sheets. Real estate investments classified as held for sale are no longer depreciated and are reported at the lower of their carrying value or their estimated fair value less estimated costs to sell. Operating results of properties that were classified as held for sale in the ordinary course of business are included in continuing operations in the Company’s accompanying consolidated statements of operations. Unconsolidated Investment in a Real Estate Property The Company accounts for investments in an entity over which the Company has the ability to exercise significant influence under the equity method of accounting. Under the equity method of accounting, an investment is initially recognized at cost and is subsequently adjusted to reflect the Company’s share of earnings or losses of the investee. The investment is also increased for additional amounts invested and decreased for any distributions received from the investee. Equity method investment is reviewed for impairment whenever events or circumstances indicate that the carrying amount of the investment might not be recoverable. If an equity method investment is determined to be other-than-temporarily impaired, the investment is reduced to fair value and an impairment charge is recorded as a reduction to earnings. The Company's unconsolidated investment is in the form of its share in the ownership of a real estate property where the equity method of accounting is applied. Goodwill The Company records goodwill when the purchase price of a business combination exce

REAL ESTATE INVESTMENTS

REAL ESTATE INVESTMENTS	12 Months Ended
	Dec. 31, 2022
Real Estate [Abstract]
REAL ESTATE INVESTMENTS	REAL ESTATE INVESTMENTS As of December 31, 2022, the Company’s real estate investment portfolio consisted of 46 operating properties located in 17 states comprised of: 27 industrial properties (including the TIC Interest in an industrial property not reflected in the table below, but discussed in Note 4 ), 12 retail properties and 7 office properties (including one held for sale), and one parcel of land, which currently serves as an easement to one of the Company’s industrial properties . The following table provides summary information regarding the Company’s real estate portfolio as of December 31, 2022, excluding one property held for sale and the TIC Interest: Property Tenant Location Acquisition Property Land, Equipment Tenant Accumulated Total Northrop Grumman Melbourne, FL 3/7/2017 Industrial (1) $ 13,608,084 $ — $ 1,469,737 $ (4,012,748) $ 11,065,073 Northrop Grumman Melbourne, FL 6/21/2018 Land 329,410 — — — 329,410 Husqvarna Charlotte, NC 11/30/2017 Industrial 11,840,200 — 1,013,948 (1,827,839) 11,026,309 AvAir Chandler, AZ 12/28/2017 Industrial 27,357,899 — — (3,499,279) 23,858,620 3M DeKalb, IL 3/29/2018 Industrial 14,762,819 — 3,037,057 (5,606,808) 12,193,068 Taylor Fresh Foods Yuma, AZ 10/24/2019 Industrial 34,194,369 — 2,894,017 (4,240,369) 32,848,017 Levins Sacramento, CA 12/31/2019 Industrial 4,429,390 — 221,927 (661,825) 3,989,492 Labcorp San Carlos, CA 12/31/2019 Industrial 9,672,174 — 408,225 (612,963) 9,467,436 WSP USA (2) San Diego, CA 12/31/2019 Industrial 9,869,520 — 539,633 (1,137,260) 9,271,893 ITW Rippey El Dorado Hills, CA 12/31/2019 Industrial 7,071,143 — 304,387 (864,813) 6,510,717 L3Harris Carlsbad, CA 12/31/2019 Industrial 11,690,952 — 662,101 (1,305,952) 11,047,101 Arrow Tru-Line Archbold, OH 12/3/2021 Industrial 11,518,084 — — (431,755) 11,086,329 Kalera Saint Paul, MN 1/31/2022 Industrial 3,690,009 4,429,000 — (325,772) 7,793,237 Lindsay Colorado Springs 1, CO 4/19/2022 Industrial 2,311,934 — — (41,312) 2,270,622 Lindsay Colorado Springs 2, CO 4/19/2022 Industrial 3,314,406 — — (24,585) 3,289,821 Lindsay Dacono, CO 4/19/2022 Industrial 6,448,855 — — (59,600) 6,389,255 Lindsay Alachua, FL 4/19/2022 Industrial 8,518,123 — — (256,849) 8,261,274 Lindsay Franklinton, NC 4/19/2022 Industrial 7,181,113 — — (113,241) 7,067,872 Lindsay Canal Fulton 1, OH 4/19/2022 Industrial 11,345,533 — — (243,557) 11,101,976 Lindsay Canal Fulton 2, OH 4/19/2022 Industrial 10,190,942 — — (347,351) 9,843,591 Lindsay Rock Hill, SC 4/19/2022 Industrial 6,555,983 — — (119,173) 6,436,810 Producto Endicott, NY 7/15/2022 Industrial 2,362,310 — — (35,819) 2,326,491 Producto Jamestown, NY 7/15/2022 Industrial 3,073,686 — — (43,851) 3,029,835 Valtir Centerville, UT 7/26/2022 Industrial 4,688,621 — — (53,676) 4,634,945 Valtir Orangeburg, SC 7/26/2022 Industrial 4,242,938 — — (63,864) 4,179,074 Valtir Fort Worth, TX 7/26/2022 Industrial 3,276,201 — — (28,517) 3,247,684 Valtir Lima, OH 8/4/2022 Industrial 9,921,367 — — (138,655) 9,782,712 Dollar General Litchfield, ME 11/4/2016 Retail 1,281,812 — 116,302 (246,493) 1,151,621 Dollar General Wilton, ME 11/4/2016 Retail 1,543,776 — 140,653 (315,458) 1,368,971 Dollar General Thompsontown, PA 11/4/2016 Retail 1,199,860 — 106,730 (236,835) 1,069,755 Dollar General Mt. Gilead, OH 11/4/2016 Retail 1,174,188 — 111,847 (227,071) 1,058,964 Dollar General Lakeside, OH 11/4/2016 Retail 1,112,872 — 100,856 (233,046) 980,682 Dollar General Castalia, OH 11/4/2016 Retail 1,102,086 — 86,408 (226,427) 962,067 Dollar General Bakersfield, CA 12/31/2019 Retail 4,899,714 — 261,630 (441,397) 4,719,947 Dollar General Big Spring, TX 12/31/2019 Retail 1,281,683 — 76,351 (152,906) 1,205,128 Dollar Tree Morrow, GA 12/31/2019 Retail 1,320,367 — 73,298 (212,732) 1,180,933 PreK Education San Antonio, TX 12/31/2019 Retail 12,477,027 — 555,767 (1,418,751) 11,614,043 Walgreens Santa Maria, CA 12/31/2019 Retail 5,223,442 — 335,945 (398,882) 5,160,505 KIA/Trophy of Carson Carson, CA 1/18/2022 Retail 69,286,444 — 118,606 (1,017,619) 68,387,431 (Operating properties table continued) Property Tenant Location Acquisition Property Land, Equipment Tenant Accumulated Total exp US Services Maitland, FL 3/27/2017 Office $ 6,186,380 $ — $ 388,248 $ (1,284,786) $ 5,289,842 Cummins Nashville, TN 4/4/2018 Office 14,538,528 — 1,566,997 (3,758,306) 12,347,219 Costco Issaquah, WA 12/20/2018 Office 27,568,906 — 2,765,136 (5,274,513) 25,059,529 GSA (MSHA) Vacaville, CA 12/31/2019 Office 3,112,076 — 243,307 (415,544) 2,939,839 Solar Turbines San Diego, CA 12/31/2019 Office 7,162,087 — 284,026 (759,736) 6,686,377 OES (3) Rancho Cordova, CA 12/31/2019 Office 29,587,023 — 1,616,610 (4,034,387) 27,169,246 $ 433,524,336 $ 4,429,000 $ 19,499,749 $ (46,752,322) $ 410,700,763 (1) This property was reclassified on December 31, 2022 to industrial from office to reflect Northrop Grumman's change in use since a majority of the square footage of the property is being used as laboratory space. (2) Wood Group was acquired and changed its name to WSP USA Environment & Infrastructure Inc. (3) The Company and Sutter Health agreed to the early termination of its lease effective December 31, 2022 for payment of an early termination fee of $3,751,984 which was recorded as rental income in the Company's statement of operations for the year ended December 31, 2022. The property was then leased to the State of California's Office of Emergency Services (“OES”) effective January 4, 2023 for 12 years through December 31, 2034. OES has a purchase option which OES can exercise any time from May 1, 2024 through December 31, 2026. OES also has an early termination option which OES can exercise any time on or after December 31, 2028 by giving written notice at least 120 days prior to the date of early termination. Impairment Charge / Reversal of Impairment Charge In December 2022, the Company recorded an impairment charge of $2,080,727 related to its property located in Dublin, California leased to Gap through February 28, 2023 and held for sale as of December 31, 2022. The Company determined that the impairment charge was required, based on efforts initiated during the fourth quarter of 2022 to sell the property. The impairment charge represents the excess of the property's carrying value over the property's estimated sale price less estimated selling costs for the planned sale (see Real Estate Investments Held For Sale below). The reversal of impairment charge of $400,999 during the year ended December 31, 2021 resulted from an adjustment to partially reverse an impairment charge recorded in December 2020 for the property located in Bedford, Texas due to its reclassification from held for sale to held for use in June 2021. Acquisitions: Year Ended December 31, 2022 During the year ended December 31, 2022, the Company acquired the following 16 real estate properties: Property and Location Acquisition Date Land Buildings and Equipment Tenant Above- Acquisition Price KIA/Trophy of Carson, Carson, CA (1) 1/18/2022 $ 32,741,781 $ 36,544,663 $ — $ 118,606 $ — $ 69,405,050 Kalera, St. Paul, MN 1/31/2022 562,356 3,127,653 4,429,000 — — 8,119,009 Lindsay, Colorado Springs 1, CO 4/19/2022 1,195,178 1,116,756 — — — 2,311,934 Lindsay, Colorado Springs 2, CO 4/19/2022 2,239,465 1,074,941 — — — 3,314,406 Lindsay, Dacono, CO (2) 4/19/2022 2,263,982 4,184,873 — — — 6,448,855 Lindsay, Alachua, FL 4/19/2022 966,192 7,551,931 — — — 8,518,123 Lindsay, Franklinton, NC 4/19/2022 2,843,811 4,337,302 — — — 7,181,113 Lindsay, Fulton 1, OH 4/19/2022 726,877 10,618,656 — — — 11,345,533 Lindsay, Fulton 2, OH 4/19/2022 635,865 9,555,077 — — — 10,190,942 Lindsay, Rock Hill, SC 4/19/2022 2,816,322 3,739,661 — — — 6,555,983 Producto, Endicott, NY 7/15/2022 239,447 2,122,863 — — — 2,362,310 Producto, Jamestown, NY 7/15/2022 766,651 2,307,035 — — — 3,073,686 Valtir, Centerville, UT 7/26/2022 2,467,565 2,221,056 — — — 4,688,621 Valtir, Orangeburg, SC 7/26/2022 1,678,818 2,564,120 — — 1,356,961 5,599,899 Valtir, Fort Worth, TX 7/26/2022 1,785,240 1,490,961 — — — 3,276,201 Valtir, Lima, OH 8/4/2022 747,746 9,173,621 — — — 9,921,367 $ 54,677,296 $ 101,731,169 $ 4,429,000 $ 118,606 $ 1,356,961 $ 162,313,032 (1) In accordance with the contribution agreement for the KIA auto dealership property in Carson, California, the Company issued 1,312,382 units of Class C limited partnership interest in the Operating Partnership (“Class C OP Units”) to the seller (see Note 12 for more details) and the Company repaid the $36,465,449 then-existing mortgage, including accrued interest, on the property (see Note 7 for more details). (2) As of December 31, 2022, buildings and improvements exclude a non-refundable deposit of $440,548 for funding ongoing building construction at the Lindsay property in Dacono, Colorado. This deposit is included in prepaid expenses and other assets in the accompanying consolidated balance sheets. During the year ended December 31, 2022, the Company recognized $11,274,529 of total revenue related to the above-acquired properties. The noncancellable lease terms of the properties acquired during the year ended December 31, 2022 are as follows: Property Lease Expiration KIA/Trophy of Carson 1/17/2047 Kalera 2/28/2042 Lindsay, for all eight properties acquired 4/30/2047 Producto, for two properties acquired 7/31/2042 Valtir, UT and TX 7/31/2037 Valtir, SC and OH 8/31/2047 Year Ended December 31, 2021 During the year ended December 31, 2021, the Company acquired the following two real estate properties: Property and Location Acquisition Date Land Buildings and Tenant Total Raising Cane's, San Antonio, TX 7/26/2021 $ 1,830,303 $ 1,599,921 $ 213,997 $ 3,644,221 Arrow Tru-Line, Archbold, OH 12/3/2021 778,772 10,739,312 — 11,518,084 $ 2,609,075 $ 12,339,233 $ 213,997 $ 15,162,305 During the year ended December 31, 2021, the Company recognized $166,177 of total revenue related to the above-acquired properties. The noncancellable lease terms of the properties acquired during the year ended December 31, 2021 are as follows: Property Lease Expiration Raising Cane's 2/20/2028 Arrow Tru-Line 12/31/2041 Dispositions: Year Ended December 31, 2022 During the year ended December 31, 2022, the Company sold the following eight real estate properties: Property Location Disposition Date Property Type Rentable Square Feet Contract Sale Price Gain on Sale Bon Secours Richmond, VA 2/11/2022 Office 72,890 $ 10,200,000 $ 28,595 Omnicare Richmond, VA 2/11/2022 Flex 51,800 8,760,000 1,890,624 Texas Health Dallas, TX 2/11/2022 Office 38,794 7,040,000 87,480 Accredo Orlando, FL 2/24/2022 Office 63,000 14,000,000 4,868,387 EMCOR Cincinnati, OH 6/29/2022 Office 39,385 6,525,000 720,071 Williams Sonoma Summerlin, NV 8/26/2022 Office 35,867 9,300,000 1,624,936 Wyndham Summerlin, NV 9/16/2022 Office 41,390 12,900,000 2,307,093 Raising Cane's San Antonio, TX 12/30/2022 Retail 3,853 4,313,045 669,185 346,979 $ 73,038,045 $ 12,196,371 On February 11, 2022, the Company completed the sale of two medical office properties in Dallas, Texas and Richmond, Virginia leased to Texas Health and Bon Secours, respectively, and one flex property in Richmond, Virginia leased to Omnicare for an aggregate sales price of $26,000,000, which generated net proceeds of $11,892,305 after payment of commissions, closing costs and existing mortgages. On February 24, 2022, the Company completed the sale of a medical office property in Orlando, Florida leased to Accredo for a sales price of $14,000,000, which generated net proceeds of $5,012,724 after payment of commissions, closing costs and repayment of the existing mortgage. On June 29, 2022, the Company completed the sale of an office property in Cincinnati, Ohio leased to EMCOR for a sales price of $6,525,000, which generated net proceeds of $6,345,642 after payment of commissions and closing costs. On August 26, 2022, the Company completed the sale of an office property in Summerlin, Nevada leased to Williams Sonoma for a sales price of $9,300,000, which generated net proceeds of $8,964,252 after payment of commissions and closing costs. On September 16, 2022, the Company completed the sale of an office property in Summerlin, Nevada leased to Wyndham for a sales price of $12,900,000, which generated net proceeds of $12,267,571 after payment of commissions and closing costs. On December 30, 2022, the Company completed the sale of a retail property in San Antonio, Texas leased to Raising Cane's for a sales price of $4,313,045, which generated net proceeds of $4,173,283 after payment of commissions and closing costs. Year Ended December 31, 2021 During the year ended December 31, 2021, the Company sold the following five properties: Property Location Disposition Date Property Type Rentable Square Feet Contract Sale Price Gain on Sale Chevron Gas Station Roseville, CA 1/7/2021 Retail 3,300 $ 4,050,000 $ 216,279 EcoThrift Sacramento, CA 1/29/2021 Retail 38,536 5,375,300 19,314 Chevron Gas Station San Jose, CA 2/12/2021 Retail 1,060 4,288,888 2,926 Dana Cedar Park, TX 7/7/2021 Industrial 45,465 10,000,000 3,444,032 Harley Davidson Bedford, TX 12/21/2021 Retail 70,960 15,270,000 2,338,904 159,321 $ 38,984,188 6,021,455 24 Hour Fitness Adjustment 115,133 Total $ 6,136,588 On January 7, 2021, the Company completed the sale of its Roseville, California retail property, which was leased to the operator of a Chevron gas station, for $4,050,000, which generated net proceeds of $3,914,909 after payment of commissions and closing costs. On January 29, 2021, the Company completed the sale of its Sacramento, California retail property, which was leased to EcoThrift, for $5,375,300, which generated net proceeds of $2,684,225 after repayment of the existing mortgage, commissions and closing costs. On February 12, 2021, the Company completed the sale of its San Jose, California retail property, which was leased to the operator of a Chevron gas station, for $4,288,888, which generated net proceeds of $4,054,327 after payment of commissions and closing costs. On July 7, 2021, the Company completed the sale of its Cedar Park, Texas industrial property which was leased to Dana Incorporated, but unoccupied, for $10,000,000, which generated net proceeds of $4,975,334 after repayment of the existing mortgage, commissions and closing costs. Upon the sale of the property, Dana Incorporated executed a promissory note payable to the Company for its obligation to continue to pay rent of $65,000 per month through July 31, 2022 and pay its early termination fee of $1,381,767 no later than July 31, 2022. The unpaid amount of the Company's note receivable of $1,836,767 as of December 31, 2021 is presented as receivable from early termination of lease in the Company's consolidated balance sheet as of December 31, 2021. The note receivable monthly payments were received with full collection during the quarter ended September 30, 2022. On December 21, 2021, the Company completed the sale of its Bedford, Texas retail property, which was leased to Harley Davidson, for $15,270,000, which generated net proceeds of $8,344,708 after repayment of the existing mortgage, commissions and closing costs. On September 24, 2021, the Company received a notice of refund amounting to $115,133 related to the sale of its Las Vegas, Nevada retail property on December 16, 2020, which was formerly leased to 24 Hour Fitness. The refund relates to a portion of a holdback from sales proceeds to cover expenses by the buyer to prepare the property for lease, including the payment of accrued interest, common area maintenance, taxes, insurance and other related expenses and building permits to begin construction of improvements on the property. The refund was recognized as an adjustment to the estimate of the amount which was expected to be received and was included in gain on sale of real estate investments, net in the accompanying consolidated statements of operations. Asset Concentration: As of December 31, 2022, the Company’s real estate portfolio asset concentration (greater than 10% of total assets) was as follows: December 31, 2022 Property and Location Net Carrying Value Percentage of KIA/Trophy of Carson, Carson, CA $ 68,387,431 15.0 % Lindsay, eight properties acquired in Colorado (three), Ohio (two), North Carolina, South Carolina and Florida 54,661,221 12.0 % Total $ 123,048,652 27.0 % The Company held no real estate property with a net book value that was greater than 10% of its total assets as of December 31, 2021. Rental Income Concentration: During the year ended December 31, 2022, the Company’s rental income concentration (greater than 10% of rental income) was as follows: Year Ended December 31, 2022 Property and Location Rental Income Percentage of Sutter Health, Rancho Cordova, CA (1) $ 6,318,264 13.7 % KIA/Trophy of Carson, Carson, CA 5,725,672 12.4 % Total $ 12,043,936 26.1 % (1) Includes early termination fee of $3,751,984. No tenant represented the source of 10% of rental income during the year ended December 31, 2021. Operating Leases: The Company’s real estate properties are primarily leased to tenants under net leases for which terms and expirations vary. The Company monitors the credit of all tenants to stay abreast of any material changes in credit quality. The Company monitors tenant credit by (1) reviewing the credit ratings of tenants (or their parent companies or lease guarantors) that are rated by nationally recognized rating agencies; (2) reviewing financial statements and related metrics and information that are publicly available or that are required to be provided pursuant to the lease; (3) monitoring news reports and press releases regarding the tenants (or their parent companies or lease guarantors), and their underlying business and industry; and (4) monitoring the timeliness of rent collections. During the year ended December 31, 2022, the Company executed lease extensions for three properties, including the properties leased to (i) Cummins in Nashville, Tennessee for an additional one year through February 28, 2024, (ii) ITW Rippey in El Dorado, California for an additional seven years through July 31, 2029 and (iii) Williams Sonoma in Summerlin, Nevada for an additional three years through October 31, 2025, which was sold on August 26, 2022. These three lease extensions resulted in an average increase in lease term of 3.7 years and an average annual increase in rents of 1.9% as of March 31, 2022, the end of the quarter during which they were all executed. On January 23, 2023, the Company executed a lease extension for the property leased to Solar Turbines for an additional two years through July 31, 2025 with a 14.0% increase in rent effective August 1, 2023 and a 3.0% increase in rent effective August 1, 2024. This is the third lease extension executed by Solar Turbines, which has occupied the Company's property located in San Diego, California since 2008. The Company and Sutter Health agreed to the early termination of its lease effective December 31, 2022 for payment of an early termination fee of $3,751,984, which was recorded as rental income in the Company's statement of operations for the year ended December 31, 2022. The property was then leased to OES effective January 4, 2023 for 12 years through December 31, 2034, with a purchase option which OES can exercise any time from May 1, 2024 through December 31, 2026 and an early termination option which OES can exercise any time on or after December 31, 2028. As discussed above, the Company also acquired 16 properties and sold eight properties during the year ended December 31, 2022. Moreover, as of December 31, 2022, the Company classified one property as real estate investment held for sale, as discussed in more detail below. As of December 31, 2022, the future minimum contractual rent payments due under the Company’s noncancellable operating leases, including lease amendments executed through the date of this report are as follows: 2023 $ 31,861,449 2024 31,774,660 2025 31,073,877 2026 27,452,311 2027 25,844,496 Thereafter 336,321,981 $ 484,328,774 Intangible Assets, Net Related to the Company's Real Estate: As of December 31, 2022 and 2021, intangible assets, net related to the Company’s real estate were as follows: December 31, 2022 December 31, 2021 Tenant Origination and Absorption Costs Above-Market Lease Intangibles Below-Market Lease Intangibles Tenant Origination and Absorption Costs Above-Market Lease Intangibles Below-Market Lease Intangibles Cost $ 19,499,749 $ 2,485,510 $ (14,378,808) $ 21,504,210 $ 1,128,549 $ (15,097,132) Accumulated amortization (12,722,558) (634,754) 4,703,122 (11,009,997) (437,530) 3,994,192 Net amount $ 6,777,191 $ 1,850,756 $ (9,675,686) $ 10,494,213 $ 691,019 $ (11,102,940) The intangible assets acquired in connection with the acquisitions have a weighted average amortization period of approximately 10.9 years as of December 31, 2022. As of December 31, 2022, amortization of intangible assets for each of the next five years and thereafter is expected to be as follows: Tenant Above-Market Lease Intangibles Below-Market Lease Intangibles 2023 $ 1,237,692 $ 166,444 $ (903,104) 2024 1,118,468 161,813 (903,104) 2025 917,630 157,767 (903,104) 2026 552,804 132,836 (897,701) 2027 324,809 76,550 (887,789) Thereafter 2,625,788 1,155,346 (5,180,884) $ 6,777,191 $ 1,850,756 $ (9,675,686) Weighted-average remaining amortization period 8.6 years 19.4 years 10.9 years Real Estate Investments Held For Sale: As of December 31, 2022, the Company classified a real estate investment property leased to Gap through February 28, 2023 as held for sale, and as of December 31, 2021, the Company classified four healthcare related properties as held for sale. These properties are presented in the Company’s consolidated balance sheets as real estate investments held for sale, net as of December 31, 2022 and 2021, respectively. The property formerly leased to Gap and classified as held for sale as of December 31, 2022 is in escrow and scheduled to be sold by the end of March 2023 (see Note 14 ). The four healthcare related properties classified as held for sale as of December 31, 2021 consisted of three office properties (the property leased to Accredo Health through December 31, 2024 located in Orlando, Florida; the property leased to Bon Secours Health through August 31, 2026 located in Richmond, Virginia; and the property leased to Texas Health through December 31, 2025 located in Dallas, Texas) and one flex property leased to Omnicare through May 31, 2026 located in Richmond, Virginia. All four healthcare related properties were sold in February 2022, as discussed above. The following table summarizes the major components of assets and liabilities related to real estate investments held for sale as of December 31, 2022 and 2021: December 31, 2022 2021 Assets related to real estate investments held for sale: Land, buildings and improvements $ 6,357,172 $ 34,507,485 Tenant origination and absorption costs 355,252 3,064,371 Accumulated depreciation and amortization (1,456,699) (6,061,094) Real estate investments held for sale, net 5,255,725 31,510,762 Other assets, net 12,765 788,296 Total assets related to real estate investments held for sale: $ 5,268,490 $ 32,299,058 Liabilities related to real estate investments held for sale: Mortgage notes payable, net $ — $ 21,699,912 Other liabilities, net 117,881 383,282 Total liabilities related to real estate investments held for sale: $ 117,881 $ 22,083,194 The following table summarizes the major components of rental income, expenses and impairment related to real estate investments held for sale as of December 31, 2022 and 2021, which were included in continuing operations for the years ended December 31, 2022 and 2021: Year Ended December 31, 2022 2021 Total revenues $ 880,953 $ 3,866,116 Expenses: Interest expense — 1,058,574 Depreciation and amortization 494,249 1,347,564 Other expenses 245,605 723,637 Impairment of real estate properties 2,080,727 — Total expenses 2,820,581 3,129,775 Net (loss) income $ (1,939,628) $ 736,341

UNCONSOLIDATED INVESTMENT IN A

UNCONSOLIDATED INVESTMENT IN A REAL ESTATE PROPERTY	12 Months Ended
	Dec. 31, 2022
Investments, Debt and Equity Securities [Abstract]
UNCONSOLIDATED INVESTMENT IN A REAL ESTATE PROPERTY	UNCONSOLIDATED INVESTMENT IN A REAL ESTATE PROPERTY The Company’s unconsolidated investment in a real estate property of December 31, 2022 and 2021 is as follows: December 31, 2022 2021 The TIC Interest $ 10,007,420 $ 9,941,338 The Company’s income from unconsolidated investment in a real estate property for the years ended December 31, 2022 and 2021 is as follows: Years Ended December 31, 2022 2021 The TIC Interest $ 278,002 $ 276,042 During 2017, the Company, through a wholly-owned subsidiary of the Operating Partnership, acquired an approximate 72.7% TIC Interest. The remaining approximate 27.3% undivided interest in the Santa Clara property is held by Hagg Lane II, LLC (approximately 23.4%) and Hagg Lane III, LLC (approximately 3.9%). The manager of both Hagg Lane II, LLC and Hagg Lane III, LLC was a member of the Company's board of directors from December 2019 to December 2021. The Santa Clara property does not qualify as a variable interest entity and consolidation is not required as the Company's TIC Interest does not control the property. Therefore, the Company accounts for the TIC Interest using the equity method. The property lease expiration date is March 16, 2026 and the lease provides for three five-year renewal options. The Company receives an approximate 72.7% of the cash flow distributions and recognizes approximately 72.7% of the results of operations. During the years ended December 31, 2022 and 2021, the Company received $211,921 and $337,072 in cash distributions, respectively. The decrease in distributions in 2022 reflects the establishment and use of cash reserves to fund a roof replacement project. The following is summarized financial information for the Santa Clara property as of and for the years ended December 31, 2022 and 2021: December 31, 2022 2021 Assets: Real estate investments, net $ 29,294,081 $ 29,403,232 Cash and cash equivalents 300,405 690,470 Other assets 43,159 134,049 Total assets $ 29,637,645 $ 30,227,751 Liabilities: Mortgage notes payable, net $ 12,936,929 $ 13,218,883 Below-market lease, net 2,514,199 2,660,586 Other liabilities 424,662 677,311 Total liabilities 15,875,790 16,556,780 Total equity 13,761,855 13,670,971 Total liabilities and equity $ 29,637,645 $ 30,227,751 Years Ended December 31, 2022 2021 Total revenue $ 2,749,939 $ 2,698,028 Expenses: Depreciation and amortization 1,068,685 1,011,326 Interest expense 539,784 552,144 Other expenses 759,126 754,909 Total expenses 2,367,595 2,318,379 Net income $ 382,344 $ 379,649

GOODWILL, NET

GOODWILL, NET	12 Months Ended
	Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill Disclosure	GOODWILL, NET The carrying values of goodwill as of December 31, 2022 and 2021 are as follows: December 31, 2022 2021 Beginning balance $ 17,320,857 $ 17,320,857 Impairment of goodwill (17,320,857) — Ending balance $ — $ 17,320,857 The Company conducted its annual impairment analysis as of December 31, 2021 using qualitative factors and concluded that no impairment to goodwill was necessary. For the quarter ended March 31, 2022, management considered the decline of the trading price of the Company’s Class C common stock following its listing on the NYSE in February 2022, causing the Company's market capitalization to be below the book value of the Company’s equity as of March 31, 2022, to be a triggering event. Management performed a quantitative impairment assessment considering expected future cash flows, market conditions and expectations of increases in interest rates and concluded that there was an impairment of goodwill that was not expected to be temporary as of March 31, 2022. Events subsequent to March 31, 2022 and prior to the Company's filing of its Quarterly Report on Form 10-Q for the three months ended March 31, 2022, including rising inflation and interest rates, and declining office occupancy rates affecting owners of real estate properties, further supported such conclusion. Based on the quantitative analysis, the value of goodwill was written off, resulting in a non-cash expense of $17,320,857 for the three months ended March 31, 2022.

