Modiv (MDV) 10-Q 13 Nov 23 2023 Q3 Quarterly report Financial data

Cover Page

Cover Page - shares	9 Months Ended
	Sep. 30, 2023	Oct. 31, 2023
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2023
Document Transition Report	false
Entity File Number	001-40814
Entity Registrant Name	MODIV INDUSTRIAL, INC.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	47-4156046
Entity Address, Address Line One	200 S. Virginia Street, Suite 800
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 Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		7,590,138
Amendment Flag	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q3
Entity Central Index Key	0001645873
Current Fiscal Year End Date	--12-31
Common Stock
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

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($)	Sep. 30, 2023	Dec. 31, 2022
Real estate investments:
Land	$ 106,263,557	$ 103,657,237
Buildings and improvements	402,036,084	329,867,099
Equipment	4,429,000	4,429,000
Tenant origination and absorption costs	15,929,385	19,499,749
Total investments in real estate property	528,658,026	457,453,085
Accumulated depreciation and amortization	(47,587,670)	(46,752,322)
Total real estate investments, net, excluding unconsolidated investment in real estate property and real estate investments held for sale, net	481,070,356	410,700,763
Unconsolidated investment in a real estate property	10,035,805	10,007,420
Total real estate investments, net, excluding real estate investments held for sale, net	491,106,161	420,708,183
Real estate investments held for sale, net	8,628,186	5,255,725
Total real estate investments, net	499,734,347	425,963,908
Cash and cash equivalents	5,641,610	8,608,649
Tenant receivables	11,211,058	7,263,202
Above-market lease intangibles, net	1,332,458	1,850,756
Prepaid expenses and other assets	4,881,383	6,100,937
Investment in preferred stock	10,060,000	0
Interest rate swap derivatives	6,156,179	4,629,702
Other assets related to real estate investments held for sale	46,158	12,765
Total assets	539,063,193	454,429,919
Liabilities and Equity
Mortgage notes payable, net	34,118,748	44,435,556
Credit facility revolver	0	3,000,000
Credit facility term loan, net	248,385,927	148,018,164
Accounts payable, accrued and other liabilities	8,893,630	7,649,806
Below-market lease intangibles, net	9,098,703	9,675,686
Interest rate swap derivatives	0	498,866
Liabilities related to real estate investments held for sale	162,349	117,881
Total liabilities	300,659,357	213,395,959
Commitments and contingencies
Additional paid-in-capital	289,837,352	278,339,020
Treasury stock, at cost, 343,510 shares and 250,153 shares held as of September 30, 2023 and December 31, 2022, respectively	(5,290,780)	(4,161,618)
Cumulative distributions and net losses	(132,524,459)	(117,938,876)
Accumulated other comprehensive income	2,871,866	3,502,616
Total Modiv Industrial, Inc. equity	154,903,900	159,750,904
Noncontrolling interests in the Operating Partnership	83,499,936	81,283,056
Total equity	238,403,836	241,033,960
Total liabilities and equity	539,063,193	454,429,919
Series A cumulative redeemable perpetual preferred stock
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 September 30, 2023 and December 31, 2022	2,000	2,000
Class C common stock
Liabilities and Equity
Common stock, value outstanding	7,921	7,762
Class S common stock
Liabilities and Equity
Common stock, value outstanding	$ 0	$ 0

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	9 Months Ended	12 Months Ended
	Sep. 30, 2023	Dec. 31, 2022
Treasury Stock
Treasury stock (in shares)	343,510	250,153
Series A cumulative redeemable perpetual preferred stock
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 outstanding (in shares)	2,000,000	2,000,000
Preferred stock, shares issued (in shares)	2,000,000	2,000,000
Class C common stock
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)	7,920,926	7,762,506
Common stock, shares outstanding (in shares)	7,577,416	7,512,353
Class S common stock
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	0
Common stock, shares outstanding (in shares)	0	0

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Income Statement [Abstract]
Rental income	$ 12,500,338	$ 10,303,402	$ 34,648,083	$ 30,017,493
Operating expenses:
General and administrative	1,735,104	1,838,388	5,240,935	5,559,753
Stock compensation expense	8,469,867	549,240	9,790,206	1,740,852
Depreciation and amortization	4,175,209	3,598,592	11,403,603	10,581,765
Property expenses	1,195,224	1,415,621	4,429,936	5,009,701
Impairment of real estate investment property	0	0	3,499,438	0
Impairment of goodwill	0	0	0	17,320,857
Total operating expenses	15,575,404	7,401,841	34,364,118	40,212,928
(Loss) gain on sale of real estate investments	(1,708,801)	3,932,028	(1,708,801)	11,527,185
Operating (loss) income	(4,783,867)	6,833,589	(1,424,836)	1,331,750
Other income (expense):
Interest income	26,386	1,665	296,921	16,863
Dividend income	190,000	0	190,000	0
Income from unconsolidated investment in a real estate property	79,164	64,358	207,506	226,690
Interest expense, net of derivative settlements and unrealized gain on interest rate swaps	(2,922,918)	(2,514,838)	(6,761,779)	(5,280,167)
Increase in fair value of investment in preferred stock	440,000	0	440,000	0
Loss on early extinguishment of debt	0	0	0	(1,725,318)
Other	65,993	65,993	197,978	198,129
Other expense, net	(2,121,375)	(2,382,822)	(5,429,374)	(6,563,803)
Net (loss) income	(6,905,242)	4,450,767	(6,854,210)	(5,232,053)
Less: net loss (income) attributable to noncontrolling interest in Operating Partnership	1,368,896	(528,540)	1,535,452	1,180,275
Net (loss) income attributable to Modiv Industrial, Inc.	(5,536,346)	3,922,227	(5,318,758)	(4,051,778)
Preferred stock dividends	(921,875)	(921,875)	(2,765,625)	(2,765,625)
Net (loss) income attributable to common stockholders	$ (6,458,221)	$ 3,000,352	$ (8,084,383)	$ (6,817,403)
Net (loss) income per share attributable to common stockholders:
Net income (loss) per share attributable to common stockholders, basic (in usd per share)	$ (0.86)	$ 0.40	$ (1.07)	$ (0.91)
Net income (loss) per share attributable to common stockholders, diluted (in usd per share)	$ (0.86)	$ 0.35	$ (1.07)	$ (0.91)
Weighted-average number of common shares outstanding:
Weighted-average number of common shares outstanding, basic (in shares)	7,548,052	7,449,968	7,537,505	7,486,945
Weighted-average number of common shares outstanding, diluted (in shares)	7,548,052	10,180,543	7,537,505	7,486,945
Distributions declared per common share (in usd per share)	$ 0.2875	$ 0.2875	$ 0.8625	$ 0.9625

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive (Loss) Income - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Statement of Comprehensive Income [Abstract]
Net (loss) income	$ (6,905,242)	$ 4,450,767	$ (6,854,210)	$ (5,232,053)
Other comprehensive loss: cash flow hedge adjustments
Add: Amortization of unrealized holding gain on interest rate swap	253,092	4,255,906	756,496	4,255,906
Comprehensive (loss) income	(6,652,150)	8,706,673	(6,097,714)	(976,147)
Net loss (income) attributable to noncontrolling interest in Operating Partnership	1,368,896	(528,540)	1,535,452	1,180,275
Other comprehensive loss attributable to noncontrolling interest in Operating Partnership: cash flow hedge adjustments
Add: Amortization of unrealized holding gain on interest rate swap	44,264	(637,429)	125,746	(637,429)
Comprehensive loss (income) attributable to noncontrolling interest in Operating Partnership	1,413,160	(1,165,969)	1,661,198	542,846
Comprehensive (loss) income attributable to Modiv Industrial, Inc.	$ (5,238,990)	$ 7,540,704	$ (4,436,516)	$ (433,301)

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Equity - USD ($)	Total	Class C common stock	Operating Partnership Units - Class C	Total Modiv Industrial, Inc. Equity	Preferred Stock	Common Stock Class C common stock	Additional Paid-in Capital	Treasury Stock	Cumulative Distributions and Net (Losses) Income	Accumulated Other Comprehensive Income (Loss)	Noncontrolling Interests in the Operating Partnership	Noncontrolling Interests in the Operating Partnership Operating Partnership Units - Class C
Beginning balance (in shares) at Dec. 31, 2021					2,000,000
Beginning balance at Dec. 31, 2021	$ 222,429,892			$ 171,826,892	$ 2,000	$ 7,491	$ 273,441,831	$ 0	$ (101,624,430)	$ 0	$ 50,603,000
Beginning balance (in shares) at Dec. 31, 2021						7,490,404
Beginning balance (in shares) at Dec. 31, 2021								0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock -distribution reinvestments (in shares)						152,606
Issuance of common stock -distribution reinvestments	2,866,846		$ 32,809,551	2,866,846		$ 153	2,866,693					$ 32,809,551
Listed offering of common stock, net (in shares)						40,000
Listed offering of common stock, net	114,500			114,500		$ 40	114,460
Stock compensation expense (in shares)						14,916
Stock compensation expense	247,500			247,500		$ 14	247,486
OP Units compensation expense	1,493,352			1,493,352			1,493,352
Offering costs	(1,084,748)			(1,084,748)			(1,084,748)
Repurchase of common stock (in shares)								(233,145)
Repurchase of common stock	(3,957,752)			(3,957,752)				$ (3,957,752)
Dividends declared, preferred stock	(2,765,625)			(2,765,625)					(2,765,625)
Distributions declared, common stock	(7,192,641)			(7,192,641)					(7,192,641)
Distributions declared, Class C OP Units			(1,131,903)									(1,131,902)
Net (loss) income	(5,232,053)			(4,051,778)					(4,051,778)		(1,180,275)
Other comprehensive income	4,255,906			3,618,477						3,618,477	637,429
Ending balance (in shares) at Sep. 30, 2022					2,000,000
Ending balance at Sep. 30, 2022	242,852,826			161,115,023	$ 2,000	$ 7,698	277,079,074	$ (3,957,752)	(115,634,474)	3,618,477	81,737,803
Ending balance (in shares) at Sep. 30, 2022						7,697,926
Ending balance (in shares) at Sep. 30, 2022								(233,145)
Beginning balance (in shares) at Jun. 30, 2022					2,000,000
Beginning balance at Jun. 30, 2022	237,135,718			156,186,587	$ 2,000	$ 7,644	275,922,227	$ (3,253,902)	(116,491,382)	0	80,949,131
Beginning balance (in shares) at Jun. 30, 2022						7,643,992
Beginning balance (in shares) at Jun. 30, 2022								(187,430)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock -distribution reinvestments (in shares)						43,617
Issuance of common stock -distribution reinvestments	663,219			663,219		$ 44	663,175
Stock compensation expense (in shares)						10,317
Stock compensation expense	165,000			165,000		$ 10	164,990
OP Units compensation expense	466,740			466,740			466,740
Offering costs	(138,058)			(138,058)			(138,058)
Repurchase of common stock (in shares)								(45,715)
Repurchase of common stock	(703,850)			(703,850)				$ (703,850)
Dividends declared, preferred stock	(921,875)			(921,875)					(921,875)
Distributions declared, common stock	(2,143,444)			(2,143,444)					(2,143,444)
Distributions declared, Class C OP Units			(377,297)									(377,297)
Net (loss) income	4,450,767			3,922,227					3,922,227		528,540
Other comprehensive income	4,255,906			3,618,477						3,618,477	637,429
Ending balance (in shares) at Sep. 30, 2022					2,000,000
Ending balance at Sep. 30, 2022	242,852,826			161,115,023	$ 2,000	$ 7,698	277,079,074	$ (3,957,752)	(115,634,474)	3,618,477	81,737,803
Ending balance (in shares) at Sep. 30, 2022						7,697,926
Ending balance (in shares) at Sep. 30, 2022								(233,145)
Beginning balance (in shares) at Dec. 31, 2022					2,000,000
Beginning balance at Dec. 31, 2022	$ 241,033,960			159,750,904	$ 2,000	$ 7,762	278,339,020	$ (4,161,618)	(117,938,876)	3,502,616	81,283,056
Beginning balance (in shares) at Dec. 31, 2022		7,512,353				7,762,506
Beginning balance (in shares) at Dec. 31, 2022	(250,153)							(250,153)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock -distribution reinvestments (in shares)						140,965
Issuance of common stock -distribution reinvestments	$ 1,708,285		5,175,285	1,708,285		$ 141	1,708,144					5,175,285
Stock compensation expense (in shares)						17,455
Stock compensation expense	235,000			235,000		$ 18	234,982
OP Units compensation expense	9,555,206			9,555,206			9,555,206
Repurchase of common stock (in shares)								(93,357)
Repurchase of common stock	(1,129,162)			(1,129,162)				$ (1,129,162)
Dividends declared, preferred stock	(2,765,625)			(2,765,625)					(2,765,625)
Distributions declared, common stock	(6,501,200)			(6,501,200)					(6,501,200)
Distributions declared, Class C OP Units			(1,297,207)									(1,297,207)
Net (loss) income	(6,854,210)			(5,318,758)					(5,318,758)		(1,535,452)
Amortization of unrealized holding gain on interest rate swap	(756,496)			(630,750)						(630,750)	(125,746)
Ending balance (in shares) at Sep. 30, 2023					2,000,000
Ending balance at Sep. 30, 2023	$ 238,403,836			154,903,900	$ 2,000	$ 7,921	289,837,352	$ (5,290,780)	(132,524,459)	2,871,866	83,499,936
Ending balance (in shares) at Sep. 30, 2023		7,577,416				7,920,926
Ending balance (in shares) at Sep. 30, 2023	(343,510)							(343,510)
Beginning balance (in shares) at Jun. 30, 2023					2,000,000
Beginning balance at Jun. 30, 2023	$ 240,093,257			154,720,206	$ 2,000	$ 7,875	280,815,445	$ (5,290,780)	(123,895,028)	3,080,694	85,373,051
Beginning balance (in shares) at Jun. 30, 2023						7,874,502
Beginning balance (in shares) at Jun. 30, 2023								(343,510)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock -distribution reinvestments (in shares)						42,230
Issuance of common stock -distribution reinvestments	552,086			552,086		$ 42	552,044
Stock compensation expense (in shares)						4,194
Stock compensation expense	70,000			70,000		$ 4	69,996
OP Units compensation expense	8,399,867			8,399,867			8,399,867
Dividends declared, preferred stock	(921,875)			(921,875)					(921,875)
Distributions declared, common stock	(2,171,210)			(2,171,210)					(2,171,210)
Distributions declared, Class C OP Units			$ (459,955)									$ (459,955)
Net (loss) income	(6,905,242)			(5,536,346)					(5,536,346)		(1,368,896)
Amortization of unrealized holding gain on interest rate swap	(253,092)			(208,828)						(208,828)	(44,264)
Ending balance (in shares) at Sep. 30, 2023					2,000,000
Ending balance at Sep. 30, 2023	$ 238,403,836			$ 154,903,900	$ 2,000	$ 7,921	$ 289,837,352	$ (5,290,780)	$ (132,524,459)	$ 2,871,866	$ 83,499,936
Ending balance (in shares) at Sep. 30, 2023		7,577,416				7,920,926
Ending balance (in shares) at Sep. 30, 2023	(343,510)							(343,510)

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows - USD ($)	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Cash Flows from Operating Activities:
Net loss	$ (6,854,210)	$ (5,232,053)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	11,403,603	10,581,765
Stock compensation expense	9,790,206	1,740,852
Amortization of deferred rents	(4,528,120)	(2,593,698)
Amortization of deferred lease incentives	217,537	323,347
Write-offs and amortization of deferred financing costs and premium/discount	556,134	1,470,289
Amortization of (below) above market lease intangibles, net	(596,194)	(862,861)
Impairment of real estate investment property	3,499,438	0
Increase in fair value of investment in preferred stock	(440,000)	0
Impairment of goodwill	0	17,320,857
Write-off of purchase deposit	0	375,000
Loss (gain) on sale of real estate investments	1,708,801	(11,527,185)
Unrealized gain on interest rate swap valuation	(2,781,838)	(530,997)
Write-off of unrealized gain on interest rate swaps	0	(788,016)
Income from unconsolidated investment in a real estate property	(207,506)	(226,690)
Distributions from unconsolidated investment in a real estate property	179,121	179,531
Change in operating assets and liabilities:
Decrease in tenant receivables	242,711	90,743
(Increase) decrease in prepaid and other assets	(104,469)	284,145
Decrease in accounts payable, accrued and other liabilities	(875,048)	(1,278,266)
Net cash provided by operating activities	11,210,166	9,326,763
Cash Flows from Investing Activities:
Acquisitions of real estate investments	(122,778,215)	(127,144,029)
Additions to existing real estate investments	(1,744,462)	(3,855,719)
Collection of note receivable from early termination of lease	0	1,836,767
Net proceeds from sale of real estate investments	34,737,474	66,489,004
Purchase deposits, net	(1,259,452)	(195,614)
Refund (payment) of lease incentives	48,731	(2,100,000)
Net cash used in investing activities	(90,995,924)	(64,969,591)
Cash Flows from Financing Activities:
Borrowings from credit facility term loan	100,000,000	150,000,000
Repayments of credit facility revolver, net	(3,000,000)	(1,247,000)
Principal payments on mortgage notes payable	(10,230,160)	(130,421,220)
Payments of deferred financing costs	0	(2,186,468)
Proceeds from listed offering of common stock, net	0	114,500
Payments of offering costs	0	(1,084,748)
Repurchases of common stock	(1,129,162)	(3,957,752)
Dividends paid to preferred stockholders	(2,765,625)	(2,909,028)
Net cash provided by financing activities	76,818,719	2,962,196
Net decrease in cash and cash equivalents	(2,967,039)	(52,680,632)
Cash and cash equivalents, beginning of period	8,608,649	58,407,520
Cash and cash equivalents, end of period	5,641,610	5,726,888
Supplemental Disclosure of Cash Flow Information:
Cash paid for interest	8,675,670	5,152,425
Supplemental Schedule of Noncash Investing and Financing Activities:
Investment in preferred stock	9,620,000	0
Accrued real estate improvements	2,350,000	512,908
Reclassification of tenant improvements from other assets to real estate investments	0	522,844
Issuance of Class C OP Units in the acquisition of a real estate investment	5,175,284	32,809,551
Reinvested distributions from common stockholders	1,716,399	2,866,846
Accrued distributions and dividends	33,787	(31,794)
Supplemental disclosure related to changes in real estate investments held for sale, net:
Real estate investments held for sale, net	3,372,461	31,510,762
Other assets related to real estate investments held for sale	33,393	788,296
Mortgage notes payable related to real estate investments held for sale, net	0	(21,699,912)
Other liabilities related to real estate investments held for sale	44,468	(383,282)
Common Stock
Cash Flows from Financing Activities:
Distributions paid	(4,786,681)	(4,339,952)
Operating Partnership Units - Class C
Cash Flows from Financing Activities:
Distributions paid	$ (1,269,653)	$ (1,006,136)

BUSINESS AND ORGANIZATION

BUSINESS AND ORGANIZATION	9 Months Ended
	Sep. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
BUSINESS AND ORGANIZATION	BUSINESS AND ORGANIZATION Modiv Industrial, Inc. (the “Company”) was incorporated on May 15, 2015 as a Maryland corporation. The Company changed its name from Modiv Inc. to Modiv Industrial, Inc., effective August 11, 2023. 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 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. 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 68% and 73% partnership interest in, the Operating Partnership as of September 30, 2023 and December 31, 2022, 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 September 30, 2023, the Company's portfolio of approximately 4.6 million square feet of aggregate leasable space consisted of investments in 44 real estate properties, comprised of: 39 industrial properties, including an approximate 72.7% tenant-in-common interest in a Santa Clara, California property (the “TIC Interest”), which represent approximately 76% of the portfolio (expressed as a percentage of annual base rent (“ABR”) as of September 30, 2023), one retail property, which represents approximately 10% of the portfolio, and four office properties (including one classified as a held for sale property), which represent approximately 14% of the portfolio. Distribution Reinvestment Plan On February 15, 2022, the Company's board of directors amended and restated the Company's distribution reinvestment plan (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 Company's distribution reinvestment plan (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 September 30, 2023, the Company issued 351,276 shares of Class C common stock under the DRP. Share Repurchase Program 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 (“2022 SRP”). 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 (“2023 SRP”). Repurchases made pursuant to the 2023 SRP 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. Under the 2022 SRP, the Company repurchased an aggregate of 250,153 shares of its Class C common stock for an aggregate value of $4,161,618 at an average cost of $16.64 per share. Under the 2023 SRP, during the nine months ended September 30, 2023, the Company repurchased an aggregate of 93,357 shares of its Class C common stock for an aggregate value of $1,129,162 at an average cost of $12.10 per share. The Company did not repurchase any of its Class C common stock during the three months ended September 30, 2023.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	9 Months Ended
	Sep. 30, 2023
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation and Principles of Consolidation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) for interim financial statements as contained within the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) and the rules and regulations of the Securities and Exchange Commission (the “SEC”). Accordingly, they do not contain all information and footnotes required by GAAP for annual financial statements pursuant to those rules and regulations, although the Company believes that the disclosures made are adequate to make the information not misleading. Such unaudited condensed consolidated financial statements and notes are the representations of the Company’s management, which is responsible for their integrity and objectivity. These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements as of December 31, 2022 included in the Company’s Annual Report on Form 10-K filed with the SEC on March 13, 2023. The accompanying unaudited condensed consolidated financial statements have been prepared on the same basis as the annual consolidated financial statements and, in the opinion of management, reflect all adjustments, which are normal and recurring, necessary to fairly state the Company's financial position, results of operations and cash flows. All significant intercompany balances and transactions are eliminated in consolidation. The unaudited condensed consolidated balance sheet as of December 31, 2022 included herein was derived from the audited financial statements. Noncontrolling Interests in the Operating Partnership The Company accounts for the noncontrolling interests in its Operating Partnership in accordance with the related accounting guidance. Due to the Company's exclusive responsibility and discretion in the management and control of the Operating Partnership through its general partnership interest therein, the Operating Partnership, including its wholly-owned subsidiaries, are consolidated with the Company, and the limited partner interests not held by the Company are reflected as noncontrolling interests in the accompanying unaudited condensed consolidated balance sheets and statements of equity. As discussed in Note 12, other than the noncontrolling interests related to “UPREIT” transactions completed in January 2022 and April 2023, 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 . Use of Estimates The preparation of the accompanying unaudited condensed consolidated financial statements and the accompanying notes thereto in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the unaudited condensed consolidated financial statements and accompanying notes. These estimates are based on historical experience and, in some cases, assumptions based on current and future market experience. Actual results may differ from those estimates. Real Estate Acquisitions In accordance with ASC 805, Business Combinations , the Company evaluates each real estate acquisition to determine whether to account for the acquisition as an asset acquisition or a business combination. When it concludes that substantially all of the fair value of the gross asset is concentrated in a single identifiable asset rather than an integrated set of activities and assets, the Company recognizes the acquisition of a real estate asset rather than a business combination, and allocates the acquisition cost to tangible and intangible assets based on their relative fair values. All of the Company's real estate acquisitions for the nine months ended September 30, 2023 and the year ended December 31, 2022 have been accounted for as asset acquisitions. Revenue Recognition The Company accounts for leases in accordance with FASB Accounting Standards Update (“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 No. 2016-02 (collectively “Topic 842”). 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. 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 accompanying unaudited condensed consolidated statements of operations. The Company recognizes rental income from tenants under operating leases on a straight-line basis over the noncancelable 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, the 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. The Company records tenant reimbursements on a gross basis in instances when its tenants reimburse the Company for lessor costs, including real estate taxes, which the Company incurs. Conversely, the Company records lessor costs on a net basis when these costs are paid directly by the Company's tenants to suppliers and service providers, including taxing authorities, on the Company's behalf. To the extent any tenant responsible for these obligations under the applicable lease defaults on such lease, or if it is deemed probable that the tenant will fail to pay for these obligations, the Company records a liability for such obligations. 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 accompanying unaudited condensed 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 during both the three and nine months ended September 30, 2023 and 2022 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 unaudited condensed consolidated statements of operations. Impairment of Investment in Real Estate Properties The Company monitors events and changes in circumstances that could indicate that the carrying amounts of investments in real estate properties may not be recoverable. When indicators of potential impairment are present that indicate that the carrying amounts of investments in real estate properties may not be recoverable, management assesses whether the carrying value of the investments in 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 investments in real estate properties, the Company records an impairment charge to the extent the carrying value exceeds the estimated fair value of the investments in real estate properties. Treasury Stock The Company accounts for repurchased shares of its Class C common stock as treasury stock. Treasury shares are recorded at cost and are included as a component of equity in the Company's accompanying unaudited condensed consolidated balance sheets as of September 30, 2023 and December 31, 2022. Fair Value 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, tenant receivables, prepaid expenses and other assets and accounts payable, accrued and other liabilities: These balances approximate their fair values due to their short maturities. Investment in preferred stock: The Company’s investment in preferred stock is presented at fair value in the accompanying unaudited condensed consolidated balance sheet using Level 3 inputs. The preferred stock investment has been recorded at fair value by incorporating both the Monte Carlo simulation model and a dividend discount model. These models incorporate risk-free rates, stock prices, yield and volatility. The development and determination of the unobservable inputs for Level 3 fair value measurements and fair value calculations are the responsibility of the Company’s management with the assistance of an independent third-party valuation specialist. Derivative Instruments: The Company’s derivative instruments are presented at fair value in the accompanying unaudited condensed consolidated balance sheets. The valuation of these instruments is determined using a 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 on the contracts, are incorporated in the fair values to account for potential nonperformance risk. Credit facility: The fair values of the Company’s credit facility approximate the carrying value as their interest rate and other terms are comparable to those available in the marketplace for similar credit facilities. Mortgage notes payable: The fair values of the Company’s mortgage notes payable are 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 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. Related party transactions: The Company has concluded that it is not practical to determine the estimated fair value of related party transactions. Disclosure rules for fair value measurements require that for financial instruments for which it is not practicable to estimate fair value, information pertinent to those instruments be disclosed. Further information as to these financial transactions with related parties is included in Note 10. 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 as of the balance sheet date: (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 “other assets related to real estate investments held for sale,” respectively, in the accompanying unaudited condensed consolidated balance sheets. Other liabilities related to real estate investments held for sale are classified as “liabilities related to real estate investments held for sale” in the accompanying unaudited condensed 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 unaudited condensed consolidated statements of operations. 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 accompanying unaudited condensed 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. If the Company elects to designate a derivative in a hedging relationship and the hedging relationship satisfies the criteria necessary to apply hedge accounting, the derivative is designated as a cash flow hedge and the unrealized holding gain or loss on the interest rate swap is presented in comprehensive (loss) income and accumulated other comprehensive income in the Company's accompanying unaudited condensed consolidated statements of comprehensive (loss) income and condensed consolidated balance sheets, respectively. 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, net of derivative settlements and unrealized gain on interest rate swaps in the Company's accompanying unaudited condensed consolidated statements of operations. The Company has entered 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. Restricted Operating Partnership Unit Awards Historically, the fair values of the restricted Operating Partnership unit awards issued or granted by the Company were based on an 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 restricted Operating Partnership 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 Transactions (each as defined and discussed in Note 12 ) are recorded in equity under noncontrolling interests in the Operating Partnership in the Company's accompanying unaudited condensed 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. Compensation cost is recorded for units to be issued subject to a performance condition when it is probable that the performance condition will be met. Immaterial Error Corrections During the first quarter of 2023, management determined that its prior treatment of property taxes in those instances where the Company was responsible for paying property taxes and subsequently seeking tenant reimbursement should be treated differently than those instances where property taxes were paid directly by tenants to taxing authorities. Management determined that property taxes paid directly by tenants to taxing authorities should not have been recorded in the Company’s accompanying unaudited condensed consolidated statements of operations for the prior year periods in accordance with ASU 2018-20 “Leases (Topic 842) - Narrow-Scope Improvements for Lessors.” Accordingly, the Company’s accompanying unaudited condensed consolidated statements of operations for the three and nine months ended September 30, 2022 reflect an adjustment to reduce rental income and a corresponding reduction in property expenses of $648,271 and $1,784,668, respectively, for such property taxes and the Company's consolidated balance sheet as of December 31, 2022 reflects a reduction in tenant receivables with a corresponding reduction in accounts payable, accrued and other liabilities of $1,596,127. The corrections did not affect net income (loss) or net income (loss) per share for the three and nine months ended September 30, 2022 in the accompanying unaudited condensed consolidated statements 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 accompanying unaudited condensed consolidated statements of operations for the three and nine months ended September 30, 2022 reflect an increase in rental income and a corresponding reduction in the gain on sale of real estate investments of $739,255 and $1,546,976, respectively. The reclassification did not affect net income (loss) or net income (loss) per share for the three and nine months ended September 30, 2022 in the accompanying unaudited condensed consolidated statements of operations. Recent Accounting Pronouncements New Accounting Standards Recently Issued and Not Yet Adopted In August 2023, the FASB issued ASU 2023-05, Business Combinations – Joint Venture Formations (Subtopic 805-60) (“ASU 2023-05”), which addresses the accounting for contributions made to a joint venture, upon formation, in a joint venture’s separate financial statements. At present, GAAP does not provide specific authoritative guidance on how a joint venture, upon formation, should recognize and initially measure assets contributed and liabilities assumed. ASU 2023-05 will require that a joint venture apply a new basis of accounting upon formation. By applying the new basis of accounting, a joint venture, upon formation, will recognize and initially measure its assets and liabilities at fair value (with exceptions to fair value measurement that are consistent with the business combinations guidance). The amendments in ASU 2023-05 are effective prospectively for all joint ventures formed on or after January 1, 2025. Joint ventures formed prior to January 1, 2025 may elect to apply the amendments retrospectively and early adoption is permitted. The Company does not currently anticipate any material impact from the implementation of ASU 2023-05.

REAL ESTATE INVESTMENTS, NET

REAL ESTATE INVESTMENTS, NET	9 Months Ended
	Sep. 30, 2023
Real Estate [Abstract]
REAL ESTATE INVESTMENTS, NET	REAL ESTATE INVESTMENTS, NET As of September 30, 2023, the Company’s real estate investment portfolio consisted of 44 operating properties located in 16 states comprised of: 39 industrial properties (including the Company's approximate 72.7% TIC Interest in a Santa Clara, California industrial property which is not reflected in the table below but discussed in Note 4) , one retail property and four office properties (including the one held for sale property not reflected in the table below). The following table provides summary information regarding the Company’s 42 operating properties held for investment and use as of September 30, 2023: Property Tenant Location Acquisition Date Property Type Land, Buildings and Improvements Equipment Tenant Origination and Absorption Costs Accumulated Depreciation and Amortization Total Investment in Real Estate Property, Net Northrop Grumman Melbourne, FL 3/7/2017 Industrial $ 13,608,084 $ — $ 1,469,737 $ (4,361,816) $ 10,716,005 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 (2,095,659) 10,758,489 AvAir Chandler, AZ 12/28/2017 Industrial 27,357,899 — — (4,019,833) 23,338,066 3M DeKalb, IL 3/29/2018 Industrial 14,762,819 — 3,037,057 (5,983,018) 11,816,858 Taylor Fresh Foods Yuma, AZ 10/24/2019 Industrial 34,194,369 — 2,894,017 (5,231,624) 31,856,762 Levins Sacramento, CA 12/31/2019 Industrial 4,429,390 — 221,927 (820,330) 3,830,987 Labcorp San Carlos, CA 12/31/2019 Industrial 9,672,174 — 408,225 (766,203) 9,314,196 WSP USA San Diego, CA 12/31/2019 Industrial 9,896,800 — 539,633 (1,335,830) 9,100,603 ITW Rippey El Dorado, CA 12/31/2019 Industrial 7,337,873 — 304,387 (1,005,487) 6,636,773 L3Harris San Diego, CA 12/31/2019 Industrial 11,690,952 — 662,101 (1,541,628) 10,811,425 Arrow-TruLine Archbold, OH 12/3/2021 Industrial 11,518,084 — — (742,619) 10,775,465 Kalera Saint Paul, MN 1/31/2022 Industrial 6,412,509 4,429,000 — (580,724) 10,260,785 Lindsay Colorado Springs 1, CO 4/19/2022 Industrial 2,311,934 — — (85,054) 2,226,880 Lindsay Colorado Springs 2, CO 4/19/2022 Industrial 3,314,406 — — (50,615) 3,263,791 Lindsay Dacano, CO 4/19/2022 Industrial 6,889,402 — — (122,707) 6,766,695 Lindsay Alachua, FL 4/19/2022 Industrial 8,518,123 — — (528,808) 7,989,315 Lindsay Franklinton, NC 4/19/2022 Industrial 7,181,113 — — (233,143) 6,947,970 Lindsay Canal Fulton 1, OH 4/19/2022 Industrial 11,345,533 — — (501,441) 10,844,092 Lindsay Canal Fulton 2, OH 4/19/2022 Industrial 10,190,942 — — (459,435) 9,731,507 Lindsay Rock Hill, SC 4/19/2022 Industrial 6,555,983 — — (245,356) 6,310,627 Lindsay Gap, PA 4/13/2023 Industrial 16,580,044 — — (341,909) 16,238,135 Producto Endicott, NY 7/15/2022 Industrial 2,362,310 — — (94,432) 2,267,878 Producto Jamestown, NY 7/15/2022 Industrial 3,073,686 — — (115,606) 2,958,080 Valtir Centerville, UT 7/26/2022 Industrial 4,685,355 — — (141,509) 4,543,846 Valtir Orangeburg, SC 7/26/2022 Industrial 4,243,308 — — (168,370) 4,074,938 Valtir Fort Worth, TX 7/26/2022 Industrial 3,278,522 — — (75,029) 3,203,493 Valtir Lima, OH 8/4/2022 Industrial 9,921,943 — — (415,965) 9,505,978 Plastic Products Princeton, MN 1/26/2023 Industrial 6,118,411 — 553,780 (413,432) 6,258,759 Stealth Manufacturing Savage, MN 3/31/2023 Industrial 5,526,310 — — (91,887) 5,434,423 Summit Steel Reading, PA 4/13/2023 Industrial 11,397,091 — — (182,790) 11,214,301 PBC Linear Roscoe, IL 4/20/2023 Industrial 20,023,978 — — (337,592) 19,686,386 Cameron Tool Lansing, MI 5/3/2023 Industrial 5,776,590 — — (85,644) 5,690,946 S.J. Electro Systems Detroit Lakes, MN 5/5/2023 Industrial 6,314,057 — — (69,079) 6,244,978 S.J. Electro Systems Plymouth, MN 5/5/2023 Industrial 2,225,635 — — (34,525) 2,191,110 S.J. Electro Systems Ashland, OH 5/5/2023 Industrial 7,555,211 — — (79,864) 7,475,347 Titan Alleyton, TX 5/11/2023 Industrial 17,146,503 — — (334,377) 16,812,126 Vistech Piqua, OH 7/3/2023 Industrial 13,550,932 — — (109,232) 13,441,700 SixAxis Andrews, SC 7/11/2023 Industrial 15,470,096 — — (154,425) 15,315,671 (Operating properties table continued) Property Tenant Location Acquisition Date Property Type Land, Buildings and Improvements Equipment Tenant Origination and Absorption Costs Accumulated Depreciation and Amortization Total Investment in Real Estate Property, Net KIA/Trophy of Carson Carson, CA 1/18/2022 Retail $ 69,286,444 $ — $ 118,606 $ (1,814,016) $ 67,591,034 Costco Issaquah, WA 12/20/2018 Office 27,585,942 — 2,765,136 (6,289,044) 24,062,034 Solar Turbines San Diego, CA 12/31/2019 Office 7,186,694 — 324,221 (881,175) 6,629,740 OES (1) Rancho Cordova, CA 12/31/2019 Office 29,632,580 — 1,616,610 (4,646,438) 26,602,752 $ 508,299,641 $ 4,429,000 $ 15,929,385 $ (47,587,670) $ 481,070,356 (1) Effective December 31, 2022, the Company and Sutter Health agreed to the early termination of the Sutter Health lease. 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 In March 2023, the Company recorded an impairment charge of $3,499,438 related to its property located in Nashville, Tennessee, leased to Cummins Inc. (“Cummins”) through February 29, 2024. The Company determined that an impairment charge was triggered by expectations of a shortened holding period and estimated the property's fair value based upon current market comparables. This property is held for sale as described in Real Estate Investments Held for Sale below. Acquisitions: Nine Months Ended September 30, 2023 During the nine months ended September 30, 2023, the Company acquired 12 industrial manufacturing real estate properties as follows: Property Tenant Location Acquisition Date Land Buildings and Tenant Below- Acquisition Price Plastic Products Princeton, MN 1/26/2023 $ 421,997 $ 5,696,414 $ 553,780 $ (285,139) $ 6,387,052 Stealth Manufacturing Savage, MN 3/31/2023 770,752 4,755,558 — — 5,526,310 Lindsay (1) Gap, PA 4/13/2023 2,125,604 14,454,440 — — 16,580,044 Summit Steel (2) Reading, PA 4/13/2023 1,517,782 9,879,309 — — 11,397,091 PBC Linear Roscoe, IL 4/20/2023 699,198 19,324,780 — — 20,023,978 Cameron Tool Lansing, MI 5/03/2023 246,355 5,530,235 — — 5,776,590 S.J. Electro Systems Detroit Lakes, MN 5/05/2023 1,736,976 4,577,081 — — 6,314,057 S.J. Electro Systems Plymouth, MN 5/05/2023 627,903 1,597,732 — — 2,225,635 S.J. Electro Systems Ashland, OH 5/05/2023 251,233 7,303,978 — — 7,555,211 Titan Alleyton, TX 5/11/2023 2,056,161 15,090,342 — — 17,146,503 Vistech Piqua, OH 7/03/2023 922,310 12,628,622 — — 13,550,932 SixAxis Andrews, SC 7/11/2023 1,228,874 14,241,222 — — 15,470,096 $ 12,605,145 $ 115,079,713 $ 553,780 $ (285,139) $ 127,953,499 (1) In addition, the Company provided a $1,800,000 deposit to fund improvements to the previously acquired Lindsay property in Franklinton, North Carolina. (2) The Company issued 287,516 Class C OP Units (as defined below) valued at $5,175,284 based on an agreed upon value of $18.00 per unit for a portion of the purchase price. During the three and nine months ended September 30, 2023, the Company recognized $3,079,272 and $5,025,967, respectively, of total revenue related to the above-acquired properties. Acquired Properties Lease Expirations: The noncancellable lease terms of the properties acquired during the nine months ended September 30, 2023 are as follows: Property Tenant Lease Expiration Plastic Products 10/31/2028 Stealth Manufacturing 3/31/2043 Lindsay 4/30/2047 Summit Steel 4/30/2043 PBC Linear 4/30/2043 Cameron Tool 5/31/2043 S.J. Electro Systems, for all three properties acquired 5/31/2040 Titan 5/31/2043 Vistech 7/31/2048 SixAxis 7/31/2048 Nine Months Ended September 30, 2022 During the nine months ended September 30, 2022, the Company acquired one retail and 15 industrial manufacturing real estate properties for $162,313,032. These properties are located in 10 states and had a weighted average lease term of approximately 24 years. During the three and nine months ended September 30, 2022, the Company recognized $3,071,407 and $6,703,156, respectively, of total revenue related to these properties. Dispositions: Nine Months Ended September 30, 2023 During the nine months ended September 30, 2023, the Company sold 14 real estate properties as follows: Property Tenant Location Disposition Date Property Type Rentable Square Feet Contract Sale Price (Loss) Gain on Sale Net Proceeds Dollar General Litchfield, ME 8/10/2023 Retail 9,026 $ 1,247,974 $ — (1) $ — (1) Dollar General Wilton, ME 8/10/2023 Retail 9,100 1,452,188 — (1) — (1) Dollar General Thompsontown, PA 8/10/2023 Retail 9,100 1,111,832 — (1) — (1) Dollar General Mt. Gilead, OH 8/10/2023 Retail 9,026 1,066,451 — (1) — (1) Dollar General Lakeside, OH 8/10/2023 Retail 9,026 1,134,522 — (1) — (1) Dollar General Castalia, OH 8/10/2023 Retail 9,026 1,111,832 — (1) — (1) Dollar General Bakersfield, CA 8/10/2023 Retail 18,827 4,855,751 — (1) — (1) Dollar General Big Spring, TX 8/10/2023 Retail 9,026 1,270,665 — (1) — (1) Dollar Tree Morrow, GA 8/10/2023 Retail 10,906 1,293,355 — (1) — (1) PreK Education San Antonio, TX 8/10/2023 Retail 50,000 12,888,169 — (1) — (1) Walgreens Santa Maria, CA 8/10/2023 Retail 14,490 6,081,037 — (1) — (1) exp US Services Maitland, FL 8/10/2023 Office 33,118 5,899,514 — (1) — (1) GSA (MSHA) Vacaville, CA 8/10/2023 Office 11,014 2,586,710 (1,887,040) (1) 39,014,581 (1) EMC Shop Rocklin, CA 8/31/2023 Flex 40,110 5,466,960 178,239 5,459,211 241,795 $ 47,466,960 $ (1,708,801) $ 44,473,792 (1) Represents the combined net loss on sale of $1,887,040 and net proceeds of $39,014,581 for the August 10, 2023 sale of 13 properties to Generation Income Properties, Inc. (NASDAQ: GIPR) (“GIPR”). Nine Months Ended September 30, 2022 During the nine months ended September 30, 2022, the Company sold seven real estate properties (six office properties and one flex property) comprising 343,126 square feet for aggregate contract sales prices of $68,725,000, aggregate gains on sale of $11,527,185 and aggregate net proceeds of $44,482,494, net of commissions, closing costs and repayment of the outstanding mortgages. Asset Concentration: As of September 30, 2023 and December 31, 2022, the Company’s real estate portfolio asset concentration (greater than 10% of total assets) was as follows: September 30, 2023 December 31, 2022 Property Tenant and Location Net Carrying Value Percentage of Net Carrying Value Percentage of KIA, Carson, CA $ 67,591,034 12.5 % $ 68,387,431 15.0 % Rental Income Concentration: During the three and nine months ended September 30, 2023 and 2022, the Company’s rental income concentration (greater than 10% of rental income) was as follows: Three Months Ended September 30, 2023 2022 Property Tenant and Location Rental Income Percentage of Rental Income Percentage of Lindsay, nine properties acquired in: Colorado (three), Ohio (two), Pennsylvania, North Carolina, South Carolina and Florida $ 1,652,422 13.2 % $ 1,204,970 11.7 % KIA, Carson, CA $ 1,289,545 10.3 % $ 1,306,851 12.7 % Nine Months Ended September 30, 2023 2022 Property Tenant and Location Rental Income Percentage of Rental Income Percentage of Lindsay, nine properties acquired in: Colorado (three), Ohio (two), Pennsylvania, North Carolina, South Carolina and Florida $ 4,474,870 12.9 % (1) (1) KIA, Carson, CA $ 3,879,601 11.2 % $ 3,666,632 12.2 % (1) The Lindsay properties represented a source of greater than 10% of total rental income during the nine months ended September 30, 2023 but not the nine months ended September 30, 2022 since eight of the Lindsay properties were acquired on April 19, 2022 and one was acquired on April 13, 2023. 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. 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. Effective April 18, 2023, the Company extended the lease term of its Levins property located in Sacramento, California from September 1, 2023 to December 31, 2024 with a 69% increase in annual rent from $4.14 per square foot to $7.00 per square foot commencing September 1, 2023. On June 29, 2023, the Company leased its property in Rocklin, California (the “Rocklin Property”), which was previously leased to Gap, Inc., to EMC for an initial base annual rent of $441,210, and a lease term of 11.5 years through December 31, 2034. The lease included a purchase option which EMC exercised in August 2023 and EMC completed its purchase of the property on August 31, 2023, which terminated the lease (see Dispositions above). The Company is continuing to explore potential lease extensions for certain of its other properties. As of September 30, 2023, the future minimum contractual rent payments due to the Company under the Company’s non-cancellable operating leases, including lease amendments executed though the date of this report, if any, are as follows: October through December 2023 $ 9,727,190 2024 39,028,622 2025 38,080,113 2026 34,952,446 2027 34,600,851 Thereafter 559,280,654 $ 715,669,876 Intangible Assets, Net Related to the Company's Real Estate As of September 30, 2023 and December 31, 2022, intangible assets, net related to the Company's real estate were as follows: September 30, 2023 December 31, 2022 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 $ 15,929,385 $ 2,485,510 $ (14,364,650) $ 19,499,749 $ 2,485,510 $ (14,378,808) Accumulated amortization (10,684,573) (1,153,052) 5,265,947 (12,722,558) (634,754) 4,703,122 Net $ 5,244,812 $ 1,332,458 $ (9,098,703) $ 6,777,191 $ 1,850,756 $ (9,675,686) The intangible assets acquired in connection with the acquisitions have a weighted average amortization period of approximately 10.6 years as of September 30, 2023. As of September 30, 2023, the amortization of intangible assets for the remaining three months of the current year ending December 31, 2023 and for each of the next four years and thereafter is expected to be as follows: Tenant Origination and Absorption Costs Above-Market Lease Intangibles Below-Market Lease Intangibles October through December 2023 $ 253,294 $ 18,499 $ (230,099) 2024 1,013,175 73,999 (920,395) 2025 815,130 70,712 (920,395) 2026 466,644 54,278 (920,395) 2027 449,972 54,278 (920,395) Thereafter 2,246,597 1,060,692 (5,187,024) $ 5,244,812 $ 1,332,458 $ (9,098,703) Weighted-average remaining amortization period 8.6 years 23.2 years 10.1 years Real Estate Investments Held For Sale As of September 30, 2023, the Company classified its office property located in Nashville, Tennessee that is leased to Cummins as held for sale. The Company’s Rocklin Property formerly leased to Gap, Inc. through February 28, 2023 was the only property held for sale as of December 31, 2022, and it was sold on August 31, 2023 as described in Dispositions above. The following table summarizes the major components of assets and liabilities related to the real estate investments held for sale as of September 30, 2023 and December 31, 2022: September 30, December 31, Assets related to real estate investments held for sale: Land, buildings and improvements $ 11,047,348 $ 6,357,172 Tenant origination and absorption costs 1,558,739 355,252 Accumulated depreciation and amortization (3,977,901) (1,456,699) Real estate investments held for sale, net 8,628,186 5,255,725 Other assets, net 46,158 12,765 Total assets related to real estate investments held for sale: $ 8,674,344 $ 5,268,490 Liabilities related to real estate investments held for sale: Other liabilities, net $ 162,349 $ 117,881 Total liabilities related to real estate investments held for sale: $ 162,349 $ 117,881