CONSOLIDATED BALANCE SHEETS DET

CONSOLIDATED BALANCE SHEETS DETAILS	12 Months Ended
	Dec. 31, 2022
Payables and Accruals [Abstract]
CONSOLIDATED BALANCE SHEETS DETAILS	CONSOLIDATED BALANCE SHEETS DETAILS Tenant Receivables As of December 31, 2022 and 2021, tenant receivables consisted of the following: December 31, 2022 2021 Straight-line rent $ 6,607,220 $ 4,417,065 Tenant rent and billed reimbursements 196,477 81,079 Unbilled tenant reimbursements 2,055,632 1,498,775 Total $ 8,859,329 $ 5,996,919 Prepaid Expenses and Other Assets As of December 31, 2022 and 2021, prepaid expenses and other assets were comprised of the following: December 31, 2022 2021 Deferred tenant allowance $ 2,564,806 $ 2,400,811 Miscellaneous receivables 170,293 681,369 Prepaid expenses 1,364,946 1,253,751 Deposits 885,538 1,420,244 Deferred financing costs on credit facility revolver 1,115,354 100,080 Total $ 6,100,937 $ 5,856,255 Accounts Payable, Accrued and Other Liabilities As of December 31, 2022 and 2021, accounts payable, accrued and other liabilities were comprised of the following: December 31, 2022 2021 Accounts payable $ 1,001,411 $ 1,767,657 Accrued expenses 3,759,948 3,864,222 Accrued distributions 1,768,068 1,795,303 Accrued interest payable 285,392 548,564 Unearned rent 1,870,057 1,735,440 Lease incentive obligation 561,057 2,133,695 Total $ 9,245,933 $ 11,844,881

DEBT

DEBT	12 Months Ended
	Dec. 31, 2022
Debt Disclosure [Abstract]
DEBT	DEBT Mortgage Notes Payable As of December 31, 2022 and 2021, the Company’s mortgage notes payable consisted of the following: Collateral 2022 Principal Balance 2021 Principal Balance Contractual Effective Loan Costco property $ 18,850,000 $ 18,850,000 4.85% 4.85% 01/01/2030 Taylor Fresh Foods property 12,350,000 12,350,000 3.85% 3.85% 11/01/2029 OES property (3) 13,315,009 13,597,120 4.50% 4.50% 03/09/2024 Six Dollar General properties — 3,674,327 — 4.69% (4) Dollar General, Bakersfield property — 2,224,418 — 3.65% (4) Dollar General, Big Spring property — 587,961 — 4.69% (4) Northrop Grumman property — 6,925,915 — 3.35% (4) exp US Services property — 3,255,313 — 4.25% (4) Wyndham property — 5,493,000 — 4.34% (4) Williams Sonoma property — 4,344,000 — 4.05% (4) EMCOR property — 2,757,943 — 4.36% (4) Husqvarna property — 6,379,182 — 4.60% (4) AvAir property — 19,950,000 — 3.80% (4) 3M property — 8,025,200 — 5.09% (4) Cummins property — 8,188,800 — 5.16% (4) Levins property — 2,654,405 — 3.75% (4) Labcorp property — 5,308,810 — 3.75% (4) GSA (MSHA) property — 1,713,196 — 3.65% (4) PreK Education property — 4,930,217 — 4.25% (4) Solar Turbines, WSP USA, ITW Rippey properties — 8,986,222 — 3.35% (4) Gap property — 3,492,775 — 4.15% (4) L3Harris property — 6,219,524 — 3.35% (4) Walgreens Santa Maria property — 3,067,109 — 4.25% (4) Total mortgage notes payable 44,515,009 152,975,437 Plus unamortized mortgage premium, net (5) 119,245 204,281 Less unamortized deferred financing costs (198,698) (956,139) Mortgage notes payable, net $ 44,435,556 $ 152,223,579 (1) Contractual interest rate represents the interest rate in effect under the mortgage note payable as of December 31, 2022 for the three property mortgages that were not refinanced through a drawdown from the Credit Facility (defined and discussed below) with KeyBank National Association (“KeyBank”) given their prepayment penalties. (2) Effective interest rate is calculated as the actual interest rate in effect as of December 31, 2022 consisting of the contractual interest rate, and for information as of December 31, 2021, consisting of the contractual interest rate and the effect of the interest rate swap, if applicable (see Note 8 for further information regarding the Company’s derivative instruments as of December 31, 2021). (3) The Company and Sutter Health agreed to the early termination of its lease effective December 31, 2022. The property was then leased to OES effective January 4, 2023 for 12 years through December 31, 2034 (see Note 3 for more details related to the termination of the lease agreement with Sutter Health and the subsequent lease of the property to OES). (4) The loan was fully repaid on January 18, 2022 through a drawdown from the Credit Facility. (5) Represents unamortized net mortgage premium acquired through the merger with REIT I. The following summarizes the face value, carrying amount and fair value of the Company’s mortgage notes payable (Level 3 measurement) as of December 31, 2022 and 2021, respectively: 2022 2021 Face Value Carrying Fair Value Face Value Carrying Fair Value Mortgage notes payable $ 44,515,009 $ 44,435,556 $ 41,293,644 $ 152,975,437 $ 152,223,579 $ 159,241,815 Less: full repayments of mortgages on January 18, 2022 (108,178,317) (107,429,721) * Remaining balance $ 44,797,120 $ 44,793,858 $ 46,296,445 * The payoff values of the loans refinanced on January 18, 2022 approximate their face values as of December 31, 2021. Disclosures of the fair values of financial instruments are based on pertinent information available to the Company as of the period end and require a significant amount of judgment. The actual value could be materially different from the Company’s estimate of value. Mortgage Notes Payable Related to Real Estate Investments Held For Sale, Net As discussed in detail in Note 3 , the Company classified four properties as real estate held for sale as of December 31, 2021, which were collateral for mortgage notes payable. There was no mortgage note payable related to the Company's real estate investment held for sale as of December 31, 2022. The following table summarizes the Company's mortgage notes payable related to real estate investments held for sale as of December 31, 2021: December 31, Collateral 2021 Accredo property $ 8,538,000 Omnicare property 4,109,167 Texas Health property 4,284,335 Bon Secours property 5,104,817 Total 22,036,319 Less deferred financing costs (336,407) Mortgage notes payable related to real estate investments held for sale, net $ 21,699,912 Credit Facility, Net On January 18, 2022, the Company's Operating Partnership entered into a $250,000,000 credit agreement (‘‘Credit Agreement’’) providing for a $100,000,000 four-year revolving line of credit, which may be extended by up to 12 months subject to certain conditions (the ‘‘Revolver’’), and a $150,000,000 five-year term loan (the ‘‘Term Loan’’ and together with the ‘‘Revolver,’’ the ‘‘Credit Facility’’) with KeyBank and the other lending institutions party thereto (collectively, the ‘‘Lenders’’), including KeyBank as Agent for the Lenders (in such capacity, the ‘‘Agent’’), BMO Capital Markets, Truist Bank and The Huntington National Bank as Co-Syndication Agents (the “Co-Syndication Agents”) and KeyBanc Capital Markets Inc., BMO Capital Markets, Inc., Truist Securities, Inc. and The Huntington National Bank as Joint-Lead Arrangers (the “Lead Arrangers”). The Credit Facility is available for general corporate purposes, including, but not limited to, acquisitions, repayment of existing indebtedness and capital expenditures. On October 21, 2022, the Company exercised the accordion feature of its Credit Agreement and increased the Credit Facility from $250,000,000 to $400,000,000 as further described below. The Credit Facility is priced on a leverage-based grid that fluctuates based on the Company’s actual leverage ratio at the end of the prior quarter. With the Company's leverage ratio at 38% as of September 30, 2022, the spread over the Secured Overnight Financing Rate (‘‘SOFR’’), including a 10-basis point credit adjustment, is 165 basis points and the interest rate on the Revolver was 5.96% as of December 31, 2022. The Company also pays an annual unused fee of up to 25 basis points on the Revolver, depending on the daily amount of the unused commitment, and paid total unused fees of $200,578 for the year ended December 31, 2022. On May 10, 2022, the Company entered into a swap agreement, effective May 31, 2022, to fix SOFR at 2.258% with respect to its original $150,000,000 Term Loan as described in Note 8, which resulted in a fixed interest rate on the Term Loan of 3.858% based on the Company's leverage ratio as of December 31, 2022. The increased Credit Facility of $400,000,000 is now comprised of a $150,000,000 Revolver and a $250,000,000 Term Loan. The Credit Facility includes an updated accordion option that allows the Company to request additional Revolver and Term Loan lender commitments up to a total of $750,000,000 subject to customary conditions, including the receipt of new commitments from the Lenders. On December 20, 2022, the Credit Agreement was amended to allow the Company to draw on the additional $100,000,000 Term Loan commitment up to five times between December 20, 2022 and April 19, 2023 in exchange for a quarterly unused fee, which amounted to $6,944 during the quarter ended December 31, 2022. The maturities for the Company’s Revolver and Term Loan remain unchanged with the Revolver’s maturity in January 2026 with options to extend for a total of 12 months, and the Term Loan’s maturity in January 2027. The Company paid lender fees of $1,378,125 in connection with the expansion of its Credit Facility. On October 26, 2022, the Company entered into a swap agreement, effective November 30, 2022, to fix SOFR at 3.44% with respect to its expanded Term Loan as described in Note 8, which would result in a fixed interest rate of 5.040% on the additional $100,000,000 to be borrowed under the Term Loan based on the Company's leverage ratio as of December 31, 2022. The Credit Facility includes customary representations, warranties and covenants, including covenants regarding minimum fixed charge coverage of 1.50x, minimum tangible net worth of $208,629,727 plus 85% of net offering proceeds after January 18, 2022, and maximum consolidated leverage of 60%. The Company was in compliance with these covenants as of December 31, 2022. The Credit Facility is secured by a pledge of all of the Operating Partnership’s equity interests in certain of the single-purpose, property-owning entities (the ‘‘Subsidiary Guarantors’’) that are indirectly owned by the Company, and various cash collateral owned by the Operating Partnership and the Subsidiary Guarantors. In connection with the Credit Facility, the Company and each of the Subsidiary Guarantors entered into an Unconditional Guaranty of Payment and Performance in favor of the Agent, pursuant to which the Company and each of the Subsidiary Guarantors agreed to guarantee the full and prompt payment of the Operating Partnership’s obligations under the Credit Agreement. While the Credit Facility allows for borrowings of up to 60% of the Company's borrowing base, the Company is targeting leverage of 40% or lower over the long-term once it achieves scale; however, the Company will consider higher leverage in the near-term if it identifies attractive acquisition opportunities in advance of completing dispositions or raising additional equity. Credit Facility Drawdown and Repayments On January 18, 2022, the Company borrowed $155,775,000 from its Credit Facility consisting of $100,000,000 under the Term Loan and $55,775,000 under the Revolver. The Company used a portion of the proceeds from the Credit Facility to pay total commitment and arrangement fees of $2,020,000 to the Agent, the Lenders, the Lead Arrangers and Co-Syndication Agents. The Company used a portion of the proceeds from the Credit Facility to repay 20 property mortgages, and related interest aggregating $153,428,764, including the $36,465,449 mortgage on the KIA auto dealership property which was acquired on January 18, 2022, as discussed above, and the Company's prior line of credit outstanding balance of $8,022,000. The 20 mortgages that were paid off were for the following 27 properties: eight Dollar Generals, Northrop Grumman, exp Maitland, Wyndham, Williams Sonoma, EMCOR, Husqvarna, AvAir, 3M, Cummins, Levins, Labcorp, GSA (MHSA), PreK Education, ITW Rippey, Solar Turbines, WSP USA (formerly Wood Group), Gap, L3Harris and Walgreens. After the 20 property mortgages were paid-off, seven property mortgages as of December 31, 2021 remained outstanding, including four property mortgages related to assets held for sale. Those four mortgages were paid-off pursuant to sales of the properties in February 2022 as discussed above. On March 8, 2022, the Company prepaid $35,000,000 of the outstanding balance on the Revolver with cash on hand in order to reduce interest expense, and on April 19, 2022, the Company drew $44,000,000 on the Revolver to fund the acquisition of the Lindsay properties. On April 25, 2022, the Company drew the remaining $50,000,000 on the Term Loan which was utilized as a repayment of the Revolver and the Company also repaid $8,000,000 on the Revolver on June 22, 2022. The Company borrowed and repaid $28,000,000 on the Revolver during the three months ended September 30, 2022 in connection with acquisitions completed in July and August 2022 and dispositions completed in August and September 2022. The Company used proceeds from the Sutter Health early termination fee to prepay $3,775,000 on the Revolver in December 2022 and prepaid the remaining $3,000,000 Revolver balance on January 5, 2023 with the proceeds from the December 30, 2022 sale of the Company’s Raising Cane’s property. On January 26, 2023, the Company borrowed $10,000,000 on its Term Loan in connection with a property acquisition as further discussed in Note 14 . As of February 28, 2023, the Company had availability under the Credit Facility, prior to any new properties being added to the borrowing base, of $85,000,000 which can be drawn for general corporate purposes, including future acquisitions. Prior Credit Facility On March 29, 2021, the Company entered into a credit facility with Banc of California (the “Prior Credit Facility”) for an aggregate line of credit of $22,000,000 with a maturity date of March 30, 2023. Under the terms of the Prior Credit Facility, the Company paid a variable rate of interest on outstanding amounts equal to one percentage point over the prime rate published in The Wall Street Journal, provided that the interest rate in effect on any one day was not less than 4.75% per annum. The Company paid Banc of California origination fees of $77,000 in connection with the Prior Credit Facility in March 2021 and paid an unused commitment fee of 0.15% per annum of the unused portion of the Prior Credit Facility, charged quarterly in arrears based on the average unused commitment available under the Prior Credit Facility. The Company's prior line of credit outstanding balance of $8,022,000 was settled on January 18, 2022 and the prior line of credit was closed. Compliance with All Debt Agreements Pursuant to the terms of mortgage notes payable on certain of the Company’s properties and the Credit Facility, the Company and/or the subsidiary borrowers are subject to certain financial loan covenants. The Company and/or the subsidiary borrowers were in compliance with such financial loan covenants as of December 31, 2022. Future Principal Repayments The following summarizes the future principal repayments of the Company’s mortgage notes payable and Credit Facility as of December 31, 2022: December 31, 2022 Mortgage Notes Credit Facility Revolver Term Loan (1) Total 2023 $ 317,280 $ — $ — $ 317,280 2024 13,267,346 — — 13,267,346 2025 543,886 — — 543,886 2026 568,369 3,000,000 — 3,568,369 2027 593,972 — 150,000,000 150,593,972 Thereafter 29,224,156 — — 29,224,156 Total principal 44,515,009 3,000,000 150,000,000 197,515,009 Plus: unamortized mortgage premium, net of discount 119,245 — — 119,245 Less: deferred financing costs, net (2) (198,698) — (1,981,836) (2,180,534) Total $ 44,435,556 $ 3,000,000 $ 148,018,164 $ 195,453,720 (1) As of December 31, 2022, the Company had not drawn on its additional $100,000,000 Term Loan commitment from the Lenders. (2) Deferred financing costs, net for the Revolver is reflected in prepaid expenses and other assets. Interest Expense The following is a reconciliation of the components of interest expense for the years ended December 31, 2022 and 2021: Years Ended December 31, 2022 2021 Mortgage notes payable: Interest expense $ 2,235,203 $ 7,536,789 Amortization of deferred financing costs 28,928 535,440 Swap termination costs — 23,900 Gain on interest rate swap valuation (1) — (871,630) Credit facility: Interest expense 5,100,525 192,786 Amortization of deferred financing costs 541,038 78,588 Unrealized gain on interest rate swap valuations (2) (25,734) — Other loan fees and costs 226,698 90,324 Total interest expense $ 8,106,658 $ 7,586,197 (1) Accrued interest payable of $56,114 as of December 31, 2021 represented the unsettled portion of the interest rate swaps for the period from origination of the interest rate swap through the balance sheet date. (2) The Company entered into two swap transactions for its original $150,000,000 Term Loan and additional $100,000,000 Term Loan commitment, effective May 31, 2022 and November 30, 2022, respectively, which are further described in Note 8 .

INTEREST RATE SWAP DERIVATIVES

INTEREST RATE SWAP DERIVATIVES	12 Months Ended
	Dec. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
INTEREST RATE SWAP DERIVATIVES	INTEREST RATE SWAP DERIVATIVES The Company, through its Operating Partnership, entered into a five-year swap agreement to fix SOFR at 2.258% effective May 31, 2022 related to the variable interest rate on its original $150,000,000 Term Loan. The Company designated the pay-fixed, receive-floating interest rate swap with the terms described in the table below as of July 1, 2022. The swap agreement matures on January 15, 2027 and the financial institution counterparty has a one-time option to cancel the swap on December 31, 2024. On October 26, 2022, the Company, through its Operating Partnership, entered into another five-year swap agreement to fix SOFR at 3.440% effective November 30, 2022 related to the variable interest rate on its additional $100,000,000 Term Loan commitment. The Company designated the pay-fixed, receive-floating interest rate swap with the terms described in the table below as of November 30, 2022. The swap agreement matures on November 30, 2027 and the financial institution counterparty has a one-time option to cancel the swap on December 31, 2024. In prior years, the Company, through its limited liability company subsidiaries entered into interest rate swap agreements with amortizing notional amounts relating to four of its mortgage notes payable. These swap agreements, which were in place as of December 31, 2021, were terminated on January 18, 2022 in connection with refinancings discussed in Note 7 . The notional amount is an indication of the extent of the Company’s involvement in each instrument at that time, but does not represent exposure to credit, interest rate or market risks. On January 18, 2022, the Company terminated the swap agreements related to mortgages on the 3M, Cummins, Wyndham and Williams Sonoma properties at an aggregate cost of $733,000, which is included in loss on early extinguishment of debt in the Company's statement of operations. During the quarter ended March 31, 2021, the Company terminated the swap agreements related to mortgages on the GSA and Eco-Thrift properties at aggregate costs of $23,900. Such termination fees are included in interest expense in the Company's statement of operations (See Note 7 for interest expense details). The following table summarizes the notional amount and other information related to the Company’s interest rate swaps as of December 31, 2022 and 2021. December 31, 2022 December 31, 2021 Derivative Number Notional Amount (i) Reference Weighted Weighted Number Notional Amount (i) Reference Weighted Weighted Interest Rate 2 $ 250,000,000 USD - SOFR 4.33 % 4.05 years 4 $ 26,051,000 One-month LIBOR + applicable spread/Fixed at 4.05%-5.16% 4.51 % 2.0 years (i) The minimum notional amounts (outstanding principal balance at the maturity date) as of December 31, 2022 and 2021 were $250,000,000 and $24,935,999, respectively. (ii) Based on the terms of the Credit Facility, the fixed pay rate increases if the Company's leverage ratio increases above 40%. The following table sets forth the fair value of the Company’s derivative instruments (Level 2 measurement), as well as their classification in the consolidated balance sheets as of December 31, 2022 and 2021: December 31, 2022 December 31, 2021 Derivative Instrument Balance Sheet Location Number of Fair Value Number of Fair Value Interest Rate Swap Asset - Interest rate swap derivative, at fair value 1 $ 4,629,702 — $ — Interest Rate Swap Liability - Interest rate swap derivative, at fair value 1 $ (498,866) 4 $ (788,016) The interest rate swap derivative on the original $150,000,000 Term Loan was designated as a cash flow hedge for financial accounting purposes beginning July 1, 2022 and therefore the change in fair value of $4,039,706 for the period through December 31, 2022 was recorded as unrealized holding gain on interest rate swap designated as a cash flow hedge in the Company's consolidated statements of comprehensive income (loss) for the year ended December 31, 2022. The change in fair value of this derivative instrument of $589,996 for the period from May 31, 2022 to June 30, 2022 that was not designated as a cash flow hedge for financial accounting purposes was recorded as an unrealized gain on interest rate swap valuation as of June 30, 2022 and a reduction to interest expense in the unaudited condensed consolidated statement of operations accompanying the Company's Quarterly Report on Form 10-Q for the quarter ended June 30, 2022. Beginning July 1, 2022 through December 31, 2024, the related interest rate swap derivative asset will be amortized to interest expense with a credit to accumulated other comprehensive income in the Company's consolidated balance sheet. The amortization of interest rate swap derivative asset for the six months ended December 31, 2022 was $65,397. The fair value of the interest rate swap derivative on the additional $100,000,000 Term Loan commitment of $498,866 for the period from November 30, 2022 to December 31, 2022 that does not qualify as a cash flow hedge for financial accounting purposes was recorded as an unrealized loss on interest rate swap valuation as of December 31, 2022 and an increase to interest expense in the Company's consolidated statement of operations. The change in fair value of the derivative instruments as of December 31, 2021 that were not designated as cash flow hedges for financial accounting purposes were recorded as interest expense in the consolidated statements of operations. None of the Company’s derivatives as of December 31, 2021 were designated as hedging instruments; therefore, the net gain recognized was recorded as a reduction in the loss on early extinguishment of debt for the quarter ended March 31, 2022 and the net on interest rate swaps of $970,039 was recorded as a decrease in interest expense for the year ended December 31, 2021. The loss on early extinguishment of debt for the three months ended March 31, 2022 includes the actual cost of terminating the interest rate swap derivatives in January 2022 of $733,000, which was offset by a corresponding reversal of the liability of $788,016 for interest rate swap derivatives as of December 31, 2021.

PREFERRED STOCK AND COMMON STOC

PREFERRED STOCK AND COMMON STOCK	12 Months Ended
	Dec. 31, 2022
Equity [Abstract]
PREFERRED STOCK AND COMMON STOCK	PREFERRED STOCK AND COMMON STOCK Preferred Stock The Company is authorized to issue up to 50,000,000 shares of preferred stock. In connection with an underwritten public offering in September 2021 (discussed below in detail), the Company classified and designated 2,000,000 shares of its authorized preferred stock as authorized shares of Series A Preferred Stock. As of December 31, 2022, 2,000,000 shares of authorized Series A Preferred Stock were issued and outstanding. Underwritten Offering - Series A Preferred Stock On September 14, 2021, the Company and the Operating Partnership entered into an underwriting agreement (the “Underwriting Agreement”) with B. Riley Securities, Inc., as representative of the underwriters listed on Schedule I thereto (collectively, the “Underwriters”), pursuant to which the Company agreed to issue and sell 1,800,000 shares of the Company’s Series A Preferred Stock, with a liquidation preference of $25.00 per share, in the Preferred Offering at a price per share of $25.00. In addition, the Company granted the Underwriters a 30-day option to purchase up to an additional 200,000 shares of the Series A Preferred Stock, which the Underwriters exercised in full on September 16, 2021. In the Underwriting Agreement, the Company and the Operating Partnership made certain customary representations, warranties and covenants and agreed to indemnify the Underwriters against certain liabilities. The issuance and sale of the shares of Series A Preferred Stock, including the issuance and sale of 200,000 shares pursuant to the Underwriters’ full exercise of their option to purchase additional shares, closed and the Series A Preferred Stock began trading on the NYSE on September 17, 2021. The gross proceeds from the Preferred Offering were $50,000,000 and the net proceeds were $47,607,309, after deducting the underwriting discount of $1,575,000 and other offering costs of $817,691. The Company contributed $48,425,000 of the net proceeds from the Preferred Offering prior to other offering costs to the Operating Partnership in exchange for a new class of 7.375% Series A Cumulative Redeemable Perpetual Preferred Units of the Operating Partnership, which have economic interests that are substantially similar to the designations, preferences and other rights of Series A Preferred Stock. The Company, acting through the Operating Partnership, used the net proceeds from such contribution for general corporate purposes, including purchases of additional properties and other real estate and real estate-related assets. Series A Preferred Stock - Terms Holders of Series A Preferred Stock are entitled to cumulative dividends in the amount of $1.84375 per share each year, which is equivalent to the rate of 7.375% of the $25.00 liquidation preference per share per annum. The Series A Preferred Stock has no stated maturity and will remain outstanding indefinitely unless redeemed, converted or otherwise repurchased. Except in limited circumstances relating to the Company's qualification as a REIT for U.S. federal income tax purposes, and as described in the articles supplementary governing the terms of the Series A Preferred Stock (the “Articles Supplementary”), the Series A Preferred Stock is not redeemable prior to September 17, 2026. On and after September 17, 2026, at any time and from time to time, the Series A Preferred Stock will be redeemable in whole or in part, at the Company's option, at a cash redemption price of $25.00 per share, plus an amount equal to all dividends accrued and unpaid (whether or not authorized or declared), if any, to, but not including, the redemption date. In addition, upon the occurrence of a Delisting Event or a Change of Control (each as defined in the Articles Supplementary), the Company may, subject to certain conditions, at its option, redeem the Series A Preferred Stock, in whole or in part, (i) after the first date on which the Delisting Event occurred or (ii) on, or within 120 days after, the first date on which the Change of Control occurred, as applicable, by paying the liquidation preference of $25.00 per share, plus an amount equal to all dividends accrued and unpaid (whether or not authorized or declared), if any, to, but not including, the redemption date. Upon the occurrence of a Change of Control during a continuing Delisting Event, unless the Company has elected to exercise its redemption right, holders of the Series A Preferred Stock will have certain rights to convert the Series A Preferred Stock into shares of the Company’s Class C common stock. In addition, upon the occurrence of a Delisting Event, the dividend rate will be increased on the day after the occurrence of the Delisting Event by 2.00% per annum to the rate of 9.375% of the $25.00 liquidation preference per share per annum (equivalent to $2.34375 per share each year) from and after the date of the Delisting Event. Following the cure of such Delisting Event, the dividend rate will revert to the rate of 7.375% of the $25.00 liquidation preference per share per annum. The necessary conditions to convert the Series A Preferred Stock into the Company's Class C common stock have not been met as of December 31, 2022. The Series A Preferred Stock ranks senior to the Company's Class C common stock with respect to dividend rights and rights upon the Company’s voluntary or involuntary liquidation, dissolution or winding up. Voting rights for holders of Series A Preferred Stock exist primarily with respect to the ability to elect two additional directors to the board of directors if six or more quarterly dividends (whether or not authorized or declared or consecutive) payable on the Series A Preferred Stock are in arrears, and with respect to voting on amendments to the Company’s charter (which includes the Articles Supplementary) that materially and adversely affect the rights of the Series A Preferred Stock or create additional classes or series of shares of the Company’s capital stock that are senior to the Series A Preferred Stock. Other than the limited circumstances described above and in the Articles Supplementary, holders of Series A Preferred Stock do not have any voting rights. Series A Preferred Stock Dividends Dividends on the Company's Series A Preferred Stock accrue in an amount equal to $1.84375 per share each year ($0.460938 per share per quarter) to holders of Series A Preferred Stock, which is equivalent to 7.375% of the $25.00 liquidation preference per share per annum. Dividends on the Series A Preferred Stock are cumulative and payable quarterly in arrears on the 15th day of January, April, July and October of each year (or, if not a business day, the next succeeding business day) to holders of record on the applicable record date. Any accrued and unpaid dividends payable with respect to the Series A Preferred Stock become part of the liquidation preference thereof. On November 11, 2021, the Company’s board of directors declared Series A Preferred Stock dividends payable of $1,065,278 for the fourth quarter of 2021, including $143,403 of accrued dividends as of September 30, 2021, all of which were accrued as of December 31, 2021 and paid on January 18, 2022. On March 18, 2022, June 15, 2022 and September 15, 2022, the Company’s board of directors declared Series A Preferred Stock dividends payable of $921,875 for each of the first, second and third quarters of 2022, which were paid on April 15, 2022, July 15, 2022 and October 17, 2022, respectively. On November 7, 2022, the Company’s board of directors declared Series A Preferred Stock dividends payable of $921,875 for the fourth quarter of 2022, which were accrued as of December 31, 2022 and paid on January 17, 2023 (see Note 14 ). Common Stock Listed Offering On February 10, 2022, the Company and the Operating Partnership entered into an underwriting agreement (the “Class C Common Stock Underwriting Agreement”) with B. Riley Securities, Inc., as the underwriter listed on Schedule I thereto, pursuant to which the Company agreed to issue and sell 40,000 shares of the Company’s Class C common stock in an underwritten Listed Offering at a price per share of $25.00. On February 15, 2022, the Company completed the Listed Offering of its Class C common stock, and in connection with the Listed Offering, the Company sold to Mr. Wirta, the Company’s former Chairman of the board of directors, all 40,000 shares of its Class C common stock offered in the Listed Offering at $25.00 per share for aggregate net proceeds of $114,500, after deducting the underwriting discount of $70,000 and other offering costs of $815,500. The primary purpose of the Listed Offering was to provide liquidity to the Company’s existing stockholders. The shares of Class C common stock began trading on the NYSE on February 11, 2022. In connection with the Listed Offering and upon the listing on the NYSE, each share of the Company's Class S common stock was converted into a share of Class C common stock. Common Stock Distributions Aggregate distributions declared per share of Class C common stock were $1.25 and $1.08 for the years ended December 31, 2022 and 2021, respectively. Aggregate distributions declared per share of Class S common stock were $1.08 for the year ended December 31, 2021. The aggregate distributions paid per share of Class S common stock for the year ended December 31, 2021 were net of the deferred selling commission.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	12 Months Ended
	Dec. 31, 2022
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	RELATED PARTY TRANSACTIONS The Company pays the members of its board of directors who are not executive officers for services rendered through cash payments and by issuing shares of Class C common stock to them. Total fees incurred and paid or accrued by the Company for board services for the years ended December 31, 2022 and 2021, are as follows: December 31, Board of Directors Compensation 2022 2021 Cash paid for services rendered $ 270,000 $ 147,500 Value of shares issued for services rendered 330,000 357,500 Total $ 600,000 $ 505,000 Number of shares issued for services rendered 21,791 15,191 Transactions with Other Related Parties As discussed in Note 3 , on January 31, 2022, the Company acquired an industrial property in Saint Paul, Minnesota, which is leased to Kalera, Inc. The acquisition of the Kalera, Inc. property was introduced to the Company by Curtis B. McWilliams, one of the Company's independent directors. Since Mr. McWilliams was serving as the Interim Chief Executive Officer of Kalera, Inc. at the time of the transaction, all of the disinterested members of the Company's board of directors approved this transaction. Related Party Transactions with Unconsolidated Investment in a Real Estate Property The Company's taxable REIT subsidiary serves as the asset manager of the TIC Interest property and earned asset management fees of $263,971 for both years ended December 31, 2022 and 2021, including the Company's approximate 72.7% share which was $191,933 for both years ended December 31, 2022 and 2021.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	12 Months Ended
	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES Environmental As an owner of real estate, the Company is subject to various environmental laws of federal, state and local governments. Although there can be no assurance, the Company is not aware of any environmental liability that could have a material adverse effect on its financial condition or results of operations. However, changes in applicable environmental laws and regulations, the uses and conditions of properties in the vicinity of the Company’s properties, the activities of its tenants and other environmental conditions of which the Company is unaware with respect to the properties could result in future environmental liabilities. Tenant Improvements Pursuant to lease agreements, as of December 31, 2022 and 2021, the Company had obligations to pay $1,789,027 and $189,136, respectively, for on-site and tenant improvements to be incurred by tenants. As of December 31, 2022 and 2021, the Company had no restricted cash and $2,271,462 of restricted cash, respectively, held to fund other building improvements and leasing commissions. Pursuant to the refinancing of the related mortgage notes payable on January 18, 2022 as discussed in Note 7 , the restricted cash as of December 31, 2021 was released. Legal Matters From time-to-time, the Company may become party to legal proceedings that arise in the ordinary course of its business. The Company, including its subsidiaries, is not a party to any legal proceeding, nor is the Company aware of any pending or threatened litigation that could have a material adverse effect on the Company’s business, operating results, cash flows or financial condition should such litigation be resolved unfavorably.

OPERATING PARTNERSHIP UNITS

OPERATING PARTNERSHIP UNITS	12 Months Ended
	Dec. 31, 2022
Business Combination and Asset Acquisition [Abstract]
OPERATING PARTNERSHIP UNITS	OPERATING PARTNERSHIP UNITS Class M OP Units On September 19, 2019, the Company, the Operating Partnership, BrixInvest and Daisho OP Holdings, LLC, a formerly wholly-owned subsidiary of BrixInvest (“Daisho”), which was spun off from BrixInvest on December 31, 2019, entered into the Contribution Agreement pursuant to which the Company agreed to acquire substantially all of the net assets of BrixInvest in exchange for 657,949.5 units of Class M limited partnership interest in the Operating Partnership (“Class M OP Units”) and assumed certain liabilities (the “Self-Management Transaction”). As a result of the Self-Management Transaction, the Company became self-managed and eliminated all fees for acquisitions, dispositions and management of its properties, which were previously paid to its former external advisor. The consideration transferred as of December 31, 2019 was determined to have a fair value of $50,603,000 based on a probability weighted analysis of achieving the requisite assets under management (“AUM”) and adjusted funds from operations (“AFFO”) hurdles. The Class M OP Units were issued to Daisho on December 31, 2019 in connection with the Self-Management Transaction and are non-voting, non-dividend accruing, and were not able to be converted or exchanged prior to the one-year anniversary of the Self-Management Transaction. Investors holding units in BrixInvest received Daisho units in a ratio of 1:1 for an aggregate of 657,949.5 Daisho units. During 2020, Daisho distributed the Class M OP Units to its members. The Class M OP Units are convertible into Class C OP Units at a conversion ratio of 1.6667 Class C OP Units for each one Class M OP Unit, subject to a reduction in the conversion ratio (which reduction will vary depending upon the amount of time held) if the exchange occurs prior to the four-year anniversary of the completion of the Self-Management Transaction. In the event that Class M OP Units are converted into Class C OP Units prior to December 31, 2023, such Class M OP Units shall be exchanged at the rate indicated below: Date of Exchange Early Conversion Rate From December 31, 2020 to December 30, 2021 50% of the Class M conversion ratio From December 31, 2021 to December 30, 2022 60% of the Class M conversion ratio From December 31, 2022 to December 30, 2023 70% of the Class M conversion ratio As of December 31, 2022, no Class M OP Units had been converted to Class C OP Units. The Class M OP Units are eligible for an increase in the conversion ratio (conversion ratio enhancement) if the Company achieves both of the targets for AUM and AFFO in a given year as set forth below: Hurdles AUM AFFO Class M ($ in billions) Per Share ($) Conversion Ratio Initial Conversion Ratio 1:1.6667 Fiscal Year 2021 $ 0.860 $ 1.77 1:1.9167 Fiscal Year 2022 $ 1.175 $ 1.95 1:2.5000 Fiscal Year 2023 $ 1.551 $ 2.10 1:3.0000 The hurdles for AUM and AFFO per share were not met for fiscal year 2022 or 2021. Based on the current conversion ratio of 1.6667 Class C OP Units for each one Class M OP Unit, if a Class M OP Unit is converted on or after December 31, 2023, and based on the NYSE closing share price of $12.00 as of December 30, 2022, the last trading day of 2022, a Class M OP Unit would be valued at $20.00. This value does not reflect the early conversion rate or the future conversion enhancement ratio of the Class M OP Units, as discussed above, and the units of Class P limited partnership interest in the Operating Partnership (“Class P OP Units”), as discussed below. Class P OP Units The Company issued the Class P OP Units described below in connection with the Self-Management Transaction. The Class P OP Units are intended to be treated as “profits interests” in the Operating Partnership, which are non-voting, non-dividend accruing, and are not able to be transferred or exchanged prior to the earlier of (1) March 31, 2024, (2) a change of control (as defined in the Third Amended and Restated Limited Partnership Agreement of the Operating Partnership, as amended (the “Operating Partnership Agreement”)), or (3) the date of the recipient's involuntary termination (as defined in the relevant award agreement for the Class P OP Units) (collectively, the “Lockup Period”). Following the expiration of the Lockup Period, the Class P OP Units are convertible into Class C OP Units at a conversion ratio of 1.6667 Class C OP Units for each one Class P OP Unit; provided, however, that the foregoing conversion ratio shall be subject to increase on generally the same terms and conditions as the Class M OP Units, as set forth above. The AUM and AFFO per share hurdles for the Class P OP Units were not met for fiscal year 2022 or 2021. The Company will adjust stock compensation expense prospectively if the future conversion enhancement ratio is achieved during fiscal 2023. On December 31, 2019, the Company issued a total of 56,029 Class P OP Units to Aaron S. Halfacre, the Company’s Chief Executive Officer and President, and Raymond J. Pacini, the Company's Chief Financial Officer, including 26,318 Class P OP Units issued in exchange for Messrs. Halfacre's and Pacini's agreements to forfeit a similar number of restricted units in BrixInvest in connection with the Self-Management Transaction. The remaining 29,711 Class P OP Units were issued to both executives as signing bonuses and as a portion of their incentive compensation for 2020 in connection with their entry into restrictive covenant agreements. The 29,711 Class P OP Units were valued based on the estimated NAV per share of $30.48 (unaudited) when issued on December 31, 2019 and the expected minimum conversion ratio of 1.6667 Class C OP Units for each one Class P OP Unit, which resulted in a valuation of $1,509,319. This amount is amortized on a straight-line basis over 51 months through March 31, 2024, the expected vesting date of the units, as a periodic charge to stock compensation expense. During the years ended December 31, 2022 and 2021, the Company amortized and charged $355,134 to stock compensation expense for both years for Class P OP Units. The unamortized value of these units was $443,917 as of December 31, 2022. Under the Operating Partnership Agreement, once the Class M OP Units or Class P OP Units are converted into Class C OP Units, they will be exchangeable for the Company’s shares of Class C common stock on a 1-for-1 basis, or for cash at the sole and absolute discretion of the Company. The Company recorded the ownership interests of the Class M OP Units and Class P OP Units as a noncontrolling interest in the Operating Partnership which represented a combined total of approximately 13% of the equity in the Operating Partnership on December 31, 2019. As of December 31, 2022, these interests represent a combined total of approximately 11.5% of the equity in the Operating Partnership. Class R OP Units On January 25, 2021, the compensation committee of the Company's board of directors recommended, and the board of directors approved, the grant of 40,000 units of Class R limited partnership interest in the Operating Partnership (“Class R OP Units”) to Mr. Halfacre in recognition of his voluntary reduction in his 2020 compensation, plus 170,667 Class R OP Units to Mr. Halfacre as equity incentive compensation for the next three years, and the grant of 33,333 Class R OP Units to Mr. Pacini as equity incentive compensation for the next three years. An additional 116,000 Class R OP Units were granted to the remainder of the employees of the Company for a total of 360,000 Class R OP Units granted. All Class R OP Units granted vest and are mandatorily convertible into Class C OP Units on March 31, 2024 at a conversion ratio of 1:1, which conversion ratio can increase to 1:2.5 Class C OP Units if the Company generates funds from operations of $1.05, or more, per weighted average fully-diluted share outstanding for the year ending December 31, 2023. The Company concluded that as of each quarter end, including December 31, 2022, achieving the performance target to trigger the increased conversion ratio for the Class R OP Units is not deemed probable. The Company will adjust compensation expense prospectively if achieving the enhancement is deemed probable though the remainder of the vesting period. Stock compensation expense related to the Class R OP Units is based on the estimated value per share, including a discount for the illiquid nature of the underlying equity, and is being recognized over the vesting period. Of the 360,000 Class R OP Units granted, due to the departure of employees, 17,000 and 26,657 Class R OP Units were forfeited during the years ended December 31, 2022 and 2021, respectively. The units, at the discretion of the board of directors, may be reallocated to existing or new employees. The cumulative number of units forfeited and not yet reallocated through December 31, 2022 aggregated 43,657 units. During the years ended December 31, 2022 and 2021, the Company amortized and charged to stock compensation expense $1,715,888 and $2,032,247, respectively, for the Class R OP Units. The unamortized value of the remaining 316,343 units was $2,444,437 as of December 31, 2022. The total stock compensation expenses for the years ended December 31, 2022 and 2021 were as follows: Years Ended December 31, 2022 2021 Class P OP Units $ 355,134 $ 355,134 Class R OP Units 1,715,888 2,032,247 Class C common stock issued to the board of directors for services (see Note 10) 330,000 357,500 Total $ 2,401,022 $ 2,744,881 Class C OP Units On January 18, 2022, the Company completed the acquisition of a KIA auto dealership property in an “UPREIT” transaction pursuant to a contribution agreement whereby the seller received 1,312,382 Class C OP Units based on the terms of the Operating Partnership Agreement and an agreed upon value of $25.00 per unit, representing approximately 47% of the property’s value (the “UPREIT Transaction”). The holder of the Class C OP Units may require the redemption of all or a portion of these units and the Company has the option to redeem the units for cash or shares of Class C common stock. The Class C OP Units received $1,383,433 in distributions during the year ended December 31, 2022 and were allocated $1,222,783 of the net loss for the year ended December 31, 2022.

LOSS PER SHARE

LOSS PER SHARE	12 Months Ended
	Dec. 31, 2022
Earnings Per Share [Abstract]
LOSS PER SHARE	13. LOSS PER SHARE The following table presents the computation of the Company's basic and diluted net loss per share attributable to common stockholders for the years ended December 31, 2022 and 2021: Years Ended December 31, 2022 2021 Numerator - Basic: Net loss $ (4,511,318) $ (435,505) Net loss attributable to noncontrolling interest in Operating Partnership 1,222,783 — Preferred stock dividends (3,687,500) (1,065,278) Net loss attributable to common stockholders $ (6,976,035) $ (1,500,783) Numerator - Diluted: Net loss $ (4,511,318) $ (435,505) Preferred stock dividends (3,687,500) (1,065,278) Net loss attributable to common stockholders $ (8,198,818) $ (1,500,783) Denominator: Weighted average shares outstanding - basic and diluted 7,487,204 7,544,834 Loss per share attributable to common stockholders: Basic and diluted $ (0.93) $ (0.20) During the years ended December 31, 2022 and 2021, the weighted average dilutive effect of 2,738,646 and 1,235,297, respectively, shares related to units of limited partnership interest in the Operating Partnership as discussed in Note 12 were excluded from the computation of Diluted EPS because their effect would be anti-dilutive. There were no other outstanding securities or commitments to issue common stock that would have a dilutive effect for the periods then ended.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	12 Months Ended
	Dec. 31, 2022
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS The Company evaluates subsequent events until the date the consolidated financial statements are issued. Significant subsequent events are described below: Preferred Dividends On January 17, 2023, the Company paid its Series A Preferred Stock dividends payable of $921,875 for the fourth quarter of 2022, which were declared by the Company’s board of directors on November 7, 2022. On March 9, 2023, the Company’s board of directors declared Series A Preferred Stock dividends payable of $921,875 for the first quarter of 2023, which are scheduled to be paid on April 17, 2023. Common Stock and Class C OP Unit Distributions On August 18, 2022, the Company's board of directors authorized monthly distributions payable to common stockholders and Class C OP Unit holders of record as of December 30, 2022, which were paid on January 25, 2023. The monthly distribution amount of $0.095833 per share represents an annualized distribution rate of $1.15 per share of common stock. On November 7, 2022, the Company's board of directors authorized monthly distributions payable to common stockholders and Class C OP Unit holders of record as of January 31, 2023, which were paid on February 24, 2023. The monthly distribution amount of $0.095833 per share represents an annualized distribution rate of $1.15 per share of common stock. On November 7, 2022, the Company’s board of directors authorized monthly distributions payable to common stockholders and Class C OP Unit holders of record as of February 28, 2023 and March 31, 2023, which will paid on or about March 24, 2023 and April 25, 2023, respectively. The monthly distribution amount of $0.095833 per share represents an annualized distribution rate of $1.15 per share of common stock. On March 9, 2023, the Company’s board of directors authorized monthly distributions payable to common stockholders and Class C OP Unit holders of record as of April 28, 2023, May 31, 2023 and June 30, 2023, which will paid on or about May 25, 2023, June 26, 2023 and July 25, 2023, respectively. The monthly distribution amount of $0.095833 per share represents an annualized distribution rate of $1.15 per share of common stock. Real Estate Acquisition On January 26, 2023, the Company acquired an industrial property located in Princeton, Minnesota leased to Plastic Products Company, Inc., which is a custom thermoplastic, metal and ceramic injection molder that has been in business since 1962. The purchase price of $6,368,776 represents an initial cap rate of 7.51% and a weighted average cap rate of 9.20%. The Company defines “initial cap rate” for property acquisitions as the initial annual cash rent divided by the purchase price of the property. The Company defines “weighted average cap rate” for property acquisitions as the average annual cash rent including rent escalations over the lease term, divided by the purchase price of the property. The property has a lease in place for a remaining term of 5.75 years with a 20% rent increase on November 1, 2023 and annual rent escalations of 3% thereafter. The Company funded this acquisition with a portion of a $10,000,000 draw under its additional $100,000,000 Term Loan commitment. The seller of the property was not affiliated with the Company or its affiliates. Real Estate Disposition On February 8, 2023, the Company and the prospective buyer amended their agreement for the sale of the office property in Rocklin, California formerly leased to Gap for a sales price of $5,466,960. Under this amendment, the Company agreed to extend the buyer’s financing contingency to March 7, 2023 and the outside closing date to March 21, 2023 in exchange for the buyer’s release of its original deposit of $50,000 to the Company and an additional $50,000 deposited into escrow. On March 7, 2023, the Company and the prospective buyer further amended their agreement to extend the buyer’s financing contingency to April 12, 2023 and the outside closing date to April 26, 2023 in exchange for the buyer’s release of additional deposits of $70,000 to the Company. In a separate letter agreement, the buyer also agreed to reimburse the Company $30,000 for its carrying costs on the property during the extension period. New and Extension of Leases In December 2022, the Company and Sutter Health agreed to the early termination of its lease effective December 31, 2022 for payment of an early termination fee of $3,751,984. The early termination fee was recorded as rental income in the Company's statement of operations for the year ended December 31, 2022. The property was then leased to OES effective January 4, 2023 for 12 years through December 31, 2034. OES has a purchase option which OES may exercise anytime from May 1, 2024 through December 31, 2026, and an early termination option which OES may exercise anytime on or after December 31, 2028 by giving written notice at least 120 days prior to the date of early termination. Effective January 23, 2023, the Company extended the lease term of its Solar Turbines property located in San Diego, California from July 31, 2023 to July 31, 2025 with a 14.0% increase in rent commencing August 1, 2023 and a 3.0% increase in rent effective August 1, 2024. This is the third lease extension executed by Solar Turbines, which has occupied the Company’s property located in San Diego, California since 2008. Property Leased to Kalera, Inc. Between January 2023 and the filing date of this Annual Report on Form 10-K, the Company received mechanics lien statements from six contractors who performed work on behalf of Kalera, Inc. to complete various interior improvements at the Company's property located in Saint Paul, Minnesota. The mechanics lien statements refer to construction materials that were delivered and related work that was performed to make this facility operational and amount to $2,174,934 in the aggregate. The Company is in discussions with Kalera, Inc. to have these mechanics liens removed and to complete construction work at the facility to make it fully operational. Term Loan Commitment Drawdown On January 25, 2023, the Company borrowed $10,000,000 under its additional $100,000,000 Term Loan commitment. The Company used a portion of the proceeds from the draw on the Term Loan commitment to acquire a property located in Princeton, Minnesota leased to Plastic Products Company, Inc. as discussed above.

Schedule III Real Estate Assets

Schedule III Real Estate Assets and Accumulated Depreciation and Amortization	12 Months Ended
	Dec. 31, 2022
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]
Schedule III Real Estate Assets and Accumulated Depreciation and Amortization	MODIV INC. Schedule III Real Estate Assets and Accumulated Depreciation and Amortization December 31, 2022 Initial Cost to Company Costs Gross Amount at Which Carried at Close of Period Description Location Original Date Encumbrances Land Buildings & Total Land Buildings & Total Accumulated Net Northrop Grumman Melbourne, FL 1986 03-07-2017 $ — $ 1,191,024 $ 12,533,166 $ 13,724,190 $ 1,353,631 $ 1,191,024 $ 13,886,797 $ 15,077,821 $ (4,012,748) $ 11,065,073 Northrop Grumman Parcel Melbourne, FL — 06-21-2018 — 329,410 — 329,410 — 329,410 — 329,410 — 329,410 Husqvarna Charlotte, NC 2010 11-30-2017 — 974,663 11,879,485 12,854,148 — 974,663 11,879,485 12,854,148 (1,827,839) 11,026,309 AvAir Chandler, AZ 2015 12-28-2017 — 3,493,673 23,864,226 27,357,899 — 3,493,673 23,864,226 27,357,899 (3,499,279) 23,858,620 3M DeKalb, IL 2007 03-29-2018 — 758,780 16,360,400 17,119,180 680,696 758,780 17,041,096 17,799,876 (5,606,808) 12,193,068 Taylor Fresh Foods Yuma, AZ 2001 10-24-2019 12,350,000 4,312,016 32,776,370 37,088,386 — 4,312,016 32,776,370 37,088,386 (4,240,369) 32,848,017 Levins Sacramento, CA 1970 12-31-2019 — 1,404,863 3,246,454 4,651,317 — 1,404,863 3,246,454 4,651,317 (661,825) 3,989,492 Labcorp San Carlos, CA 1974 12-31-2019 — 4,774,497 5,305,902 10,080,399 — 4,774,497 5,305,902 10,080,399 (612,963) 9,467,436 WSP USA San Diego, CA 1985 12-31-2019 — 3,461,256 6,662,918 10,124,174 284,979 3,461,256 6,947,897 10,409,153 (1,137,260) 9,271,893 ITW Rippey El Dorado Hills, CA 1998 12-31-2019 — 787,945 6,587,585 7,375,530 — 787,945 6,587,585 7,375,530 (864,813) 6,510,717 L3Harris Carlsbad, CA 1984 12-31-2019 — 3,552,878 8,533,014 12,085,892 267,161 3,552,878 8,800,175 12,353,053 (1,305,952) 11,047,101 Arrow Tru-Line Archbold, OH 1976 12-03-2021 — 778,771 10,739,313 11,518,084 — 778,771 10,739,313 11,518,084 (431,755) 11,086,329 Kalera Saint Paul, MN 1980 01-31-2022 — 562,356 7,556,653 8,119,009 — 562,356 7,556,653 8,119,009 (325,772) 7,793,237 Lindsay Colorado Springs 1, CO Varies 04-19-2022 — 1,195,178 1,116,756 2,311,934 — 1,195,178 1,116,756 2,311,934 (41,312) 2,270,622 Lindsay Colorado Springs 2, CO Varies 04-19-2022 — 2,239,465 1,074,941 3,314,406 — 2,239,465 1,074,941 3,314,406 (24,585) 3,289,821 Lindsay Dacono, CO Varies 04-19-2022 — 2,263,982 4,184,873 6,448,855 — 2,263,982 4,184,873 6,448,855 (59,600) 6,389,255 Lindsay Alachua, FL 2009 04-19-2022 — 966,192 7,551,931 8,518,123 — 966,192 7,551,931 8,518,123 (256,849) 8,261,274 Lindsay Franklinton, NC 2007 04-19-2022 — 2,843,811 4,337,302 7,181,113 — 2,843,811 4,337,302 7,181,113 (113,241) 7,067,872 Lindsay Canal Fulton 1, OH 1998 04-19-2022 — 726,877 10,618,656 11,345,533 — 726,877 10,618,656 11,345,533 (243,557) 11,101,976 Lindsay Canal Fulton 2, OH 2004 04-19-2022 — 635,865 9,555,077 10,190,942 — 635,865 9,555,077 10,190,942 (347,351) 9,843,591 Lindsay Rock Hill, SC 1999 04-19-2022 — 2,816,322 3,739,661 6,555,983 — 2,816,322 3,739,661 6,555,983 (119,173) 6,436,810 Producto Endicott, NY 2000 07-15-2022 — 239,447 2,122,863 2,362,310 — 239,447 2,122,863 2,362,310 (35,819) 2,326,491 Producto Jamestown, NY 1961/1971 07-15-2022 — 766,651 2,307,035 3,073,686 — 766,651 2,307,035 3,073,686 (43,851) 3,029,835 Valtir Centerville, UT 1970/2013 07-26-2022 — 2,467,565 2,221,056 4,688,621 — 2,467,565 2,221,056 4,688,621 (53,676) 4,634,945 Valtir Orangeburg, SC 1998 07-26-2022 — 1,678,818 2,564,120 4,242,938 — 1,678,818 2,564,120 4,242,938 (63,864) 4,179,074 Original Initial Cost to Company Costs Gross Amount at Which Carried at Close of Period Accumulated Description Location Date Encumbrances Land Buildings & Total Land Buildings & Total Net Valtir Fort Worth, TX 1968 07-26-2022 $ — $ 1,785,240 $ 1,490,961 $ 3,276,201 $ — $ 1,785,240 $ 1,490,961 $ 3,276,201 $ (28,517) $ 3,247,684 Valtir Lima, OH 1928/2002 08-04-2022 — 747,746 9,173,621 9,921,367 — 747,746 9,173,621 9,921,367 (138,655) 9,782,712 Dollar General Litchfield, ME 2015 11-04-2016 — 293,912 1,104,202 1,398,114 — 293,912 1,104,202 1,398,114 (246,493) 1,151,621 Dollar General Wilton, ME 2015 11-04-2016 — 212,036 1,472,393 1,684,429 — 212,036 1,472,393 1,684,429 (315,458) 1,368,971 Dollar General Thompsontown, PA 2015 11-04-2016 — 217,912 1,088,678 1,306,590 — 217,912 1,088,678 1,306,590 (236,835) 1,069,755 Dollar General Mt. Gilead, OH 2015 11-04-2016 — 283,578 1,002,457 1,286,035 — 283,578 1,002,457 1,286,035 (227,071) 1,058,964 Dollar General Lakeside, OH 2015 11-04-2016 — 176,514 1,037,214 1,213,728 — 176,514 1,037,214 1,213,728 (233,046) 980,682 Dollar General Castalia, OH 2015 11-04-2016 — 154,676 1,033,818 1,188,494 — 154,676 1,033,818 1,188,494 (226,427) 962,067 Dollar General Bakersfield, CA 1952 12-31-2019 — 1,099,458 4,061,886 5,161,344 — 1,099,458 4,061,886 5,161,344 (441,397) 4,719,947 Dollar General Big Spring, TX 2015 12-31-2019 — 103,838 1,254,196 1,358,034 — 103,838 1,254,196 1,358,034 (152,906) 1,205,128 Dollar Tree Morrow, GA 1997 12-31-2019 — 159,829 1,233,836 1,393,665 — 159,829 1,233,836 1,393,665 (212,732) 1,180,933 PreK Education San Antonio, TX 2014 12-31-2019 — 963,044 11,932,170 12,895,214 137,580 963,044 12,069,750 13,032,794 (1,418,751) 11,614,043 Walgreens Santa Maria, CA 2001 12-31-2019 — 1,832,430 3,726,957 5,559,387 — 1,832,430 3,726,957 5,559,387 (398,882) 5,160,505 KIA/Trophy of Carson Carson, CA 2016 01-18-2022 — 32,741,781 36,663,269 69,405,050 — 32,741,781 36,663,269 69,405,050 (1,017,619) 68,387,431 exp US Services Maitland, FL 1985 03-27-2017 — 785,801 5,522,567 6,308,368 266,260 785,801 5,788,827 6,574,628 (1,284,786) 5,289,842 Cummins Nashville, TN 2001 04-04-2018 — 3,347,960 12,654,529 16,002,489 103,036 3,347,960 12,757,565 16,105,525 (3,758,306) 12,347,219 Costco Issaquah, WA 1987 12-20-2018 18,850,000 8,202,915 21,825,853 30,028,768 305,274 8,202,915 22,131,127 30,334,042 (5,274,513) 25,059,529 GSA (MSHA) Vacaville, CA 1987 12-31-2019 — 399,062 2,956,321 3,355,383 — 399,062 2,956,321 3,355,383 (415,544) 2,939,839 Solar Turbines San Diego, CA 1985 12-31-2019 — 2,483,960 4,933,307 7,417,267 28,846 2,483,960 4,962,153 7,446,113 (759,736) 6,686,377 OES Rancho Cordova, CA 2009 12-31-2019 13,315,009 2,443,240 28,728,425 31,171,665 31,968 2,443,240 28,760,393 31,203,633 (4,034,387) 27,169,246 $ 44,515,009 $ 103,657,237 $ 350,336,417 $ 453,993,654 $ 3,459,431 $ 103,657,237 $ 353,795,848 $ 457,453,085 $ (46,752,322) $ 410,700,763 (1) Building and improvements include tenant origination and absorption costs. Notes: • The aggregate cost of real estate for U.S. federal income tax purposes was approximately $360,711,000 (unaudited) as of December 31, 2022. • Real estate investments (excluding land) are depreciated over their estimated useful lives. Their useful lives are generally 10-48 years for buildings, the shorter of 15 years or remaining lease term for site/building improvements, the shorter of 15 years or remaining contractual lease term for tenant improvements and the remaining lease term with consideration as to above- and below-market extension options for above- and below-market lease intangibles for tenant origination and absorption costs. • The real estate assets are 100% owned by the Company. The following table summarizes the Company’s real estate assets and accumulated depreciation and amortization as of December 31, 2022 and 2021: MODIV INC. Schedule III Real Estate Assets and Accumulated Depreciation and Amortization December 31, 2022 and 2021 December 31, 2022 2021 Real estate investments: Balance at beginning of year $ 333,755,902 $ 361,547,850 Acquisitions 158,596,618 15,685,149 Improvements to real estate 3,831,093 1,429,075 Dispositions (29,936,408) (33,965,562) Held for sale (6,712,424) (11,341,609) (Impairment) reversal of impairment of real estate investment (2,081,696) 400,999 Balance at end of year $ 457,453,085 $ 333,755,902 Accumulated depreciation and amortization: Balance at beginning of year $ (37,611,133) $ (32,091,211) Depreciation and amortization (14,929,574) (13,710,588) Dispositions 4,331,686 3,774,080 Held for sale 1,456,699 4,416,586 Balance at end of year $ (46,752,322) $ (37,611,133)