UNCONSOLIDATED INVESTMENT IN RE

UNCONSOLIDATED INVESTMENT IN REAL ESTATE PROPERTY	9 Months Ended
	Sep. 30, 2023
Investments, Debt and Equity Securities [Abstract]
UNCONSOLIDATED INVESTMENT IN REAL ESTATE PROPERTY	UNCONSOLIDATED INVESTMENT IN REAL ESTATE PROPERTY The Company’s investment in unconsolidated property as of September 30, 2023 and December 31, 2022 is as follows: September 30, December 31, The TIC Interest $ 10,035,805 $ 10,007,420 The Company’s income from investment in unconsolidated property for the three and nine months ended September 30, 2023 and 2022 is as follows: Three Months Ended Nine Months Ended 2023 2022 2023 2022 The TIC Interest $ 79,164 $ 64,358 $ 207,506 $ 226,690 TIC Interest During 2017, the Company, through a wholly-owned subsidiary of the Operating Partnership, acquired an approximate 72.7% interest in a 91,740 square foot industrial property in Santa Clara, California in a tenants-in-common ownership structure which requires a unanimous vote for significant decisions about the property. The remaining approximate 27.3% of undivided interest in the Santa Clara property is held by Hagg Lane II, LLC (an approximate 23.4% interest) and Hagg Lane III, LLC (an approximate 3.9% interest). 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 interest in the Santa Clara property over which the Company has the ability to exercise significant influence, but for which the Company does not have financial or operating control is accounted for using the equity method of accounting. The Company receives approximately 72.7% of the cash flow distributions and recognizes approximately 72.7% of the results of operations for this property. During the three months ended September 30, 2023 and 2022, the Company received $54,706 and $32,378 in cash distributions, respectively, and received cash distributions of $179,121 and $179,531 during the nine months ended September 30, 2023 and 2022, respectively. The following is summarized financial information for the Santa Clara property as of September 30, 2023 and December 31, 2022 and for the three and nine months ended September 30, 2023 and 2022: September 30, December 31, Assets: Real estate investments, net $ 28,823,530 $ 29,294,081 Cash and cash equivalents 532,634 300,405 Other assets 77,366 43,159 Total assets $ 29,433,530 $ 29,637,645 Liabilities: Mortgage note payable, net $ 12,717,835 $ 12,936,929 Below-market lease, net 2,404,409 2,514,199 Other liabilities 508,776 424,662 Total liabilities 15,631,020 15,875,790 Total equity 13,802,510 13,761,855 Total liabilities and equity $ 29,433,530 $ 29,637,645 Three Months Ended Nine Months Ended 2023 2022 2023 2022 Total revenues $ 693,170 $ 679,500 $ 2,036,365 $ 2,071,258 Operating expenses: Depreciation and amortization 257,844 264,820 780,802 788,732 Other expenses 193,902 190,527 572,749 565,851 Total operating expenses 451,746 455,347 1,353,551 1,354,583 Operating income 241,424 224,153 682,814 716,675 Interest expense 132,547 135,640 395,810 404,902 Net income $ 108,877 $ 88,513 $ 287,004 $ 311,773

INVESTMENT IN PREFERRED STOCK

INVESTMENT IN PREFERRED STOCK	9 Months Ended
	Sep. 30, 2023
Equity Method Investments and Joint Ventures [Abstract]
INVESTMENT IN PREFERRED STOCK	INVESTMENT IN PREFERRED STOCK The Company’s investment in preferred stock as of September 30, 2023 is as follows: September 30, Liquidation value of GIPR preferred stock $ 12,000,000 Adjustment to reduce liquidation value to fair value (2,380,000) Fair value of GIPR preferred stock as of August 10, 2023 9,620,000 Increase in fair value of preferred stock for the period ended September 30, 2023 440,000 Fair value of GIPR preferred stock as of September 30, 2023 $ 10,060,000 As discussed in Note 3 , on August 10, 2023, the Company disposed of 13 properties consisting of 11 retail properties and two office properties in a sale to GIPR. These 13 properties were sold for $42,000,000 with $30,000,000 paid in cash and the remaining $12,000,000 paid in 2,400,000 shares of GIPR's newly-created Series A Redeemable Preferred Stock (the “GIPR preferred stock”) with a liquidation preference of $5.00 per share and an annual dividend yield of 9.5% from August 10, 2023 to August 9, 2024, and an annual dividend rate of 12.0% thereafter. The Company has elected to record its investment in preferred stock at fair value. The fair value at the date of acquisition was accounted for as an adjustment to the net proceeds from sale. The increase in fair value as of September 30, 2023 is reflected in other income (expense).

OTHER BALANCE SHEET DETAILS

OTHER BALANCE SHEET DETAILS	9 Months Ended
	Sep. 30, 2023
Payables and Accruals [Abstract]
OTHER BALANCE SHEET DETAILS	OTHER BALANCE SHEET DETAILS Tenant Receivables, Net As of September 30, 2023 and December 31, 2022, tenant receivables consisted of the following: September 30, December 31, Straight-line rent $ 10,793,380 $ 6,607,220 Tenant rent and billed reimbursements 58,444 196,477 Accrued tenant reimbursements 359,234 459,505 Total $ 11,211,058 $ 7,263,202 Prepaid Expenses and Other Assets As of September 30, 2023 and December 31, 2022, prepaid expenses and other assets were comprised of the following: September 30, December 31, Deferred tenant allowance (1) $ 267,334 $ 2,564,806 Prepaid expenses and other assets (2) 3,773,714 2,420,777 Deferred financing costs on credit facility revolver 840,335 1,115,354 Total $ 4,881,383 $ 6,100,937 (1) Deferred tenant balances for the Pre-K Education and Walgreens leases were disposed in the August 10, 2023 sale transaction. (2) The balance as of September 30, 2023 includes deposits of $1,800,000 for improvements to be made to the Lindsay property in Franklinton, North Carolina. The balance as of December 31, 2022 includes a deposit of $440,548 for completion of ongoing improvements to the Lindsay property in Dacono, Colorado. Accounts Payable, Accrued and Other Liabilities As of September 30, 2023 and December 31, 2022, accounts payable, accrued and other liabilities were comprised of the following: September 30, December 31, Accounts payable $ 557,643 $ 1,001,411 Accrued expenses (1) 4,076,883 2,163,821 Accrued distributions and dividends 1,801,856 1,768,068 Accrued interest payable 321,278 285,392 Unearned rent 1,792,912 1,870,057 Lease incentive obligation 343,058 561,057 Total $ 8,893,630 $ 7,649,806 (1) The balance as of September 30, 2023 includes an accrued liability of $2,350,000 for construction in progress for improvements at the Kalera property to which the Company obtained the rights upon the rejection of Kalera's lease in its bankruptcy proceedings effective October 31, 2023 (see Note 11 for additional information).

DEBT

DEBT	9 Months Ended
	Sep. 30, 2023
Debt Disclosure [Abstract]
DEBT	DEBT The breakdown of debt as of September 30, 2023 and December 31, 2022 is as follows: September 30, December 31, Mortgage notes payable, net $ 34,118,748 $ 44,435,556 Credit facility: Revolver — 3,000,000 Term loan, net 248,385,927 148,018,164 Total $ 282,504,675 $ 195,453,720 Mortgage Notes Payable, Net As of September 30, 2023 and December 31, 2022, the Company’s mortgage notes payable consisted of the following: Collateral 2023 Principal 2022 Principal Interest Rate (1) Loan Costco property $ 18,850,000 $ 18,850,000 4.85% 1/01/2030 Taylor Fresh Foods property 12,350,000 12,350,000 3.85% 11/01/2029 OES property (2) 3,084,849 13,315,009 4.50% 3/09/2024 Total mortgage notes payable 34,284,849 44,515,009 Plus unamortized mortgage premium, net (3) 10,893 119,245 Less unamortized deferred financing costs (176,994) (198,698) Mortgage notes payable, net $ 34,118,748 $ 44,435,556 (1) Represents the contractual interest rate in effect under the mortgage note payable as of September 30, 2023 for the three mortgages that were not refinanced through a drawdown from the Credit Facility (defined and discussed below) with KeyBank National Association (“KeyBank”) in January 2022 given their prepayment penalties. (2) During August and September 2023, the Company prepaid an aggregate of $10,000,000 principal amount of the mortgage on the OES property following the dispositions completed in August 2023. The Company intends to pay the remainder on or before the loan maturity date. (3) Represents unamortized net mortgage premium acquired through the merger with Rich Uncles Real Estate Investment Trust I on December 31, 2019. The following summarizes the face value, carrying amount and fair value of the Company’s mortgage notes payable (Level 3 measurement) as of September 30, 2023 and December 31, 2022: September 30, 2023 December 31, 2022 Face Value Carrying Fair Value Face value Carrying Fair Value Mortgage notes payable $ 34,284,849 $ 34,118,748 $ 30,736,613 $ 44,515,009 $ 44,435,556 $ 41,293,644 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 Facility and increased the Credit Facility to $400,000,000, 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 zero and $92,569 during the three and nine months ended September 30, 2023, respectively. The Company drew $20,000,000 and the remaining $80,000,000 of the delayed draw Term Loan during the first and second quarters of 2023, respectively. 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 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 47% as of June 30, 2023, the spread over the Secured Overnight Financing Rate (‘‘SOFR’’), including a 10-basis point credit adjustment, is 185 basis points for the Revolver and the interest rate on the Revolver was 7.1625% on September 30, 2023; however, there was no outstanding balance on the Revolver. 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 incurred total unused fees of $94,525 and $47,543 for the three months ended September 30, 2023 and 2022, respectively, and $384,164 and $119,823 for the nine months ended September 30, 2023 and 2022, respectively. 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 results in a fixed interest rate of 4.058% on the Term Loan based on the Company's leverage ratio of 48% as of September 30, 2023. 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 results in a fixed interest rate of 5.240% on the additional $100,000,000 to be borrowed under the Term Loan based on the Company's leverage ratio of 48% as of September 30, 2023. 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 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 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 currently has, and may continue to have, higher leverage in the near-term if it identifies attractive acquisition opportunities in advance of completing dispositions or raising additional equity. Credit Facility Repayments and Drawdowns On January 5, 2023, the Company repaid $3,000,000 of the outstanding balance on its Revolver with available cash on hand to reduce interest expense. On January 25, 2023, the Company borrowed $10,000,000 under its additional $100,000,000 Term Loan commitment in advance of acquiring a property located in Princeton, Minnesota leased to Plastic Products Company, Inc. On March 29, 2023, the Company again borrowed $10,000,000 under its Term Loan commitment in advance of acquiring a property located in Savage, Minnesota leased to Stealth Manufacturing. In April 2023, additional draws aggregating $80,000,000 were made on the additional Term Loan. In July 2023, the Company borrowed $21,000,000 under its Revolver commitment in advance of acquiring a property in Piqua, Ohio leased to NVH Acquisition Holdings, LLC (dba Vistech) and a property in Andrews, South Carolina leased to SixAxis, LLC. In August 2023, the Company repaid the $21,000,000 outstanding balance on its Revolver with proceeds from the GIPR disposition described in Note 3. 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 September 30, 2023. Future Principal Payments The following summarizes the future principal repayments of the Company’s mortgage notes payable and Credit Facility as of September 30, 2023: Mortgage Notes Credit Facility Payable Revolver Term Loan Total October through December 2023 $ 179,918 $ — $ — $ 179,918 2024 3,174,547 — — 3,174,547 2025 543,886 — — 543,886 2026 568,369 — — 568,369 2027 593,972 — 250,000,000 250,593,972 Thereafter 29,224,157 — — 29,224,157 Total principal 34,284,849 — 250,000,000 284,284,849 Plus unamortized mortgage premium, net 10,893 — — 10,893 Less deferred financing costs (176,994) — (1,614,073) (1,791,067) Net principal $ 34,118,748 $ — $ 248,385,927 $ 282,504,675 Interest Expense, Net of Derivative Settlements and Unrealized Gain on Interest Rate Swaps The following is a reconciliation of the components of interest expense, net of derivative settlements and unrealized gain on interest rate swaps for the three and nine months ended September 30, 2023 and 2022: Three Months Ended Nine Months Ended 2023 2022 2023 2022 Mortgage notes payable: Interest expense $ 411,610 $ 488,773 $ 1,354,642 $ 1,762,378 Amortization of deferred financing costs 7,235 7,235 21,705 21,694 Credit facility: Interest expense 4,509,026 1,636,414 10,895,933 3,083,299 Unused commitment fees 94,525 47,543 384,164 119,823 Amortization of deferred financing costs 214,261 120,829 642,783 342,349 Swap derivatives: Derivative cash settlements (1) (1,586,641) 99,942 (4,062,442) 269,442 Unrealized loss (gain) on interest rate swap valuation for first swap (2) 167,926 — (327,824) (589,997) Amortization of interest rate swap valuation (2) (253,092) 59,000 (756,495) 59,000 Unrealized gain on interest rate swap valuation for second swap (3) (710,258) — (1,697,519) — Other 68,326 55,102 306,832 212,179 Interest expense, net $ 2,922,918 $ 2,514,838 $ 6,761,779 $ 5,280,167 (1) The Company entered into two swap transaction instruments for (i) its original $150,000,000 Credit Facility Term Loan (first swap) effective May 31, 2022 and (ii) its additional $100,000,000 Term Loan commitment (second swap) effective November 30, 2022, as described in detail in Note 8 . (2) Due to the Company's $150,000,000 derivative instrument's failure to qualify as a cash flow hedge because it was deemed ineffective for the three and nine months ended September 30, 2023 as described in Note 8 , the $167,926 loss and $327,824 gain in the swap valuation for the three and nine months ended September 30, 2023, respectively, are recognized as an increase and a decrease in interest expense, respectively, and the unrealized gain on interest rate swap derivative previously recorded in accumulated other comprehensive income and noncontrolling interest in operating partnership is being amortized on a straight-line basis as a reduction to interest expense through the maturity date of the loan agreement (see Note 8 for more details). (3) The Company's $100,000,000 derivative instrument was not designated as a cash flow hedge and, therefore, the $710,258 and $1,697,519 gains in the valuation of this swap for the three and nine months ended September 30, 2023, respectively, are reflected as reductions in interest expense (see Note 8