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2022
Accounting Policies [Abstract]
Basis of Presentation and Principles of Consolidation	Basis of Presentation and Principles of Consolidation The accompanying consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) as contained within the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) and the rules and regulations of the SEC. The Company's financial statements, and the financial statements of the Operating Partnership, including its wholly-owned subsidiaries, are consolidated in the accompanying consolidated financial statements. The portion of the Operating Partnership which is not wholly-owned by the Company is presented as a noncontrolling interest. All significant intercompany balances and transactions are eliminated in consolidation. The accompanying consolidated financial statements and related notes are the representations of the Company’s management, who is responsible for their integrity and objectivity. In the opinion of the Company’s management, the consolidated financial statements reflect all adjustments, which are normal and recurring in nature, necessary for fair financial statement presentation.
Use of Estimates	Use of Estimates The preparation of the accompanying consolidated financial statements and the related notes thereto in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in such consolidated financial statements and related notes thereto. These estimates are based on historical experience and, in some cases, assumptions based on current and future market experience. Actual results could differ materially from those estimates.
Noncontrolling Interest in Consolidated Entities	Noncontrolling Interest in Consolidated Entities The Company accounts for the noncontrolling interests in its Operating Partnership in accordance with the related accounting guidance. Due to the Company's control of the Operating Partnership through its general partnership interest therein and the limited rights of the limited partners, the Operating Partnership, including its wholly-owned subsidiaries, is consolidated with the Company, and the limited partner interests not held by the Company are reflected as noncontrolling interests in the accompanying consolidated balance sheets and statements of equity. Other than the noncontrolling interests related to an “UPREIT” transaction completed in January 2022, as discussed in detail in Note 12 , all noncontrolling interests currently represent non-voting, non-distribution accruing interests with no allocation of profits or losses, but have various conversion rights to obtain future rights to distributions and allocation of profits and losses as discussed further in Note 12.
Variable Interest Entities	Variable Interest Entities The FASB provides guidance for determining whether an entity is a variable interest entity (a “VIE”). VIEs are defined as entities in which equity investors do not have the characteristics of a controlling financial interest or do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support. A VIE is required to be consolidated by its primary beneficiary, which is the party that (i) has the power to control the activities that most significantly impact the VIE’s economic performance; and (ii) has the obligation to absorb losses, or the right to receive benefits, of the VIE that could potentially be significant to the VIE.
Business Combinations	Business Combinations The Company accounts for business combinations in accordance with FASB ASC 805, Business Combinations (“ASC 805”), and applicable Accounting Standards Updates (each, an “ASU”), whereby the total consideration transferred is allocated to the assets acquired and liabilities assumed, including amounts attributable to any non-controlling interests, when applicable, based on their respective estimated fair values as of the date of acquisition. Goodwill represents the excess of consideration transferred over the estimated fair value of the net assets acquired in a business combination.
Revenue Recognition	Revenue Recognition The Company accounts for revenue in accordance with FASB ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606 ) (“ASU No. 2014-09”), which includes revenue generated by sales of real estate, other operating income and tenant reimbursements for substantial services earned at the Company’s properties. Such revenues are recognized when the services are provided and the performance obligations are satisfied. Tenant reimbursements, consisting of amounts due from tenants for common area maintenance, property taxes and other recoverable costs, are recognized in rental income subsequent to the adoption of Topic 842, as discussed below, in the period the recoverable costs are incurred. Tenant reimbursements, for which the Company pays the associated costs directly to third-party vendors and is reimbursed by the tenants, are recognized and recorded on a gross basis. The Company accounts for leases in accordance with FASB ASU No. 2016-02, Leases ( “ Topic 842 ” ), and the related FASB ASU Nos. 2018-10, 2018-11, 2018-20 and 2019-01, which provide practical expedients, technical corrections and improvements for certain aspects of ASU 2016-02 (collectively, “Topic 842”). Topic 842 established a single comprehensive model for entities to use in accounting for leases. Topic 842 applies to all entities that enter into leases. Lessees are required to report assets and liabilities that arise from leases. Lessor accounting has largely remained unchanged; however, certain refinements are made to conform with revenue recognition guidance, specifically related to the allocation and recognition of contract consideration earned from lease and non-lease revenue components. Topic 842 impacts the Company's accounting for leases primarily as a lessor. Topic 842 also impacts the Company's accounting as a lessee; however, such impact is considered not material. As a lessor, the Company's leases with tenants generally provide for the lease of real estate properties, as well as common area maintenance, property taxes and other recoverable costs. To reflect recognition as one lease component, rental income and tenant reimbursements and other lease related property income that meet the requirements of the practical expedient provided by ASU No. 2018-11 have been combined under rental income in the Company's consolidated statements of operations. For the years ended December 31, 2022 and 2021, tenant reimbursements included in rental income amounted to $6,596,244 and $5,807,634, respectively. The Company recognizes rental income from tenants under operating leases on a straight-line basis over the noncancellable term of the lease when collectability of such amounts is reasonably assured. Recognition of rental income on a straight-line basis includes the effects of rental abatements, lease incentives and fixed and determinable increases in lease payments over the lease term. If the lease provides for tenant improvements, management of the Company determines whether the tenant improvements, for accounting purposes, are owned by the tenant or by the Company. When the Company is the owner of the tenant improvements, the tenant is not considered to have taken physical possession or have control of the physical use of the leased asset until the tenant improvements are substantially completed. When the tenant is the owner of the tenant improvements, any tenant improvement allowance (including amounts that the tenant can take in the form of cash or a credit against its rent) that is funded is treated as a lease incentive and amortized as a reduction of revenue over the lease term. Tenant improvement ownership is determined based on various factors including, but not limited to: • whether the lease stipulates how a tenant improvement allowance may be spent; • whether the amount of a tenant improvement allowance is in excess of market rates; • whether the tenant or landlord retains legal title to the improvements at the end of the lease term; • whether the tenant improvements are unique to the tenant or general-purpose in nature; and • whether the tenant improvements are expected to have any residual value at the end of the lease. Tenant reimbursements of real estate taxes, insurance, repairs and maintenance, and other operating expenses are recognized as revenue in the period the expenses are incurred and presented gross if the Company is the primary obligor and, with respect to purchasing goods and services from third-party suppliers, has discretion in selecting the supplier and bears the associated credit risk. In instances where the operating lease agreement has an early termination option, the termination penalty is based on a predetermined termination fee or based on the unamortized tenant improvements and leasing commissions. The Company evaluates the collectability of rents and other receivables on a regular basis based on factors including, among others, payment history, credit rating, the asset type, and current economic conditions. If the Company’s evaluation of these factors indicates it may not recover the full value of the receivable, it provides an allowance against the portion of the receivable that it estimates may not be recovered. This analysis requires the Company to determine whether there are factors indicating a receivable may not be fully collectible and to estimate the amount of the receivable that may not be collected.
Bad Debts and Allowances for Tenant and Deferred Rent Receivables	Bad Debts and Allowances for Tenant and Deferred Rent Receivables The Company's determination of the adequacy of its allowances for tenant receivables includes a binary assessment of whether or not the amounts due under a tenant’s lease agreement are probable of collection. For such amounts that are deemed probable of collection, revenue continues to be recorded on a straight-line basis over the lease term. For such amounts that are deemed not probable of collection, revenue is recorded as the lesser of (i) the amount which would be recognized on a straight-line basis or (ii) cash that has been received from the tenant, with any tenant and deferred rent receivable balances charged as a direct write-off against rental income in the period of the change in the collectability determination. In addition, for tenant and deferred rent receivables deemed probable of collection, the Company also may record an allowance under other authoritative GAAP depending upon the Company's evaluation of the individual receivables, specific credit enhancements, current economic conditions, and other relevant factors. Such allowances are recorded as increases or decreases through rental income in the Company's consolidated statements of operations. With respect to tenants in bankruptcy, management makes estimates of the expected recovery of pre-petition and post-petition claims in assessing the estimated collectability of the related receivable. In some cases, the ultimate resolution of these claims can exceed one year. When a tenant is in bankruptcy, the Company will record a bad debt allowance for the tenant’s receivable balance and generally will not recognize subsequent rental income until cash is received or until the tenant is no longer in bankruptcy and has the ability to make rental payments.
Gain or Loss on Sale of Real Estate Investments	Gain or Loss on Sale of Real Estate Investments The Company recognizes gain or loss on sale of real estate property when the Company has executed a contract for sale of the property, transferred controlling financial interest in the property to the buyer and determined that it is probable that the Company will collect substantially all of the consideration for the property. The Company's real estate property sale transactions for the years ended December 31, 2022 and 2021 met these criteria at closing. When properties are sold, operating results of the properties remain in continuing operations, and any associated gain or loss from the disposition is included in gain or loss on sale of real estate investments in the Company’s accompanying consolidated statements of operations.
Advertising Costs	Advertising CostsThe Company incurred advertising costs charged to general and administrative expenses for the years ended December 31, 2022 and 2021 aggregating $25,469 and $592,351, respectively
Income Taxes	Income Taxes The Company has elected to be taxed as a real estate investment trust (“REIT”) for U.S. federal income tax purposes under Section 856 through 860 of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”). The Company expects to operate in a manner that will allow it to continue to qualify as a REIT for U.S. federal income tax purposes. To qualify as a REIT, the Company must meet certain organizational and operational requirements, including meeting various tests regarding the nature of the Company's assets and income, the ownership of the Company's outstanding stock and distribution of at least 90% of the Company’s annual REIT taxable income to its stockholders (which is computed without regard to the dividends paid deduction or net capital gain and which does not necessarily equal net income as calculated in accordance with GAAP). As a REIT, the Company generally will not be subject to U.S. federal income tax to the extent it distributes qualifying dividends to its stockholders. If the Company fails to qualify as a REIT in any taxable year, it will be subject to U.S. federal income tax on its taxable income at regular corporate income tax rates and generally will not be permitted to qualify for treatment as a REIT for U.S. federal income tax purposes for the four taxable years following the year during which qualification is lost unless the Internal Revenue Service (“IRS”) grants the Company relief under certain statutory provisions.
Treasury Stock	Treasury Stock Effective on the date of the Listed Offering, the Company accounts for repurchased shares of its Class C common stock as treasury stock. Treasury stock is recorded at cost and is included as a component of equity in the Company's consolidated balance sheet as of December 31, 2022.
Per Share Data	Per Share Data The Company reports a dual presentation of basic earnings per share (“Basic EPS”) and diluted earnings per share (“Diluted EPS”). Basic EPS excludes dilution and is computed by dividing net income or loss by the weighted average number of common shares outstanding during the period. Diluted EPS uses the treasury stock method or the if-converted method, where applicable, to compute for the potential dilution that would occur if dilutive securities or commitments to issue common stock were exercised. For the years ended December 31, 2022 and 2021, the Company presented both Basic EPS and Diluted EPS reflecting its reported net loss attributable to common stockholders (see Note 13 for additional information). As discussed in Note 1 , in connection with and upon listing on the NYSE, each share of the Company's Class S common stock converted into a share of Class C common stock. Prior to the conversion of the Company's Class S common stock into Class C common stock, application of the two-class method for allocating net loss attributable to common stockholders in accordance with the provisions of ASC 260, Earnings per Share , would have resulted in basic and diluted net loss attributable to common stockholders of $0.20 per share for both Class C common stock and Class S common stock for the year ended December 31, 2021.
Fair Value Measurements and Disclosures	Fair Value Measurements and Disclosures Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an existing price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. The fair value hierarchy, which is based on three levels of inputs, the first two of which are considered observable and the last unobservable, that may be used to measure fair value, is as follows: Level 1: quoted prices in active markets for identical assets or liabilities; Level 2: inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities; and Level 3: unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. The fair value for certain financial instruments is derived using valuation techniques that involve significant management judgment. The price transparency of financial instruments is a key determinant of the degree of judgment involved in determining the fair value of the Company’s financial instruments. Financial instruments for which actively quoted prices or pricing parameters are available and for which markets contain orderly transactions will generally have a higher degree of price transparency than financial instruments for which markets are inactive or consist of non-orderly trades. The Company evaluates several factors when determining if a market is inactive or when market transactions are not orderly. The following is a summary of the methods and assumptions used by management in estimating the fair value of each class of financial instrument for which it is practicable to estimate the fair value: Cash and cash equivalents; restricted cash; receivable from early termination of lease; tenant receivables; prepaid expenses and other assets and accounts payable, accrued and other liabilities. These balances approximate their fair values due to the short maturities of these items. Derivative instruments : The Company’s derivative instruments are presented at fair value on the accompanying consolidated balance sheets. The valuation of these instruments is determined using a third-party's proprietary model that utilizes observable inputs. As such, the Company classifies these inputs as Level 2 inputs. The proprietary model uses the contractual terms of the derivatives, including the period to maturity, as well as observable market-based inputs, including interest rate curves and volatility. The fair values of interest rate swaps are estimated using the market standard methodology of netting the discounted fixed cash payments and the discounted expected variable cash receipts. The variable cash receipts are based on an expectation of interest rates (forward curves) derived from observable market interest rate curves. In addition, credit valuation adjustments, which consider the impact of any credit risks to the contracts, are incorporated in the fair values to account for potential nonperformance risk. Goodwill : The fair value measurements of goodwill is considered a Level 3 nonrecurring fair value measurement. For goodwill, fair value measurement involves the determination of fair value of a reporting unit. Mortgage notes payable : The fair value of the Company’s mortgage notes payable is estimated using a discounted cash flow analysis based on management’s estimates of current market interest rates for instruments with similar characteristics, including remaining loan term, loan-to-value ratio, type of collateral and other credit enhancements. Additionally, when determining the fair value of liabilities in circumstances in which a quoted price in an active market for an identical liability is not available, the Company measures fair value using (i) a valuation technique that uses the quoted price of the identical liability when traded as an asset or quoted prices for similar liabilities or similar liabilities when traded as assets or (ii) another valuation technique that is consistent with the principles of fair value measurement, such as the income approach or the market approach. The Company classifies these inputs as Level 3 inputs. Credit facilities : The fair value of the Company’s credit facilities approximates the carrying values as their interest rates and other terms are comparable to those available in the marketplace for similar credit facilities.
Cash and Cash Equivalents	Cash and Cash Equivalents The Company considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. Cash equivalents may include cash and short-term investments. Cash and cash equivalents are stated at cost, which approximates fair value. The Company’s cash and cash equivalents balance may exceed federally insurable limits. The Company mitigates this risk by depositing funds with major financial institutions; however, these cash balances could be impacted if the underlying financial institutions fail or are subject to other adverse conditions in the financial markets.
Restricted Cash	Restricted Cash Restricted cash as of December 31, 2021 amounted to $2,441,970 for the mortgages related to properties discussed below and other lender reserves. There was no restricted cash balance as of December 31, 2022. Under the terms of the Company’s June 2021 refinancing of mortgages on its properties leased to Northrop Grumman and L3Harris Technologies, Inc. (“L3Harris”) with Banc of California as described in Note 7 , the Company established restricted cash accounts at Banc of California with $1,400,000 and $1,000,000 held for the Northrop Grumman and L3Harris properties, respectively, to fund building improvements, tenant improvements and leasing commissions. Subsequent to the origination of the loans, $128,538 was released to fund a leasing commission, resulting in $2,271,462 remaining as aggregate restricted cash as of December 31, 2021. Pursuant to the refinancing of the Northrop Grumman and L3Harris mortgages on January 18, 2022 as further discussed in Note 7 , these funds became unrestricted. Additional restricted cash balances of $170,508 as of December 31, 2021 were also released during the first three months of 2022 due to refinancing.
Real Estate Investments	Real Estate Investments Real Estate Acquisition Valuation The Company records acquisitions that meet the definition of a business as a business combination. If the acquisition does not meet the definition of a business, the Company records the acquisition as an asset acquisition. Under both methods, all assets acquired and liabilities assumed are measured based on their acquisition-date fair values. All real estate acquisitions during the years ended December 31, 2022 and 2021 were treated as asset acquisitions. Transaction costs that are related to a business combination are charged to expense as incurred. Transaction costs that are related to an asset acquisition are capitalized as incurred. The Company assesses the acquisition date fair values of all tangible assets, identifiable intangibles, and assumed liabilities using methods similar to those used by independent appraisers, generally utilizing a discounted cash flow analysis that applies appropriate discount and/or capitalization rates and available market information. Estimates of future cash flows are based on a number of factors, including historical operating results, known and anticipated trends, and market and economic conditions. The fair value of tangible assets of an acquired property considers the value of the property as if it were vacant. The Company records above-market and below-market in-place lease values for acquired properties based on the present value (using a discount rate that reflects the risks associated with the leases acquired) of the difference between (i) the contractual amounts to be paid pursuant to the in-place leases and (ii) management’s estimate of fair market lease rates for the corresponding in-place leases, measured over a period equal to the remaining noncancellable term of above-market in-place leases plus any extended term for any leases with below-market renewal options. The Company amortizes any recorded above-market or below-market lease values as a reduction or increase, respectively, to rental income over the remaining noncancellable terms of the respective lease, including any below-market renewal periods. The Company estimates the value of tenant origination and absorption costs by considering the estimated carrying costs during hypothetical expected lease-up periods, considering current market conditions. In estimating carrying costs, the Company generally includes real estate taxes, insurance and other operating expenses and estimates of lost rentals at market rates during the expected lease up periods. The Company amortizes the value of tenant origination and absorption costs to depreciation and amortization expense over the remaining term of the respective lease. Estimates of the fair values of the tangible assets, identifiable intangibles and assumed liabilities require the Company to make significant assumptions to estimate market lease rates, property-operating expenses, carrying costs during lease-up periods, discount rates, market absorption periods, and the number of years the property will be held for investment. Therefore, the Company classifies these inputs as Level 3 inputs. The use of inappropriate assumptions would result in an incorrect valuation of the Company’s acquired tangible assets, identifiable intangibles and assumed liabilities, which would impact the amount of the Company’s net income (loss).
Depreciation and Amortization	Depreciation and Amortization Real estate costs related to the acquisition and improvement of properties are capitalized and depreciated or amortized over the expected useful life of the asset on a straight-line basis. Repair and maintenance costs include all costs that do not extend the useful life of the real estate asset and are expensed as incurred. Significant replacements and betterments are capitalized. The Company anticipates the estimated useful lives of its assets by class to be generally as follows: ● Buildings 10 - 48 years ● Site improvements Shorter of 15 years or remaining lease term ● Tenant improvements Shorter of 15 years or remaining lease term ● Industrial equipment 20 years ● Tenant origination and absorption costs, and above-/below-market lease intangibles Remaining lease term
Impairment of Investment in Real Estate Properties	Impairment of Investment in Real Estate Properties The Company monitors events and changes in circumstances that could indicate that the carrying amounts of real estate properties may not be recoverable. When indicators of potential impairment are present that indicate that the carrying amounts of real estate assets may not be recoverable, management assesses whether the carrying value of the real estate properties will be recovered through the future undiscounted operating cash flows expected from the use of and eventual disposition of the property. If, based on the analysis, the Company does not believe that it will be able to recover the carrying value of the real estate properties, the Company records an impairment charge to the extent the carrying value exceeds the estimated fair value of the real estate properties.
Leasing Costs	Leasing Costs The Company accounts for leasing costs under Topic 842. Initial direct costs include only those costs that are incremental to the lease arrangement and would not have been incurred if the lease had not been obtained. The Company charges internal leasing costs and third-party legal leasing costs to expense as incurred. These expenses are included in general and administrative expenses and property expenses, respectively, in the Company's consolidated statements of operations.
Real Estate Investments Held for Sale	Real Estate Investments Held for Sale The Company generally considers a real estate investment to be “held for sale” when the following criteria are met: (i) management commits to a plan to sell the property, (ii) the property is available for sale immediately, (iii) the property is actively being marketed for sale at a price that is reasonable in relation to its current fair value, (iv) the sale of the property within one year is considered probable and (v) significant changes to the plan to sell are not expected. Real estate that is held for sale and its related assets are classified as “real estate investments held for sale, net” and “assets related to real estate investments held for sale,” respectively, in the accompanying consolidated balance sheets. Mortgage notes payable and other liabilities related to real estate investments held for sale are classified as “mortgage notes payable related to real estate investments held for sale, net” and “liabilities related to real estate investments held for sale,” respectively, in the accompanying consolidated balance sheets. Real estate investments classified as held for sale are no longer depreciated and are reported at the lower of their carrying value or their estimated fair value less estimated costs to sell. Operating results of properties that were classified as held for sale in the ordinary course of business are included in continuing operations in the Company’s accompanying consolidated statements of operations.
Unconsolidated Investment in a Real Estate Property	Unconsolidated Investment in a Real Estate PropertyThe Company accounts for investments in an entity over which the Company has the ability to exercise significant influence under the equity method of accounting. Under the equity method of accounting, an investment is initially recognized at cost and is subsequently adjusted to reflect the Company’s share of earnings or losses of the investee. The investment is also increased for additional amounts invested and decreased for any distributions received from the investee. Equity method investment is reviewed for impairment whenever events or circumstances indicate that the carrying amount of the investment might not be recoverable. If an equity method investment is determined to be other-than-temporarily impaired, the investment is reduced to fair value and an impairment charge is recorded as a reduction to earnings. The Company's unconsolidated investment is in the form of its share in the ownership of a real estate property where the equity method of accounting is applied.
Goodwill	Goodwill The Company records goodwill when the purchase price of a business combination exceeds the estimated fair value of net identified tangible and intangible assets acquired. The Company evaluates goodwill and other intangible assets for possible impairment in accordance with ASC 350, Intangibles–Goodwill and Other, on an annual basis, or more frequently when events or changes in circumstances indicate that it is more likely than not that the fair value of a reporting unit has declined below its carrying value. If the carrying amount of the reporting unit exceeds its fair value, an impairment charge is recognized. In assessing goodwill impairment, the Company has the option to first assess qualitative factors to determine whether the existence of events or circumstances leads to a determination that the fair value of a reporting unit is less than its carrying amount. The Company’s qualitative assessment of the recoverability of goodwill considers various macro-economic, industry-specific and company-specific factors. These factors include: (i) severe adverse industry or economic trends; (ii) significant company-specific actions, including exiting an activity in conjunction with restructuring of operations; (iii) current, historical or projected deterioration of the Company’s financial performance; or (iv) a sustained decrease in the Company’s market capitalization below its net book value. If, after assessing the totality of events or circumstances, the Company determines it is unlikely that the fair value of such reporting unit is less than its carrying amount, then a quantitative analysis is unnecessary. However, if the Company concludes otherwise, or if it elects to bypass the qualitative analysis, then it is required to perform a quantitative analysis that compares the fair value of the reporting unit with its carrying amount, including goodwill. If the fair value of the reporting unit exceeds its carrying amount, goodwill is not considered impaired; otherwise, a goodwill impairment loss is recognized for the lesser of: (a) the amount that the carrying amount of a reporting unit exceeds its fair value; or (b) the amount of the goodwill allocated to that reporting unit.
Deferred Financing Costs	Deferred Financing Costs Deferred financing costs represent commitment fees, financing coordination fees paid to the former advisor, mortgage loan and line of credit fees, legal fees, and other third-party costs associated with obtaining financing and are presented on the Company's balance sheet as a direct deduction from the carrying value of the associated debt liabilities. These costs are amortized to interest expense over the terms of the respective financing agreements using the effective interest method. Unamortized deferred financing costs are generally expensed when the associated debt is refinanced or repaid before maturity unless specific rules are met that would allow for the carryover of such costs. Costs incurred in seeking financing transactions that do not close are expensed in the period in which it is determined that the financing will not close. Unamortized deferred financing costs related to mortgage notes payable are presented as a reduction to the outstanding balance of mortgage notes payable in the Company's consolidated balance sheets. Unamortized deferred financing costs related to revolving credit facilities are presented as an asset under prepaid expenses and other assets in the Company's consolidated balance sheets.
Derivative Instruments and Hedging Activities	Derivative Instruments and Hedging Activities The Company enters into derivative instruments for risk management purposes to hedge its exposure to cash flow variability caused by changing interest rates on its variable rate debt. The Company does not enter into derivatives for speculative purposes. The Company records derivative instruments at fair value on its consolidated balance sheets. Derivatives designated and qualifying as a hedge of the exposure to changes in the fair value of an asset, liability, or firm commitment attributable to a particular risk, such as interest rate risk, are considered fair value hedges. Derivatives designated and qualifying as a hedge of the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether the Company has elected to designate a derivative in a hedging relationship and apply hedge accounting and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. If the derivative instrument meets the hedge accounting criteria, the change in the fair value of a derivative instrument may be designated as a cash flow hedge where the unrealized holding gain or loss on the interest rate swap is presented in the Company's consolidated statements of comprehensive income (loss) and accumulated other comprehensive income in the Company's balance sheets. If the derivative instrument does not meet the hedge accounting criteria, the change in the fair value of the derivative is recorded as a gain or loss on the interest rate swap and included in interest expense in the Company's consolidated statements of operations. The Company enters into interest rate swaps as a fixed rate payer to mitigate its exposure to rising interest rates on its variable rate term loan. The value of interest rate swaps is primarily impacted by interest rates, market expectations about interest rates, and the remaining life of the instrument. In general, increases in interest rates, or anticipated increases in interest rates, will increase the value of the fixed rate payer position and decrease the value of the variable rate payer position. As the remaining life of the interest rate swap decreases, the value of both positions will generally move towards zero. The Company may enter into derivative contracts that are intended to economically hedge certain risks, even though hedge accounting does not apply or the Company elects not to apply hedge accounting.
Distribution Reinvestment Plan	Distribution Reinvestment Plan The Company adopted the DRP through which common stockholders may elect to reinvest the distributions declared on their shares in additional shares of the Company’s common stock in lieu of receiving cash distributions. Under the DRP, stockholders electing to participate in the DRP must reinvest all (as opposed to only a portion of) cash distributions in shares of the Company Class C common stock (see Note 1 for more details on the Second Amended and Restated DRP).
Restricted Stock Units and Restricted Stock Unit Awards	Restricted Stock and Restricted Stock Unit Awards Historically, the fair values of the Operating Partnership's units and restricted stock unit awards issued or granted by the Company were based on the estimated NAV per share (unaudited) of the Company’s common stock on the date of issuance or grant, adjusted for an illiquidity discount due to the illiquid nature of the underlying equity prior to the listing of the Company's Class C common stock on the NYSE. The fair value of future grants of the Operating Partnership's units or restricted stock unit awards will be determined based on the NYSE's market closing price of the Company's Class C common stock on the date of grant. Operating Partnership units issued as purchase consideration in connection with the Self-Management Transaction and UPREIT Transaction (each defined and discussed in Note 12) are recorded in equity under noncontrolling interest in the Operating Partnership in the Company's consolidated balance sheets and statements of equity. For units granted to employees of the Company that are not included in the purchase consideration, the fair value of the award is amortized using the straight-line method over the requisite service period of the award, which is generally the vesting period (see Note 12 ). The Company has elected to record forfeitures as they occur. The Company determines the accounting classification of equity instruments (e.g., restricted stock units) that are issued as purchase consideration or part of the purchase consideration in a business combination, as either liability or equity, by first assessing whether the equity instruments meet liability classification in accordance with ASC 480-10, Accounting for Certain Financial Instruments with Characteristics of both Liabilities and Equity (“ASC 480-10”), and then in accordance with ASC 815-40, Accounting for Derivative Financial Instruments Indexed to, and Potentially Settled in, a Company’s Own Stock (“ASC 815-40”). Under ASC 480-10, equity instruments are classified as liabilities if the equity instruments are mandatorily redeemable, obligate the issuer to settle the equity instruments or the underlying shares by paying cash or other assets, or must or may require an unconditional obligation that must be settled by issuing a variable number of shares.
Reclassifications	Reclassifications Certain prior year balance sheet, statement of operations and statement of cash flows accounts have been reclassified to conform with the current year presentation. The reclassifications did not affect net income in the prior year consolidated statement of operations. During the fourth quarter of 2022, management determined that straight-line rents receivable write-offs associated with real estate investments previously sold should be reclassified as a component of the related gain on sale of the real estate investments rather than as an offset to rental income as previously presented in the Company's statements of operations. Accordingly, the Company’s statements of operations reflect an increase in rental income and a corresponding reduction in the gain on sale of real estate investments for the first three quarters of 2022 and the first, third and fourth quarters of 2021 and the year ended December 31, 2021 as follows: first quarter of 2022, $525,691; second quarter of 2022, $282,030; and third quarter of 2022, $739,255; and first quarter of 2021, $51,123; third quarter of 2021, $683,606; and fourth quarter of 2021, $932,385; and year ended December 31, 2021, $1,667,114. The reclassifications did not affect net income (loss) or net income (loss) per share of the foregoing unaudited quarterly condensed consolidated statements of operations or consolidated statement of operations for the year ended December 31, 2021.
Segments	SegmentsThe Company has invested in single-tenant income-producing properties. The Company’s real estate properties exhibit similar long-term financial performance and have similar economic characteristics to each other and are managed as one unit by a common management team.
Square Footage, Occupancy and Other Measures	Square Footage, Occupancy and Other Measures Square footage, occupancy and other measures used to describe real estate investments included in the notes to consolidated financial statements are presented on an unaudited basis.
Recent Accounting Pronouncements	Recent Accounting Pronouncements New Accounting Standards Issued In December 2022, the FASB issued ASU 2022-06, Deferral of the Sunset Date of Topic 848 (“ASU 2022-06”), which was issued to defer the sunset date of Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform, to December 31, 2024. ASU 2022-06 is effective immediately for all companies. ASU 2022-06 had no impact on the Company’s consolidated financial statements as of and for the year ended December 31, 2022.

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	12 Months Ended
	Dec. 31, 2022
Accounting Policies [Abstract]
Property, Plant and Equipment	The Company anticipates the estimated useful lives of its assets by class to be generally as follows: ● Buildings 10 - 48 years ● Site improvements Shorter of 15 years or remaining lease term ● Tenant improvements Shorter of 15 years or remaining lease term ● Industrial equipment 20 years ● Tenant origination and absorption costs, and above-/below-market lease intangibles Remaining lease term

REAL ESTATE INVESTMENTS (Tables

REAL ESTATE INVESTMENTS (Tables)	12 Months Ended
	Dec. 31, 2022
Real Estate [Abstract]
Schedule of Real Estate Properties	The following table provides summary information regarding the Company’s real estate portfolio as of December 31, 2022, excluding one property held for sale and the TIC Interest: Property Tenant Location Acquisition Property Land, Equipment Tenant Accumulated Total Northrop Grumman Melbourne, FL 3/7/2017 Industrial (1) $ 13,608,084 $ — $ 1,469,737 $ (4,012,748) $ 11,065,073 Northrop Grumman Melbourne, FL 6/21/2018 Land 329,410 — — — 329,410 Husqvarna Charlotte, NC 11/30/2017 Industrial 11,840,200 — 1,013,948 (1,827,839) 11,026,309 AvAir Chandler, AZ 12/28/2017 Industrial 27,357,899 — — (3,499,279) 23,858,620 3M DeKalb, IL 3/29/2018 Industrial 14,762,819 — 3,037,057 (5,606,808) 12,193,068 Taylor Fresh Foods Yuma, AZ 10/24/2019 Industrial 34,194,369 — 2,894,017 (4,240,369) 32,848,017 Levins Sacramento, CA 12/31/2019 Industrial 4,429,390 — 221,927 (661,825) 3,989,492 Labcorp San Carlos, CA 12/31/2019 Industrial 9,672,174 — 408,225 (612,963) 9,467,436 WSP USA (2) San Diego, CA 12/31/2019 Industrial 9,869,520 — 539,633 (1,137,260) 9,271,893 ITW Rippey El Dorado Hills, CA 12/31/2019 Industrial 7,071,143 — 304,387 (864,813) 6,510,717 L3Harris Carlsbad, CA 12/31/2019 Industrial 11,690,952 — 662,101 (1,305,952) 11,047,101 Arrow Tru-Line Archbold, OH 12/3/2021 Industrial 11,518,084 — — (431,755) 11,086,329 Kalera Saint Paul, MN 1/31/2022 Industrial 3,690,009 4,429,000 — (325,772) 7,793,237 Lindsay Colorado Springs 1, CO 4/19/2022 Industrial 2,311,934 — — (41,312) 2,270,622 Lindsay Colorado Springs 2, CO 4/19/2022 Industrial 3,314,406 — — (24,585) 3,289,821 Lindsay Dacono, CO 4/19/2022 Industrial 6,448,855 — — (59,600) 6,389,255 Lindsay Alachua, FL 4/19/2022 Industrial 8,518,123 — — (256,849) 8,261,274 Lindsay Franklinton, NC 4/19/2022 Industrial 7,181,113 — — (113,241) 7,067,872 Lindsay Canal Fulton 1, OH 4/19/2022 Industrial 11,345,533 — — (243,557) 11,101,976 Lindsay Canal Fulton 2, OH 4/19/2022 Industrial 10,190,942 — — (347,351) 9,843,591 Lindsay Rock Hill, SC 4/19/2022 Industrial 6,555,983 — — (119,173) 6,436,810 Producto Endicott, NY 7/15/2022 Industrial 2,362,310 — — (35,819) 2,326,491 Producto Jamestown, NY 7/15/2022 Industrial 3,073,686 — — (43,851) 3,029,835 Valtir Centerville, UT 7/26/2022 Industrial 4,688,621 — — (53,676) 4,634,945 Valtir Orangeburg, SC 7/26/2022 Industrial 4,242,938 — — (63,864) 4,179,074 Valtir Fort Worth, TX 7/26/2022 Industrial 3,276,201 — — (28,517) 3,247,684 Valtir Lima, OH 8/4/2022 Industrial 9,921,367 — — (138,655) 9,782,712 Dollar General Litchfield, ME 11/4/2016 Retail 1,281,812 — 116,302 (246,493) 1,151,621 Dollar General Wilton, ME 11/4/2016 Retail 1,543,776 — 140,653 (315,458) 1,368,971 Dollar General Thompsontown, PA 11/4/2016 Retail 1,199,860 — 106,730 (236,835) 1,069,755 Dollar General Mt. Gilead, OH 11/4/2016 Retail 1,174,188 — 111,847 (227,071) 1,058,964 Dollar General Lakeside, OH 11/4/2016 Retail 1,112,872 — 100,856 (233,046) 980,682 Dollar General Castalia, OH 11/4/2016 Retail 1,102,086 — 86,408 (226,427) 962,067 Dollar General Bakersfield, CA 12/31/2019 Retail 4,899,714 — 261,630 (441,397) 4,719,947 Dollar General Big Spring, TX 12/31/2019 Retail 1,281,683 — 76,351 (152,906) 1,205,128 Dollar Tree Morrow, GA 12/31/2019 Retail 1,320,367 — 73,298 (212,732) 1,180,933 PreK Education San Antonio, TX 12/31/2019 Retail 12,477,027 — 555,767 (1,418,751) 11,614,043 Walgreens Santa Maria, CA 12/31/2019 Retail 5,223,442 — 335,945 (398,882) 5,160,505 KIA/Trophy of Carson Carson, CA 1/18/2022 Retail 69,286,444 — 118,606 (1,017,619) 68,387,431 (Operating properties table continued) Property Tenant Location Acquisition Property Land, Equipment Tenant Accumulated Total exp US Services Maitland, FL 3/27/2017 Office $ 6,186,380 $ — $ 388,248 $ (1,284,786) $ 5,289,842 Cummins Nashville, TN 4/4/2018 Office 14,538,528 — 1,566,997 (3,758,306) 12,347,219 Costco Issaquah, WA 12/20/2018 Office 27,568,906 — 2,765,136 (5,274,513) 25,059,529 GSA (MSHA) Vacaville, CA 12/31/2019 Office 3,112,076 — 243,307 (415,544) 2,939,839 Solar Turbines San Diego, CA 12/31/2019 Office 7,162,087 — 284,026 (759,736) 6,686,377 OES (3) Rancho Cordova, CA 12/31/2019 Office 29,587,023 — 1,616,610 (4,034,387) 27,169,246 $ 433,524,336 $ 4,429,000 $ 19,499,749 $ (46,752,322) $ 410,700,763 (1) This property was reclassified on December 31, 2022 to industrial from office to reflect Northrop Grumman's change in use since a majority of the square footage of the property is being used as laboratory space. (2) Wood Group was acquired and changed its name to WSP USA Environment & Infrastructure Inc. (3) The Company and Sutter Health agreed to the early termination of its lease effective December 31, 2022 for payment of an early termination fee of $3,751,984 which was recorded as rental income in the Company's statement of operations for the year ended December 31, 2022. The property was then leased to the State of California's Office of Emergency Services (“OES”) effective January 4, 2023 for 12 years through December 31, 2034. OES has a purchase option which OES can exercise any time from May 1, 2024 through December 31, 2026. OES also has an early termination option which OES can exercise any time on or after December 31, 2028 by giving written notice at least 120 days prior to the date of early termination.
Purchase Price Allocation	During the year ended December 31, 2022, the Company acquired the following 16 real estate properties: Property and Location Acquisition Date Land Buildings and Equipment Tenant Above- Acquisition Price KIA/Trophy of Carson, Carson, CA (1) 1/18/2022 $ 32,741,781 $ 36,544,663 $ — $ 118,606 $ — $ 69,405,050 Kalera, St. Paul, MN 1/31/2022 562,356 3,127,653 4,429,000 — — 8,119,009 Lindsay, Colorado Springs 1, CO 4/19/2022 1,195,178 1,116,756 — — — 2,311,934 Lindsay, Colorado Springs 2, CO 4/19/2022 2,239,465 1,074,941 — — — 3,314,406 Lindsay, Dacono, CO (2) 4/19/2022 2,263,982 4,184,873 — — — 6,448,855 Lindsay, Alachua, FL 4/19/2022 966,192 7,551,931 — — — 8,518,123 Lindsay, Franklinton, NC 4/19/2022 2,843,811 4,337,302 — — — 7,181,113 Lindsay, Fulton 1, OH 4/19/2022 726,877 10,618,656 — — — 11,345,533 Lindsay, Fulton 2, OH 4/19/2022 635,865 9,555,077 — — — 10,190,942 Lindsay, Rock Hill, SC 4/19/2022 2,816,322 3,739,661 — — — 6,555,983 Producto, Endicott, NY 7/15/2022 239,447 2,122,863 — — — 2,362,310 Producto, Jamestown, NY 7/15/2022 766,651 2,307,035 — — — 3,073,686 Valtir, Centerville, UT 7/26/2022 2,467,565 2,221,056 — — — 4,688,621 Valtir, Orangeburg, SC 7/26/2022 1,678,818 2,564,120 — — 1,356,961 5,599,899 Valtir, Fort Worth, TX 7/26/2022 1,785,240 1,490,961 — — — 3,276,201 Valtir, Lima, OH 8/4/2022 747,746 9,173,621 — — — 9,921,367 $ 54,677,296 $ 101,731,169 $ 4,429,000 $ 118,606 $ 1,356,961 $ 162,313,032 (1) In accordance with the contribution agreement for the KIA auto dealership property in Carson, California, the Company issued 1,312,382 units of Class C limited partnership interest in the Operating Partnership (“Class C OP Units”) to the seller (see Note 12 for more details) and the Company repaid the $36,465,449 then-existing mortgage, including accrued interest, on the property (see Note 7 for more details). (2) As of December 31, 2022, buildings and improvements exclude a non-refundable deposit of $440,548 for funding ongoing building construction at the Lindsay property in Dacono, Colorado. This deposit is included in prepaid expenses and other assets in the accompanying consolidated balance sheets. The noncancellable lease terms of the properties acquired during the year ended December 31, 2022 are as follows: Property Lease Expiration KIA/Trophy of Carson 1/17/2047 Kalera 2/28/2042 Lindsay, for all eight properties acquired 4/30/2047 Producto, for two properties acquired 7/31/2042 Valtir, UT and TX 7/31/2037 Valtir, SC and OH 8/31/2047 During the year ended December 31, 2021, the Company acquired the following two real estate properties: Property and Location Acquisition Date Land Buildings and Tenant Total Raising Cane's, San Antonio, TX 7/26/2021 $ 1,830,303 $ 1,599,921 $ 213,997 $ 3,644,221 Arrow Tru-Line, Archbold, OH 12/3/2021 778,772 10,739,312 — 11,518,084 $ 2,609,075 $ 12,339,233 $ 213,997 $ 15,162,305 The noncancellable lease terms of the properties acquired during the year ended December 31, 2021 are as follows: Property Lease Expiration Raising Cane's 2/20/2028 Arrow Tru-Line 12/31/2041
Dispositions and Real Estate Investments Held for Sale	During the year ended December 31, 2022, the Company sold the following eight real estate properties: Property Location Disposition Date Property Type Rentable Square Feet Contract Sale Price Gain on Sale Bon Secours Richmond, VA 2/11/2022 Office 72,890 $ 10,200,000 $ 28,595 Omnicare Richmond, VA 2/11/2022 Flex 51,800 8,760,000 1,890,624 Texas Health Dallas, TX 2/11/2022 Office 38,794 7,040,000 87,480 Accredo Orlando, FL 2/24/2022 Office 63,000 14,000,000 4,868,387 EMCOR Cincinnati, OH 6/29/2022 Office 39,385 6,525,000 720,071 Williams Sonoma Summerlin, NV 8/26/2022 Office 35,867 9,300,000 1,624,936 Wyndham Summerlin, NV 9/16/2022 Office 41,390 12,900,000 2,307,093 Raising Cane's San Antonio, TX 12/30/2022 Retail 3,853 4,313,045 669,185 346,979 $ 73,038,045 $ 12,196,371 During the year ended December 31, 2021, the Company sold the following five properties: Property Location Disposition Date Property Type Rentable Square Feet Contract Sale Price Gain on Sale Chevron Gas Station Roseville, CA 1/7/2021 Retail 3,300 $ 4,050,000 $ 216,279 EcoThrift Sacramento, CA 1/29/2021 Retail 38,536 5,375,300 19,314 Chevron Gas Station San Jose, CA 2/12/2021 Retail 1,060 4,288,888 2,926 Dana Cedar Park, TX 7/7/2021 Industrial 45,465 10,000,000 3,444,032 Harley Davidson Bedford, TX 12/21/2021 Retail 70,960 15,270,000 2,338,904 159,321 $ 38,984,188 6,021,455 24 Hour Fitness Adjustment 115,133 Total $ 6,136,588 The following table summarizes the major components of assets and liabilities related to real estate investments held for sale as of December 31, 2022 and 2021: December 31, 2022 2021 Assets related to real estate investments held for sale: Land, buildings and improvements $ 6,357,172 $ 34,507,485 Tenant origination and absorption costs 355,252 3,064,371 Accumulated depreciation and amortization (1,456,699) (6,061,094) Real estate investments held for sale, net 5,255,725 31,510,762 Other assets, net 12,765 788,296 Total assets related to real estate investments held for sale: $ 5,268,490 $ 32,299,058 Liabilities related to real estate investments held for sale: Mortgage notes payable, net $ — $ 21,699,912 Other liabilities, net 117,881 383,282 Total liabilities related to real estate investments held for sale: $ 117,881 $ 22,083,194 The following table summarizes the major components of rental income, expenses and impairment related to real estate investments held for sale as of December 31, 2022 and 2021, which were included in continuing operations for the years ended December 31, 2022 and 2021: Year Ended December 31, 2022 2021 Total revenues $ 880,953 $ 3,866,116 Expenses: Interest expense — 1,058,574 Depreciation and amortization 494,249 1,347,564 Other expenses 245,605 723,637 Impairment of real estate properties 2,080,727 — Total expenses 2,820,581 3,129,775 Net (loss) income $ (1,939,628) $ 736,341
Schedule of Asset and Rental Income Concentration	As of December 31, 2022, the Company’s real estate portfolio asset concentration (greater than 10% of total assets) was as follows: December 31, 2022 Property and Location Net Carrying Value Percentage of KIA/Trophy of Carson, Carson, CA $ 68,387,431 15.0 % Lindsay, eight properties acquired in Colorado (three), Ohio (two), North Carolina, South Carolina and Florida 54,661,221 12.0 % Total $ 123,048,652 27.0 % During the year ended December 31, 2022, the Company’s rental income concentration (greater than 10% of rental income) was as follows: Year Ended December 31, 2022 Property and Location Rental Income Percentage of Sutter Health, Rancho Cordova, CA (1) $ 6,318,264 13.7 % KIA/Trophy of Carson, Carson, CA 5,725,672 12.4 % Total $ 12,043,936 26.1 % (1) Includes early termination fee of $3,751,984.
Future Minimum Contractual Rent Payments Due under Noncancelable Operating Leases	As of December 31, 2022, the future minimum contractual rent payments due under the Company’s noncancellable operating leases, including lease amendments executed through the date of this report are as follows: 2023 $ 31,861,449 2024 31,774,660 2025 31,073,877 2026 27,452,311 2027 25,844,496 Thereafter 336,321,981 $ 484,328,774
Intangible Assets	As of December 31, 2022 and 2021, intangible assets, net related to the Company’s real estate were as follows: December 31, 2022 December 31, 2021 Tenant Origination and Absorption Costs Above-Market Lease Intangibles Below-Market Lease Intangibles Tenant Origination and Absorption Costs Above-Market Lease Intangibles Below-Market Lease Intangibles Cost $ 19,499,749 $ 2,485,510 $ (14,378,808) $ 21,504,210 $ 1,128,549 $ (15,097,132) Accumulated amortization (12,722,558) (634,754) 4,703,122 (11,009,997) (437,530) 3,994,192 Net amount $ 6,777,191 $ 1,850,756 $ (9,675,686) $ 10,494,213 $ 691,019 $ (11,102,940)
Intangible Assets Amortization	As of December 31, 2022, amortization of intangible assets for each of the next five years and thereafter is expected to be as follows: Tenant Above-Market Lease Intangibles Below-Market Lease Intangibles 2023 $ 1,237,692 $ 166,444 $ (903,104) 2024 1,118,468 161,813 (903,104) 2025 917,630 157,767 (903,104) 2026 552,804 132,836 (897,701) 2027 324,809 76,550 (887,789) Thereafter 2,625,788 1,155,346 (5,180,884) $ 6,777,191 $ 1,850,756 $ (9,675,686) Weighted-average remaining amortization period 8.6 years 19.4 years 10.9 years

UNCONSOLIDATED INVESTMENT IN _2

UNCONSOLIDATED INVESTMENT IN A REAL ESTATE PROPERTY (Tables)	12 Months Ended
	Dec. 31, 2022
Investments, Debt and Equity Securities [Abstract]
Equity Method Investments	The Company’s unconsolidated investment in a real estate property of December 31, 2022 and 2021 is as follows: December 31, 2022 2021 The TIC Interest $ 10,007,420 $ 9,941,338
Entities Equity In Earnings	The Company’s income from unconsolidated investment in a real estate property for the years ended December 31, 2022 and 2021 is as follows: Years Ended December 31, 2022 2021 The TIC Interest $ 278,002 $ 276,042
Summarized Financial Information	The following is summarized financial information for the Santa Clara property as of and for the years ended December 31, 2022 and 2021: December 31, 2022 2021 Assets: Real estate investments, net $ 29,294,081 $ 29,403,232 Cash and cash equivalents 300,405 690,470 Other assets 43,159 134,049 Total assets $ 29,637,645 $ 30,227,751 Liabilities: Mortgage notes payable, net $ 12,936,929 $ 13,218,883 Below-market lease, net 2,514,199 2,660,586 Other liabilities 424,662 677,311 Total liabilities 15,875,790 16,556,780 Total equity 13,761,855 13,670,971 Total liabilities and equity $ 29,637,645 $ 30,227,751 Years Ended December 31, 2022 2021 Total revenue $ 2,749,939 $ 2,698,028 Expenses: Depreciation and amortization 1,068,685 1,011,326 Interest expense 539,784 552,144 Other expenses 759,126 754,909 Total expenses 2,367,595 2,318,379 Net income $ 382,344 $ 379,649

GOODWILL, NET (Tables)

GOODWILL, NET (Tables)	12 Months Ended
	Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Net Carrying Amount of Goodwill	The carrying values of goodwill as of December 31, 2022 and 2021 are as follows: December 31, 2022 2021 Beginning balance $ 17,320,857 $ 17,320,857 Impairment of goodwill (17,320,857) — Ending balance $ — $ 17,320,857

CONSOLIDATED BALANCE SHEETS D_2

CONSOLIDATED BALANCE SHEETS DETAILS (Tables)	12 Months Ended
	Dec. 31, 2022
Payables and Accruals [Abstract]
Supplemental Detail Disclosures for Consolidate Balance Sheet	As of December 31, 2022 and 2021, tenant receivables consisted of the following: December 31, 2022 2021 Straight-line rent $ 6,607,220 $ 4,417,065 Tenant rent and billed reimbursements 196,477 81,079 Unbilled tenant reimbursements 2,055,632 1,498,775 Total $ 8,859,329 $ 5,996,919 As of December 31, 2022 and 2021, prepaid expenses and other assets were comprised of the following: December 31, 2022 2021 Deferred tenant allowance $ 2,564,806 $ 2,400,811 Miscellaneous receivables 170,293 681,369 Prepaid expenses 1,364,946 1,253,751 Deposits 885,538 1,420,244 Deferred financing costs on credit facility revolver 1,115,354 100,080 Total $ 6,100,937 $ 5,856,255 As of December 31, 2022 and 2021, accounts payable, accrued and other liabilities were comprised of the following: December 31, 2022 2021 Accounts payable $ 1,001,411 $ 1,767,657 Accrued expenses 3,759,948 3,864,222 Accrued distributions 1,768,068 1,795,303 Accrued interest payable 285,392 548,564 Unearned rent 1,870,057 1,735,440 Lease incentive obligation 561,057 2,133,695 Total $ 9,245,933 $ 11,844,881

DEBT (Tables)

DEBT (Tables)	12 Months Ended
	Dec. 31, 2022
Debt Disclosure [Abstract]
Schedule of Debt	As of December 31, 2022 and 2021, the Company’s mortgage notes payable consisted of the following: Collateral 2022 Principal Balance 2021 Principal Balance Contractual Effective Loan Costco property $ 18,850,000 $ 18,850,000 4.85% 4.85% 01/01/2030 Taylor Fresh Foods property 12,350,000 12,350,000 3.85% 3.85% 11/01/2029 OES property (3) 13,315,009 13,597,120 4.50% 4.50% 03/09/2024 Six Dollar General properties — 3,674,327 — 4.69% (4) Dollar General, Bakersfield property — 2,224,418 — 3.65% (4) Dollar General, Big Spring property — 587,961 — 4.69% (4) Northrop Grumman property — 6,925,915 — 3.35% (4) exp US Services property — 3,255,313 — 4.25% (4) Wyndham property — 5,493,000 — 4.34% (4) Williams Sonoma property — 4,344,000 — 4.05% (4) EMCOR property — 2,757,943 — 4.36% (4) Husqvarna property — 6,379,182 — 4.60% (4) AvAir property — 19,950,000 — 3.80% (4) 3M property — 8,025,200 — 5.09% (4) Cummins property — 8,188,800 — 5.16% (4) Levins property — 2,654,405 — 3.75% (4) Labcorp property — 5,308,810 — 3.75% (4) GSA (MSHA) property — 1,713,196 — 3.65% (4) PreK Education property — 4,930,217 — 4.25% (4) Solar Turbines, WSP USA, ITW Rippey properties — 8,986,222 — 3.35% (4) Gap property — 3,492,775 — 4.15% (4) L3Harris property — 6,219,524 — 3.35% (4) Walgreens Santa Maria property — 3,067,109 — 4.25% (4) Total mortgage notes payable 44,515,009 152,975,437 Plus unamortized mortgage premium, net (5) 119,245 204,281 Less unamortized deferred financing costs (198,698) (956,139) Mortgage notes payable, net $ 44,435,556 $ 152,223,579 (1) Contractual interest rate represents the interest rate in effect under the mortgage note payable as of December 31, 2022 for the three property mortgages that were not refinanced through a drawdown from the Credit Facility (defined and discussed below) with KeyBank National Association (“KeyBank”) given their prepayment penalties. (2) Effective interest rate is calculated as the actual interest rate in effect as of December 31, 2022 consisting of the contractual interest rate, and for information as of December 31, 2021, consisting of the contractual interest rate and the effect of the interest rate swap, if applicable (see Note 8 for further information regarding the Company’s derivative instruments as of December 31, 2021). (3) The Company and Sutter Health agreed to the early termination of its lease effective December 31, 2022. The property was then leased to OES effective January 4, 2023 for 12 years through December 31, 2034 (see Note 3 for more details related to the termination of the lease agreement with Sutter Health and the subsequent lease of the property to OES). (4) The loan was fully repaid on January 18, 2022 through a drawdown from the Credit Facility. (5) Represents unamortized net mortgage premium acquired through the merger with REIT I.
Mortgage Notes Payable	The following summarizes the face value, carrying amount and fair value of the Company’s mortgage notes payable (Level 3 measurement) as of December 31, 2022 and 2021, respectively: 2022 2021 Face Value Carrying Fair Value Face Value Carrying Fair Value Mortgage notes payable $ 44,515,009 $ 44,435,556 $ 41,293,644 $ 152,975,437 $ 152,223,579 $ 159,241,815 Less: full repayments of mortgages on January 18, 2022 (108,178,317) (107,429,721) * Remaining balance $ 44,797,120 $ 44,793,858 $ 46,296,445 * The payoff values of the loans refinanced on January 18, 2022 approximate their face values as of December 31, 2021.
Mortgage Notes Payable Related to Real Estate Investments Held For Sale, Net	The following table summarizes the Company's mortgage notes payable related to real estate investments held for sale as of December 31, 2021: December 31, Collateral 2021 Accredo property $ 8,538,000 Omnicare property 4,109,167 Texas Health property 4,284,335 Bon Secours property 5,104,817 Total 22,036,319 Less deferred financing costs (336,407) Mortgage notes payable related to real estate investments held for sale, net $ 21,699,912
Debt Maturities	The following summarizes the future principal repayments of the Company’s mortgage notes payable and Credit Facility as of December 31, 2022: December 31, 2022 Mortgage Notes Credit Facility Revolver Term Loan (1) Total 2023 $ 317,280 $ — $ — $ 317,280 2024 13,267,346 — — 13,267,346 2025 543,886 — — 543,886 2026 568,369 3,000,000 — 3,568,369 2027 593,972 — 150,000,000 150,593,972 Thereafter 29,224,156 — — 29,224,156 Total principal 44,515,009 3,000,000 150,000,000 197,515,009 Plus: unamortized mortgage premium, net of discount 119,245 — — 119,245 Less: deferred financing costs, net (2) (198,698) — (1,981,836) (2,180,534) Total $ 44,435,556 $ 3,000,000 $ 148,018,164 $ 195,453,720 (1) As of December 31, 2022, the Company had not drawn on its additional $100,000,000 Term Loan commitment from the Lenders. (2) Deferred financing costs, net for the Revolver is reflected in prepaid expenses and other assets.
Interest Expenses Reconciliation	The following is a reconciliation of the components of interest expense for the years ended December 31, 2022 and 2021: Years Ended December 31, 2022 2021 Mortgage notes payable: Interest expense $ 2,235,203 $ 7,536,789 Amortization of deferred financing costs 28,928 535,440 Swap termination costs — 23,900 Gain on interest rate swap valuation (1) — (871,630) Credit facility: Interest expense 5,100,525 192,786 Amortization of deferred financing costs 541,038 78,588 Unrealized gain on interest rate swap valuations (2) (25,734) — Other loan fees and costs 226,698 90,324 Total interest expense $ 8,106,658 $ 7,586,197 (1) Accrued interest payable of $56,114 as of December 31, 2021 represented the unsettled portion of the interest rate swaps for the period from origination of the interest rate swap through the balance sheet date. (2) The Company entered into two swap transactions for its original $150,000,000 Term Loan and additional $100,000,000 Term Loan commitment, effective May 31, 2022 and November 30, 2022, respectively, which are further described in Note 8 .

INTEREST RATE SWAP DERIVATIVES

INTEREST RATE SWAP DERIVATIVES (Tables)	12 Months Ended
	Dec. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Summary of the Notional Amount and Other Information Related to Interest Rate Swaps	The following table summarizes the notional amount and other information related to the Company’s interest rate swaps as of December 31, 2022 and 2021. December 31, 2022 December 31, 2021 Derivative Number Notional Amount (i) Reference Weighted Weighted Number Notional Amount (i) Reference Weighted Weighted Interest Rate 2 $ 250,000,000 USD - SOFR 4.33 % 4.05 years 4 $ 26,051,000 One-month LIBOR + applicable spread/Fixed at 4.05%-5.16% 4.51 % 2.0 years (i) The minimum notional amounts (outstanding principal balance at the maturity date) as of December 31, 2022 and 2021 were $250,000,000 and $24,935,999, respectively. (ii) Based on the terms of the Credit Facility, the fixed pay rate increases if the Company's leverage ratio increases above 40%.
Summary of the Fair Value of Derivative Instruments and Their Classification	The following table sets forth the fair value of the Company’s derivative instruments (Level 2 measurement), as well as their classification in the consolidated balance sheets as of December 31, 2022 and 2021: December 31, 2022 December 31, 2021 Derivative Instrument Balance Sheet Location Number of Fair Value Number of Fair Value Interest Rate Swap Asset - Interest rate swap derivative, at fair value 1 $ 4,629,702 — $ — Interest Rate Swap Liability - Interest rate swap derivative, at fair value 1 $ (498,866) 4 $ (788,016)

RELATED PARTY TRANSACTIONS (Tab

RELATED PARTY TRANSACTIONS (Tables)	12 Months Ended
	Dec. 31, 2022
Related Party Transactions [Abstract]
Related Party Costs	otal fees incurred and paid or accrued by the Company for board services for the years ended December 31, 2022 and 2021, are as follows: December 31, Board of Directors Compensation 2022 2021 Cash paid for services rendered $ 270,000 $ 147,500 Value of shares issued for services rendered 330,000 357,500 Total $ 600,000 $ 505,000 Number of shares issued for services rendered 21,791 15,191

OPERATING PARTNERSHIP UNITS (Ta

OPERATING PARTNERSHIP UNITS (Tables)	12 Months Ended
	Dec. 31, 2022
Business Combination and Asset Acquisition [Abstract]
Class M OP Units Conversion	In the event that Class M OP Units are converted into Class C OP Units prior to December 31, 2023, such Class M OP Units shall be exchanged at the rate indicated below: Date of Exchange Early Conversion Rate From December 31, 2020 to December 30, 2021 50% of the Class M conversion ratio From December 31, 2021 to December 30, 2022 60% of the Class M conversion ratio From December 31, 2022 to December 30, 2023 70% of the Class M conversion ratio As of December 31, 2022, no Class M OP Units had been converted to Class C OP Units. The Class M OP Units are eligible for an increase in the conversion ratio (conversion ratio enhancement) if the Company achieves both of the targets for AUM and AFFO in a given year as set forth below: Hurdles AUM AFFO Class M ($ in billions) Per Share ($) Conversion Ratio Initial Conversion Ratio 1:1.6667 Fiscal Year 2021 $ 0.860 $ 1.77 1:1.9167 Fiscal Year 2022 $ 1.175 $ 1.95 1:2.5000 Fiscal Year 2023 $ 1.551 $ 2.10 1:3.0000
Schedule of Total Stock Compensation Expense	The total stock compensation expenses for the years ended December 31, 2022 and 2021 were as follows: Years Ended December 31, 2022 2021 Class P OP Units $ 355,134 $ 355,134 Class R OP Units 1,715,888 2,032,247 Class C common stock issued to the board of directors for services (see Note 10) 330,000 357,500 Total $ 2,401,022 $ 2,744,881

LOSS PER SHARE (Tables)

LOSS PER SHARE (Tables)	12 Months Ended
	Dec. 31, 2022
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	The following table presents the computation of the Company's basic and diluted net loss per share attributable to common stockholders for the years ended December 31, 2022 and 2021: Years Ended December 31, 2022 2021 Numerator - Basic: Net loss $ (4,511,318) $ (435,505) Net loss attributable to noncontrolling interest in Operating Partnership 1,222,783 — Preferred stock dividends (3,687,500) (1,065,278) Net loss attributable to common stockholders $ (6,976,035) $ (1,500,783) Numerator - Diluted: Net loss $ (4,511,318) $ (435,505) Preferred stock dividends (3,687,500) (1,065,278) Net loss attributable to common stockholders $ (8,198,818) $ (1,500,783) Denominator: Weighted average shares outstanding - basic and diluted 7,487,204 7,544,834 Loss per share attributable to common stockholders: Basic and diluted $ (0.93) $ (0.20)

BUSINESS AND ORGANIZATION - Nar

BUSINESS AND ORGANIZATION - Narrative (Details) $ / shares in Units, ft² in Millions					11 Months Ended		12 Months Ended
	Jun. 06, 2022 USD ($)	Mar. 30, 2022 USD ($)	Feb. 15, 2022 USD ($) $ / shares shares	Sep. 14, 2021 shares	Dec. 31, 2022 USD ($) ft² property $ / shares shares	Dec. 31, 2022 ft² property $ / shares shares	Dec. 31, 2022 ft² property $ / shares shares	Dec. 31, 2021 property $ / shares shares	Dec. 21, 2022 USD ($)	Sep. 30, 2021 shares	Sep. 17, 2021 $ / shares	Dec. 31, 2016 USD ($)
Business And Organization [Line Items]
Issued common stock (in shares)					450,000,000	450,000,000	450,000,000
Preferred stock, shares authorized (in shares)					50,000,000	50,000,000	50,000,000			50,000,000
Preferred stock par value (in usd per share) | $ / shares					$ 0.001	$ 0.001	$ 0.001
Preferred stock, shares outstanding (in shares)					2,000,000	2,000,000	2,000,000
Number of square feet of aggregate leasable space (in square foot) | ft²					3.2	3.2	3.2
Number of real estate properties | property					46	46	46
Number of real estate properties sold | property							8	5
Maximum
Business And Organization [Line Items]
Authorized offering amount | $		$ 200,000,000
Common Stock
Business And Organization [Line Items]
Authorized amount | $			$ 20,000,000
Treasury Stock
Business And Organization [Line Items]
Repurchase of common stock (in shares)					250,153
Repurchase of common stock | $					$ 4,161,618
Average cost per share of stock shares repurchased (in usd per share) | $ / shares					$ 16.64
Tenant-in-common | Real Estate Investment
Business And Organization [Line Items]
Investment allocation, percent					72.70%	72.70%	72.70%
IPO
Business And Organization [Line Items]
Common stocks, including additional paid in capital | $												$ 212,086,682
Industrial
Business And Organization [Line Items]
Number of real estate properties | property					27	27	27
Industrial Property Including Tenant-In-Common Interest | Real Estate Investment
Business And Organization [Line Items]
Investment allocation, percent					59%	59%	59%
Retail
Business And Organization [Line Items]
Number of real estate properties | property					12	12	12
Number of real estate properties sold | property							1
Retail | Real Estate Investment
Business And Organization [Line Items]
Investment allocation, percent					20%	20%	20%
Office
Business And Organization [Line Items]
Number of real estate properties | property					7	7	7
Office | Real Estate Investment
Business And Organization [Line Items]
Investment allocation, percent					21%	21%	21%
Operating Partnership
Business And Organization [Line Items]
Ownership interest (as a percent)							73%	83%
Series A Preferred Stock
Business And Organization [Line Items]
Preferred stock, shares outstanding (in shares)								2,000,000
Preferred stock, shares issued (in shares)					2,000,000	2,000,000	2,000,000	2,000,000
Preferred stock, dividend rate, percentage							7.375%
Sale of stock, price per share (in usd per share) | $ / shares											$ 25
Authorized amount | $									$ 15,000,000
Series A Preferred Stock | Maximum
Business And Organization [Line Items]
Preferred stock, dividend rate, percentage							9.375%
Series A Preferred Stock | IPO
Business And Organization [Line Items]
Shares sold in offering (in shares)				1,800,000
Class C
Business And Organization [Line Items]
Common stock, shares authorized (in shares)					300,000,000	300,000,000	300,000,000	300,000,000
Common stock par value (in usd per share) | $ / shares					$ 0.001	$ 0.001	$ 0.001	$ 0.001
Common stock, shares issued (in shares)					7,762,506	7,762,506	7,762,506	7,426,636
Reverse stock split, conversion ratio							1
Purchase price of common stock, percent			97%
Purchase price of common stock, discount percent			3%
Purchase price of common stock, average price per share, percent			100%
Per share processing fee (in usd per share) | $ / shares			$ 0.05
Class C | Minimum
Business And Organization [Line Items]
Purchase price as a percentage of market price			0%
Class C | Maximum
Business And Organization [Line Items]
Purchase price as a percentage of market price			5%
Class C | Listed Offering
Business And Organization [Line Items]
Shares sold in offering (in shares)			40,000
Sale of stock, price per share (in usd per share) | $ / shares			$ 25
Class C | Prospectus Supplement
Business And Organization [Line Items]
Prospectus supplement, common stock offering | $	$ 50,000,000
Class C | ATM Offering
Business And Organization [Line Items]
Common stock, shares issued (in shares)					0	0	0
Class S
Business And Organization [Line Items]
Common stock, shares authorized (in shares)					100,000,000	100,000,000	100,000,000	100,000,000
Common stock par value (in usd per share) | $ / shares					$ 0.001	$ 0.001	$ 0.001	$ 0.001
Common stock, shares issued (in shares)					0	0	0	63,768
Class C And S | Common Stock
Business And Organization [Line Items]
Issuance of stock (in shares)						210,311	210,311	370,043

SUMMARY OF SIGNIFICANT ACCOUN_4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Narrative (Details)	3 Months Ended						6 Months Ended	12 Months Ended
	Sep. 30, 2022 USD ($)	Jun. 30, 2022 USD ($) property	Mar. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Sep. 30, 2021 USD ($)	Mar. 31, 2021 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2022 USD ($) property segment $ / shares	Dec. 31, 2021 USD ($) segment $ / shares
Accounting Policies [Line Items]
Assets				$ 428,494,502			$ 428,494,502	$ 456,026,046	$ 428,494,502
Liabilities				206,064,610			206,064,610	$ 214,992,086	206,064,610
Number of real estate properties | property								46
Rental income from tenant reimbursements								$ 6,596,244	5,807,634
Advertising expense								$ 25,469	$ 592,351
Net loss per share attributable to common stockholders, basic (in usd per share) | $ / shares								$ (0.93)	$ (0.20)
Net loss per share attributable to common stockholders, diluted (in usd per share) | $ / shares								$ (0.93)	$ (0.20)
Restricted cash				2,441,970			2,441,970	$ 0	$ 2,441,970
Restricted cash released									$ 170,508
Number of reportable segments | segment								1	1
Revision of Prior Period, Reclassification, Adjustment
Accounting Policies [Line Items]
Rental Income	$ 739,255	$ 282,030	$ 525,691	932,385	$ 683,606	$ 51,123			$ 1,667,114
Variable Interest Entity, Primary Beneficiary
Accounting Policies [Line Items]
Assets		$ 31,406,864
VIE percentage of total assets (in percent)		7.30%
Liabilities		$ 0
Number of real estate properties | property		4
Restricted Cash, Leasing Commission
Accounting Policies [Line Items]
Restricted cash released							128,538
Northrop Grumman
Accounting Policies [Line Items]
Restricted cash				1,400,000			1,400,000		1,400,000
L3Harris
Accounting Policies [Line Items]
Restricted cash				1,000,000			1,000,000		1,000,000
Building | Minimum
Accounting Policies [Line Items]
Estimated useful lives (in years)								10 years
Building | Maximum
Accounting Policies [Line Items]
Estimated useful lives (in years)								48 years
Site Improvement | Maximum
Accounting Policies [Line Items]
Estimated useful lives (in years)								15 years
Tenant Improvement
Accounting Policies [Line Items]
Estimated useful lives (in years)								15 years
Tenant Improvement | Maximum
Accounting Policies [Line Items]
Estimated useful lives (in years)								15 years
Industrial
Accounting Policies [Line Items]
Estimated useful lives (in years)								20 years
Lease Agreements
Accounting Policies [Line Items]
Restricted cash				$ 2,271,462			$ 2,271,462		$ 2,271,462
Class C
Accounting Policies [Line Items]
Net loss per share attributable to common stockholders, basic (in usd per share) | $ / shares									$ (0.20)
Net loss per share attributable to common stockholders, diluted (in usd per share) | $ / shares									(0.20)
Class S
Accounting Policies [Line Items]
Net loss per share attributable to common stockholders, basic (in usd per share) | $ / shares									(0.20)
Net loss per share attributable to common stockholders, diluted (in usd per share) | $ / shares									$ (0.20)