INTEREST RATE SWAP DERIVATIVES

INTEREST RATE SWAP DERIVATIVES	9 Months Ended
	Sep. 30, 2023
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 on May 10, 2022 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 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. The Company granted this cancellation option because it reduced the swap rate by approximately 50 basis points. The Company designated the pay-fixed, receive-floating interest rate swap with the terms described in the table below as of July 1, 2022 as a cash flow hedge which was effective through December 31, 2022. The derivative instrument failed to qualify as a cash flow hedge during the three and nine months ended September 30, 2023 as described below. The Company, through its Operating Partnership, entered into another five-year swap agreement on October 26, 2022 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 did not designate the pay-fixed, receive-floating interest rate swap with the terms described in the table below as of November 30, 2022 as a cash flow hedge. 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. The Company granted this cancellation option because it reduced the swap rate by approximately 50 basis points. The Company has begun, and intends to further explore in 2024, various alternatives available to extend or restructure the cancellation option. The following table summarizes the notional amount and other information related to the Company’s interest rate swaps as of September 30, 2023 and December 31, 2022: September 30, 2023 December 31, 2022 Interest Rate Derivative Number of Instruments Notional Reference Weighted Average Fixed Pay Rate (ii) Weighted Number of Instruments Notional Reference Rate Fixed Pay Rate (ii) Remaining Term Designated — $ — — — % 0 years 1 $ 150,000,000 USD - SOFR 4.06 % 4.1 years Non-designated 2 $ 250,000,000 USD - SOFR 4.43 % 3.25 years 1 $ 100,000,000 USD - SOFR 5.24 % 4.1 years (i) The notional amount of the Company’s swaps correspond to the principal balance on the Term Loan. The minimum notional amount (outstanding principal balance at the maturity date) as of September 30, 2023 and December 31, 2022 was $250,000,000. (ii) Based on the terms of the Credit Facility, the fixed pay rate increases if the Company's leverage ratio increases above 50%. The following table sets forth the fair value of the Company’s derivative instruments (Level 2 measurement), as well as their classification in the accompanying unaudited condensed consolidated balance sheets as of September 30, 2023 and December 31, 2022: September 30, 2023 December 31, 2022 Derivative Instrument Balance Sheet Location Number of Fair Value Number of Fair Value Change in Fair Value Interest Rate Swaps Asset - Interest rate swap derivatives, at fair value 2 $ 6,156,179 1 $ 4,629,702 $ 1,526,477 Interest Rate Swaps Liability - Interest rate swap derivatives, at fair value — $ — 1 $ (498,866) $ 498,866 The interest rate swap derivative on the original $150,000,000 Term Loan was designated as a cash flow hedge for financial accounting purposes from July 1, 2022 through December 31, 2022. Based on the Company's prospective effectiveness testing of the derivative instrument during each of the quarters in the nine months ended September 30, 2023, the derivative instrument failed to qualify as a cash flow hedge because the swap was deemed ineffective due to the potential for a reduced term of the swap that could result from the cancellation option described above as compared with the maturity of the Term Loan. The Company has begun, and intends to further explore in 2024, various alternatives available to extend or restructure the cancellation option. As a result, the net change in fair values of the first Term Loan swap of $167,926 loss and $327,824 gain for the three and nine months ended September 30, 2023, respectively, were recorded as an unrealized loss and an unrealized gain, respectively, on interest rate swap valuation and reflected as an increase and a decrease, respectively, to interest expense in the Company's accompanying unaudited condensed consolidated statements of operations. The unrealized gain reflects increases during the second and third quarters of 2023 in the forward curve for future SOFR rates through December 31, 2024 (the one-time cancellation option date). Interest expense was also reduced by the $253,092 and $756,495 amortization of the unrealized gain on this swap for the three and nine months ended September 30, 2023, respectively, as further described below. Due to the above $150,000,000 Term Loan derivative instrument's failure to qualify as a cash flow hedge for the quarterly periods ended September 30, 2023, the unrealized gain on interest rate swap derivative of $4,105,103 as of December 31, 2022 (recorded in the Company's financial statements as follows: (i) $3,502,616 of accumulated other comprehensive income and (ii) $602,487 of noncontrolling interest in operating partnership) is being amortized on a straight-line basis as a reduction to interest expense through the maturity date of the swap agreement. There is no income tax expense resulting from this amortization. As of September 30, 2023, the Company's unamortized unrealized gain on interest rate swap derivative in accumulated other comprehensive income and noncontrolling interest in operating partnership amounted to $3,348,608. The Company estimates that $253,092 of the remaining unrealized gain on interest rate swap derivative will be reclassified from accumulated other comprehensive income and noncontrolling interest in operating partnership as a reduction to interest expense in the Company's accompanying unaudited condensed consolidated statements of operations over the next three months. The second interest rate swap derivative on the additional $100,000,000 Term Loan commitment was not designated as a cash flow hedge for financial accounting purposes. The increase in its fair value of $710,258 and $1,697,519 for the three and nine months ended September 30, 2023, respectively, were recorded as unrealized gains on interest rate swap valuation and reflected as reductions to interest expense in the Company's accompanying unaudited condensed consolidated statements of operations.

PREFERRED STOCK AND COMMON STOC

PREFERRED STOCK AND COMMON STOCK	9 Months Ended
	Sep. 30, 2023
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 September 30, 2023 and December 31, 2022, 2,000,000 shares of authorized Series A Preferred Stock were issued and outstanding. 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 September 30, 2023. 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 Dividend 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 each 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 March 18, 2022, June 15, 2022, August 18, 2022 and November 7, 2022 the Company’s board of directors declared Series A Preferred Stock dividends payable of $921,875 for each quarter of 2022, which were paid on April 15, 2022, July 15, 2022, October 17, 2022 and January 17, 2023. On March 9, 2023, June 15, 2023 and August 7, 2023, the Company’s board of directors declared Series A Preferred Stock dividends payable of $921,875 for the first, second and third quarters of 2023. These amounts were accrued as of March 31, 2023, June 30, 2023 and September 30, 2023, respectively, and paid on April 17, 2023, July 17, 2023 and October 16, 2023, respectively (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 (the “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 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. 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 September 30, 2023, no shares have been issued in connection with the Company's ATM Offering. Common Stock Distributions Aggregate distributions declared per share of Class C common stock were $0.29 for both the three months ended September 30, 2023 and 2022, respectively, and $0.86 and $0.96 for the nine months ended September 30, 2023 and 2022, respectively, which reflect an annualized distribution rate of $1.15 per share for both periods, along with a special 13 th distribution for the year ended December 31, 2021, which was declared and paid in January 2022.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	9 Months Ended
	Sep. 30, 2023
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 for board of directors' services to the Company for the three and nine months ended September 30, 2023 and 2022 are as follows: Three Months Ended Nine Months Ended Board of Directors Compensation 2023 2022 2023 2022 Payments for services rendered $ 57,500 $ 67,500 $ 192,500 $ 202,500 Value of shares issued for services rendered 70,000 82,500 235,000 247,500 Total $ 127,500 $ 150,000 $ 427,500 $ 450,000 Number of shares issued for services rendered 4,194 5,651 17,455 14,916 Transactions with Other Related Parties On January 31, 2022, the Company acquired an industrial property and related equipment leased to Kalera Inc. (“Kalera”) in Saint Paul, Minnesota, for $8,079,000. Kalera was introduced to the Company by Curtis B. McWilliams, one of the Company’s independent directors. Since Mr. McWilliams was serving as an executive of Kalera at the time of the acquisition, all of the disinterested members of the Company’s board of directors approved this transaction in January 2022. On April 4, 2023, Kalera filed a voluntary petition for bankruptcy relief under Chapter 11 of Title 11 of the United States Code. In April 2023, Mr. McWilliams was appointed as Kalera’s independent director as Kalera continues to operate its business while in bankruptcy. Mr. McWilliams has recused himself from any matters relating to the Company’s property in Saint Paul, Minnesota leased to Kalera. The status of the Kalera bankruptcy is discussed in Note 11 . 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, including the Company's share of the management fee, for the three and nine months ended September 30, 2023 and 2022 as follows: Three Months Ended Nine Months Ended 2023 2022 2023 2022 TIC Interest management fee $ 65,993 $ 65,993 $ 197,979 $ 197,979 Company's share in the management fee $ 47,984 $ 47,984 $ 143,951 $ 143,951

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	9 Months Ended
	Sep. 30, 2023
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 property could result in future environmental liabilities. Tenant Improvements Pursuant to lease agreements, as of September 30, 2023 and December 31, 2022, the Company had obligations to pay $2,595,468 and $1,789,027, respectively, for on-site and tenant improvements to be incurred by tenants. Kalera Mechanic's Liens Kalera filed a voluntary petition for bankruptcy relief under Chapter 11 of Title 11 of the United States Code on April 4, 2023. During June 2023, Kalera conducted an auction of all of its assets, and the sale of Kalera’s assets to the winning bidder, Kalera’s lender, was approved by the bankruptcy court on June 30, 2023. The sale of Kalera’s assets closed on September 29, 2023 and did not include its interest in the Company's lease for the Saint Paul, Minnesota property. Between January 2023 and the filing date of this Quarterly Report on Form 10-Q, the Company received mechanic's lien statements from the general contractor and nine subcontractors who performed work on behalf of Kalera to complete various interior improvements at the Company's property located in Saint Paul, Minnesota. The mechanic's lien statements refer to construction materials that were delivered and related work that was performed to make this facility operational and amount to $3,548,003 in the aggregate, a portion of which has been settled with one contractor. The Company has been advised that the contractors who have filed such liens are stayed from foreclosing on the Company’s property in Saint Paul, Minnesota under the pending Chapter 11 bankruptcy proceeding. On May 22, 2023, WPC IV, LLC d/b/a WPC (“WPC”), the general contractor hired by Kalera to construct interior improvements to the Company’s property in Saint Paul, Minnesota, filed a complaint in state district court to enforce a mechanic's lien and foreclose on the Company’s property. WPC’s complaint was also filed against all of the other contractors who had filed mechanic’s lien statements. The other defendants have filed counterclaims and crossclaims. The Company’s outside counsel filed a motion to dismiss or stay this litigation on July 10, 2023 and a hearing is scheduled for December 4, 2023. On October 31, 2023, Kalera filed a motion with the bankruptcy court to reject the Company’s lease and abandon all of its property located at the premises effective as of October 31, 2023, subject to approval of the motion by the bankruptcy court. The Company is exploring its legal options and may make certain demands and objections relating to damages the Company has incurred in connection with the Kalera bankruptcy. Because the Company’s lease will be rejected once the bankruptcy court enters an order approving Kalera's motion, the Company will be responsible for the mechanic's liens with a face amount of $3,110,443 and will seek to find a new tenant or sell the property. The Company has engaged in preliminary discussions with prospective tenants in anticipation of the lease being rejected. The accompanying condensed consolidated balance sheet as of September 30, 2023 includes the estimated amount of $2,350,000 to settle the pending mechanic's liens at less than face value, which was recorded as construction in progress for the improvements at the Company's Saint Paul, Minnesota property and a corresponding accrued liability. Legal Matters From time-to-time, the Company or its subsidiaries may become party to legal proceedings that arise in the ordinary course of its business. Except for the Kalera bankruptcy proceeding and the WPC foreclosure action described above, 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	9 Months Ended
	Sep. 30, 2023
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, LLC, a Delaware limited liability company and the Company's former sponsor (“BrixInvest”), the Company’s former external advisor, 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 a 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 units of Class C limited partnership interest in the Operating Partnership (“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. As of September 30, 2023, no Class M OP Units had been converted to Class C OP Units. In the event that the 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 70% of the Class M conversion ratio. After December 31, 2023, in the event that the Class M OP Units are converted into Class C OP Units, such Class M OP Units shall be exchanged at 100% of the Class M conversion ratio. The Class M OP Units were eligible for an increase in the conversion ratio (conversion ratio enhancement) if the Company achieved both of the targets for AUM and AFFO per share in a given year. However, the AUM and AFFO per share hurdles for the Class M OP Units were not met for fiscal years 2022 or 2021 and the Company does not expect to meet the hurdles for fiscal year 2023. 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 $16.69 as of September 29, 2023, the last day of stock market trading for the three months ended September 30, 2023, a Class M OP Unit would be valued at $27.82. All Class M OP Units automatically convert to Class C OP Units on March 31, 2024. The automatic conversion into Class C OP Units does not require any action by Class M OP Unit holders. Class P OP Units The Company issued the units of Class P limited partnership interest in the Operating Partnership (“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. As of September 30, 2023, the Company does not expect to meet the hurdles for fiscal year 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 three months ended September 30, 2023 and 2022, the Company amortized and charged $88,783 to stock compensation expense for both quarters for Class P OP Units and during the nine months ended September 30, 2023 and 2022, the Company amortized and charged $266,350 to stock compensation expense for both periods for Class P OP Units. The unamortized value of these units was $177,567 as of September 30, 2023. 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. Class P OP Units will automatically convert to Class C OP Units on March 31, 2024. The Company recorded the ownership interests of the Class M OP Units and Class P OP Units as noncontrolling interests in the Operating Partnership, representing a combined total of approximately 13% of the equity in the Operating Partnership on December 31, 2019. As of September 30, 2023, these interests represent a combined total of approximately 10.7% 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. There are no other stock based incentive compensation programs in place for employees. Stock compensation expense related to the Class R OP Units is based on the estimated fair value per share on the grant date, 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, 43,657 units were forfeited through December 31, 2022. There were no forfeitures during the three and nine months ended September 30, 2023. During the first nine months of 2023, the Company recorded $1,466,659 of stock compensation expense ($488,887 per quarter) related to the 316,343 Class R OP Units outstanding. 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 (“FFO”) of $1.05, or more, per weighted average fully-diluted share outstanding for the year ending December 31, 2023, excluding the units and related compensation expense of the units to be issued if the performance target is met. As of September 30, 2023, the Company concluded that achieving the 2023 FFO performance target to trigger the increased conversion ratio for the Class R OP Units is deemed probable. Therefore, the Company recorded a one-time non-cash catch-up adjustment of $7,822,197 during the three months ended September 30, 2023 to reflect the cumulative compensation expense for the 474,515 performance-based Class C OP Units expected to be issued upon conversion of the Class R OP Units based on the grant date fair value of $19.58 per share from the initial grant date in January 2021 through September 30, 2023. Compensation expense of $733,331 per quarter will be recorded for these additional units through the end of the vesting period on March 31, 2024, if achieving the FFO performance target of $1.05 per share is still deemed probable. During the three months ended September 30, 2023 and 2022, the Company amortized and charged $8,311,084 and $377,957 to stock compensation expense, respectively, and during the nine months ended September 30, 2023 and 2022, the Company amortized and charged $9,288,856 and $1,227,002 to stock compensation expense, respectively, for the Class R OP Units for both time vesting and performance units. The remaining unamortized value of the 790,858 time vesting and performance units aggregated $2,444,441 as of September 30, 2023. The total stock compensation expenses for the three and nine months ended September 30, 2023 and 2022 were as follows: Three Months Ended Nine Months Ended 2023 2022 2023 2022 Class P OP Units $ 88,783 $ 88,783 $ 266,350 $ 266,350 Class R OP Units - Time Vesting Units 488,887 377,957 1,466,659 1,227,002 Class R OP Units - Performance Units 7,822,197 — 7,822,197 — Class C common stock issued to the board of directors for services (see Note 10 ) 70,000 82,500 235,000 247,500 Total $ 8,469,867 $ 549,240 $ 9,790,206 $ 1,740,852 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. Following expiration of the lock-up period on August 11, 2022, 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. On April 13, 2023, the Company acquired an industrial manufacturing property located in Reading, Pennsylvania leased to Summit Steel whereby the seller received 287,516 Class C OP Units based on the terms of the Operating Partnership Agreement and an agreed upon value of $18.00 per unit, representing approximately 46% of the property’s value. Under the terms of the contribution agreement, these Class C OP Units are redeemable for cash or, at the Company’s option, exchangeable for shares of the Company's Class C common stock. Summit Steel cannot require the Company to redeem any or all of the Class C OP Units until one year after the closing date of the agreement. The Company refers to this acquisition and the acquisition of the KIA auto dealership property discussed above collectively as the “UPREIT Transactions.” The above Class C OP Units received the following distributions and allocations of net (loss) income during the three and nine months ended September 30, 2023 and 2022 as follows: Three Months Ended Nine Months Ended 2023 2022 2023 2022 Class C OP Units distributions $ 459,955 $ 377,298 $ 1,269,653 $ 1,006,136 Class C OP Units net (loss) income allocation $ (1,368,896) $ 528,540 $ (1,535,452) $ (1,180,275) Class C OP Units may be exchanged into Class C common stock or cash (at the sole discretion of the Company) in accordance with, and subject to the terms and conditions of, the Operating Partnership Agreement. Holders of Class C OP Units wishing to exchange their Class C OP Units must submit a Notice of Exchange (as defined in the Operating Partnership Agreement) to the Operating Partnership with a copy to the Company (the general partner of the Operating Partnership) in accordance with the Operating Partnership Agreement. If the Company chooses to exchange such Class C OP Units for cash, the cash amount will be based on the average daily market price of the Class C common stock for 10 consecutive trading days immediately preceding the date of receipt by the Company of the Notice of Exchange.

EARNINGS (LOSS) PER SHARE

EARNINGS (LOSS) PER SHARE	9 Months Ended
	Sep. 30, 2023
Earnings Per Share [Abstract]
EARNINGS (LOSS) PER SHARE	EARNINGS (LOSS) PER SHARE 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 (see Note 12 for additional information). The following table presents the computation of the Company's basic and diluted net (loss) income per share attributable to common stockholders for the three and nine months ended September 30, 2023 and 2022: Three Months Ended Nine Months Ended 2023 2022 2023 2022 Numerator - Basic: Net (loss) income $ (6,905,242) $ 4,450,767 $ (6,854,210) $ (5,232,053) Less: net loss (income) attributable to noncontrolling interest in Operating Partnership 1,368,896 (528,540) 1,535,452 1,180,275 Preferred stock dividends (921,875) (921,875) (2,765,625) (2,765,625) Net (loss) income attributable to common stockholders $ (6,458,221) $ 3,000,352 $ (8,084,383) $ (6,817,403) Numerator - Diluted Net (loss) income $ (6,905,242) $ 4,450,767 $ (6,854,210) $ (5,232,053) Preferred stock dividends (921,875) (921,875) (2,765,625) (2,765,625) Net (loss) income attributable to common stockholders $ (7,827,117) $ 3,528,892 $ (9,619,835) $ (7,997,678) Denominator: Weighted average shares outstanding - basic 7,548,052 7,449,968 7,537,505 7,486,945 Operating Partnership Units - Class C — 1,312,382 — — Operating Partnership Units - Classes M, P and R — 1,418,193 — — Weighted average shares outstanding - diluted 7,548,052 10,180,543 7,537,505 7,486,945 Loss (earnings) per share attributable to common stockholders: Basic $ (0.86) $ 0.40 $ (1.07) $ (0.91) Diluted $ (0.86) $ 0.35 $ (1.07) $ (0.91) During the three months ended September 30, 2023, the weighted average dilutive effect of 3,580,720 shares and during the nine months ended September 30, 2023 and 2022, the weighted average dilutive effect of 3,484,881 shares and 2,730,416 shares, respectively, 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. Diluted shares also exclude the 474,515 performance-based Class C OP Units expected to be issued upon conversion of the Class R OP Units on March 31, 2024 if the 2023 FFO performance target is achieved, which is described in Note 12, because their effect would be anti-dilutive. All Class R OP Units will automatically convert to Class C OP Units on March 31, 2024.

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2023
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS The Company evaluates subsequent events until the date the accompanying unaudited condensed consolidated financial statements are issued. Significant subsequent events are described below: Preferred Dividends On October 16, 2023, the Company paid its Series A Preferred Stock dividends of $921,875 for the third quarter of 2023, which were declared by the Company’s board of directors on August 7, 2023. On November 6, 2023, the Company’s board of directors declared Series A Preferred Stock dividends payable of $921,875 for the fourth quarter of 2023, which will be paid on January 16, 2024 to holders of Series A Preferred Stock of record as of December 29, 2023. Common Stock and Class C OP Unit Distributions On June 15, 2023, the Company’s board of directors authorized monthly distributions payable to common stockholders and the Class C OP Unit holders of record as of September 30, 2023, which were paid on October 25, 2023. On October 10, 2023, the Company’s board of directors authorized monthly distributions payable to common stockholders and Class C OP Unit holders of record as of October 31, 2023, November 30, 2023 and December 29, 2023, which will be paid on or about November 27, 2023, December 26, 2023 and January 25, 2024, respectively. The monthly distribution amount of $0.095833 per share represents an annualized distribution rate of $1.15 per share of common stock, which is consistent with the annual dividend rate paid since October 1, 2021. On November 6, 2023, the Company’s board of directors authorized monthly distributions of $0.095833 per share payable to common stockholders and Class C OP Unit holders of record as of January 31, 2024, February 29, 2024 and March 29, 2024, which will be paid on or about February 26, 2024, March 25, 2024 and April 25, 2024, respectively. Kalera Mechanic's Liens On October 31, 2023, Kalera filed a motion with the bankruptcy court to reject the Company’s lease and abandon all of its property located at the premises effective as of October 31, 2023, subject to approval of the motion by the bankruptcy court. The Company is exploring its legal options and may make certain demands and objections relating to damages the Company has incurred in connection with the Kalera bankruptcy. Because the Company’s lease will be rejected once the bankruptcy court enters an order approving Kalera's motion, the Company will be responsible for the mechanic's liens with a face amount of $3,110,443 and will seek to find a new tenant or sell the property. The Company has engaged in preliminary discussions with prospective tenants in anticipation of the lease being rejected. The accompanying condensed consolidated balance sheet as of September 30, 2023 includes the estimated amount of $2,350,000 to settle the pending mechanic’s liens at less than face value, which was recorded as construction in progress for the improvements at the Company’s Saint Paul, Minnesota property and a corresponding accrued liability.

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	9 Months Ended
	Sep. 30, 2023
Accounting Policies [Abstract]
Basis of Presentation and Principles of Consolidation	Basis of Presentation and Principles of Consolidation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) for interim financial statements as contained within the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) and the rules and regulations of the Securities and Exchange Commission (the “SEC”). Accordingly, they do not contain all information and footnotes required by GAAP for annual financial statements pursuant to those rules and regulations, although the Company believes that the disclosures made are adequate to make the information not misleading. Such unaudited condensed consolidated financial statements and notes are the representations of the Company’s management, which is responsible for their integrity and objectivity. These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements as of December 31, 2022 included in the Company’s Annual Report on Form 10-K filed with the SEC on March 13, 2023. The accompanying unaudited condensed consolidated financial statements have been prepared on the same basis as the annual consolidated financial statements and, in the opinion of management, reflect all adjustments, which are normal and recurring, necessary to fairly state the Company's financial position, results of operations and cash flows. All significant intercompany balances and transactions are eliminated in consolidation. The unaudited condensed consolidated balance sheet as of December 31, 2022 included herein was derived from the audited financial statements.
Noncontrolling Interests in the Operating Partnership	Noncontrolling Interests in the Operating Partnership The Company accounts for the noncontrolling interests in its Operating Partnership in accordance with the related accounting guidance. Due to the Company's exclusive responsibility and discretion in the management and control of the Operating Partnership through its general partnership interest therein, the Operating Partnership, including its wholly-owned subsidiaries, are consolidated with the Company, and the limited partner interests not held by the Company are reflected as noncontrolling interests in the accompanying unaudited condensed consolidated balance sheets and statements of equity. As discussed in Note 12, other than the noncontrolling interests related to “UPREIT” transactions completed in January 2022 and April 2023, 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 .
Use of Estimates	Use of Estimates The preparation of the accompanying unaudited condensed consolidated financial statements and the accompanying notes thereto in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the unaudited condensed consolidated financial statements and accompanying notes. These estimates are based on historical experience and, in some cases, assumptions based on current and future market experience. Actual results may differ from those estimates.
Real Estate Acquisitions	Real Estate Acquisitions In accordance with ASC 805, Business Combinations , the Company evaluates each real estate acquisition to determine whether to account for the acquisition as an asset acquisition or a business combination. When it concludes that substantially all of the fair value of the gross asset is concentrated in a single identifiable asset rather than an integrated set of activities and assets, the Company recognizes the acquisition of a real estate asset rather than a business combination, and allocates the acquisition cost to tangible and intangible assets based on their relative fair values. All of the Company's real estate acquisitions for the nine months ended September 30, 2023 and the year ended December 31, 2022 have been accounted for as asset acquisitions.
Revenue Recognition	Revenue Recognition The Company accounts for leases in accordance with FASB Accounting Standards Update (“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 No. 2016-02 (collectively “Topic 842”). 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. 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 accompanying unaudited condensed consolidated statements of operations. The Company recognizes rental income from tenants under operating leases on a straight-line basis over the noncancelable 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, the 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. The Company records tenant reimbursements on a gross basis in instances when its tenants reimburse the Company for lessor costs, including real estate taxes, which the Company incurs. Conversely, the Company records lessor costs on a net basis when these costs are paid directly by the Company's tenants to suppliers and service providers, including taxing authorities, on the Company's behalf. To the extent any tenant responsible for these obligations under the applicable lease defaults on such lease, or if it is deemed probable that the tenant will fail to pay for these obligations, the Company records a liability for such obligations. 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, Gain or Loss on Sale of Real Estate Investments	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 accompanying unaudited condensed 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 during both the three and nine months ended September 30, 2023 and 2022 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 unaudited condensed consolidated statements of operations.
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 investments in real estate properties may not be recoverable. When indicators of potential impairment are present that indicate that the carrying amounts of investments in real estate properties may not be recoverable, management assesses whether the carrying value of the investments in 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 investments in real estate properties, the Company records an impairment charge to the extent the carrying value exceeds the estimated fair value of the investments in real estate properties.
Treasury Stock	Treasury Stock The Company accounts for repurchased shares of its Class C common stock as treasury stock. Treasury shares are recorded at cost and are included as a component of equity in the Company's accompanying unaudited condensed consolidated balance sheets as of September 30, 2023 and December 31, 2022.
Fair Value Disclosures	Fair Value 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, tenant receivables, prepaid expenses and other assets and accounts payable, accrued and other liabilities: These balances approximate their fair values due to their short maturities. Investment in preferred stock: The Company’s investment in preferred stock is presented at fair value in the accompanying unaudited condensed consolidated balance sheet using Level 3 inputs. The preferred stock investment has been recorded at fair value by incorporating both the Monte Carlo simulation model and a dividend discount model. These models incorporate risk-free rates, stock prices, yield and volatility. The development and determination of the unobservable inputs for Level 3 fair value measurements and fair value calculations are the responsibility of the Company’s management with the assistance of an independent third-party valuation specialist. Derivative Instruments: The Company’s derivative instruments are presented at fair value in the accompanying unaudited condensed consolidated balance sheets. The valuation of these instruments is determined using a 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 on the contracts, are incorporated in the fair values to account for potential nonperformance risk. Credit facility: The fair values of the Company’s credit facility approximate the carrying value as their interest rate and other terms are comparable to those available in the marketplace for similar credit facilities. Mortgage notes payable: The fair values of the Company’s mortgage notes payable are 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 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. Related party transactions: The Company has concluded that it is not practical to determine the estimated fair value of related party transactions. Disclosure rules for fair value measurements require that for financial instruments for which it is not practicable to estimate fair value, information pertinent to those instruments be disclosed. Further information as to these financial transactions with related parties is included in Note 10.
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 as of the balance sheet date: (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 “other assets related to real estate investments held for sale,” respectively, in the accompanying unaudited condensed consolidated balance sheets. Other liabilities related to real estate investments held for sale are classified as “liabilities related to real estate investments held for sale” in the accompanying unaudited condensed 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 unaudited condensed consolidated statements of operations.
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 accompanying unaudited condensed 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. If the Company elects to designate a derivative in a hedging relationship and the hedging relationship satisfies the criteria necessary to apply hedge accounting, the derivative is designated as a cash flow hedge and the unrealized holding gain or loss on the interest rate swap is presented in comprehensive (loss) income and accumulated other comprehensive income in the Company's accompanying unaudited condensed consolidated statements of comprehensive (loss) income and condensed consolidated balance sheets, respectively. 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, net of derivative settlements and unrealized gain on interest rate swaps in the Company's accompanying unaudited condensed consolidated statements of operations. The Company has entered 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.
Restricted Operating Partnership Unit Awards	Restricted Operating Partnership Unit Awards Historically, the fair values of the restricted Operating Partnership unit awards issued or granted by the Company were based on an 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 restricted Operating Partnership 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 Transactions (each as defined and discussed in Note 12 ) are recorded in equity under noncontrolling interests in the Operating Partnership in the Company's accompanying unaudited condensed 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. Compensation cost is recorded for units to be issued subject to a performance condition when it is probable that the performance condition will be met.
Immaterial Error Corrections	Immaterial Error Corrections During the first quarter of 2023, management determined that its prior treatment of property taxes in those instances where the Company was responsible for paying property taxes and subsequently seeking tenant reimbursement should be treated differently than those instances where property taxes were paid directly by tenants to taxing authorities. Management determined that property taxes paid directly by tenants to taxing authorities should not have been recorded in the Company’s accompanying unaudited condensed consolidated statements of operations for the prior year periods in accordance with ASU 2018-20 “Leases (Topic 842) - Narrow-Scope Improvements for Lessors.” Accordingly, the Company’s accompanying unaudited condensed consolidated statements of operations for the three and nine months ended September 30, 2022 reflect an adjustment to reduce rental income and a corresponding reduction in property expenses of $648,271 and $1,784,668, respectively, for such property taxes and the Company's consolidated balance sheet as of December 31, 2022 reflects a reduction in tenant receivables with a corresponding reduction in accounts payable, accrued and other liabilities of $1,596,127. The corrections did not affect net income (loss) or net income (loss) per share for the three and nine months ended September 30, 2022 in the accompanying unaudited condensed consolidated statements 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 accompanying unaudited condensed consolidated statements of operations for the three and nine months ended September 30, 2022 reflect an increase in rental income and a corresponding reduction in the gain on sale of real estate investments of $739,255 and $1,546,976, respectively. The reclassification did not affect net income (loss) or net income (loss) per share for the three and nine months ended September 30, 2022 in the accompanying unaudited condensed consolidated statements of operations.
Recent Accounting Pronouncements	Recent Accounting Pronouncements New Accounting Standards Recently Issued and Not Yet Adopted In August 2023, the FASB issued ASU 2023-05, Business Combinations – Joint Venture Formations (Subtopic 805-60) (“ASU 2023-05”), which addresses the accounting for contributions made to a joint venture, upon formation, in a joint venture’s separate financial statements. At present, GAAP does not provide specific authoritative guidance on how a joint venture, upon formation, should recognize and initially measure assets contributed and liabilities assumed. ASU 2023-05 will require that a joint venture apply a new basis of accounting upon formation. By applying the new basis of accounting, a joint venture, upon formation, will recognize and initially measure its assets and liabilities at fair value (with exceptions to fair value measurement that are consistent with the business combinations guidance). The amendments in ASU 2023-05 are effective prospectively for all joint ventures formed on or after January 1, 2025. Joint ventures formed prior to January 1, 2025 may elect to apply the amendments retrospectively and early adoption is permitted. The Company does not currently anticipate any material impact from the implementation of ASU 2023-05.

REAL ESTATE INVESTMENTS, NET (T

REAL ESTATE INVESTMENTS, NET (Tables)	9 Months Ended
	Sep. 30, 2023
Real Estate [Abstract]
Schedule of Real Estate Properties	The following table provides summary information regarding the Company’s 42 operating properties held for investment and use as of September 30, 2023: Property Tenant Location Acquisition Date Property Type Land, Buildings and Improvements Equipment Tenant Origination and Absorption Costs Accumulated Depreciation and Amortization Total Investment in Real Estate Property, Net Northrop Grumman Melbourne, FL 3/7/2017 Industrial $ 13,608,084 $ — $ 1,469,737 $ (4,361,816) $ 10,716,005 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 (2,095,659) 10,758,489 AvAir Chandler, AZ 12/28/2017 Industrial 27,357,899 — — (4,019,833) 23,338,066 3M DeKalb, IL 3/29/2018 Industrial 14,762,819 — 3,037,057 (5,983,018) 11,816,858 Taylor Fresh Foods Yuma, AZ 10/24/2019 Industrial 34,194,369 — 2,894,017 (5,231,624) 31,856,762 Levins Sacramento, CA 12/31/2019 Industrial 4,429,390 — 221,927 (820,330) 3,830,987 Labcorp San Carlos, CA 12/31/2019 Industrial 9,672,174 — 408,225 (766,203) 9,314,196 WSP USA San Diego, CA 12/31/2019 Industrial 9,896,800 — 539,633 (1,335,830) 9,100,603 ITW Rippey El Dorado, CA 12/31/2019 Industrial 7,337,873 — 304,387 (1,005,487) 6,636,773 L3Harris San Diego, CA 12/31/2019 Industrial 11,690,952 — 662,101 (1,541,628) 10,811,425 Arrow-TruLine Archbold, OH 12/3/2021 Industrial 11,518,084 — — (742,619) 10,775,465 Kalera Saint Paul, MN 1/31/2022 Industrial 6,412,509 4,429,000 — (580,724) 10,260,785 Lindsay Colorado Springs 1, CO 4/19/2022 Industrial 2,311,934 — — (85,054) 2,226,880 Lindsay Colorado Springs 2, CO 4/19/2022 Industrial 3,314,406 — — (50,615) 3,263,791 Lindsay Dacano, CO 4/19/2022 Industrial 6,889,402 — — (122,707) 6,766,695 Lindsay Alachua, FL 4/19/2022 Industrial 8,518,123 — — (528,808) 7,989,315 Lindsay Franklinton, NC 4/19/2022 Industrial 7,181,113 — — (233,143) 6,947,970 Lindsay Canal Fulton 1, OH 4/19/2022 Industrial 11,345,533 — — (501,441) 10,844,092 Lindsay Canal Fulton 2, OH 4/19/2022 Industrial 10,190,942 — — (459,435) 9,731,507 Lindsay Rock Hill, SC 4/19/2022 Industrial 6,555,983 — — (245,356) 6,310,627 Lindsay Gap, PA 4/13/2023 Industrial 16,580,044 — — (341,909) 16,238,135 Producto Endicott, NY 7/15/2022 Industrial 2,362,310 — — (94,432) 2,267,878 Producto Jamestown, NY 7/15/2022 Industrial 3,073,686 — — (115,606) 2,958,080 Valtir Centerville, UT 7/26/2022 Industrial 4,685,355 — — (141,509) 4,543,846 Valtir Orangeburg, SC 7/26/2022 Industrial 4,243,308 — — (168,370) 4,074,938 Valtir Fort Worth, TX 7/26/2022 Industrial 3,278,522 — — (75,029) 3,203,493 Valtir Lima, OH 8/4/2022 Industrial 9,921,943 — — (415,965) 9,505,978 Plastic Products Princeton, MN 1/26/2023 Industrial 6,118,411 — 553,780 (413,432) 6,258,759 Stealth Manufacturing Savage, MN 3/31/2023 Industrial 5,526,310 — — (91,887) 5,434,423 Summit Steel Reading, PA 4/13/2023 Industrial 11,397,091 — — (182,790) 11,214,301 PBC Linear Roscoe, IL 4/20/2023 Industrial 20,023,978 — — (337,592) 19,686,386 Cameron Tool Lansing, MI 5/3/2023 Industrial 5,776,590 — — (85,644) 5,690,946 S.J. Electro Systems Detroit Lakes, MN 5/5/2023 Industrial 6,314,057 — — (69,079) 6,244,978 S.J. Electro Systems Plymouth, MN 5/5/2023 Industrial 2,225,635 — — (34,525) 2,191,110 S.J. Electro Systems Ashland, OH 5/5/2023 Industrial 7,555,211 — — (79,864) 7,475,347 Titan Alleyton, TX 5/11/2023 Industrial 17,146,503 — — (334,377) 16,812,126 Vistech Piqua, OH 7/3/2023 Industrial 13,550,932 — — (109,232) 13,441,700 SixAxis Andrews, SC 7/11/2023 Industrial 15,470,096 — — (154,425) 15,315,671 (Operating properties table continued) Property Tenant Location Acquisition Date Property Type Land, Buildings and Improvements Equipment Tenant Origination and Absorption Costs Accumulated Depreciation and Amortization Total Investment in Real Estate Property, Net KIA/Trophy of Carson Carson, CA 1/18/2022 Retail $ 69,286,444 $ — $ 118,606 $ (1,814,016) $ 67,591,034 Costco Issaquah, WA 12/20/2018 Office 27,585,942 — 2,765,136 (6,289,044) 24,062,034 Solar Turbines San Diego, CA 12/31/2019 Office 7,186,694 — 324,221 (881,175) 6,629,740 OES (1) Rancho Cordova, CA 12/31/2019 Office 29,632,580 — 1,616,610 (4,646,438) 26,602,752 $ 508,299,641 $ 4,429,000 $ 15,929,385 $ (47,587,670) $ 481,070,356 (1) Effective December 31, 2022, the Company and Sutter Health agreed to the early termination of the Sutter Health lease. 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.
Schedule of Acquisitions	During the nine months ended September 30, 2023, the Company acquired 12 industrial manufacturing real estate properties as follows: Property Tenant Location Acquisition Date Land Buildings and Tenant Below- Acquisition Price Plastic Products Princeton, MN 1/26/2023 $ 421,997 $ 5,696,414 $ 553,780 $ (285,139) $ 6,387,052 Stealth Manufacturing Savage, MN 3/31/2023 770,752 4,755,558 — — 5,526,310 Lindsay (1) Gap, PA 4/13/2023 2,125,604 14,454,440 — — 16,580,044 Summit Steel (2) Reading, PA 4/13/2023 1,517,782 9,879,309 — — 11,397,091 PBC Linear Roscoe, IL 4/20/2023 699,198 19,324,780 — — 20,023,978 Cameron Tool Lansing, MI 5/03/2023 246,355 5,530,235 — — 5,776,590 S.J. Electro Systems Detroit Lakes, MN 5/05/2023 1,736,976 4,577,081 — — 6,314,057 S.J. Electro Systems Plymouth, MN 5/05/2023 627,903 1,597,732 — — 2,225,635 S.J. Electro Systems Ashland, OH 5/05/2023 251,233 7,303,978 — — 7,555,211 Titan Alleyton, TX 5/11/2023 2,056,161 15,090,342 — — 17,146,503 Vistech Piqua, OH 7/03/2023 922,310 12,628,622 — — 13,550,932 SixAxis Andrews, SC 7/11/2023 1,228,874 14,241,222 — — 15,470,096 $ 12,605,145 $ 115,079,713 $ 553,780 $ (285,139) $ 127,953,499 (1) In addition, the Company provided a $1,800,000 deposit to fund improvements to the previously acquired Lindsay property in Franklinton, North Carolina. (2) The Company issued 287,516 Class C OP Units (as defined below) valued at $5,175,284 based on an agreed upon value of $18.00 per unit for a portion of the purchase price. The noncancellable lease terms of the properties acquired during the nine months ended September 30, 2023 are as follows: Property Tenant Lease Expiration Plastic Products 10/31/2028 Stealth Manufacturing 3/31/2043 Lindsay 4/30/2047 Summit Steel 4/30/2043 PBC Linear 4/30/2043 Cameron Tool 5/31/2043 S.J. Electro Systems, for all three properties acquired 5/31/2040 Titan 5/31/2043 Vistech 7/31/2048 SixAxis 7/31/2048
Schedule of Dispositions and Real Estate Investments Held for Sale	During the nine months ended September 30, 2023, the Company sold 14 real estate properties as follows: Property Tenant Location Disposition Date Property Type Rentable Square Feet Contract Sale Price (Loss) Gain on Sale Net Proceeds Dollar General Litchfield, ME 8/10/2023 Retail 9,026 $ 1,247,974 $ — (1) $ — (1) Dollar General Wilton, ME 8/10/2023 Retail 9,100 1,452,188 — (1) — (1) Dollar General Thompsontown, PA 8/10/2023 Retail 9,100 1,111,832 — (1) — (1) Dollar General Mt. Gilead, OH 8/10/2023 Retail 9,026 1,066,451 — (1) — (1) Dollar General Lakeside, OH 8/10/2023 Retail 9,026 1,134,522 — (1) — (1) Dollar General Castalia, OH 8/10/2023 Retail 9,026 1,111,832 — (1) — (1) Dollar General Bakersfield, CA 8/10/2023 Retail 18,827 4,855,751 — (1) — (1) Dollar General Big Spring, TX 8/10/2023 Retail 9,026 1,270,665 — (1) — (1) Dollar Tree Morrow, GA 8/10/2023 Retail 10,906 1,293,355 — (1) — (1) PreK Education San Antonio, TX 8/10/2023 Retail 50,000 12,888,169 — (1) — (1) Walgreens Santa Maria, CA 8/10/2023 Retail 14,490 6,081,037 — (1) — (1) exp US Services Maitland, FL 8/10/2023 Office 33,118 5,899,514 — (1) — (1) GSA (MSHA) Vacaville, CA 8/10/2023 Office 11,014 2,586,710 (1,887,040) (1) 39,014,581 (1) EMC Shop Rocklin, CA 8/31/2023 Flex 40,110 5,466,960 178,239 5,459,211 241,795 $ 47,466,960 $ (1,708,801) $ 44,473,792 (1) Represents the combined net loss on sale of $1,887,040 and net proceeds of $39,014,581 for the August 10, 2023 sale of 13 properties to Generation Income Properties, Inc. (NASDAQ: GIPR) (“GIPR”). September 30, December 31, Assets related to real estate investments held for sale: Land, buildings and improvements $ 11,047,348 $ 6,357,172 Tenant origination and absorption costs 1,558,739 355,252 Accumulated depreciation and amortization (3,977,901) (1,456,699) Real estate investments held for sale, net 8,628,186 5,255,725 Other assets, net 46,158 12,765 Total assets related to real estate investments held for sale: $ 8,674,344 $ 5,268,490 Liabilities related to real estate investments held for sale: Other liabilities, net $ 162,349 $ 117,881 Total liabilities related to real estate investments held for sale: $ 162,349 $ 117,881
Schedules of Asset and Rental Income Concentration	As of September 30, 2023 and December 31, 2022, the Company’s real estate portfolio asset concentration (greater than 10% of total assets) was as follows: September 30, 2023 December 31, 2022 Property Tenant and Location Net Carrying Value Percentage of Net Carrying Value Percentage of KIA, Carson, CA $ 67,591,034 12.5 % $ 68,387,431 15.0 % During the three and nine months ended September 30, 2023 and 2022, the Company’s rental income concentration (greater than 10% of rental income) was as follows: Three Months Ended September 30, 2023 2022 Property Tenant and Location Rental Income Percentage of Rental Income Percentage of Lindsay, nine properties acquired in: Colorado (three), Ohio (two), Pennsylvania, North Carolina, South Carolina and Florida $ 1,652,422 13.2 % $ 1,204,970 11.7 % KIA, Carson, CA $ 1,289,545 10.3 % $ 1,306,851 12.7 % Nine Months Ended September 30, 2023 2022 Property Tenant and Location Rental Income Percentage of Rental Income Percentage of Lindsay, nine properties acquired in: Colorado (three), Ohio (two), Pennsylvania, North Carolina, South Carolina and Florida $ 4,474,870 12.9 % (1) (1) KIA, Carson, CA $ 3,879,601 11.2 % $ 3,666,632 12.2 % (1) The Lindsay properties represented a source of greater than 10% of total rental income during the nine months ended September 30, 2023 but not the nine months ended September 30, 2022 since eight of the Lindsay properties were acquired on April 19, 2022 and one was acquired on April 13, 2023.
Schedule of Rental Payments for Operating Leases	As of September 30, 2023, the future minimum contractual rent payments due to the Company under the Company’s non-cancellable operating leases, including lease amendments executed though the date of this report, if any, are as follows: October through December 2023 $ 9,727,190 2024 39,028,622 2025 38,080,113 2026 34,952,446 2027 34,600,851 Thereafter 559,280,654 $ 715,669,876
Schedule of Intangible Assets	As of September 30, 2023 and December 31, 2022, intangible assets, net related to the Company's real estate were as follows: September 30, 2023 December 31, 2022 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 $ 15,929,385 $ 2,485,510 $ (14,364,650) $ 19,499,749 $ 2,485,510 $ (14,378,808) Accumulated amortization (10,684,573) (1,153,052) 5,265,947 (12,722,558) (634,754) 4,703,122 Net $ 5,244,812 $ 1,332,458 $ (9,098,703) $ 6,777,191 $ 1,850,756 $ (9,675,686)
Schedule of Intangible Assets Amortization	As of September 30, 2023, the amortization of intangible assets for the remaining three months of the current year ending December 31, 2023 and for each of the next four years and thereafter is expected to be as follows: Tenant Origination and Absorption Costs Above-Market Lease Intangibles Below-Market Lease Intangibles October through December 2023 $ 253,294 $ 18,499 $ (230,099) 2024 1,013,175 73,999 (920,395) 2025 815,130 70,712 (920,395) 2026 466,644 54,278 (920,395) 2027 449,972 54,278 (920,395) Thereafter 2,246,597 1,060,692 (5,187,024) $ 5,244,812 $ 1,332,458 $ (9,098,703) Weighted-average remaining amortization period 8.6 years 23.2 years 10.1 years