REAL ESTATE INVESTMENTS - Narra

REAL ESTATE INVESTMENTS - Narrative (Details)

12 Months Ended

Dec. 30, 2022 USD ($)

Sep. 16, 2022 USD ($)

Aug. 26, 2022 USD ($)

Jun. 29, 2022 USD ($)

Feb. 24, 2022 USD ($)

Feb. 11, 2022 USD ($) property

Dec. 21, 2021 USD ($)

Sep. 24, 2021 USD ($)

Jul. 07, 2021 USD ($)

Feb. 12, 2021 USD ($)

Jan. 29, 2021 USD ($)

Jan. 07, 2021 USD ($)

Dec. 31, 2022 USD ($) lease property state

Dec. 31, 2021 USD ($) property

Jan. 23, 2023

Real Estate [Line Items]

Number of real estate properties | property

46

Number of states in which entity operates | state

17

Number of real estate properties sold | property

8

5

Impairment of real estate

$ 2,080,727

Reversal of impairment

$ (400,999)

Real estate properties acquired | property

16

Receivable from early termination of lease

$ 0

1,836,767

Gain on sale of real estate investments, net

$ 12,196,371

$ 6,136,588

Operating leases extension

3 years 8 months 12 days

Increase in rent, renewal term, percent

1.90%

Weighted average amortization period

10 years 10 months 24 days

Number of real estate properties, held-for-sale | property

4

Kia And Kalera

Real Estate [Line Items]

Revenue of acquiree

$ 11,274,529

Raising Cane's and Arrow Tru-Line

Real Estate [Line Items]

Number of real estate properties | property

2

Revenue of acquiree

$ 166,177

Texas Health And Bon Secours

Real Estate [Line Items]

Number of real estate properties sold | property

2

Omnicare

Real Estate [Line Items]

Number of real estate properties sold | property

1

Williams Sonoma

Real Estate [Line Items]

Operating leases extension

3 years

Dana

Real Estate [Line Items]

Lessor, operating lease, monthly payments to be received

$ 65,000

Lessor, operating lease, early termination fee to be received

1,381,767

24 Hour Fitness Adjustment

Real Estate [Line Items]

Gain on sale of real estate investments, net

$ 115,133

Cummins, ITW Rippey, And Willams Sonoma

Real Estate [Line Items]

Real estate properties with extensions | lease

3

Cummins

Real Estate [Line Items]

Operating leases extension

1 year

ITW Rippey

Real Estate [Line Items]

Operating leases extension

7 years

Solar Turbines | Subsequent Event

Real Estate [Line Items]

Operating leases extension

2 years

Industrial

Real Estate [Line Items]

Number of real estate properties | property

27

Number of properties serving as an easement | property

1

Industrial | Omnicare

Real Estate [Line Items]

Disposal group, including discontinued operation, consideration

$ 8,760,000

Gain on sale of real estate investments, net

1,890,624

Number of real estate properties, held-for-sale | property

1

Industrial | Dana

Real Estate [Line Items]

Disposal group, including discontinued operation, consideration

10,000,000

Proceeds from sale of real estate investments

4,975,334

Gain on sale of real estate investments, net

$ 3,444,032

Land

Real Estate [Line Items]

Number of real estate properties | property

1

Retail

Real Estate [Line Items]

Number of real estate properties | property

12

Number of real estate properties sold | property

1

Retail | Accredo

Real Estate [Line Items]

Proceeds from sale of real estate investments

$ 5,012,724

Retail | EMCOR

Real Estate [Line Items]

Proceeds from sale of real estate investments

$ 6,345,642

Retail | Williams Sonoma

Real Estate [Line Items]

Proceeds from sale of real estate investments

$ 8,964,252

Retail | Wyndham

Real Estate [Line Items]

Proceeds from sale of real estate investments

$ 12,267,571

Retail | Raising Cane's, San Antonio, TX

Real Estate [Line Items]

Disposal group, including discontinued operation, consideration

$ 4,313,045

Proceeds from sale of real estate investments

4,173,283

Gain on sale of real estate investments, net

$ 669,185

Retail | Chevron Gas Station

Real Estate [Line Items]

Disposal group, including discontinued operation, consideration

$ 4,050,000

Proceeds from sale of real estate investments

3,914,909

Gain on sale of real estate investments, net

$ 216,279

Retail | EcoThrift

Real Estate [Line Items]

Disposal group, including discontinued operation, consideration

$ 5,375,300

Proceeds from sale of real estate investments

2,684,225

Gain on sale of real estate investments, net

$ 19,314

Retail | Chevron Gas Station

Real Estate [Line Items]

Disposal group, including discontinued operation, consideration

$ 4,288,888

Proceeds from sale of real estate investments

4,054,327

Gain on sale of real estate investments, net

$ 2,926

Retail | Harley Davidson

Real Estate [Line Items]

Disposal group, including discontinued operation, consideration

$ 15,270,000

Proceeds from sale of real estate investments

8,344,708

Gain on sale of real estate investments, net

$ 2,338,904

Office

Real Estate [Line Items]

Number of real estate properties | property

7

Office | Bon Secours, Omnicare, And Texas Health

Real Estate [Line Items]

Number of real estate properties, held-for-sale | property

3

Office | Accredo

Real Estate [Line Items]

Disposal group, including discontinued operation, consideration

14,000,000

Gain on sale of real estate investments, net

$ 4,868,387

Office | EMCOR

Real Estate [Line Items]

Disposal group, including discontinued operation, consideration

6,525,000

Gain on sale of real estate investments, net

$ 720,071

Office | Williams Sonoma

Real Estate [Line Items]

Disposal group, including discontinued operation, consideration

9,300,000

Gain on sale of real estate investments, net

$ 1,624,936

Office | Wyndham

Real Estate [Line Items]

Disposal group, including discontinued operation, consideration

12,900,000

Gain on sale of real estate investments, net

$ 2,307,093

Office And Industrial

Real Estate [Line Items]

Disposal group, including discontinued operation, consideration

$ 73,038,045

Gain on sale of real estate investments, net

$ 12,196,371

Number of real estate properties, held-for-sale | property

4

Office And Industrial | Bon Secours, Omnicare, And Texas Health

Real Estate [Line Items]

Disposal group, including discontinued operation, consideration

26,000,000

Proceeds from sale of real estate investments

$ 11,892,305

REAL ESTATE INVESTMENTS - Sched

REAL ESTATE INVESTMENTS - Schedule of Real Estate Properties (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Aug. 04, 2022	Jul. 26, 2022	Jul. 15, 2022	Apr. 19, 2022	Jan. 31, 2022	Dec. 31, 2021	Dec. 03, 2021
Real Estate [Line Items]
Land, Buildings and Improvements	$ 433,524,336
Equipment	4,429,000						$ 0
Tenant Origination and Absorption Costs	19,499,749						21,504,210
Accumulated Depreciation and Amortization	(46,752,322)						(37,611,133)
Total Investment in Real Estate Property, Net	410,700,763						$ 296,144,769
Arrow Tru-Line
Real Estate [Line Items]
Tenant Origination and Absorption Costs								$ 0
Kalera
Real Estate [Line Items]
Equipment						$ 4,429,000
Tenant Origination and Absorption Costs						$ 0
Lindsay Colorado Springs 1
Real Estate [Line Items]
Equipment					$ 0
Tenant Origination and Absorption Costs					0
Lindsay Colorado Springs 2
Real Estate [Line Items]
Equipment					0
Tenant Origination and Absorption Costs					0
Lindsay, Dacono
Real Estate [Line Items]
Equipment					0
Tenant Origination and Absorption Costs					0
Lindsay, Alachua
Real Estate [Line Items]
Equipment					0
Tenant Origination and Absorption Costs					0
Lindsay, Franklinton
Real Estate [Line Items]
Equipment					0
Tenant Origination and Absorption Costs					0
Lindsay, Canal Fulton 1
Real Estate [Line Items]
Equipment					0
Tenant Origination and Absorption Costs					0
Lindsay, Canal Fulton 2
Real Estate [Line Items]
Equipment					0
Tenant Origination and Absorption Costs					0
Lindsay, Rock Hill
Real Estate [Line Items]
Equipment					0
Tenant Origination and Absorption Costs					$ 0
Producto, Endicott
Real Estate [Line Items]
Equipment				$ 0
Tenant Origination and Absorption Costs				0
Producto, Jamestown
Real Estate [Line Items]
Equipment				0
Tenant Origination and Absorption Costs				$ 0
Valtir, Centerville
Real Estate [Line Items]
Equipment			$ 0
Tenant Origination and Absorption Costs			0
Valtir, Orangeburg
Real Estate [Line Items]
Equipment			0
Tenant Origination and Absorption Costs			0
Valtir, Fort Worth
Real Estate [Line Items]
Equipment			0
Tenant Origination and Absorption Costs			$ 0
Valtir, Lima
Real Estate [Line Items]
Equipment		$ 0
Tenant Origination and Absorption Costs		$ 0
Industrial | Northrop Grumman
Real Estate [Line Items]
Land, Buildings and Improvements	13,608,084
Equipment	0
Tenant Origination and Absorption Costs	1,469,737
Accumulated Depreciation and Amortization	(4,012,748)
Total Investment in Real Estate Property, Net	11,065,073
Industrial | Husqvarna
Real Estate [Line Items]
Land, Buildings and Improvements	11,840,200
Equipment	0
Tenant Origination and Absorption Costs	1,013,948
Accumulated Depreciation and Amortization	(1,827,839)
Total Investment in Real Estate Property, Net	11,026,309
Industrial | AvAir
Real Estate [Line Items]
Land, Buildings and Improvements	27,357,899
Equipment	0
Tenant Origination and Absorption Costs	0
Accumulated Depreciation and Amortization	(3,499,279)
Total Investment in Real Estate Property, Net	23,858,620
Industrial | 3M
Real Estate [Line Items]
Land, Buildings and Improvements	14,762,819
Equipment	0
Tenant Origination and Absorption Costs	3,037,057
Accumulated Depreciation and Amortization	(5,606,808)
Total Investment in Real Estate Property, Net	12,193,068
Industrial | Taylor Fresh Foods
Real Estate [Line Items]
Land, Buildings and Improvements	34,194,369
Equipment	0
Tenant Origination and Absorption Costs	2,894,017
Accumulated Depreciation and Amortization	(4,240,369)
Total Investment in Real Estate Property, Net	32,848,017
Industrial | Levins
Real Estate [Line Items]
Land, Buildings and Improvements	4,429,390
Equipment	0
Tenant Origination and Absorption Costs	221,927
Accumulated Depreciation and Amortization	(661,825)
Total Investment in Real Estate Property, Net	3,989,492
Industrial | Labcorp
Real Estate [Line Items]
Land, Buildings and Improvements	9,672,174
Equipment	0
Tenant Origination and Absorption Costs	408,225
Accumulated Depreciation and Amortization	(612,963)
Total Investment in Real Estate Property, Net	9,467,436
Industrial | WSP USA
Real Estate [Line Items]
Land, Buildings and Improvements	9,869,520
Equipment	0
Tenant Origination and Absorption Costs	539,633
Accumulated Depreciation and Amortization	(1,137,260)
Total Investment in Real Estate Property, Net	9,271,893
Industrial | ITW Rippey
Real Estate [Line Items]
Land, Buildings and Improvements	7,071,143
Equipment	0
Tenant Origination and Absorption Costs	304,387
Accumulated Depreciation and Amortization	(864,813)
Total Investment in Real Estate Property, Net	6,510,717
Industrial | L3Harris
Real Estate [Line Items]
Land, Buildings and Improvements	11,690,952
Equipment	0
Tenant Origination and Absorption Costs	662,101
Accumulated Depreciation and Amortization	(1,305,952)
Total Investment in Real Estate Property, Net	11,047,101
Industrial | Arrow Tru-Line
Real Estate [Line Items]
Land, Buildings and Improvements	11,518,084
Equipment	0
Tenant Origination and Absorption Costs	0
Accumulated Depreciation and Amortization	(431,755)
Total Investment in Real Estate Property, Net	11,086,329
Industrial | Kalera
Real Estate [Line Items]
Land, Buildings and Improvements	3,690,009
Equipment	4,429,000
Tenant Origination and Absorption Costs	0
Accumulated Depreciation and Amortization	(325,772)
Total Investment in Real Estate Property, Net	7,793,237
Industrial | Lindsay Colorado Springs 1
Real Estate [Line Items]
Land, Buildings and Improvements	2,311,934
Equipment	0
Tenant Origination and Absorption Costs	0
Accumulated Depreciation and Amortization	(41,312)
Total Investment in Real Estate Property, Net	2,270,622
Industrial | Lindsay Colorado Springs 2
Real Estate [Line Items]
Land, Buildings and Improvements	3,314,406
Equipment	0
Tenant Origination and Absorption Costs	0
Accumulated Depreciation and Amortization	(24,585)
Total Investment in Real Estate Property, Net	3,289,821
Industrial | Lindsay, Dacono
Real Estate [Line Items]
Land, Buildings and Improvements	6,448,855
Equipment	0
Tenant Origination and Absorption Costs	0
Accumulated Depreciation and Amortization	(59,600)
Total Investment in Real Estate Property, Net	6,389,255
Industrial | Lindsay, Alachua
Real Estate [Line Items]
Land, Buildings and Improvements	8,518,123
Equipment	0
Tenant Origination and Absorption Costs	0
Accumulated Depreciation and Amortization	(256,849)
Total Investment in Real Estate Property, Net	8,261,274
Industrial | Lindsay, Franklinton
Real Estate [Line Items]
Land, Buildings and Improvements	7,181,113
Equipment	0
Tenant Origination and Absorption Costs	0
Accumulated Depreciation and Amortization	(113,241)
Total Investment in Real Estate Property, Net	7,067,872
Industrial | Lindsay, Canal Fulton 1
Real Estate [Line Items]
Land, Buildings and Improvements	11,345,533
Equipment	0
Tenant Origination and Absorption Costs	0
Accumulated Depreciation and Amortization	(243,557)
Total Investment in Real Estate Property, Net	11,101,976
Industrial | Lindsay, Canal Fulton 2
Real Estate [Line Items]
Land, Buildings and Improvements	10,190,942
Equipment	0
Tenant Origination and Absorption Costs	0
Accumulated Depreciation and Amortization	(347,351)
Total Investment in Real Estate Property, Net	9,843,591
Industrial | Lindsay, Rock Hill
Real Estate [Line Items]
Land, Buildings and Improvements	6,555,983
Equipment	0
Tenant Origination and Absorption Costs	0
Accumulated Depreciation and Amortization	(119,173)
Total Investment in Real Estate Property, Net	6,436,810
Industrial | Producto, Endicott
Real Estate [Line Items]
Land, Buildings and Improvements	2,362,310
Equipment	0
Tenant Origination and Absorption Costs	0
Accumulated Depreciation and Amortization	(35,819)
Total Investment in Real Estate Property, Net	2,326,491
Industrial | Producto, Jamestown
Real Estate [Line Items]
Land, Buildings and Improvements	3,073,686
Equipment	0
Tenant Origination and Absorption Costs	0
Accumulated Depreciation and Amortization	(43,851)
Total Investment in Real Estate Property, Net	3,029,835
Industrial | Valtir, Centerville
Real Estate [Line Items]
Land, Buildings and Improvements	4,688,621
Equipment	0
Tenant Origination and Absorption Costs	0
Accumulated Depreciation and Amortization	(53,676)
Total Investment in Real Estate Property, Net	4,634,945
Industrial | Valtir, Orangeburg
Real Estate [Line Items]
Land, Buildings and Improvements	4,242,938
Equipment	0
Tenant Origination and Absorption Costs	0
Accumulated Depreciation and Amortization	(63,864)
Total Investment in Real Estate Property, Net	4,179,074
Industrial | Valtir, Fort Worth
Real Estate [Line Items]
Land, Buildings and Improvements	3,276,201
Equipment	0
Tenant Origination and Absorption Costs	0
Accumulated Depreciation and Amortization	(28,517)
Total Investment in Real Estate Property, Net	3,247,684
Industrial | Valtir, Lima
Real Estate [Line Items]
Land, Buildings and Improvements	9,921,367
Equipment	0
Tenant Origination and Absorption Costs	0
Accumulated Depreciation and Amortization	(138,655)
Total Investment in Real Estate Property, Net	9,782,712
Land | Northrop Grumman
Real Estate [Line Items]
Land, Buildings and Improvements	329,410
Equipment	0
Tenant Origination and Absorption Costs	0
Accumulated Depreciation and Amortization	0
Total Investment in Real Estate Property, Net	329,410
Retail | Dollar General, Litchfield
Real Estate [Line Items]
Land, Buildings and Improvements	1,281,812
Equipment	0
Tenant Origination and Absorption Costs	116,302
Accumulated Depreciation and Amortization	(246,493)
Total Investment in Real Estate Property, Net	1,151,621
Retail | Dollar General, Wilton
Real Estate [Line Items]
Land, Buildings and Improvements	1,543,776
Equipment	0
Tenant Origination and Absorption Costs	140,653
Accumulated Depreciation and Amortization	(315,458)
Total Investment in Real Estate Property, Net	1,368,971
Retail | Dollar General, Thompsontown
Real Estate [Line Items]
Land, Buildings and Improvements	1,199,860
Equipment	0
Tenant Origination and Absorption Costs	106,730
Accumulated Depreciation and Amortization	(236,835)
Total Investment in Real Estate Property, Net	1,069,755
Retail | Dollar General, Mt. Gilead
Real Estate [Line Items]
Land, Buildings and Improvements	1,174,188
Equipment	0
Tenant Origination and Absorption Costs	111,847
Accumulated Depreciation and Amortization	(227,071)
Total Investment in Real Estate Property, Net	1,058,964
Retail | Dollar General, Lakeside
Real Estate [Line Items]
Land, Buildings and Improvements	1,112,872
Equipment	0
Tenant Origination and Absorption Costs	100,856
Accumulated Depreciation and Amortization	(233,046)
Total Investment in Real Estate Property, Net	980,682
Retail | Dollar General, Castalia
Real Estate [Line Items]
Land, Buildings and Improvements	1,102,086
Equipment	0
Tenant Origination and Absorption Costs	86,408
Accumulated Depreciation and Amortization	(226,427)
Total Investment in Real Estate Property, Net	962,067
Retail | Dollar General, Bakersfield property
Real Estate [Line Items]
Land, Buildings and Improvements	4,899,714
Equipment	0
Tenant Origination and Absorption Costs	261,630
Accumulated Depreciation and Amortization	(441,397)
Total Investment in Real Estate Property, Net	4,719,947
Retail | Dollar General, Big Spring property
Real Estate [Line Items]
Land, Buildings and Improvements	1,281,683
Equipment	0
Tenant Origination and Absorption Costs	76,351
Accumulated Depreciation and Amortization	(152,906)
Total Investment in Real Estate Property, Net	1,205,128
Retail | Dollar Tree
Real Estate [Line Items]
Land, Buildings and Improvements	1,320,367
Equipment	0
Tenant Origination and Absorption Costs	73,298
Accumulated Depreciation and Amortization	(212,732)
Total Investment in Real Estate Property, Net	1,180,933
Retail | PreK Education
Real Estate [Line Items]
Land, Buildings and Improvements	12,477,027
Equipment	0
Tenant Origination and Absorption Costs	555,767
Accumulated Depreciation and Amortization	(1,418,751)
Total Investment in Real Estate Property, Net	11,614,043
Retail | Walgreens
Real Estate [Line Items]
Land, Buildings and Improvements	5,223,442
Equipment	0
Tenant Origination and Absorption Costs	335,945
Accumulated Depreciation and Amortization	(398,882)
Total Investment in Real Estate Property, Net	5,160,505
Retail | KIA/Trophy of Carson
Real Estate [Line Items]
Land, Buildings and Improvements	69,286,444
Equipment	0
Tenant Origination and Absorption Costs	118,606
Accumulated Depreciation and Amortization	(1,017,619)
Total Investment in Real Estate Property, Net	68,387,431
Office | exp US Services
Real Estate [Line Items]
Land, Buildings and Improvements	6,186,380
Equipment	0
Tenant Origination and Absorption Costs	388,248
Accumulated Depreciation and Amortization	(1,284,786)
Total Investment in Real Estate Property, Net	5,289,842
Office | Cummins
Real Estate [Line Items]
Land, Buildings and Improvements	14,538,528
Equipment	0
Tenant Origination and Absorption Costs	1,566,997
Accumulated Depreciation and Amortization	(3,758,306)
Total Investment in Real Estate Property, Net	12,347,219
Office | Costco property
Real Estate [Line Items]
Land, Buildings and Improvements	27,568,906
Equipment	0
Tenant Origination and Absorption Costs	2,765,136
Accumulated Depreciation and Amortization	(5,274,513)
Total Investment in Real Estate Property, Net	25,059,529
Office | GSA (MSHA)
Real Estate [Line Items]
Land, Buildings and Improvements	3,112,076
Equipment	0
Tenant Origination and Absorption Costs	243,307
Accumulated Depreciation and Amortization	(415,544)
Total Investment in Real Estate Property, Net	2,939,839
Office | Solar Turbines
Real Estate [Line Items]
Land, Buildings and Improvements	7,162,087
Equipment	0
Tenant Origination and Absorption Costs	284,026
Accumulated Depreciation and Amortization	(759,736)
Total Investment in Real Estate Property, Net	6,686,377
Office | OES
Real Estate [Line Items]
Land, Buildings and Improvements	29,587,023
Equipment	0
Tenant Origination and Absorption Costs	1,616,610
Accumulated Depreciation and Amortization	(4,034,387)
Total Investment in Real Estate Property, Net	27,169,246
Payment of an early termination fee	$ 3,751,984
Term of contract	12 years
Lessor, operating lease, early termination period in days	120 days

REAL ESTATE INVESTMENTS - Acqui

REAL ESTATE INVESTMENTS - Acquisition (Details)	Jan. 18, 2022 USD ($) shares	Dec. 31, 2022 USD ($) property	Aug. 04, 2022 USD ($)	Jul. 26, 2022 USD ($)	Jul. 15, 2022 USD ($)	Apr. 19, 2022 USD ($)	Jan. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 03, 2021 USD ($)	Jul. 26, 2021 USD ($)
Real Estate [Line Items]
Real estate properties acquired | property		16
Land		$ 103,657,237						$ 61,005,402
Equipment		4,429,000						0
Tenant origination and absorption costs		19,499,749						21,504,210
Acquisition Price		457,453,085						$ 333,755,902
Non-refundable deposit		$ 440,548
Number of real estate properties | property		46
KIA/Trophy of Carson, California
Real Estate [Line Items]
Land	$ 32,741,781
Buildings and Improvements	36,544,663
Equipment	0
Tenant origination and absorption costs	118,606
Above-Market Lease Intangible	0
Acquisition Price	69,405,050
KIA/Trophy of Carson, California | KIA Dealership
Real Estate [Line Items]
Repayments of assumed debt	$ 36,465,449
KIA/Trophy of Carson, California | KIA Dealership | Class C
Real Estate [Line Items]
Consideration transferred (in shares) | shares	1,312,382
Kalera
Real Estate [Line Items]
Land							$ 562,356
Buildings and Improvements							3,127,653
Equipment							4,429,000
Tenant origination and absorption costs							0
Above-Market Lease Intangible							0
Acquisition Price							$ 8,119,009
Lindsay Colorado Springs 1
Real Estate [Line Items]
Land						$ 1,195,178
Buildings and Improvements						1,116,756
Equipment						0
Tenant origination and absorption costs						0
Above-Market Lease Intangible						0
Acquisition Price						2,311,934
Lindsay Colorado Springs 2
Real Estate [Line Items]
Land						2,239,465
Buildings and Improvements						1,074,941
Equipment						0
Tenant origination and absorption costs						0
Above-Market Lease Intangible						0
Acquisition Price						3,314,406
Lindsay, Dacono
Real Estate [Line Items]
Land						2,263,982
Buildings and Improvements						4,184,873
Equipment						0
Tenant origination and absorption costs						0
Above-Market Lease Intangible						0
Acquisition Price						6,448,855
Lindsay, Alachua
Real Estate [Line Items]
Land						966,192
Buildings and Improvements						7,551,931
Equipment						0
Tenant origination and absorption costs						0
Above-Market Lease Intangible						0
Acquisition Price						8,518,123
Lindsay, Franklinton
Real Estate [Line Items]
Land						2,843,811
Buildings and Improvements						4,337,302
Equipment						0
Tenant origination and absorption costs						0
Above-Market Lease Intangible						0
Acquisition Price						7,181,113
Lindsay, Canal Fulton 1
Real Estate [Line Items]
Land						726,877
Buildings and Improvements						10,618,656
Equipment						0
Tenant origination and absorption costs						0
Above-Market Lease Intangible						0
Acquisition Price						11,345,533
Lindsay, Canal Fulton 2
Real Estate [Line Items]
Land						635,865
Buildings and Improvements						9,555,077
Equipment						0
Tenant origination and absorption costs						0
Above-Market Lease Intangible						0
Acquisition Price						10,190,942
Lindsay, Rock Hill
Real Estate [Line Items]
Land						2,816,322
Buildings and Improvements						3,739,661
Equipment						0
Tenant origination and absorption costs						0
Above-Market Lease Intangible						0
Acquisition Price						$ 6,555,983
Producto, Endicott
Real Estate [Line Items]
Land					$ 239,447
Buildings and Improvements					2,122,863
Equipment					0
Tenant origination and absorption costs					0
Above-Market Lease Intangible					0
Acquisition Price					2,362,310
Producto, Jamestown
Real Estate [Line Items]
Land					766,651
Buildings and Improvements					2,307,035
Equipment					0
Tenant origination and absorption costs					0
Above-Market Lease Intangible					0
Acquisition Price					$ 3,073,686
Valtir, Centerville
Real Estate [Line Items]
Land				$ 2,467,565
Buildings and Improvements				2,221,056
Equipment				0
Tenant origination and absorption costs				0
Above-Market Lease Intangible				0
Acquisition Price				4,688,621
Valtir, Orangeburg
Real Estate [Line Items]
Land				1,678,818
Buildings and Improvements				2,564,120
Equipment				0
Tenant origination and absorption costs				0
Above-Market Lease Intangible				1,356,961
Acquisition Price				5,599,899
Valtir, Fort Worth
Real Estate [Line Items]
Land				1,785,240
Buildings and Improvements				1,490,961
Equipment				0
Tenant origination and absorption costs				0
Above-Market Lease Intangible				0
Acquisition Price				$ 3,276,201
Valtir, Lima
Real Estate [Line Items]
Land			$ 747,746
Buildings and Improvements			9,173,621
Equipment			0
Tenant origination and absorption costs			0
Above-Market Lease Intangible			0
Acquisition Price			$ 9,921,367
2022 Acquisitions
Real Estate [Line Items]
Land		$ 54,677,296
Buildings and Improvements		101,731,169
Equipment		4,429,000
Tenant origination and absorption costs		118,606
Above-Market Lease Intangible		1,356,961
Acquisition Price		$ 162,313,032
Lindsay Precast, LLC
Real Estate [Line Items]
Number of real estate properties | property		8
Producto Holdings, LLC
Real Estate [Line Items]
Number of real estate properties | property		2
Raising Cane's, San Antonio, TX
Real Estate [Line Items]
Land										$ 1,830,303
Buildings and Improvements										1,599,921
Tenant origination and absorption costs										213,997
Acquisition Price										$ 3,644,221
Arrow Tru-Line, Archbold, OH
Real Estate [Line Items]
Land									$ 778,772
Buildings and Improvements									10,739,312
Tenant origination and absorption costs									0
Acquisition Price									$ 11,518,084
Raising Cane's and Arrow Tru-Line
Real Estate [Line Items]
Land		$ 2,609,075
Buildings and Improvements		12,339,233
Tenant origination and absorption costs		213,997
Acquisition Price		$ 15,162,305
Number of real estate properties | property		2

REAL ESTATE INVESTMENTS - Dispo

REAL ESTATE INVESTMENTS - Dispositions (Details)

12 Months Ended

Dec. 30, 2022 USD ($) ft²

Sep. 16, 2022 USD ($) ft²

Aug. 26, 2022 USD ($) ft²

Jun. 29, 2022 USD ($) ft²

Feb. 24, 2022 USD ($) ft²

Feb. 11, 2022 USD ($) ft²

Dec. 21, 2021 USD ($) ft²

Sep. 24, 2021 USD ($)

Jul. 07, 2021 USD ($) ft²

Feb. 12, 2021 USD ($) ft²

Jan. 29, 2021 USD ($) ft²

Jan. 07, 2021 USD ($) ft²

Dec. 31, 2022 USD ($) ft²

Dec. 31, 2021 USD ($)

Real Estate [Line Items]

Rentable Square Feet | ft²

3,200,000

Gain on Sale

$ 12,196,371

$ 6,136,588

24 Hour Fitness Adjustment

Real Estate [Line Items]

Gain on Sale

$ 115,133

Office | Bon Secours

Real Estate [Line Items]

Rentable Square Feet | ft²

72,890

Contract Sale Price

$ 10,200,000

Gain on Sale

$ 28,595

Office | Texas Health

Real Estate [Line Items]

Rentable Square Feet | ft²

38,794

Contract Sale Price

$ 7,040,000

Gain on Sale

$ 87,480

Office | Accredo

Real Estate [Line Items]

Rentable Square Feet | ft²

63,000

Contract Sale Price

$ 14,000,000

Gain on Sale

$ 4,868,387

Office | EMCOR

Real Estate [Line Items]

Rentable Square Feet | ft²

39,385

Contract Sale Price

$ 6,525,000

Gain on Sale

$ 720,071

Office | Williams Sonoma

Real Estate [Line Items]

Rentable Square Feet | ft²

35,867

Contract Sale Price

$ 9,300,000

Gain on Sale

$ 1,624,936

Office | Wyndham

Real Estate [Line Items]

Rentable Square Feet | ft²

41,390

Contract Sale Price

$ 12,900,000

Gain on Sale

$ 2,307,093

Industrial | Omnicare

Real Estate [Line Items]

Rentable Square Feet | ft²

51,800

Contract Sale Price

$ 8,760,000

Gain on Sale

$ 1,890,624

Industrial | Dana

Real Estate [Line Items]

Rentable Square Feet | ft²

45,465

Contract Sale Price

$ 10,000,000

Gain on Sale

$ 3,444,032

Office And Industrial

Real Estate [Line Items]

Rentable Square Feet | ft²

346,979

Contract Sale Price

$ 73,038,045

Gain on Sale

$ 12,196,371

Retail | Raising Cane's

Real Estate [Line Items]

Rentable Square Feet | ft²

3,853

Contract Sale Price

$ 4,313,045

Gain on Sale

$ 669,185

Retail | Chevron Gas Station

Real Estate [Line Items]

Rentable Square Feet | ft²

3,300

Contract Sale Price

$ 4,050,000

Gain on Sale

$ 216,279

Retail | EcoThrift

Real Estate [Line Items]

Rentable Square Feet | ft²

38,536

Contract Sale Price

$ 5,375,300

Gain on Sale

$ 19,314

Retail | Chevron Gas Station

Real Estate [Line Items]

Rentable Square Feet | ft²

1,060

Contract Sale Price

$ 4,288,888

Gain on Sale

$ 2,926

Retail | Harley Davidson

Real Estate [Line Items]