UNCONSOLIDATED INVESTMENT IN _2

UNCONSOLIDATED INVESTMENT IN REAL ESTATE PROPERTY (Tables)	9 Months Ended
	Sep. 30, 2023
Investments, Debt and Equity Securities [Abstract]
Schedule of Investments	The Company’s investment in unconsolidated property as of September 30, 2023 and December 31, 2022 is as follows: September 30, December 31, The TIC Interest $ 10,035,805 $ 10,007,420
Schedule of Properties Equity In Earnings	The Company’s income from investment in unconsolidated property for the three and nine months ended September 30, 2023 and 2022 is as follows: Three Months Ended Nine Months Ended 2023 2022 2023 2022 The TIC Interest $ 79,164 $ 64,358 $ 207,506 $ 226,690
Schedule of Summarized Financial Information	The following is summarized financial information for the Santa Clara property as of September 30, 2023 and December 31, 2022 and for the three and nine months ended September 30, 2023 and 2022: September 30, December 31, Assets: Real estate investments, net $ 28,823,530 $ 29,294,081 Cash and cash equivalents 532,634 300,405 Other assets 77,366 43,159 Total assets $ 29,433,530 $ 29,637,645 Liabilities: Mortgage note payable, net $ 12,717,835 $ 12,936,929 Below-market lease, net 2,404,409 2,514,199 Other liabilities 508,776 424,662 Total liabilities 15,631,020 15,875,790 Total equity 13,802,510 13,761,855 Total liabilities and equity $ 29,433,530 $ 29,637,645 Three Months Ended Nine Months Ended 2023 2022 2023 2022 Total revenues $ 693,170 $ 679,500 $ 2,036,365 $ 2,071,258 Operating expenses: Depreciation and amortization 257,844 264,820 780,802 788,732 Other expenses 193,902 190,527 572,749 565,851 Total operating expenses 451,746 455,347 1,353,551 1,354,583 Operating income 241,424 224,153 682,814 716,675 Interest expense 132,547 135,640 395,810 404,902 Net income $ 108,877 $ 88,513 $ 287,004 $ 311,773

INVESTMENT IN PREFERRED STOCK (

INVESTMENT IN PREFERRED STOCK (Tables)	9 Months Ended
	Sep. 30, 2023
Equity Method Investments and Joint Ventures [Abstract]
Schedule of Investment in Preferred Stock	The Company’s investment in preferred stock as of September 30, 2023 is as follows: September 30, Liquidation value of GIPR preferred stock $ 12,000,000 Adjustment to reduce liquidation value to fair value (2,380,000) Fair value of GIPR preferred stock as of August 10, 2023 9,620,000 Increase in fair value of preferred stock for the period ended September 30, 2023 440,000 Fair value of GIPR preferred stock as of September 30, 2023 $ 10,060,000

OTHER BALANCE SHEET DETAILS (Ta

OTHER BALANCE SHEET DETAILS (Tables)	9 Months Ended
	Sep. 30, 2023
Payables and Accruals [Abstract]
Schedule of Supplemental Detail Disclosures for Consolidated Balance Sheet	As of September 30, 2023 and December 31, 2022, tenant receivables consisted of the following: September 30, December 31, Straight-line rent $ 10,793,380 $ 6,607,220 Tenant rent and billed reimbursements 58,444 196,477 Accrued tenant reimbursements 359,234 459,505 Total $ 11,211,058 $ 7,263,202 As of September 30, 2023 and December 31, 2022, prepaid expenses and other assets were comprised of the following: September 30, December 31, Deferred tenant allowance (1) $ 267,334 $ 2,564,806 Prepaid expenses and other assets (2) 3,773,714 2,420,777 Deferred financing costs on credit facility revolver 840,335 1,115,354 Total $ 4,881,383 $ 6,100,937 (1) Deferred tenant balances for the Pre-K Education and Walgreens leases were disposed in the August 10, 2023 sale transaction. (2) The balance as of September 30, 2023 includes deposits of $1,800,000 for improvements to be made to the Lindsay property in Franklinton, North Carolina. The balance as of December 31, 2022 includes a deposit of $440,548 for completion of ongoing improvements to the Lindsay property in Dacono, Colorado. As of September 30, 2023 and December 31, 2022, accounts payable, accrued and other liabilities were comprised of the following: September 30, December 31, Accounts payable $ 557,643 $ 1,001,411 Accrued expenses (1) 4,076,883 2,163,821 Accrued distributions and dividends 1,801,856 1,768,068 Accrued interest payable 321,278 285,392 Unearned rent 1,792,912 1,870,057 Lease incentive obligation 343,058 561,057 Total $ 8,893,630 $ 7,649,806 (1) The balance as of September 30, 2023 includes an accrued liability of $2,350,000 for construction in progress for improvements at the Kalera property to which the Company obtained the rights upon the rejection of Kalera's lease in its bankruptcy proceedings effective October 31, 2023 (see Note 11 for additional information).

DEBT (Tables)

DEBT (Tables)	9 Months Ended
	Sep. 30, 2023
Debt Disclosure [Abstract]
Schedule of Long-Term Debt Instruments	The breakdown of debt as of September 30, 2023 and December 31, 2022 is as follows: September 30, December 31, Mortgage notes payable, net $ 34,118,748 $ 44,435,556 Credit facility: Revolver — 3,000,000 Term loan, net 248,385,927 148,018,164 Total $ 282,504,675 $ 195,453,720
Schedule of Debt	As of September 30, 2023 and December 31, 2022, the Company’s mortgage notes payable consisted of the following: Collateral 2023 Principal 2022 Principal Interest Rate (1) Loan Costco property $ 18,850,000 $ 18,850,000 4.85% 1/01/2030 Taylor Fresh Foods property 12,350,000 12,350,000 3.85% 11/01/2029 OES property (2) 3,084,849 13,315,009 4.50% 3/09/2024 Total mortgage notes payable 34,284,849 44,515,009 Plus unamortized mortgage premium, net (3) 10,893 119,245 Less unamortized deferred financing costs (176,994) (198,698) Mortgage notes payable, net $ 34,118,748 $ 44,435,556 (1) Represents the contractual interest rate in effect under the mortgage note payable as of September 30, 2023 for the three mortgages that were not refinanced through a drawdown from the Credit Facility (defined and discussed below) with KeyBank National Association (“KeyBank”) in January 2022 given their prepayment penalties. (2) During August and September 2023, the Company prepaid an aggregate of $10,000,000 principal amount of the mortgage on the OES property following the dispositions completed in August 2023. The Company intends to pay the remainder on or before the loan maturity date. (3) Represents unamortized net mortgage premium acquired through the merger with Rich Uncles Real Estate Investment Trust I on December 31, 2019.
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments	The following summarizes the face value, carrying amount and fair value of the Company’s mortgage notes payable (Level 3 measurement) as of September 30, 2023 and December 31, 2022: September 30, 2023 December 31, 2022 Face Value Carrying Fair Value Face value Carrying Fair Value Mortgage notes payable $ 34,284,849 $ 34,118,748 $ 30,736,613 $ 44,515,009 $ 44,435,556 $ 41,293,644
Schedule of Maturities of Long-term Debt	The following summarizes the future principal repayments of the Company’s mortgage notes payable and Credit Facility as of September 30, 2023: Mortgage Notes Credit Facility Payable Revolver Term Loan Total October through December 2023 $ 179,918 $ — $ — $ 179,918 2024 3,174,547 — — 3,174,547 2025 543,886 — — 543,886 2026 568,369 — — 568,369 2027 593,972 — 250,000,000 250,593,972 Thereafter 29,224,157 — — 29,224,157 Total principal 34,284,849 — 250,000,000 284,284,849 Plus unamortized mortgage premium, net 10,893 — — 10,893 Less deferred financing costs (176,994) — (1,614,073) (1,791,067) Net principal $ 34,118,748 $ — $ 248,385,927 $ 282,504,675
Schedule of Interest Expense	The following is a reconciliation of the components of interest expense, net of derivative settlements and unrealized gain on interest rate swaps for the three and nine months ended September 30, 2023 and 2022: Three Months Ended Nine Months Ended 2023 2022 2023 2022 Mortgage notes payable: Interest expense $ 411,610 $ 488,773 $ 1,354,642 $ 1,762,378 Amortization of deferred financing costs 7,235 7,235 21,705 21,694 Credit facility: Interest expense 4,509,026 1,636,414 10,895,933 3,083,299 Unused commitment fees 94,525 47,543 384,164 119,823 Amortization of deferred financing costs 214,261 120,829 642,783 342,349 Swap derivatives: Derivative cash settlements (1) (1,586,641) 99,942 (4,062,442) 269,442 Unrealized loss (gain) on interest rate swap valuation for first swap (2) 167,926 — (327,824) (589,997) Amortization of interest rate swap valuation (2) (253,092) 59,000 (756,495) 59,000 Unrealized gain on interest rate swap valuation for second swap (3) (710,258) — (1,697,519) — Other 68,326 55,102 306,832 212,179 Interest expense, net $ 2,922,918 $ 2,514,838 $ 6,761,779 $ 5,280,167 (1) The Company entered into two swap transaction instruments for (i) its original $150,000,000 Credit Facility Term Loan (first swap) effective May 31, 2022 and (ii) its additional $100,000,000 Term Loan commitment (second swap) effective November 30, 2022, as described in detail in Note 8 . (2) Due to the Company's $150,000,000 derivative instrument's failure to qualify as a cash flow hedge because it was deemed ineffective for the three and nine months ended September 30, 2023 as described in Note 8 , the $167,926 loss and $327,824 gain in the swap valuation for the three and nine months ended September 30, 2023, respectively, are recognized as an increase and a decrease in interest expense, respectively, and the unrealized gain on interest rate swap derivative previously recorded in accumulated other comprehensive income and noncontrolling interest in operating partnership is being amortized on a straight-line basis as a reduction to interest expense through the maturity date of the loan agreement (see Note 8 for more details). (3) The Company's $100,000,000 derivative instrument was not designated as a cash flow hedge and, therefore, the $710,258 and $1,697,519 gains in the valuation of this swap for the three and nine months ended September 30, 2023, respectively, are reflected as reductions in interest expense (see Note 8

INTEREST RATE SWAP DERIVATIVES

INTEREST RATE SWAP DERIVATIVES (Tables)	9 Months Ended
	Sep. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule 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 September 30, 2023 and December 31, 2022: September 30, 2023 December 31, 2022 Interest Rate Derivative Number of Instruments Notional Reference Weighted Average Fixed Pay Rate (ii) Weighted Number of Instruments Notional Reference Rate Fixed Pay Rate (ii) Remaining Term Designated — $ — — — % 0 years 1 $ 150,000,000 USD - SOFR 4.06 % 4.1 years Non-designated 2 $ 250,000,000 USD - SOFR 4.43 % 3.25 years 1 $ 100,000,000 USD - SOFR 5.24 % 4.1 years (i) The notional amount of the Company’s swaps correspond to the principal balance on the Term Loan. The minimum notional amount (outstanding principal balance at the maturity date) as of September 30, 2023 and December 31, 2022 was $250,000,000. (ii) Based on the terms of the Credit Facility, the fixed pay rate increases if the Company's leverage ratio increases above 50%.
Schedule 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 accompanying unaudited condensed consolidated balance sheets as of September 30, 2023 and December 31, 2022: September 30, 2023 December 31, 2022 Derivative Instrument Balance Sheet Location Number of Fair Value Number of Fair Value Change in Fair Value Interest Rate Swaps Asset - Interest rate swap derivatives, at fair value 2 $ 6,156,179 1 $ 4,629,702 $ 1,526,477 Interest Rate Swaps Liability - Interest rate swap derivatives, at fair value — $ — 1 $ (498,866) $ 498,866

RELATED PARTY TRANSACTIONS (Tab

RELATED PARTY TRANSACTIONS (Tables)	9 Months Ended
	Sep. 30, 2023
Related Party Transactions [Abstract]
Schedule of Related Party Transactions	Total fees incurred and paid or accrued for board of directors' services to the Company for the three and nine months ended September 30, 2023 and 2022 are as follows: Three Months Ended Nine Months Ended Board of Directors Compensation 2023 2022 2023 2022 Payments for services rendered $ 57,500 $ 67,500 $ 192,500 $ 202,500 Value of shares issued for services rendered 70,000 82,500 235,000 247,500 Total $ 127,500 $ 150,000 $ 427,500 $ 450,000 Number of shares issued for services rendered 4,194 5,651 17,455 14,916 The Company's taxable REIT subsidiary serves as the asset manager of the TIC Interest property and earned asset management fees, including the Company's share of the management fee, for the three and nine months ended September 30, 2023 and 2022 as follows: Three Months Ended Nine Months Ended 2023 2022 2023 2022 TIC Interest management fee $ 65,993 $ 65,993 $ 197,979 $ 197,979 Company's share in the management fee $ 47,984 $ 47,984 $ 143,951 $ 143,951

OPERATING PARTNERSHIP UNITS (Ta

OPERATING PARTNERSHIP UNITS (Tables)	9 Months Ended
	Sep. 30, 2023
Business Combination and Asset Acquisition [Abstract]
Schedule of Share-Based Payment Arrangement, Expensed and Capitalized, Amount	The total stock compensation expenses for the three and nine months ended September 30, 2023 and 2022 were as follows: Three Months Ended Nine Months Ended 2023 2022 2023 2022 Class P OP Units $ 88,783 $ 88,783 $ 266,350 $ 266,350 Class R OP Units - Time Vesting Units 488,887 377,957 1,466,659 1,227,002 Class R OP Units - Performance Units 7,822,197 — 7,822,197 — Class C common stock issued to the board of directors for services (see Note 10 ) 70,000 82,500 235,000 247,500 Total $ 8,469,867 $ 549,240 $ 9,790,206 $ 1,740,852
Schedule of Distributions and Allocations of Net (Loss) Gain	The above Class C OP Units received the following distributions and allocations of net (loss) income during the three and nine months ended September 30, 2023 and 2022 as follows: Three Months Ended Nine Months Ended 2023 2022 2023 2022 Class C OP Units distributions $ 459,955 $ 377,298 $ 1,269,653 $ 1,006,136 Class C OP Units net (loss) income allocation $ (1,368,896) $ 528,540 $ (1,535,452) $ (1,180,275)

EARNINGS (LOSS) PER SHARE (Tabl

EARNINGS (LOSS) PER SHARE (Tables)	9 Months Ended
	Sep. 30, 2023
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) income per share attributable to common stockholders for the three and nine months ended September 30, 2023 and 2022: Three Months Ended Nine Months Ended 2023 2022 2023 2022 Numerator - Basic: Net (loss) income $ (6,905,242) $ 4,450,767 $ (6,854,210) $ (5,232,053) Less: net loss (income) attributable to noncontrolling interest in Operating Partnership 1,368,896 (528,540) 1,535,452 1,180,275 Preferred stock dividends (921,875) (921,875) (2,765,625) (2,765,625) Net (loss) income attributable to common stockholders $ (6,458,221) $ 3,000,352 $ (8,084,383) $ (6,817,403) Numerator - Diluted Net (loss) income $ (6,905,242) $ 4,450,767 $ (6,854,210) $ (5,232,053) Preferred stock dividends (921,875) (921,875) (2,765,625) (2,765,625) Net (loss) income attributable to common stockholders $ (7,827,117) $ 3,528,892 $ (9,619,835) $ (7,997,678) Denominator: Weighted average shares outstanding - basic 7,548,052 7,449,968 7,537,505 7,486,945 Operating Partnership Units - Class C — 1,312,382 — — Operating Partnership Units - Classes M, P and R — 1,418,193 — — Weighted average shares outstanding - diluted 7,548,052 10,180,543 7,537,505 7,486,945 Loss (earnings) per share attributable to common stockholders: Basic $ (0.86) $ 0.40 $ (1.07) $ (0.91) Diluted $ (0.86) $ 0.35 $ (1.07) $ (0.91)

BUSINESS AND ORGANIZATION - Nar

BUSINESS AND ORGANIZATION - Narrative (Details)			3 Months Ended		9 Months Ended		11 Months Ended	12 Months Ended	20 Months Ended
	Aug. 10, 2023 property	Feb. 15, 2022 USD ($) $ / shares	Sep. 30, 2023 ft² property $ / shares shares	Sep. 30, 2022 shares	Sep. 30, 2023 USD ($) ft² property $ / shares shares	Sep. 30, 2022 property shares	Dec. 31, 2022 USD ($) $ / shares shares	Dec. 31, 2022 $ / shares shares	Sep. 30, 2023 ft² property $ / shares shares	Dec. 21, 2022 USD ($)	Sep. 30, 2021 shares
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
Number of square feet of aggregate leasable space (in square foot) | ft²			4,600,000		4,600,000				4,600,000
Number of real estate properties | property			44		44				44
Number of real estate properties sold | property	13				14	7
Tenant-in-common
Business And Organization [Line Items]
Ownership percentage			72.70%		72.70%				72.70%
Industrial Core
Business And Organization [Line Items]
Number of real estate properties | property			39		39				39
Number of real estate properties sold | property						1
Industrial Property Including Tenant-In-Common Interest
Business And Organization [Line Items]
Investment allocation, percentage			76%		76%				76%
Retail
Business And Organization [Line Items]
Number of square feet of aggregate leasable space (in square foot) | ft²			241,795		241,795				241,795
Number of real estate properties | property			1		1				1
Investment allocation, percentage			10%		10%				10%
Office
Business And Organization [Line Items]
Number of real estate properties | property			4		4				4
Investment allocation, percentage			14%		14%				14%
Number of real estate properties sold | property					1	6
Operating Partnership
Business And Organization [Line Items]
Ownership interest (as a percent)					68%			73%
Series A Preferred Stock
Business And Organization [Line Items]
Preferred stock, shares authorized (in shares)			2,000,000		2,000,000		2,000,000	2,000,000	2,000,000
Preferred stock, dividend rate, percentage					7.375%
Authorized amount | $										$ 15,000,000
Series A Preferred Stock | Maximum
Business And Organization [Line Items]
Preferred stock, dividend rate, percentage					9.375%
Common Stock
Business And Organization [Line Items]
Common stock, shares authorized (in shares)			300,000,000		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	$ 0.001
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
Common Stock | Minimum
Business And Organization [Line Items]
Purchase price as a percentage of market price		0%
Common Stock | Maximum
Business And Organization [Line Items]
Purchase price as a percentage of market price		5%
Treasury Stock
Business And Organization [Line Items]
Common stock, shares authorized (in shares)			100,000,000		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	$ 0.001
Preferred Stock
Business And Organization [Line Items]
Preferred stock, shares authorized (in shares)			50,000,000		50,000,000				50,000,000
Preferred stock, par value (in usd per share) | $ / shares			$ 0.001		$ 0.001				$ 0.001
Common Stock
Business And Organization [Line Items]
Authorized amount | $		$ 20,000,000
Common Stock | Common Stock
Business And Organization [Line Items]
Issuance of common stock -distribution reinvestments (in shares)			42,230	43,617	140,965	152,606
Common Stock | Common Stock
Business And Organization [Line Items]
Issuance of common stock -distribution reinvestments (in shares)									351,276
Treasury Stock
Business And Organization [Line Items]
Repurchase of common stock (in shares)					93,357		250,153
Repurchase of common stock | $					$ 1,129,162		$ 4,161,618
Average cost per share of stock shares repurchased (in usd per share) | $ / shares					$ 12.10		$ 16.64

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Accounting Policies [Line Items]
Rental income	$ 12,500,338	$ 10,303,402	$ 34,648,083	$ 30,017,493
Tenant receivables	$ 11,211,058		$ 11,211,058		$ 7,263,202
Revision of Prior Period, Reclassification, Adjustment
Accounting Policies [Line Items]
Tenant receivables					$ 1,596,127
Revision of Prior Period, Reclassification, Adjustment | Reduce In Rental Income
Accounting Policies [Line Items]
Rental income		(648,271)
Revision of Prior Period, Reclassification, Adjustment | Reduction In Property Expenses
Accounting Policies [Line Items]
Rental income				(1,784,668)
Revision of Prior Period, Reclassification, Adjustment | Increase In Rental Income
Accounting Policies [Line Items]
Rental income		$ 739,255
Revision of Prior Period, Reclassification, Adjustment | Reduction In Gain on Sale of Real Estate Investments
Accounting Policies [Line Items]
Rental income				$ 1,546,976

REAL ESTATE INVESTMENTS, NET -

REAL ESTATE INVESTMENTS, NET - Narrative (Details)

1 Months Ended

3 Months Ended

9 Months Ended

Aug. 10, 2023 property

Mar. 31, 2023 USD ($)

Sep. 30, 2023 USD ($) property state

Sep. 30, 2022 USD ($) property states

Sep. 30, 2023 USD ($) property state

Sep. 30, 2022 USD ($) states property

Aug. 01, 2024

Aug. 01, 2023

Jun. 29, 2023 USD ($)

Apr. 18, 2023 $ / ft²

Apr. 17, 2023 $ / ft²

Jan. 23, 2023

Dec. 31, 2017

Real Estate [Line Items]

Number of real estate properties

44

44

Number of states in which entity operates | state

16

16

Number of real estate properties sold

13

14

7

Number of real estate, held-for-investments

42

42

Properties acquired

12

12

Number of states where properties located | states

10

10

Weighted-average remaining amortization period

10 years 7 months 6 days

10 years 7 months 6 days

Tennessee

Real Estate [Line Items]

Impairment of real estate | $

$ 3,499,438

Acquisitions for 2022

Real Estate [Line Items]

Term of contract

24 years

24 years

Kia and Kalera

Real Estate [Line Items]

Revenue related to acquisition | $

$ 3,079,272

$ 3,071,407

$ 5,025,967

$ 6,703,156

Solar Turbines, San Diego, CA

Real Estate [Line Items]

Operating leases extension

2 years

Renewal term, increase in rent (percent)

14%

Solar Turbines, San Diego, CA | Forecast

Real Estate [Line Items]

Renewal term, increase in rent (percent)

3%

The EMC Shop

Real Estate [Line Items]

Initial base annual rent | $

$ 441,210

Levins

Real Estate [Line Items]

Increase in percentage of annual rent rate

69%

Annual rent rate | $ / ft²

7

4.14

The TIC Interest | Rich Uncles Real Estate Investment Trust

Real Estate [Line Items]

Ownership percentage

72.70%

72.70%

72.70%

Industrial Core

Real Estate [Line Items]

Number of real estate properties

39

39

Number of real estate properties sold

1

Properties acquired

15

15

Retail

Real Estate [Line Items]

Number of real estate properties

1

1

Properties acquired

1

1

Office

Real Estate [Line Items]

Number of real estate properties

4

4

Number of real estate properties sold

1

6

Office | EMC Shop, Rocklin, CA

Real Estate [Line Items]

Term of contract

11 years 6 months

REAL ESTATE INVESTMENTS, NET _2

REAL ESTATE INVESTMENTS, NET - Schedule of Real Estate Properties (Details)

9 Months Ended

Sep. 30, 2023 USD ($) property

Jul. 11, 2023 USD ($)

Jul. 03, 2023 USD ($)

Jun. 29, 2023

May 11, 2023 USD ($)

May 05, 2023 USD ($)

May 03, 2023 USD ($)

Apr. 20, 2023 USD ($)

Apr. 13, 2023 USD ($)

Mar. 31, 2023 USD ($)

Jan. 26, 2023 USD ($)

Dec. 31, 2022 USD ($)

Real Estate [Line Items]

Number of real estate, held-for-investments | property

42

Land, Buildings and Improvements

$ 508,299,641

Equipment

4,429,000

$ 4,429,000

Tenant Origination and Absorption Costs

15,929,385

19,499,749

Accumulated Depreciation and Amortization

(47,587,670)

(46,752,322)

Total real estate investments, net, excluding unconsolidated investment in real estate property and real estate investments held for sale, net

481,070,356

$ 410,700,763

Lindsay Gap, PA

Real Estate [Line Items]

Tenant Origination and Absorption Costs

$ 0

Plastic Products, Princeton, MN

Real Estate [Line Items]

Tenant Origination and Absorption Costs

$ 553,780

Stealth Manufacturing, Savage, MN

Real Estate [Line Items]

Tenant Origination and Absorption Costs

$ 0

Summit Steel, Reading, PA

Real Estate [Line Items]

Tenant Origination and Absorption Costs

$ 0

PBC Linear, Roscoe, IL

Real Estate [Line Items]

Tenant Origination and Absorption Costs

$ 0

Cameron Tool, Lansing, MI

Real Estate [Line Items]

Tenant Origination and Absorption Costs

$ 0

S J Electro Systems Detroit Lakes, MN

Real Estate [Line Items]

Tenant Origination and Absorption Costs

$ 0

S J Electro Systems Plymouth, MN

Real Estate [Line Items]

Tenant Origination and Absorption Costs

0

S J Electro Systems Ashland, TX

Real Estate [Line Items]

Tenant Origination and Absorption Costs

$ 0

Titan, Alleyton, TX

Real Estate [Line Items]

Tenant Origination and Absorption Costs

$ 0

Vistech, Piqua, OH

Real Estate [Line Items]

Tenant Origination and Absorption Costs

$ 0

SixAxis, Andrews, SC

Real Estate [Line Items]

Tenant Origination and Absorption Costs

$ 0

Industrial | Northrop Grumman, Melbourne, FL 1

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

(4,361,816)

Total real estate investments, net, excluding unconsolidated investment in real estate property and real estate investments held for sale, net

10,716,005

Industrial | Husqvarna, Charlotte, NC

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

(2,095,659)

Total real estate investments, net, excluding unconsolidated investment in real estate property and real estate investments held for sale, net

10,758,489

Industrial | AvAir, Chandler, AZ

Real Estate [Line Items]

Land, Buildings and Improvements

27,357,899

Equipment

0

Tenant Origination and Absorption Costs

0

Accumulated Depreciation and Amortization

(4,019,833)

Total real estate investments, net, excluding unconsolidated investment in real estate property and real estate investments held for sale, net

23,338,066

Industrial | 3M, DeKalb, IL

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

(5,983,018)

Total real estate investments, net, excluding unconsolidated investment in real estate property and real estate investments held for sale, net

11,816,858

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

(5,231,624)

Total real estate investments, net, excluding unconsolidated investment in real estate property and real estate investments held for sale, net

31,856,762

Industrial | Levins, Sacramento, CA

Real Estate [Line Items]

Land, Buildings and Improvements

4,429,390

Equipment

0

Tenant Origination and Absorption Costs

221,927

Accumulated Depreciation and Amortization

(820,330)

Total real estate investments, net, excluding unconsolidated investment in real estate property and real estate investments held for sale, net

3,830,987

Industrial | Labcorp, San Carlos, CA

Real Estate [Line Items]

Land, Buildings and Improvements

9,672,174

Equipment

0

Tenant Origination and Absorption Costs

408,225

Accumulated Depreciation and Amortization

(766,203)

Total real estate investments, net, excluding unconsolidated investment in real estate property and real estate investments held for sale, net

9,314,196

Industrial | WSP USA, San Diego, CA

Real Estate [Line Items]

Land, Buildings and Improvements

9,896,800

Equipment

0

Tenant Origination and Absorption Costs

539,633

Accumulated Depreciation and Amortization

(1,335,830)

Total real estate investments, net, excluding unconsolidated investment in real estate property and real estate investments held for sale, net

9,100,603

Industrial | ITW Rippey, El Dorado, CA

Real Estate [Line Items]

Land, Buildings and Improvements

7,337,873

Equipment

0

Tenant Origination and Absorption Costs

304,387

Accumulated Depreciation and Amortization

(1,005,487)

Total real estate investments, net, excluding unconsolidated investment in real estate property and real estate investments held for sale, net

6,636,773

Industrial | L3Harris, San Diego, CA

Real Estate [Line Items]

Land, Buildings and Improvements

11,690,952

Equipment

0

Tenant Origination and Absorption Costs

662,101

Accumulated Depreciation and Amortization

(1,541,628)

Total real estate investments, net, excluding unconsolidated investment in real estate property and real estate investments held for sale, net

10,811,425

Industrial | Arrow-TruLine

Real Estate [Line Items]

Land, Buildings and Improvements

11,518,084

Equipment

0

Tenant Origination and Absorption Costs

0

Accumulated Depreciation and Amortization

(742,619)

Total real estate investments, net, excluding unconsolidated investment in real estate property and real estate investments held for sale, net

10,775,465

Industrial | Kalera, Saint Paul, MN

Real Estate [Line Items]

Land, Buildings and Improvements

6,412,509

Equipment

4,429,000

Tenant Origination and Absorption Costs

0

Accumulated Depreciation and Amortization

(580,724)

Total real estate investments, net, excluding unconsolidated investment in real estate property and real estate investments held for sale, net

10,260,785

Industrial | Lindsay, Colorado Springs 1, CO

Real Estate [Line Items]

Land, Buildings and Improvements

2,311,934

Equipment

0

Tenant Origination and Absorption Costs

0

Accumulated Depreciation and Amortization

(85,054)

Total real estate investments, net, excluding unconsolidated investment in real estate property and real estate investments held for sale, net

2,226,880

Industrial | Lindsay, Colorado Springs 2, CO

Real Estate [Line Items]

Land, Buildings and Improvements

3,314,406

Equipment

0

Tenant Origination and Absorption Costs

0

Accumulated Depreciation and Amortization

(50,615)

Total real estate investments, net, excluding unconsolidated investment in real estate property and real estate investments held for sale, net

3,263,791

Industrial | Lindsay, Dacano, CO

Real Estate [Line Items]

Land, Buildings and Improvements

6,889,402

Equipment

0

Tenant Origination and Absorption Costs

0

Accumulated Depreciation and Amortization

(122,707)

Total real estate investments, net, excluding unconsolidated investment in real estate property and real estate investments held for sale, net

6,766,695

Industrial | Lindsay, Alachua, FL

Real Estate [Line Items]

Land, Buildings and Improvements

8,518,123

Equipment

0

Tenant Origination and Absorption Costs

0

Accumulated Depreciation and Amortization

(528,808)

Total real estate investments, net, excluding unconsolidated investment in real estate property and real estate investments held for sale, net

7,989,315

Industrial | Lindsay, Franklinton, NC

Real Estate [Line Items]

Land, Buildings and Improvements

7,181,113

Equipment

0

Tenant Origination and Absorption Costs

0

Accumulated Depreciation and Amortization

(233,143)

Total real estate investments, net, excluding unconsolidated investment in real estate property and real estate investments held for sale, net

6,947,970

Industrial | Lindsay, Canal Fulton 1, OH

Real Estate [Line Items]

Land, Buildings and Improvements

11,345,533

Equipment

0

Tenant Origination and Absorption Costs

0

Accumulated Depreciation and Amortization

(501,441)

Total real estate investments, net, excluding unconsolidated investment in real estate property and real estate investments held for sale, net

10,844,092

Industrial | Lindsay, Canal Fulton 2, OH

Real Estate [Line Items]

Land, Buildings and Improvements

10,190,942

Equipment

0

Tenant Origination and Absorption Costs

0

Accumulated Depreciation and Amortization

(459,435)

Total real estate investments, net, excluding unconsolidated investment in real estate property and real estate investments held for sale, net

9,731,507

Industrial | Lindsay, Rock Hill, SC

Real Estate [Line Items]

Land, Buildings and Improvements

6,555,983

Equipment

0

Tenant Origination and Absorption Costs

0

Accumulated Depreciation and Amortization

(245,356)

Total real estate investments, net, excluding unconsolidated investment in real estate property and real estate investments held for sale, net

6,310,627

Industrial | Lindsay Gap, PA

Real Estate [Line Items]

Land, Buildings and Improvements

16,580,044

Equipment

0

Tenant Origination and Absorption Costs

0

Accumulated Depreciation and Amortization

(341,909)

Total real estate investments, net, excluding unconsolidated investment in real estate property and real estate investments held for sale, net

16,238,135

Industrial | Producto, Endicott, NY

Real Estate [Line Items]

Land, Buildings and Improvements

2,362,310

Equipment

0

Tenant Origination and Absorption Costs

0

Accumulated Depreciation and Amortization

(94,432)

Total real estate investments, net, excluding unconsolidated investment in real estate property and real estate investments held for sale, net

2,267,878

Industrial | Producto, Jamestown, NY

Real Estate [Line Items]

Land, Buildings and Improvements

3,073,686

Equipment

0

Tenant Origination and Absorption Costs

0

Accumulated Depreciation and Amortization

(115,606)

Total real estate investments, net, excluding unconsolidated investment in real estate property and real estate investments held for sale, net

2,958,080

Industrial | Valtir, Centerville, UT

Real Estate [Line Items]

Land, Buildings and Improvements

4,685,355

Equipment

0

Tenant Origination and Absorption Costs

0

Accumulated Depreciation and Amortization

(141,509)

Total real estate investments, net, excluding unconsolidated investment in real estate property and real estate investments held for sale, net

4,543,846

Industrial | Valtir, Orangeburg, SC

Real Estate [Line Items]

Land, Buildings and Improvements

4,243,308

Equipment

0

Tenant Origination and Absorption Costs

0

Accumulated Depreciation and Amortization

(168,370)

Total real estate investments, net, excluding unconsolidated investment in real estate property and real estate investments held for sale, net

4,074,938

Industrial | Valtir, Fort Worth, TX

Real Estate [Line Items]

Land, Buildings and Improvements

3,278,522

Equipment

0

Tenant Origination and Absorption Costs

0

Accumulated Depreciation and Amortization

(75,029)

Total real estate investments, net, excluding unconsolidated investment in real estate property and real estate investments held for sale, net

3,203,493

Industrial | Valtir, Lima, OH

Real Estate [Line Items]

Land, Buildings and Improvements

9,921,943

Equipment

0

Tenant Origination and Absorption Costs

0

Accumulated Depreciation and Amortization

(415,965)

Total real estate investments, net, excluding unconsolidated investment in real estate property and real estate investments held for sale, net

9,505,978

Industrial | Plastic Products, Princeton, MN

Real Estate [Line Items]

Land, Buildings and Improvements

6,118,411

Equipment

0

Tenant Origination and Absorption Costs

553,780

Accumulated Depreciation and Amortization

(413,432)

Total real estate investments, net, excluding unconsolidated investment in real estate property and real estate investments held for sale, net

6,258,759

Industrial | Stealth Manufacturing, Savage, MN

Real Estate [Line Items]

Land, Buildings and Improvements

5,526,310

Equipment

0

Tenant Origination and Absorption Costs

0

Accumulated Depreciation and Amortization

(91,887)

Total real estate investments, net, excluding unconsolidated investment in real estate property and real estate investments held for sale, net

5,434,423

Industrial | Summit Steel, Reading, PA

Real Estate [Line Items]

Land, Buildings and Improvements

11,397,091

Equipment

0

Tenant Origination and Absorption Costs

0

Accumulated Depreciation and Amortization

(182,790)