Rentable Square Feet | ft²

70,960

Contract Sale Price

$ 15,270,000

Gain on Sale

$ 2,338,904

Retail and Industrial

Real Estate [Line Items]

Rentable Square Feet | ft²

159,321

Contract Sale Price

$ 38,984,188

Gain on Sale

$ 6,021,455

REAL ESTATE INVESTMENTS - Sch_2

REAL ESTATE INVESTMENTS - Schedules of Asset and Rental Income Concentration (Details)	12 Months Ended
	Dec. 31, 2022 USD ($) property	Dec. 31, 2021 USD ($)
Real Estate [Line Items]
Real estate investments, net	$ 410,700,763	$ 296,144,769
Number of real estate properties | property	46
Rental income	$ 46,174,267	$ 37,889,831
Operating Lease, Lease Income, Statement of Income or Comprehensive Income [Extensible Enumeration]	Gain on sale of real estate investments, net
Revenue from Contract with Customer Benchmark | Real Estate Property
Real Estate [Line Items]
Rental income	$ 12,043,936
KIA/Trophy of Carson, California | Assets | Real Estate Property
Real Estate [Line Items]
Real estate investments, net	$ 68,387,431
Percentage of Total Rental Income	15%
KIA/Trophy of Carson, California | Revenue from Contract with Customer Benchmark | Real Estate Property
Real Estate [Line Items]
Percentage of Total Rental Income	12.40%
Rental Income	$ 5,725,672
Lindsay | Assets | Real Estate Property
Real Estate [Line Items]
Real estate investments, net	$ 54,661,221
Percentage of Total Rental Income	12%
Kia And Lindsay | Assets | Real Estate Property
Real Estate [Line Items]
Real estate investments, net	$ 123,048,652
Percentage of Total Rental Income	27%
Lindsay Colorado Properties
Real Estate [Line Items]
Number of real estate properties | property	8
Lindsay Ohio Properties
Real Estate [Line Items]
Number of real estate properties | property	3
Lindsay, North Carolina, South Carolina and Florida
Real Estate [Line Items]
Number of real estate properties | property	2
Sutter Health, Rancho Cordova, California | Revenue from Contract with Customer Benchmark | Real Estate Property
Real Estate [Line Items]
Percentage of Total Rental Income	13.70%
Rental Income	$ 6,318,264
Sutter Health and KIA/Trophy of Carson | Revenue from Contract with Customer Benchmark | Real Estate Property
Real Estate [Line Items]
Percentage of Total Rental Income	26.10%

REAL ESTATE INVESTMENTS - Futur

REAL ESTATE INVESTMENTS - Future Minimum Contractual Rent Payments Due under Noncancelable Operating Leases (Details)	Dec. 31, 2022 USD ($)
Real Estate [Abstract]
2023	$ 31,861,449
2024	31,774,660
2025	31,073,877
2026	27,452,311
2027	25,844,496
Thereafter	336,321,981
Total	$ 484,328,774

REAL ESTATE INVESTMENTS - Intan

REAL ESTATE INVESTMENTS - Intangible Assets (Details) - USD ($)	Dec. 31, 2022	Dec. 31, 2021
Tenant Origination and Absorption Costs
Finite-Lived Intangible Assets, Net [Abstract]
Cost	$ 19,499,749	$ 21,504,210
Accumulated amortization	(12,722,558)	(11,009,997)
Net amount	6,777,191	10,494,213
Above-Market Lease Intangibles
Finite-Lived Intangible Assets, Net [Abstract]
Cost	2,485,510	1,128,549
Accumulated amortization	(634,754)	(437,530)
Net amount	1,850,756	691,019
Below-Market Lease Intangibles
Below-Market Lease Intangibles
Cost	(14,378,808)	(15,097,132)
Accumulated amortization	4,703,122	3,994,192
Net amount	$ (9,675,686)	$ (11,102,940)

REAL ESTATE INVESTMENTS - Int_2

REAL ESTATE INVESTMENTS - Intangible Assets Amortization (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Below-Market Lease Intangibles
Weighted-average remaining amortization period	10 years 10 months 24 days
Tenant Origination and Absorption Costs
Real Estate [Line Items]
2023	$ 1,237,692
2024	1,118,468
2025	917,630
2026	552,804
2027	324,809
Thereafter	2,625,788
Net amount	$ 6,777,191	$ 10,494,213
Below-Market Lease Intangibles
Weighted-average remaining amortization period	8 years 7 months 6 days
Above-Market Lease Intangibles
Real Estate [Line Items]
2023	$ 166,444
2024	161,813
2025	157,767
2026	132,836
2027	76,550
Thereafter	1,155,346
Net amount	$ 1,850,756	691,019
Below-Market Lease Intangibles
Weighted-average remaining amortization period	19 years 4 months 24 days
Below-Market Lease Intangibles
Below-Market Lease Intangibles
2023	$ (903,104)
2024	(903,104)
2025	(903,104)
2026	(897,701)
2027	(887,789)
Thereafter	(5,180,884)
Net amount	$ (9,675,686)	$ (11,102,940)
Weighted-average remaining amortization period	10 years 10 months 24 days

REAL ESTATE INVESTMENTS - Real

REAL ESTATE INVESTMENTS - Real Estate Investments Held for Sale (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Assets related to real estate investments held for sale:
Real estate investments held for sale, net	$ 5,255,725	$ 31,510,762
Other assets, net	12,765	788,296
Liabilities related to real estate investments held for sale:
Mortgage notes payable, net	0	21,699,912
Other liabilities, net	117,881	383,282
Disposal Group, Held-for-sale, Not Discontinued Operations
Assets related to real estate investments held for sale:
Land, buildings and improvements	6,357,172	34,507,485
Tenant origination and absorption costs	355,252	3,064,371
Accumulated depreciation and amortization	(1,456,699)	(6,061,094)
Real estate investments held for sale, net	5,255,725	31,510,762
Other assets, net	12,765	788,296
Total assets related to real estate investments held for sale:	5,268,490	32,299,058
Liabilities related to real estate investments held for sale:
Mortgage notes payable, net	0	21,699,912
Other liabilities, net	117,881	383,282
Total liabilities related to real estate investments held for sale:	117,881	22,083,194
Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Abstract]
Total revenues	880,953	3,866,116
Interest expense	0	1,058,574
Depreciation and amortization	494,249	1,347,564
Other expenses	245,605	723,637
Impairment of real estate properties	2,080,727	0
Total expenses	2,820,581	3,129,775
Net (loss) income	$ (1,939,628)	$ 736,341

UNCONSOLIDATED INVESTMENT IN _3

UNCONSOLIDATED INVESTMENT IN A REAL ESTATE PROPERTY - Equity Method Investments (Details) - USD ($)	Dec. 31, 2022	Dec. 31, 2021
Schedule of Equity Method Investments [Line Items]
Investments in unconsolidated entities	$ 10,007,420	$ 9,941,338
The TIC Interest
Schedule of Equity Method Investments [Line Items]
Investments in unconsolidated entities	$ 10,007,420	$ 9,941,338

UNCONSOLIDATED INVESTMENT IN _4

UNCONSOLIDATED INVESTMENT IN A REAL ESTATE PROPERTY - Entities Equity In Earnings (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Schedule of Equity Method Investments [Line Items]
Income from unconsolidated investment in a real estate property	$ 278,002	$ 276,042
The TIC Interest
Schedule of Equity Method Investments [Line Items]
Income from unconsolidated investment in a real estate property	$ 278,002	$ 276,042

UNCONSOLIDATED INVESTMENT IN _5

UNCONSOLIDATED INVESTMENT IN A REAL ESTATE PROPERTY - Narrative (Details)	12 Months Ended
	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2017 lease
The TIC Interest
Schedule of Equity Method Investments [Line Items]
Ownership (as a percent)			72.70%
Santa Clara
Schedule of Equity Method Investments [Line Items]
Number of operating leases with renewal options | lease			3
Operating leases renewal term			5 years
Rich Uncles Real Estate Investment Trust 1
Schedule of Equity Method Investments [Line Items]
Ownership percentage by noncontrolling owners (as a percent)			27.30%
Proceeds from equity method investment, distribution, return of capital | $	$ 211,921	$ 337,072
Rich Uncles Real Estate Investment Trust 1 | Hagg Lane II, LLC
Schedule of Equity Method Investments [Line Items]
Ownership percentage by noncontrolling owners (as a percent)			23.40%
Rich Uncles Real Estate Investment Trust 1 | Hagg Lane III, LLC
Schedule of Equity Method Investments [Line Items]
Ownership percentage by noncontrolling owners (as a percent)			3.90%

UNCONSOLIDATED INVESTMENT IN _6

UNCONSOLIDATED INVESTMENT IN A REAL ESTATE PROPERTY - Summarized Financial Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Assets:
Total assets	$ 456,026,046	$ 428,494,502
Liabilities:
Total liabilities	214,992,086	206,064,610
Total equity	241,033,960	222,429,892	$ 182,886,668
Total liabilities and equity	456,026,046	428,494,502
Expenses:
Net loss	(4,511,318)	(435,505)
The TIC Interest
Assets:
Real estate investments, net	29,294,081	29,403,232
Cash and cash equivalents	300,405	690,470
Other assets	43,159	134,049
Total assets	29,637,645	30,227,751
Liabilities:
Mortgage notes payable, net	12,936,929	13,218,883
Below-market lease, net	2,514,199	2,660,586
Other liabilities	424,662	677,311
Total liabilities	15,875,790	16,556,780
Total equity	13,761,855	13,670,971
Total liabilities and equity	29,637,645	30,227,751
Total revenue	2,749,939	2,698,028
Expenses:
Depreciation and amortization	1,068,685	1,011,326
Interest expense	539,784	552,144
Other expenses	759,126	754,909
Total expenses	2,367,595	2,318,379
Net loss	$ 382,344	$ 379,649

GOODWILL, NET - Schedule of Net

GOODWILL, NET - Schedule of Net Carrying Value of Goodwill (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Goodwill [Roll Forward]
Beginning balance	$ 17,320,857	$ 17,320,857
Impairment of goodwill	(17,320,857)	0
Ending balance	$ 0	$ 17,320,857

GOODWILL, NET - Narrative (Deta

GOODWILL, NET - Narrative (Details) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2022	Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Impairment of goodwill and intangible assets	$ 17,320,857	$ 17,320,857	$ 3,767,190

CONSOLIDATED BALANCE SHEETS D_3

CONSOLIDATED BALANCE SHEETS DETAILS (Details) - USD ($)	Dec. 31, 2022	Dec. 31, 2021
Accounts Receivable, after Allowance for Credit Loss [Abstract]
Straight-line rent	$ 6,607,220	$ 4,417,065
Tenant rent and billed reimbursements	196,477	81,079
Unbilled tenant reimbursements	2,055,632	1,498,775
Total	8,859,329	5,996,919
Prepaid Expense and Other Assets [Abstract]
Deferred tenant allowance	2,564,806	2,400,811
Miscellaneous receivables	170,293	681,369
Prepaid expenses	1,364,946	1,253,751
Deposits	885,538	1,420,244
Deferred financing costs on credit facility revolver	1,115,354	100,080
Total	6,100,937	5,856,255
Accounts Payable and Accrued Liabilities [Abstract]
Accounts payable	1,001,411	1,767,657
Accrued expenses	3,759,948	3,864,222
Accrued distributions	1,768,068	1,795,303
Accrued interest payable	285,392	548,564
Unearned rent	1,870,057	1,735,440
Lease incentive obligation	561,057	2,133,695
Total	$ 9,245,933	$ 11,844,881

DEBT - Schedule of Debt (Detail

DEBT - Schedule of Debt (Details) - USD ($)	Dec. 31, 2022	Jan. 18, 2022	Dec. 31, 2021
Short-term Debt [Line Items]
Mortgage notes payable	$ 197,515,009
Plus unamortized mortgage premium, net	119,245
Less unamortized deferred financing costs	(2,180,534)
Mortgage notes payable, net	195,453,720
Costco property
Short-term Debt [Line Items]
Mortgage notes payable	$ 18,850,000		$ 18,850,000
Contractual interest rate	4.85%
Effective interest rate	4.85%
Taylor Fresh Foods property
Short-term Debt [Line Items]
Mortgage notes payable	$ 12,350,000		12,350,000
Contractual interest rate	3.85%
Effective interest rate	3.85%
OES property
Short-term Debt [Line Items]
Mortgage notes payable	$ 13,315,009		13,597,120
Contractual interest rate	4.50%
Effective interest rate	4.50%
OES property | Office
Short-term Debt [Line Items]
Term of contract	12 years
Six Dollar General properties
Short-term Debt [Line Items]
Mortgage notes payable	$ 0		3,674,327
Contractual interest rate	0%
Effective interest rate	4.69%
Dollar General, Bakersfield property
Short-term Debt [Line Items]
Mortgage notes payable	$ 0		2,224,418
Contractual interest rate	0%
Effective interest rate	3.65%
Dollar General, Big Spring property
Short-term Debt [Line Items]
Mortgage notes payable	$ 0		587,961
Contractual interest rate	0%
Effective interest rate	4.69%
Northrop Grumman property
Short-term Debt [Line Items]
Mortgage notes payable	$ 0		6,925,915
Contractual interest rate	0%
Effective interest rate	3.35%
exp US Services property
Short-term Debt [Line Items]
Mortgage notes payable	$ 0		3,255,313
Contractual interest rate	0%
Effective interest rate	4.25%
Wyndham property
Short-term Debt [Line Items]
Mortgage notes payable	$ 0		5,493,000
Contractual interest rate	0%
Effective interest rate	4.34%
Williams Sonoma property
Short-term Debt [Line Items]
Mortgage notes payable	$ 0		4,344,000
Contractual interest rate	0%
Effective interest rate	4.05%
EMCOR property
Short-term Debt [Line Items]
Mortgage notes payable	$ 0		2,757,943
Contractual interest rate	0%
Effective interest rate	4.36%
Husqvarna property
Short-term Debt [Line Items]
Mortgage notes payable	$ 0		6,379,182
Contractual interest rate	0%
Effective interest rate	4.60%
AvAir property
Short-term Debt [Line Items]
Mortgage notes payable	$ 0		19,950,000
Contractual interest rate	0%
Effective interest rate	3.80%
3M property
Short-term Debt [Line Items]
Mortgage notes payable	$ 0		8,025,200
Contractual interest rate	0%
Effective interest rate	5.09%
Cummins property
Short-term Debt [Line Items]
Mortgage notes payable	$ 0		8,188,800
Contractual interest rate	0%
Effective interest rate	5.16%
Levins property
Short-term Debt [Line Items]
Mortgage notes payable	$ 0		2,654,405
Contractual interest rate	0%
Effective interest rate	3.75%
Labcorp property
Short-term Debt [Line Items]
Mortgage notes payable	$ 0		5,308,810
Contractual interest rate	0%
Effective interest rate	3.75%
GSA (MSHA) property
Short-term Debt [Line Items]
Mortgage notes payable	$ 0		1,713,196
Contractual interest rate	0%
Effective interest rate	3.65%
PreK Education property
Short-term Debt [Line Items]
Mortgage notes payable	$ 0		4,930,217
Contractual interest rate	0%
Effective interest rate	4.25%
Solar Turbines, WSP USA, ITW Rippey properties
Short-term Debt [Line Items]
Mortgage notes payable	$ 0		8,986,222
Contractual interest rate	0%
Effective interest rate	3.35%
Gap property
Short-term Debt [Line Items]
Mortgage notes payable	$ 0		3,492,775
Contractual interest rate	0%
Effective interest rate	4.15%
L3Harris property
Short-term Debt [Line Items]
Mortgage notes payable	$ 0		6,219,524
Contractual interest rate	0%
Effective interest rate	3.35%
Walgreens Santa Maria property
Short-term Debt [Line Items]
Mortgage notes payable	$ 0		3,067,109
Contractual interest rate	0%
Effective interest rate	4.25%
Mortgages
Short-term Debt [Line Items]
Mortgage notes payable	$ 44,515,009	$ 44,797,120	152,975,437
Plus unamortized mortgage premium, net	119,245		204,281
Less unamortized deferred financing costs	(198,698)		(956,139)
Mortgage notes payable, net	$ 44,435,556		$ 152,223,579

DEBT - Mortgage Notes Payable (

DEBT - Mortgage Notes Payable (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2022	Jan. 18, 2022
Short-term Debt [Line Items]
Total		$ 197,515,009
Carrying Value		195,453,720
OES property
Short-term Debt [Line Items]
Total	$ 13,597,120	13,315,009
Mortgage notes payable
Short-term Debt [Line Items]
Total	152,975,437	44,515,009	$ 44,797,120
Carrying Value	152,223,579	44,435,556
Fair Value	159,241,815	$ 41,293,644
Less: full repayments of mortgages on January 18, 2022, face value	(108,178,317)
Less: full repayments of mortgages on January 18, 2022, carrying value	(107,429,721)
Remaining balance, carrying value	44,793,858
Remaining balance, fair value	$ 46,296,445

DEBT - Mortgage Notes Payable R

DEBT - Mortgage Notes Payable Related to Real Estate Investments Held For Sale, Net (Details) - USD ($)	Dec. 31, 2022	Jan. 18, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Total	$ 197,515,009
Less deferred financing costs	(2,180,534)
Mortgage notes payable, net	195,453,720
Mortgages
Debt Instrument [Line Items]
Total	44,515,009	$ 44,797,120	$ 152,975,437
Less deferred financing costs	(198,698)		(956,139)
Mortgage notes payable, net	$ 44,435,556		152,223,579
Mortgages | Secured Notes Payable, Real Estate Held-for-sale
Debt Instrument [Line Items]
Total			22,036,319
Less deferred financing costs			(336,407)
Mortgage notes payable, net			21,699,912
Mortgages | Secured Notes Payable, Real Estate Held-for-sale | Accredo | Retail
Debt Instrument [Line Items]
Total			8,538,000
Mortgages | Secured Notes Payable, Real Estate Held-for-sale | Omnicare | Retail
Debt Instrument [Line Items]
Total			4,109,167
Mortgages | Secured Notes Payable, Real Estate Held-for-sale | Texas Health | Retail
Debt Instrument [Line Items]
Total			4,284,335
Mortgages | Secured Notes Payable, Real Estate Held-for-sale | Bon Secours property | Retail
Debt Instrument [Line Items]
Total			$ 5,104,817

DEBT - Narrative (Details)

DEBT - Narrative (Details)

3 Months Ended

9 Months Ended

12 Months Ended

Jan. 25, 2023 USD ($)

Jan. 05, 2023 USD ($)

Dec. 20, 2022 USD ($)

Oct. 21, 2022 USD ($)

Jun. 22, 2022 USD ($)

Apr. 25, 2022 USD ($)

Apr. 19, 2022 USD ($)

Mar. 08, 2022 USD ($)

Jan. 18, 2022 USD ($) property mortgage

Mar. 29, 2021 USD ($)

Dec. 31, 2022 USD ($)

Sep. 30, 2022 USD ($)

Sep. 30, 2022

Dec. 31, 2022 USD ($)

Dec. 31, 2021 USD ($) property

Feb. 28, 2023 USD ($)

Oct. 26, 2022

May 31, 2022

Jan. 12, 2022 USD ($)

Debt Instrument [Line Items]

Number of properties classified as real estate held for sale | property

4

Proceeds from long-term lines of credit

$ 3,000,000

$ 0

Deferred financing costs on credit facility revolver

$ 1,115,354

$ 1,115,354

$ 100,080

Target leverage ratio

40%

40%

(Repayments) borrowings from prior credit facility revolver, net

$ 8,022,000

Number of real estate properties, held-for-sale | property

4

Proceeds from lines of credit

$ 150,000,000

$ 0

Dollar General, Bakersfield property

Debt Instrument [Line Items]

Debt instrument, interest rate, stated percentage

0%

0%

Interest Rate Swap Derivatives

Debt Instrument [Line Items]

Debt instrument, interest rate, stated percentage

3.44%

2.258%

Reference rate

5.04%

5.04%

Minimum notional amounts

$ 100,000,000

$ 100,000,000

Term Loan

Debt Instrument [Line Items]

Line of credit, current

155,775,000

Commitment and arrangement fee

$ 2,020,000

Number of mortgages repaid | mortgage

20

Repayments of debt

$ 153,428,764

Number of properties with mortgages paid off | property

27

Number of mortgages outstanding | property

7

Term Loan | Dollar General, Bakersfield property

Debt Instrument [Line Items]

Number of properties with mortgages paid off | property

8

Mortgage notes payable:

Debt Instrument [Line Items]

Debt instrument, term

5 years

Revolving Credit Facility

Debt Instrument [Line Items]

Prepayment of debt

$ 3,775,000

Revolving Credit Facility | Term Loan

Debt Instrument [Line Items]

Prepayment of debt

$ 8,000,000

$ 35,000,000

$ 28,000,000

Proceeds from lines of credit

$ 50,000,000

$ 44,000,000

Subsequent Event

Debt Instrument [Line Items]

Revolver borrowing capacity

$ 85,000,000

Subsequent Event | Revolving Credit Facility

Debt Instrument [Line Items]

Prepayment of debt

$ 3,000,000

Credit Agreement

Debt Instrument [Line Items]

Minimum fixed charge coverage

0.0150

0.0150

Proceeds from issuance of debt (percent)

85%

Maximum borrowing capacity (percent)

60%

60%

Credit Agreement | Interest Rate Cap

Debt Instrument [Line Items]

Reference rate

3.858%

3.858%

Credit Agreement | Term Loan

Debt Instrument [Line Items]

Maximum borrowing capacity

$ 400,000,000

$ 250,000,000

Expiration period

12 months

4 years

Expiration period, option to extend

12 months

Leverage ratio

38%

Debt instrument, unused borrowing capacity, fee

$ 6,944

$ 200,578

Maximum borrowing capacity, option to extend

$ 750,000,000

Deferred financing costs on credit facility revolver

$ 1,378,125

Tangible net worth

208,629,727

208,629,727

Credit Agreement | Mortgage notes payable:

Debt Instrument [Line Items]

Aggregate face amount

$ 150,000,000

$ 150,000,000

$ 150,000,000

Line of credit, current

100,000,000

Credit Agreement | Revolving Credit Facility | Term Loan

Debt Instrument [Line Items]

Maximum borrowing capacity

150,000,000

100,000,000

Line of credit, current

$ 55,775,000

Credit Agreement | Term Loan | Term Loan

Debt Instrument [Line Items]

Maximum borrowing capacity

$ 100,000,000

$ 250,000,000

Debt instrument, maximum number of time draws

5

Credit Agreement | Adjusted Base Rate

Debt Instrument [Line Items]

Debt instrument, variable rate, unused fee, maximum

0.0025

Credit Agreement | Adjusted Base Rate | Term Loan

Debt Instrument [Line Items]

Basis spread on variable rate ( as a percent)

0.10%

Credit Agreement | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate

Debt Instrument [Line Items]

Line of credit facility, interest rate at period end

5.96%

5.96%

Credit Agreement | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Term Loan

Debt Instrument [Line Items]

Basis spread on variable rate ( as a percent)

1.65%

Credit Agreement | Subsequent Event | Term Loan | Term Loan

Debt Instrument [Line Items]

Proceeds from long-term lines of credit

$ 10,000,000

Prior Credit Facility | Term Loan

Debt Instrument [Line Items]

Maximum borrowing capacity

$ 22,000,000

Line of credit facility, interest rate during period

4.75%

Debt origination fees paid

$ 77,000

Line of credit facility, unused commitment fee percentage

0.15%

Prior Credit Facility | Prime Rate | Term Loan

Debt Instrument [Line Items]

Basis spread on variable rate ( as a percent)

1%

DEBT - Debt Maturities (Details

DEBT - Debt Maturities (Details) - USD ($)	Dec. 31, 2022	Dec. 20, 2022	Oct. 21, 2022	Jan. 18, 2022
Debt Instrument [Line Items]
2023	$ 317,280
2024	13,267,346
2025	543,886
2026	3,568,369
2027	150,593,972
Thereafter	29,224,156
Total principal	197,515,009
Plus: unamortized mortgage premium, net of discount	119,245
Less deferred financing costs	(2,180,534)
Mortgage notes payable, net	195,453,720
Mortgage notes payable:
Debt Instrument [Line Items]
2023	317,280
2024	13,267,346
2025	543,886
2026	568,369
2027	593,972
Thereafter	29,224,156
Total principal	44,515,009
Plus: unamortized mortgage premium, net of discount	119,245
Less deferred financing costs	(198,698)
Mortgage notes payable, net	44,435,556
Unsecured Debt | Mortgage notes payable:
Debt Instrument [Line Items]
2023	0
2024	0
2025	0
2026	0
2027	150,000,000
Thereafter	0
Total principal	150,000,000
Plus: unamortized mortgage premium, net of discount	0
Less deferred financing costs	(1,981,836)
Mortgage notes payable, net	148,018,164
Unsecured Debt | Credit Facility Revolver
Debt Instrument [Line Items]
2023	0
2024	0
2025	0
2026	3,000,000
2027	0
Thereafter	0
Total principal	3,000,000
Plus: unamortized mortgage premium, net of discount	0
Less deferred financing costs	0
Mortgage notes payable, net	$ 3,000,000
Term Loan | Credit Agreement
Debt Instrument [Line Items]
Maximum borrowing capacity			$ 400,000,000	$ 250,000,000
Term Loan | Credit Facility Revolver | Credit Agreement
Debt Instrument [Line Items]
Maximum borrowing capacity			150,000,000	$ 100,000,000
Term Loan | Term Loan | Credit Agreement
Debt Instrument [Line Items]
Maximum borrowing capacity		$ 100,000,000	$ 250,000,000

DEBT - Interest Expenses Reconc

DEBT - Interest Expenses Reconciliation (Details)	3 Months Ended	12 Months Ended
	Dec. 31, 2022 USD ($) property	Dec. 31, 2022 USD ($) property	Dec. 31, 2021 USD ($) instrument	Dec. 31, 2022 instrument
Debt Instrument [Line Items]
Interest expense		$ 8,106,658	$ 7,586,197
Unrealized gain on interest rate swap valuation			(788,016)
Accrued interest payable			$ 56,114
Interest Rate Swap Derivatives
Debt Instrument [Line Items]
Number of Instruments | instrument			4	2
Assets | Interest Rate Swap Derivatives
Debt Instrument [Line Items]
Number of Instruments	2	2	0	1
Unsecured Debt
Debt Instrument [Line Items]
Interest expense		$ 5,100,525	$ 192,786
Amortization of deferred financing costs		541,038	78,588
Unrealized gain on interest rate swap valuation	$ 25,734		0
Other loan fees and costs		226,698	90,324
Mortgage notes payable:
Debt Instrument [Line Items]
Interest expense		2,235,203	7,536,789
Amortization of deferred financing costs		28,928	535,440
Swap termination costs		0	23,900
Unrealized gain on interest rate swap valuation		$ 0	$ (871,630)

INTEREST RATE SWAP DERIVATIVE_2

INTEREST RATE SWAP DERIVATIVES - Narrative (Details)				1 Months Ended		3 Months Ended	6 Months Ended	12 Months Ended
	Oct. 26, 2022	May 31, 2022	Jan. 18, 2022 USD ($)	Dec. 31, 2022 USD ($)	Jun. 30, 2022 USD ($)	Mar. 31, 2021 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($) instrument
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Change in unrealized gain (loss) on hedged item in fair value hedge				$ 498,866	$ 589,996			$ 4,039,706
Unrealized gain (loss) on derivatives									$ 788,016
Interest Expense
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Unrealized gain (loss) on derivatives									$ 970,039
Wyndham, Williams Sonoma, 3M and Cummins | Swap
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Cost of hedge			$ 733,000
Dinan Cars | Swap
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Cost of hedge						$ 23,900
Interest Rate Swap Derivatives
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Term of swap agreement	5 years	5 years
Debt instrument, interest rate, stated percentage	3.44%	2.258%
Minimum notional amounts				$ 100,000,000			$ 100,000,000	$ 100,000,000
Number of mortgage notes payable | instrument									4
Amortization of interest rate swap derivative asset							$ 65,397

INTEREST RATE SWAP DERIVATIVE_3

INTEREST RATE SWAP DERIVATIVES -Summary of the Notional Amount and Other Information Related to Interest Rate Swaps (Details)	12 Months Ended
	Dec. 31, 2022 USD ($) instrument	Dec. 31, 2021 USD ($) instrument	Sep. 30, 2022
Derivatives, Fair Value [Line Items]
Target leverage ratio	40%
Interest Rate Swap Derivatives
Derivatives, Fair Value [Line Items]
Number of Instruments | instrument	2	4
Notional Amount	$ 250,000,000	$ 26,051,000
Weighted Average Fixed Pay Rate	4.33%	4.51%
Weighted Average Remaining Term	4 years 18 days	2 years
Reference rate			5.04%
Interest Rate Swap Derivatives | Minimum
Derivatives, Fair Value [Line Items]
Notional Amount	$ 250,000,000	$ 24,935,999
(LIBOR) | Interest Rate Swap Derivatives | Minimum
Derivatives, Fair Value [Line Items]
Reference rate		4.05%
(LIBOR) | Interest Rate Swap Derivatives | Maximum
Derivatives, Fair Value [Line Items]
Reference rate		5.16%

INTEREST RATE SWAP DERIVATIVE_4

INTEREST RATE SWAP DERIVATIVES -Summary of the Fair Value of Derivative Instruments and Their Classification (Details)	Dec. 31, 2022 USD ($)	Dec. 31, 2022 property	Dec. 31, 2022 instrument	Dec. 31, 2021 USD ($) instrument
Derivatives, Fair Value [Line Items]
Interest rate swap derivative	$ 4,629,702			$ 0
Derivative liability fair value	(498,866)			$ (788,016)
Interest Rate Swap Derivatives
Derivatives, Fair Value [Line Items]
Number of Instruments | instrument			2	4
Liability | Interest Rate Swap Derivatives
Derivatives, Fair Value [Line Items]
Number of Instruments | instrument			1	4
Derivative liability fair value	(498,866)			$ (788,016)
Assets | Interest Rate Swap Derivatives
Derivatives, Fair Value [Line Items]
Number of Instruments		2	1	0
Interest rate swap derivative	$ 4,629,702			$ 0

PREFERRED STOCK AND COMMON ST_2

PREFERRED STOCK AND COMMON STOCK (Details)				3 Months Ended						12 Months Ended
	Feb. 15, 2022 USD ($) $ / shares shares	Sep. 17, 2021 USD ($) $ / shares	Sep. 14, 2021 $ / shares shares	Dec. 31, 2022 USD ($) director $ / shares shares	Sep. 30, 2022 USD ($)	Jun. 30, 2022 USD ($)	Mar. 31, 2022 USD ($)	Dec. 31, 2021 USD ($) shares	Sep. 30, 2021 USD ($) shares	Dec. 31, 2022 USD ($) director $ / shares shares	Dec. 31, 2021 USD ($) $ / shares shares
Subsidiary, Sale of Stock [Line Items]
Preferred stock, shares authorized (in shares) | shares				50,000,000					50,000,000	50,000,000
Preferred stock, shares outstanding (in shares) | shares				2,000,000						2,000,000
Proceeds from issuance of preferred stock and preference stock										$ 0	$ 47,607,309
Payments of stock issuance costs										(1,108,221)	(1,418,334)
Dividends										9,338,411	8,110,961
Proceeds from listed offering of common stock, net										114,500	$ 4,336,086
Other offering costs				$ 2,180,534						$ 2,180,534
Series A Preferred Stock
Subsidiary, Sale of Stock [Line Items]
Preferred stock, shares outstanding (in shares) | shares								2,000,000			2,000,000
Preferred stock, shares issued (in shares) | shares				2,000,000				2,000,000		2,000,000	2,000,000
Preferred stock, liquidation preference per share (in usd per share) | $ / shares			$ 25
Sale of stock, price per share (in usd per share) | $ / shares		$ 25
Preferred stock, discount on shares		$ (1,575,000)
Payments of stock issuance costs		(817,691)
Preferred stock, dividend rate, percentage										7.375%
Preferred stock, dividends per share, declared (in usd per share) | $ / shares										$ 1.84375
Preferred stock, redemption price per share (in usd per share) | $ / shares				$ 25						25
Number of days after change of control			120 days
Preferred stock, dividend rate, per-dollar-amount (in usd per share) | $ / shares										$ 2.34375
Number of additional board of directors eligible to be elected if six dividends are in arrears | director				2						2
Preferred stock, dividends per share, declared, quarterly (in usd per share) | $ / shares										$ 0.460938
Dividends, preferred stock				$ 921,875	$ 921,875	$ 921,875	$ 921,875
Series A Preferred Stock | Fourth Quarter 2021
Subsidiary, Sale of Stock [Line Items]
Dividends, preferred stock								$ 1,065,278
Series A Preferred Stock | Third Quarter 2021
Subsidiary, Sale of Stock [Line Items]
Dividends, preferred stock									$ 143,403
Dividends									$ 143,403
Series A Preferred Stock | Measurement Input, Expected Dividend Rate
Subsidiary, Sale of Stock [Line Items]
Preferred stock, dividend rate, percentage										2%
Series A Preferred Stock | IPO
Subsidiary, Sale of Stock [Line Items]
Common stock issued in transaction (in shares) | shares			1,800,000
Amount of stock offerings		50,000,000
Proceeds from issuance of preferred stock and preference stock		47,607,309
Net proceeds, prior to other offering costs		$ 48,425,000
Series A Preferred Stock | Over-Allotment Option
Subsidiary, Sale of Stock [Line Items]
Common stock issued in transaction (in shares) | shares			200,000
Series A Preferred Stock | Maximum
Subsidiary, Sale of Stock [Line Items]
Preferred stock, dividend rate, percentage										9.375%
Class C
Subsidiary, Sale of Stock [Line Items]
Other offering costs	$ 815,500
Dividends (in usd per share) | $ / shares										$ 1.25	$ 1.08
Class C | Listed Offering
Subsidiary, Sale of Stock [Line Items]
Common stock issued in transaction (in shares) | shares	40,000
Sale of stock, price per share (in usd per share) | $ / shares	$ 25
Proceeds from listed offering of common stock, net	$ 114,500
Underwriting discount	$ 70,000
Class S
Subsidiary, Sale of Stock [Line Items]
Dividends (in usd per share) | $ / shares											$ 1.08

RELATED PARTY TRANSACTIONS - Re

RELATED PARTY TRANSACTIONS - Related Party Costs (Details) - Director - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Related Party Transaction [Line Items]
Value of shares issued for services rendered	$ 330,000	$ 357,500
Total	$ 600,000	$ 505,000
Number of shares issued for services rendered (in shares)	21,791	15,191
Cash Paid For Services Rendered
Related Party Transaction [Line Items]
Cash paid for services rendered	$ 270,000	$ 147,500

RELATED PARTY TRANSACTIONS - Na

RELATED PARTY TRANSACTIONS - Narrative (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Related Party Transaction [Line Items]
Asset management fee	$ 263,971	$ 263,971
Santa Clara | Advisor Fees
Related Party Transaction [Line Items]
Amount paid for related party transactions	$ 191,933	$ 191,933

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details) - USD ($)	Dec. 31, 2022	Dec. 31, 2021
COMMITMENTS AND CONTINGENCIES [Line Items]
Restricted cash	$ 0	$ 2,441,970
Building Improvements, Tenant Improvements and Leasing Commissions
COMMITMENTS AND CONTINGENCIES [Line Items]
Restricted cash	0	2,271,462
Lease Agreements
COMMITMENTS AND CONTINGENCIES [Line Items]
Tenant reimbursements	$ 1,789,027	189,136
Restricted cash		$ 2,271,462

OPERATING PARTNERSHIP UNITS - N

OPERATING PARTNERSHIP UNITS - Narrative (Details)			12 Months Ended
	Jan. 18, 2022 $ / shares shares	Jan. 25, 2021 $ / shares shares	Dec. 31, 2022 USD ($) $ / shares shares	Dec. 31, 2021 USD ($) shares	Dec. 31, 2020	Dec. 31, 2019 USD ($) $ / shares shares	Dec. 30, 2022 $ / shares	Feb. 15, 2022 $ / shares	Feb. 01, 2021 shares
Business Acquisition [Line Items]
Anniversary of completion of the self-management transaction			4 years
Stock compensation expense | $			$ 2,401,022	$ 2,744,881
KIA Dealership Carson, California
Business Acquisition [Line Items]
Net income (loss) allocated to limited partners | $			(1,222,783)
KIA Dealership
Business Acquisition [Line Items]
Distributions paid | $			$ (1,383,433)
KIA Dealership | KIA Dealership Carson, California | KIA Dealership Carson, California
Business Acquisition [Line Items]
Consideration transferred, shares received (percent)	47%
Class C
Business Acquisition [Line Items]
Conversion Ratio			1
Stock compensation expense | $			$ 330,000	357,500
Class C | KIA Dealership | KIA Dealership Carson, California
Business Acquisition [Line Items]
Asset acquisition, consideration transferred, equity interest issued and issuable, price per share | $ / shares	$ 25
Class C | KIA Dealership | KIA/Trophy of Carson, California
Business Acquisition [Line Items]
Consideration transferred (in shares)	1,312,382
Class C | Listed Offering
Business Acquisition [Line Items]
Sale of stock, price per share (in usd per share) | $ / shares								$ 25
Common Class C And Common Class S
Business Acquisition [Line Items]
Net asset value (in usd per share) | $ / shares							$ 12
DRP
Business Acquisition [Line Items]
Net asset value (in usd per share) | $ / shares						$ 30.48
Class M OP Units
Business Acquisition [Line Items]
Conversion Ratio			1.6667		1.6667	1
Net asset value (in usd per share) | $ / shares			$ 20
Class C OP Units
Business Acquisition [Line Items]
Conversion Ratio						1.6667
Class P OP Units
Business Acquisition [Line Items]
Other ownership interests, units issued (in shares)						56,029
Stock compensation expense | $			$ 355,134	355,134
Class M OP Units and Class P OP Units | Operating Partnership
Business Acquisition [Line Items]
Noncontrolling interest (as a percent)			11.50%			13%
Class R OP Units
Business Acquisition [Line Items]
Conversion Ratio		1
Other ownership interests, capital account | $			$ 2,444,437
Stock compensation expense | $			$ 1,715,888	$ 2,032,247
Other ownership interests, units outstanding (in shares)									360,000
Other ownership interests, diluted EPS threshold | $ / shares		$ 1.05
Units forfeited			17,000	26,657
Other ownership interests, units forfeited, cumulative			43,657
BrixInvest
Business Acquisition [Line Items]
Contribution of Class M OP Units and Class P OP Units | $						$ 50,603,000
BrixInvest | Class M OP Units
Business Acquisition [Line Items]
Other ownership interests, units issued (in shares)						657,949.5
BrixInvest | Class P OP Units
Business Acquisition [Line Items]
Other ownership interests, units issued (in shares)						26,318
BrixInvest | Class R OP Units
Business Acquisition [Line Items]
Other ownership interests, units issued (in shares)			316,343
Messrs. Halfacre and Pacini | Class P OP Units
Business Acquisition [Line Items]
Other ownership interests, units issued (in shares)						29,711
Other ownership interests, capital account | $			$ 443,917			$ 1,509,319
Other ownership interests, amortization period						51 months
Mr. Halfacre | Class R OP Units
Business Acquisition [Line Items]
Other ownership interests, units issued (in shares)		40,000
Other ownership interests, units issued, period		3 years
Mr. Halfacre | Class R OP Units, Future Compensation
Business Acquisition [Line Items]
Other ownership interests, units issued (in shares)		170,667
Mr. Pacini | Class R OP Units
Business Acquisition [Line Items]
Other ownership interests, units issued, period		3 years
Mr. Pacini | Class R OP Units, Future Compensation
Business Acquisition [Line Items]
Other ownership interests, units issued (in shares)		33,333
Employees of Company | Class R OP Units
Business Acquisition [Line Items]
Other ownership interests, units issued (in shares)		116,000

OPERATING PARTNERSHIP UNITS - C

OPERATING PARTNERSHIP UNITS - Class M OP Units Conversion (Details) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2022 USD ($) $ / shares
Fiscal Year 2021
Conversion of Stock [Line Items]
Early Conversion Rate	0.50
AUM conversion threshold | $	$ 860
AFFO conversion threshold (in usd per share) | $ / shares	$ 1.77
Fiscal Year 2022
Conversion of Stock [Line Items]
Early Conversion Rate	0.60
AUM conversion threshold | $	$ 1,175
AFFO conversion threshold (in usd per share) | $ / shares	$ 1.95
Fiscal Year 2023
Conversion of Stock [Line Items]
Early Conversion Rate	0.70
AUM conversion threshold | $	$ 1,551
AFFO conversion threshold (in usd per share) | $ / shares	$ 2.10

OPERATING PARTNERSHIP UNITS - S

OPERATING PARTNERSHIP UNITS - Schedule of Total Stock Compensation Expense (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Business Acquisition [Line Items]
Stock compensation expense	$ 2,401,022	$ 2,744,881
Class C
Business Acquisition [Line Items]
Stock compensation expense	330,000	357,500
Class P OP Units
Business Acquisition [Line Items]
Stock compensation expense	355,134	355,134
Class R OP Units
Business Acquisition [Line Items]
Stock compensation expense	$ 1,715,888	$ 2,032,247

LOSS PER SHARE - Schedule of Co

LOSS PER SHARE - Schedule of Computation of EPS (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Numerator - Basic:
Net loss	$ (4,511,318)	$ (435,505)
Net loss attributable to noncontrolling interest in Operating Partnership	1,222,783	0
Preferred stock dividends	(3,687,500)	(1,065,278)
Net loss attributable to common stockholders	(6,976,035)	(1,500,783)
Numerator - Diluted:
Net loss	(4,511,318)	(435,505)
Preferred stock dividends	(3,687,500)	(1,065,278)
Net loss attributable to common stockholders	$ (8,198,818)	$ (1,500,783)
Denominator:
Weighted average shares outstanding - basic (in shares)	7,487,204	7,544,834
Weighted average shares outstanding - diluted (in shares)	7,487,204	7,544,834
Net loss per share attributable to common stockholders, basic (in usd per share)	$ (0.93)	$ (0.20)
Net loss per share attributable to common stockholders, diluted (in usd per share)	$ (0.93)	$ (0.20)

LOSS PER SHARE - Narrative (Det

LOSS PER SHARE - Narrative (Details) - shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Earnings Per Share [Abstract]
Securities excluded from the computation of earnings per share (in shares)	2,738,646	1,235,297

SUBSEQUENT EVENTS - Narrative (

SUBSEQUENT EVENTS - Narrative (Details)

1 Months Ended

3 Months Ended

12 Months Ended

Nov. 01, 2023

Mar. 07, 2023 USD ($)

Feb. 08, 2023 USD ($)

Jan. 26, 2023 USD ($)

Jan. 25, 2023 USD ($)

Jan. 31, 2023 USD ($) contractor

Dec. 31, 2022 USD ($) $ / shares

Sep. 30, 2022 USD ($)

Jun. 30, 2022 USD ($)

Mar. 31, 2022 USD ($)

Dec. 31, 2022 USD ($) $ / shares

Dec. 31, 2021 USD ($)

Aug. 01, 2024

Aug. 01, 2023

Mar. 09, 2023 $ / shares

Jan. 04, 2023

Dec. 20, 2022 USD ($)

Nov. 07, 2022 $ / shares

Oct. 21, 2022 USD ($)

Aug. 18, 2022 $ / shares

Jan. 18, 2022 USD ($)

Subsequent Event [Line Items]

Distributions declared per share per day (in usd per share) | $ / shares

$ 0.095833

Annualized distribution rate (in usd per share) | $ / shares

$ 1.15

$ 1.15

Dividends rate per month | $ / shares

$ 0.095833

Proceeds from long-term lines of credit

$ 3,000,000

$ 0

Increase in rent, renewal term, percent

1.90%

1.90%

Term Loan | Credit Agreement

Subsequent Event [Line Items]

Maximum borrowing capacity

$ 400,000,000

$ 250,000,000

Term Loan | Credit Agreement | Term Loan

Subsequent Event [Line Items]

Maximum borrowing capacity

$ 100,000,000

$ 250,000,000

OES property | Office

Subsequent Event [Line Items]

Payment of an early termination fee

$ 3,751,984

$ 3,751,984

Term of contract

12 years

12 years

Lessor, operating lease, early termination period in days

120 days

Solar Turbines | Forecast

Subsequent Event [Line Items]

Increase in rent, renewal term, percent

3%

14%

Subsequent Event

Subsequent Event [Line Items]

Dividends rate per month | $ / shares

$ 0.095833

Escrow deposit for SPAC

$ 70,000

$ 50,000

Subsequent Event | Mechanics Lien

Subsequent Event [Line Items]

Direct costs of leased and rented property or equipment

$ 2,174,934

Subsequent Event | Kalera

Subsequent Event [Line Items]

Number of contracts | contractor

6

Subsequent Event | Term Loan | Credit Agreement | Term Loan

Subsequent Event [Line Items]

Proceeds from long-term lines of credit

$ 10,000,000

Subsequent Event | KIA Dealership Carson, California | KIA Dealership

Subsequent Event [Line Items]

Consideration transferred

$ 6,368,776

Asset acquisition, property, cap rate (percent)

7.51%

Asset acquisition, property, weighted average cap rate

9.20%

Operating lease, remaining lease term

5 years 9 months

Rent Increase (percent)

20%

Annual rent escalations

3%

Subsequent Event | Bon Secours Health, Omnicare, and Texas Health | Office

Subsequent Event [Line Items]

Disposal group, including discontinued operation, consideration

5,466,960

Escrow deposits related to property sales

$ 50,000

Disposal group, including discontinued operation, carrying cost on property

$ 30,000

Subsequent Event | OES property

Subsequent Event [Line Items]

Term of contract

12 years

Series A Preferred Stock

Subsequent Event [Line Items]

Dividends, preferred stock

$ 921,875

$ 921,875

$ 921,875

$ 921,875

Schedule III Real Estate Asse_2

Schedule III Real Estate Assets and Accumulated Depreciation and Amortization - Schedule of Properties (Details) - USD ($)	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 44,515,009
Land	103,657,237
Buildings & Improvements	350,336,417
Total	453,993,654
Costs Capitalized Subsequent to Acquisition	3,459,431
Land	103,657,237
Buildings & Improvements	353,795,848
Total	457,453,085	$ 333,755,902	$ 361,547,850
Accumulated Depreciation and Amortization	(46,752,322)	$ (37,611,133)	$ (32,091,211)
Net	410,700,763
Northrop Grumman | Office
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Land	1,191,024
Buildings & Improvements	12,533,166
Total	13,724,190
Costs Capitalized Subsequent to Acquisition	1,353,631
Land	1,191,024
Buildings & Improvements	13,886,797
Total	15,077,821
Accumulated Depreciation and Amortization	(4,012,748)
Net	11,065,073
Northrop Grumman | Land
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Land	329,410
Buildings & Improvements	0
Total	329,410
Costs Capitalized Subsequent to Acquisition	0
Land	329,410
Buildings & Improvements	0
Total	329,410
Accumulated Depreciation and Amortization	0
Net	329,410
Husqvarna
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Land	974,663
Buildings & Improvements	11,879,485
Total	12,854,148
Costs Capitalized Subsequent to Acquisition	0
Land	974,663
Buildings & Improvements	11,879,485
Total	12,854,148
Accumulated Depreciation and Amortization	(1,827,839)
Net	11,026,309
AvAir
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Land	3,493,673
Buildings & Improvements	23,864,226
Total	27,357,899
Costs Capitalized Subsequent to Acquisition	0
Land	3,493,673
Buildings & Improvements	23,864,226
Total	27,357,899
Accumulated Depreciation and Amortization	(3,499,279)
Net	23,858,620
3M
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Land	758,780
Buildings & Improvements	16,360,400
Total	17,119,180
Costs Capitalized Subsequent to Acquisition	680,696
Land	758,780
Buildings & Improvements	17,041,096
Total	17,799,876
Accumulated Depreciation and Amortization	(5,606,808)
Net	12,193,068
Taylor Fresh Foods
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	12,350,000
Land	4,312,016
Buildings & Improvements	32,776,370
Total	37,088,386
Costs Capitalized Subsequent to Acquisition	0
Land	4,312,016
Buildings & Improvements	32,776,370
Total	37,088,386
Accumulated Depreciation and Amortization	(4,240,369)
Net	32,848,017
Levins
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Land	1,404,863
Buildings & Improvements	3,246,454
Total	4,651,317
Costs Capitalized Subsequent to Acquisition	0
Land	1,404,863
Buildings & Improvements	3,246,454
Total	4,651,317
Accumulated Depreciation and Amortization	(661,825)
Net	3,989,492
Labcorp
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Land	4,774,497
Buildings & Improvements	5,305,902
Total	10,080,399
Costs Capitalized Subsequent to Acquisition	0
Land	4,774,497
Buildings & Improvements	5,305,902
Total	10,080,399
Accumulated Depreciation and Amortization	(612,963)
Net	9,467,436
WSP USA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Land	3,461,256
Buildings & Improvements	6,662,918
Total	10,124,174
Costs Capitalized Subsequent to Acquisition	284,979
Land	3,461,256
Buildings & Improvements	6,947,897
Total	10,409,153
Accumulated Depreciation and Amortization	(1,137,260)
Net	9,271,893
ITW Rippey
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Land	787,945
Buildings & Improvements	6,587,585
Total	7,375,530
Costs Capitalized Subsequent to Acquisition	0
Land	787,945
Buildings & Improvements	6,587,585
Total	7,375,530
Accumulated Depreciation and Amortization	(864,813)
Net	6,510,717
L3Harris
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Land	3,552,878
Buildings & Improvements	8,533,014
Total	12,085,892
Costs Capitalized Subsequent to Acquisition	267,161
Land	3,552,878
Buildings & Improvements	8,800,175
Total	12,353,053
Accumulated Depreciation and Amortization	(1,305,952)
Net	11,047,101
Arrow Tru-Line, Archbold, OH
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Land	778,771
Buildings & Improvements	10,739,313
Total	11,518,084
Costs Capitalized Subsequent to Acquisition	0
Land	778,771
Buildings & Improvements	10,739,313
Total	11,518,084
Accumulated Depreciation and Amortization	(431,755)
Net	11,086,329
Kalera
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Land	562,356
Buildings & Improvements	7,556,653
Total	8,119,009
Costs Capitalized Subsequent to Acquisition	0
Land	562,356
Buildings & Improvements	7,556,653
Total	8,119,009
Accumulated Depreciation and Amortization	(325,772)
Net	7,793,237
Lindsay Colorado Springs 1
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Land	1,195,178
Buildings & Improvements	1,116,756
Total	2,311,934
Costs Capitalized Subsequent to Acquisition	0
Land	1,195,178
Buildings & Improvements	1,116,756
Total	2,311,934
Accumulated Depreciation and Amortization	(41,312)
Net	2,270,622
Lindsay Colorado Springs 2
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Land	2,239,465
Buildings & Improvements	1,074,941
Total	3,314,406
Costs Capitalized Subsequent to Acquisition	0
Land	2,239,465
Buildings & Improvements	1,074,941
Total	3,314,406
Accumulated Depreciation and Amortization	(24,585)
Net	3,289,821
Lindsay, Dacono
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Land	2,263,982
Buildings & Improvements	4,184,873
Total	6,448,855
Costs Capitalized Subsequent to Acquisition	0
Land	2,263,982
Buildings & Improvements	4,184,873
Total	6,448,855
Accumulated Depreciation and Amortization	(59,600)
Net	6,389,255
Lindsay, Alachua
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Land	966,192
Buildings & Improvements	7,551,931
Total	8,518,123
Costs Capitalized Subsequent to Acquisition	0
Land	966,192
Buildings & Improvements	7,551,931
Total	8,518,123
Accumulated Depreciation and Amortization	(256,849)
Net	8,261,274
Lindsay, Franklinton
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Land	2,843,811
Buildings & Improvements	4,337,302
Total	7,181,113
Costs Capitalized Subsequent to Acquisition	0
Land	2,843,811
Buildings & Improvements	4,337,302
Total	7,181,113
Accumulated Depreciation and Amortization	(113,241)
Net	7,067,872
Lindsay, Canal Fulton 1
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Land	726,877
Buildings & Improvements	10,618,656
Total	11,345,533
Costs Capitalized Subsequent to Acquisition	0
Land	726,877
Buildings & Improvements	10,618,656
Total	11,345,533
Accumulated Depreciation and Amortization	(243,557)
Net	11,101,976
Lindsay, Canal Fulton 2
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Land	635,865
Buildings & Improvements	9,555,077
Total	10,190,942
Costs Capitalized Subsequent to Acquisition	0
Land	635,865
Buildings & Improvements	9,555,077
Total	10,190,942
Accumulated Depreciation and Amortization	(347,351)
Net	9,843,591
Lindsay, Rock Hill
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Land	2,816,322
Buildings & Improvements	3,739,661
Total	6,555,983
Costs Capitalized Subsequent to Acquisition	0
Land	2,816,322
Buildings & Improvements	3,739,661
Total	6,555,983
Accumulated Depreciation and Amortization	(119,173)
Net	6,436,810
Producto, Endicott
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Land	239,447
Buildings & Improvements	2,122,863
Total	2,362,310
Costs Capitalized Subsequent to Acquisition	0
Land	239,447
Buildings & Improvements	2,122,863
Total	2,362,310
Accumulated Depreciation and Amortization	(35,819)
Net	2,326,491
Producto, Jamestown
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Land	766,651
Buildings & Improvements	2,307,035
Total	3,073,686
Costs Capitalized Subsequent to Acquisition	0
Land	766,651
Buildings & Improvements	2,307,035
Total	3,073,686
Accumulated Depreciation and Amortization	(43,851)
Net	3,029,835
Valtir, Centerville
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Land	2,467,565
Buildings & Improvements	2,221,056
Total	4,688,621
Costs Capitalized Subsequent to Acquisition	0
Land	2,467,565
Buildings & Improvements	2,221,056
Total	4,688,621
Accumulated Depreciation and Amortization	(53,676)
Net	4,634,945
Valtir, Orangeburg
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Land	1,678,818
Buildings & Improvements	2,564,120
Total	4,242,938
Costs Capitalized Subsequent to Acquisition	0
Land	1,678,818
Buildings & Improvements	2,564,120
Total	4,242,938
Accumulated Depreciation and Amortization	(63,864)
Net	4,179,074
Valtir, Fort Worth
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Land	1,785,240
Buildings & Improvements	1,490,961
Total	3,276,201
Costs Capitalized Subsequent to Acquisition	0
Land	1,785,240
Buildings & Improvements	1,490,961
Total	3,276,201
Accumulated Depreciation and Amortization	(28,517)
Net	3,247,684
Valtir, Lima
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Land	747,746
Buildings & Improvements	9,173,621
Total	9,921,367
Costs Capitalized Subsequent to Acquisition	0
Land	747,746
Buildings & Improvements	9,173,621
Total	9,921,367
Accumulated Depreciation and Amortization	(138,655)
Net	9,782,712
Dollar General, Litchfield
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Land	293,912
Buildings & Improvements	1,104,202
Total	1,398,114
Costs Capitalized Subsequent to Acquisition	0
Land	293,912
Buildings & Improvements	1,104,202
Total	1,398,114
Accumulated Depreciation and Amortization	(246,493)
Net	1,151,621
Dollar General, Wilton
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Land	212,036
Buildings & Improvements	1,472,393
Total	1,684,429
Costs Capitalized Subsequent to Acquisition	0
Land	212,036
Buildings & Improvements	1,472,393
Total	1,684,429
Accumulated Depreciation and Amortization	(315,458)
Net	1,368,971
Dollar General, Thompsontown
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Land	217,912
Buildings & Improvements	1,088,678
Total	1,306,590
Costs Capitalized Subsequent to Acquisition	0
Land	217,912
Buildings & Improvements	1,088,678
Total	1,306,590
Accumulated Depreciation and Amortization	(236,835)
Net	1,069,755
Dollar General, Mt. Gilead
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Land	283,578
Buildings & Improvements	1,002,457
Total	1,286,035
Costs Capitalized Subsequent to Acquisition	0
Land	283,578
Buildings & Improvements	1,002,457
Total	1,286,035
Accumulated Depreciation and Amortization	(227,071)
Net	1,058,964
Dollar General, Lakeside
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Land	176,514
Buildings & Improvements	1,037,214
Total	1,213,728
Costs Capitalized Subsequent to Acquisition	0
Land	176,514
Buildings & Improvements	1,037,214
Total	1,213,728
Accumulated Depreciation and Amortization	(233,046)
Net	980,682
Dollar General, Castalia
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Land	154,676
Buildings & Improvements	1,033,818
Total	1,188,494
Costs Capitalized Subsequent to Acquisition	0
Land	154,676
Buildings & Improvements	1,033,818
Total	1,188,494
Accumulated Depreciation and Amortization	(226,427)
Net	962,067
Dollar General Bakersfield
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Land	1,099,458
Buildings & Improvements	4,061,886
Total	5,161,344
Costs Capitalized Subsequent to Acquisition	0
Land	1,099,458
Buildings & Improvements	4,061,886
Total	5,161,344
Accumulated Depreciation and Amortization	(441,397)
Net	4,719,947
Dollar General, Big Spring property
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Land	103,838
Buildings & Improvements	1,254,196
Total	1,358,034
Costs Capitalized Subsequent to Acquisition	0
Land	103,838
Buildings & Improvements	1,254,196
Total	1,358,034
Accumulated Depreciation and Amortization	(152,906)
Net	1,205,128
Dollar Tree
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Land	159,829
Buildings & Improvements	1,233,836
Total	1,393,665
Costs Capitalized Subsequent to Acquisition	0
Land	159,829
Buildings & Improvements	1,233,836
Total	1,393,665
Accumulated Depreciation and Amortization	(212,732)
Net	1,180,933
PreK Education
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Land	963,044
Buildings & Improvements	11,932,170
Total	12,895,214
Costs Capitalized Subsequent to Acquisition	137,580
Land	963,044
Buildings & Improvements	12,069,750
Total	13,032,794
Accumulated Depreciation and Amortization	(1,418,751)
Net	11,614,043
Walgreens
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Land	1,832,430
Buildings & Improvements	3,726,957
Total	5,559,387
Costs Capitalized Subsequent to Acquisition	0
Land	1,832,430
Buildings & Improvements	3,726,957
Total	5,559,387
Accumulated Depreciation and Amortization	(398,882)
Net	5,160,505
KIA/Trophy of Carson
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Land	32,741,781
Buildings & Improvements	36,663,269
Total	69,405,050
Costs Capitalized Subsequent to Acquisition	0
Land	32,741,781
Buildings & Improvements	36,663,269
Total	69,405,050
Accumulated Depreciation and Amortization	(1,017,619)
Net	68,387,431
exp US Services
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Land	785,801
Buildings & Improvements	5,522,567
Total	6,308,368
Costs Capitalized Subsequent to Acquisition	266,260
Land	785,801
Buildings & Improvements	5,788,827
Total	6,574,628
Accumulated Depreciation and Amortization	(1,284,786)
Net	5,289,842
Cummins
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Land	3,347,960
Buildings & Improvements	12,654,529
Total	16,002,489
Costs Capitalized Subsequent to Acquisition	103,036
Land	3,347,960
Buildings & Improvements	12,757,565
Total	16,105,525
Accumulated Depreciation and Amortization	(3,758,306)
Net	12,347,219
Costco property
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	18,850,000
Land	8,202,915
Buildings & Improvements	21,825,853
Total	30,028,768
Costs Capitalized Subsequent to Acquisition	305,274
Land	8,202,915
Buildings & Improvements	22,131,127
Total	30,334,042
Accumulated Depreciation and Amortization	(5,274,513)
Net	25,059,529
GSA (MSHA)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Land	399,062
Buildings & Improvements	2,956,321
Total	3,355,383
Costs Capitalized Subsequent to Acquisition	0
Land	399,062
Buildings & Improvements	2,956,321
Total	3,355,383
Accumulated Depreciation and Amortization	(415,544)
Net	2,939,839
Solar Turbines
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Land	2,483,960
Buildings & Improvements	4,933,307
Total	7,417,267
Costs Capitalized Subsequent to Acquisition	28,846
Land	2,483,960
Buildings & Improvements	4,962,153
Total	7,446,113
Accumulated Depreciation and Amortization	(759,736)
Net	6,686,377
OES property
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	13,315,009
Land	2,443,240
Buildings & Improvements	28,728,425
Total	31,171,665
Costs Capitalized Subsequent to Acquisition	31,968
Land	2,443,240
Buildings & Improvements	28,760,393
Total	31,203,633
Accumulated Depreciation and Amortization	(4,034,387)
Net	$ 27,169,246

Schedule III Real Estate Asse_3

Schedule III Real Estate Assets and Accumulated Depreciation and Amortization - Narrative (Details)	12 Months Ended
	Dec. 31, 2022 USD ($)
Real Estate [Line Items]
Aggregate cost of real estate for federal income tax purposes (unaudited)	$ 360,711,000
Tenant Improvement
Real Estate [Line Items]
Estimated useful lives (in years)	15 years
Building Improvements
Real Estate [Line Items]
Estimated useful lives (in years)	15 years
Minimum | Building
Real Estate [Line Items]
Estimated useful lives (in years)	10 years
Maximum | Building
Real Estate [Line Items]
Estimated useful lives (in years)	48 years
Maximum | Tenant Improvement
Real Estate [Line Items]
Estimated useful lives (in years)	15 years

Schedule III Real Estate Asse_4

Schedule III Real Estate Assets and Accumulated Depreciation and Amortization - Accumulated Depreciation (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Real estate investments:
Balance at beginning of year	$ 333,755,902	$ 361,547,850
Acquisitions	158,596,618	15,685,149
Improvements to real estate	3,831,093	1,429,075
Dispositions	(29,936,408)	(33,965,562)
Held for sale	(6,712,424)	(11,341,609)
(Impairment) reversal of impairment of real estate investment		400,999
(Impairment) reversal of impairment of real estate investment	(2,081,696)
Balance at end of year	457,453,085	333,755,902
Accumulated depreciation and amortization:
Balance at beginning of year	(37,611,133)	(32,091,211)
Depreciation and amortization	(14,929,574)	(13,710,588)
Dispositions	4,331,686	3,774,080
Held for sale	1,456,699	4,416,586
Balance at end of year	$ (46,752,322)	$ (37,611,133)