Total real estate investments, net, excluding unconsolidated investment in real estate property and real estate investments held for sale, net

11,214,301

Industrial | PBC Linear, Roscoe, IL

Real Estate [Line Items]

Land, Buildings and Improvements

20,023,978

Equipment

0

Tenant Origination and Absorption Costs

0

Accumulated Depreciation and Amortization

(337,592)

Total real estate investments, net, excluding unconsolidated investment in real estate property and real estate investments held for sale, net

19,686,386

Industrial | Cameron Tool, Lansing, MI

Real Estate [Line Items]

Land, Buildings and Improvements

5,776,590

Equipment

0

Tenant Origination and Absorption Costs

0

Accumulated Depreciation and Amortization

(85,644)

Total real estate investments, net, excluding unconsolidated investment in real estate property and real estate investments held for sale, net

5,690,946

Industrial | S J Electro Systems Detroit Lakes, MN

Real Estate [Line Items]

Land, Buildings and Improvements

6,314,057

Equipment

0

Tenant Origination and Absorption Costs

0

Accumulated Depreciation and Amortization

(69,079)

Total real estate investments, net, excluding unconsolidated investment in real estate property and real estate investments held for sale, net

6,244,978

Industrial | S J Electro Systems Plymouth, MN

Real Estate [Line Items]

Land, Buildings and Improvements

2,225,635

Equipment

0

Tenant Origination and Absorption Costs

0

Accumulated Depreciation and Amortization

(34,525)

Total real estate investments, net, excluding unconsolidated investment in real estate property and real estate investments held for sale, net

2,191,110

Industrial | S J Electro Systems Ashland, TX

Real Estate [Line Items]

Land, Buildings and Improvements

7,555,211

Equipment

0

Tenant Origination and Absorption Costs

0

Accumulated Depreciation and Amortization

(79,864)

Total real estate investments, net, excluding unconsolidated investment in real estate property and real estate investments held for sale, net

7,475,347

Industrial | Titan, Alleyton, TX

Real Estate [Line Items]

Land, Buildings and Improvements

17,146,503

Equipment

0

Tenant Origination and Absorption Costs

0

Accumulated Depreciation and Amortization

(334,377)

Total real estate investments, net, excluding unconsolidated investment in real estate property and real estate investments held for sale, net

16,812,126

Industrial | Vistech, Piqua, OH

Real Estate [Line Items]

Land, Buildings and Improvements

13,550,932

Equipment

0

Tenant Origination and Absorption Costs

0

Accumulated Depreciation and Amortization

(109,232)

Total real estate investments, net, excluding unconsolidated investment in real estate property and real estate investments held for sale, net

13,441,700

Industrial | SixAxis, Andrews, SC

Real Estate [Line Items]

Land, Buildings and Improvements

15,470,096

Equipment

0

Tenant Origination and Absorption Costs

0

Accumulated Depreciation and Amortization

(154,425)

Total real estate investments, net, excluding unconsolidated investment in real estate property and real estate investments held for sale, net

15,315,671

Land | Northrop Grumman, Melbourne, FL 2

Real Estate [Line Items]

Land, Buildings and Improvements

329,410

Equipment

0

Tenant Origination and Absorption Costs

0

Accumulated Depreciation and Amortization

0

Total real estate investments, net, excluding unconsolidated investment in real estate property and real estate investments held for sale, net

329,410

Retail | KIA/Trophy of Carson, Carson, CA

Real Estate [Line Items]

Land, Buildings and Improvements

69,286,444

Equipment

0

Tenant Origination and Absorption Costs

118,606

Accumulated Depreciation and Amortization

(1,814,016)

Total real estate investments, net, excluding unconsolidated investment in real estate property and real estate investments held for sale, net

67,591,034

Office | Costco, Issaquah, WA

Real Estate [Line Items]

Land, Buildings and Improvements

27,585,942

Equipment

0

Tenant Origination and Absorption Costs

2,765,136

Accumulated Depreciation and Amortization

(6,289,044)

Total real estate investments, net, excluding unconsolidated investment in real estate property and real estate investments held for sale, net

24,062,034

Office | Solar Turbines, San Diego, CA

Real Estate [Line Items]

Land, Buildings and Improvements

7,186,694

Equipment

0

Tenant Origination and Absorption Costs

324,221

Accumulated Depreciation and Amortization

(881,175)

Total real estate investments, net, excluding unconsolidated investment in real estate property and real estate investments held for sale, net

6,629,740

Office | OES, Rancho Cordova, CA

Real Estate [Line Items]

Land, Buildings and Improvements

29,632,580

Equipment

0

Tenant Origination and Absorption Costs

1,616,610

Accumulated Depreciation and Amortization

(4,646,438)

Total real estate investments, net, excluding unconsolidated investment in real estate property and real estate investments held for sale, net

$ 26,602,752

Term of contract

12 years

Lessor, operating lease, early termination period in days

120 days

Office | EMC Shop, Rocklin, CA

Real Estate [Line Items]

Term of contract

11 years 6 months

REAL ESTATE INVESTMENTS, NET _3

REAL ESTATE INVESTMENTS, NET - Acquisition (Details)

9 Months Ended

Apr. 13, 2023 USD ($) property $ / shares shares

Sep. 30, 2023 USD ($) property

Jul. 11, 2023 USD ($)

Jul. 03, 2023 USD ($)

May 11, 2023 USD ($)

May 05, 2023 USD ($)

May 03, 2023 USD ($)

Apr. 20, 2023 USD ($)

Mar. 31, 2023 USD ($)

Jan. 26, 2023 USD ($)

Dec. 31, 2022 USD ($)

Sep. 30, 2022 USD ($)

Apr. 19, 2022 property

Real Estate [Line Items]

Number of real estate properties | property

44

Land

$ 106,263,557

$ 103,657,237

Equipment

4,429,000

4,429,000

Tenant origination and absorption costs

15,929,385

19,499,749

Acquisition Price

528,658,026

$ 457,453,085

Summit Steel and Manufacturing, Inc. | Common Stock

Real Estate [Line Items]

Stock issued during period, value, purchase of assets

5,175,284

Acquisitions for 2023

Real Estate [Line Items]

Land

12,605,145

Buildings and Improvements

115,079,713

Tenant origination and absorption costs

553,780

Below- Market Lease Intangibles

(285,139)

Acquisition Price

$ 127,953,499

Plastic Products, Princeton, MN

Real Estate [Line Items]

Land

$ 421,997

Buildings and Improvements

5,696,414

Tenant origination and absorption costs

553,780

Below- Market Lease Intangibles

(285,139)

Acquisition Price

$ 6,387,052

Stealth Manufacturing, Savage, MN

Real Estate [Line Items]

Land

$ 770,752

Buildings and Improvements

4,755,558

Tenant origination and absorption costs

0

Below- Market Lease Intangibles

0

Acquisition Price

$ 5,526,310

Lindsay Gap, PA

Real Estate [Line Items]

Land

$ 2,125,604

Buildings and Improvements

14,454,440

Tenant origination and absorption costs

0

Below- Market Lease Intangibles

0

Acquisition Price

16,580,044

Summit Steel, Reading, PA

Real Estate [Line Items]

Land

1,517,782

Buildings and Improvements

9,879,309

Tenant origination and absorption costs

0

Below- Market Lease Intangibles

0

Acquisition Price

$ 11,397,091

PBC Linear, Roscoe, IL

Real Estate [Line Items]

Land

$ 699,198

Buildings and Improvements

19,324,780

Tenant origination and absorption costs

0

Below- Market Lease Intangibles

0

Acquisition Price

$ 20,023,978

Cameron Tool, Lansing, MI

Real Estate [Line Items]

Land

$ 246,355

Buildings and Improvements

5,530,235

Tenant origination and absorption costs

0

Below- Market Lease Intangibles

0

Acquisition Price

$ 5,776,590

S J Electro Systems Detroit Lakes, MN

Real Estate [Line Items]

Land

$ 1,736,976

Buildings and Improvements

4,577,081

Tenant origination and absorption costs

0

Below- Market Lease Intangibles

0

Acquisition Price

6,314,057

S J Electro Systems Plymouth, MN

Real Estate [Line Items]

Land

627,903

Buildings and Improvements

1,597,732

Tenant origination and absorption costs

0

Below- Market Lease Intangibles

0

Acquisition Price

2,225,635

S J Electro Systems Ashland, TX

Real Estate [Line Items]

Land

251,233

Buildings and Improvements

7,303,978

Tenant origination and absorption costs

0

Below- Market Lease Intangibles

0

Acquisition Price

$ 7,555,211

Titan, Alleyton, TX

Real Estate [Line Items]

Land

$ 2,056,161

Buildings and Improvements

15,090,342

Tenant origination and absorption costs

0

Below- Market Lease Intangibles

0

Acquisition Price

$ 17,146,503

Vistech, Piqua, OH

Real Estate [Line Items]

Land

$ 922,310

Buildings and Improvements

12,628,622

Tenant origination and absorption costs

0

Below- Market Lease Intangibles

0

Acquisition Price

$ 13,550,932

SixAxis, Andrews, SC

Real Estate [Line Items]

Land

$ 1,228,874

Buildings and Improvements

14,241,222

Tenant origination and absorption costs

0

Below- Market Lease Intangibles

0

Acquisition Price

$ 15,470,096

SJE

Real Estate [Line Items]

Number of real estate properties | property

3

Acquisitions for 2022

Real Estate [Line Items]

Acquisition Price

$ 162,313,032

Lindsay Precast, LLC

Real Estate [Line Items]

Number of real estate properties | property

1

9

8

Lindsay, Franklinton, NC | North Carolina

Real Estate [Line Items]

Replacement reserve escrow

$ 1,800,000

Summit Steel and Manufacturing, Inc. | Summit Steel and Manufacturing, Inc. | Common Stock

Real Estate [Line Items]

Equity interest issued and issuable, number of shares (in shares) | shares

287,516

Equity interest issued and issuable (in usd per share) | $ / shares

$ 18

REAL ESTATE INVESTMENTS, NET _4

REAL ESTATE INVESTMENTS, NET - Dispositions (Details)			3 Months Ended		9 Months Ended
	Aug. 31, 2023 USD ($) ft²	Aug. 10, 2023 USD ($) ft²	Sep. 30, 2023 USD ($) ft²	Sep. 30, 2022 USD ($) ft²	Sep. 30, 2023 USD ($) ft²	Sep. 30, 2022 USD ($) ft²
Real Estate [Line Items]
Rentable Square Feet | ft²			4,600,000		4,600,000
(Loss) gain on sale of real estate investments			$ (1,708,801)	$ 3,932,028	$ (1,708,801)	$ 11,527,185
Retail
Real Estate [Line Items]
Rentable Square Feet | ft²			241,795		241,795
Contract Sale Price			$ 47,466,960		$ 47,466,960
(Loss) gain on sale of real estate investments					(1,708,801)
Net Proceeds					$ 44,473,792
Retail | Dollar General, Litchfield, ME
Real Estate [Line Items]
Rentable Square Feet | ft²		9,026
Contract Sale Price		$ 1,247,974
(Loss) gain on sale of real estate investments		0
Net Proceeds		$ 0
Retail | Dollar General, Wilton, ME
Real Estate [Line Items]
Rentable Square Feet | ft²		9,100
Contract Sale Price		$ 1,452,188
(Loss) gain on sale of real estate investments		0
Net Proceeds		$ 0
Retail | Dollar General, Thompsontown, PA
Real Estate [Line Items]
Rentable Square Feet | ft²		9,100
Contract Sale Price		$ 1,111,832
(Loss) gain on sale of real estate investments		0
Net Proceeds		$ 0
Retail | Dollar General, Mt. Gilead, OH
Real Estate [Line Items]
Rentable Square Feet | ft²		9,026
Contract Sale Price		$ 1,066,451
(Loss) gain on sale of real estate investments		0
Net Proceeds		$ 0
Retail | Dollar General, Lakeside, OH
Real Estate [Line Items]
Rentable Square Feet | ft²		9,026
Contract Sale Price		$ 1,134,522
(Loss) gain on sale of real estate investments		0
Net Proceeds		$ 0
Retail | Dollar General, Castalia, OH
Real Estate [Line Items]
Rentable Square Feet | ft²		9,026
Contract Sale Price		$ 1,111,832
(Loss) gain on sale of real estate investments		0
Net Proceeds		$ 0
Retail | Dollar General, Bakersfield
Real Estate [Line Items]
Rentable Square Feet | ft²		18,827
Contract Sale Price		$ 4,855,751
(Loss) gain on sale of real estate investments		0
Net Proceeds		$ 0
Retail | Dollar General, Big Spring, TX
Real Estate [Line Items]
Rentable Square Feet | ft²		9,026
Contract Sale Price		$ 1,270,665
(Loss) gain on sale of real estate investments		0
Net Proceeds		$ 0
Retail | Dollar Tree, Morrow
Real Estate [Line Items]
Rentable Square Feet | ft²		10,906
Contract Sale Price		$ 1,293,355
(Loss) gain on sale of real estate investments		0
Net Proceeds		$ 0
Retail | PreK Education, San Antonio
Real Estate [Line Items]
Rentable Square Feet | ft²		50,000
Contract Sale Price		$ 12,888,169
(Loss) gain on sale of real estate investments		0
Net Proceeds		$ 0
Retail | Walgreens Santa Maria
Real Estate [Line Items]
Rentable Square Feet | ft²		14,490
Contract Sale Price		$ 6,081,037
(Loss) gain on sale of real estate investments		0
Net Proceeds		$ 0
Office and Flex
Real Estate [Line Items]
Rentable Square Feet | ft²				343,126		343,126
Contract Sale Price				$ 68,725,000		$ 68,725,000
(Loss) gain on sale of real estate investments						11,527,185
Office
Real Estate [Line Items]
Net Proceeds						$ 44,482,494
Office | exp US Services, Maitland, FL
Real Estate [Line Items]
Rentable Square Feet | ft²		33,118
Contract Sale Price		$ 5,899,514
(Loss) gain on sale of real estate investments		0
Net Proceeds		$ 0
Office | GSA MSHA, Vacaville
Real Estate [Line Items]
Rentable Square Feet | ft²		11,014
Contract Sale Price		$ 2,586,710
(Loss) gain on sale of real estate investments		(1,887,040)
Net Proceeds		$ 39,014,581
Flex | EMC Shop, Rocklin, CA
Real Estate [Line Items]
Rentable Square Feet | ft²	40,110
Contract Sale Price	$ 5,466,960
(Loss) gain on sale of real estate investments	178,239
Net Proceeds	$ 5,459,211

REAL ESTATE INVESTMENTS, NET _5

REAL ESTATE INVESTMENTS, NET - Concentration Risk (Details)	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2023 USD ($) property	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($) property	Sep. 30, 2022 USD ($)	Dec. 31, 2022 USD ($)	Apr. 13, 2023 property	Apr. 19, 2022 property
Concentration Risk [Line Items]
Net Carrying Value	$ 481,070,356		$ 481,070,356		$ 410,700,763
Rental income	$ 12,500,338	$ 10,303,402	$ 34,648,083	$ 30,017,493
Number of real estate properties | property	44		44
Lindsay Precast, LLC
Concentration Risk [Line Items]
Number of real estate properties | property	9		9			1	8
Lindsay Colorado Properties
Concentration Risk [Line Items]
Number of real estate properties | property	3		3
Lindsay Ohio Properties
Concentration Risk [Line Items]
Number of real estate properties | property	2		2
Asset | Real Estate Property | KIA Dealership in Carson, California
Concentration Risk [Line Items]
Net Carrying Value	$ 67,591,034		$ 67,591,034		$ 68,387,431
Percentage of Total Assets			12.50%		15%
Rental Income | Real Estate Property | KIA Dealership in Carson, California
Concentration Risk [Line Items]
Percentage of Total Assets	10.30%	12.70%	11.20%	12.20%
Rental income	$ 1,289,545	$ 1,306,851	$ 3,879,601	$ 3,666,632
Rental Income | Real Estate Property | Lindsay
Concentration Risk [Line Items]
Percentage of Total Assets	13.20%	11.70%	12.90%
Rental income	$ 1,652,422	$ 1,204,970	$ 4,474,870

REAL ESTATE INVESTMENTS, NET _6

REAL ESTATE INVESTMENTS, NET - Rental Payments for Operating Leases (Details)	Sep. 30, 2023 USD ($)
Real Estate [Abstract]
October through December 2023	$ 9,727,190
2024	39,028,622
2025	38,080,113
2026	34,952,446
2027	34,600,851
Thereafter	559,280,654
Total	$ 715,669,876

REAL ESTATE INVESTMENTS, NET _7

REAL ESTATE INVESTMENTS, NET - Intangible Assets (Details) - USD ($)	Sep. 30, 2023	Dec. 31, 2022
Tenant Origination and Absorption Costs
Real Estate [Line Items]
Cost	$ 15,929,385	$ 19,499,749
Accumulated amortization	(10,684,573)	(12,722,558)
Net	5,244,812	6,777,191
Above-Market Lease Intangibles
Real Estate [Line Items]
Cost	2,485,510	2,485,510
Accumulated amortization	(1,153,052)	(634,754)
Net	1,332,458	1,850,756
Below-Market Lease Intangibles
Below-Market Lease Intangibles
Cost	(14,364,650)	(14,378,808)
Accumulated amortization	5,265,947	4,703,122
Net	$ (9,098,703)	$ (9,675,686)

REAL ESTATE INVESTMENTS, NET _8

REAL ESTATE INVESTMENTS, NET - Intangible Assets Amortization (Details) - USD ($)	Sep. 30, 2023	Dec. 31, 2022
Below-Market Lease Intangibles
Weighted-average remaining amortization period	10 years 7 months 6 days
Tenant Origination and Absorption Costs
Real Estate [Line Items]
October through December 2023	$ 253,294
2024	1,013,175
2025	815,130
2026	466,644
2027	449,972
Thereafter	2,246,597
Net	$ 5,244,812	$ 6,777,191
Below-Market Lease Intangibles
Weighted-average remaining amortization period	8 years 7 months 6 days
Above-Market Lease Intangibles
Real Estate [Line Items]
October through December 2023	$ 18,499
2024	73,999
2025	70,712
2026	54,278
2027	54,278
Thereafter	1,060,692
Net	$ 1,332,458	1,850,756
Below-Market Lease Intangibles
Weighted-average remaining amortization period	23 years 2 months 12 days
Below-Market Lease Intangibles
Below-Market Lease Intangibles
October through December 2023	$ (230,099)
2024	(920,395)
2025	(920,395)
2026	(920,395)
2027	(920,395)
Thereafter	(5,187,024)
Net	$ (9,098,703)	$ (9,675,686)
Weighted-average remaining amortization period	10 years 1 month 6 days

REAL ESTATE INVESTMENTS, NET _9

REAL ESTATE INVESTMENTS, NET - Real Estate Investments Held for Sale (Details) - USD ($)	Sep. 30, 2023	Dec. 31, 2022
Assets related to real estate investments held for sale:
Real estate investments held for sale, net	$ 8,628,186	$ 5,255,725
Other assets, net	46,158	12,765
Liabilities related to real estate investments held for sale:
Other liabilities, net	162,349	117,881
Disposal Group, Held-for-sale, Not Discontinued Operations
Assets related to real estate investments held for sale:
Land, buildings and improvements	11,047,348	6,357,172
Tenant origination and absorption costs	1,558,739	355,252
Accumulated depreciation and amortization	(3,977,901)	(1,456,699)
Real estate investments held for sale, net	8,628,186	5,255,725
Other assets, net	46,158	12,765
Total assets related to real estate investments held for sale:	8,674,344	5,268,490
Liabilities related to real estate investments held for sale:
Other liabilities, net	162,349	117,881
Total liabilities related to real estate investments held for sale:	$ 162,349	$ 117,881

UNCONSOLIDATED INVESTMENT IN _3

UNCONSOLIDATED INVESTMENT IN REAL ESTATE PROPERTY - Investments (Details) - USD ($)	Sep. 30, 2023	Dec. 31, 2022
The TIC Interest
Schedule of Equity Method Investments [Line Items]
Investment in unconsolidated entity	$ 10,035,805	$ 10,007,420

UNCONSOLIDATED INVESTMENT IN _4

UNCONSOLIDATED INVESTMENT IN REAL ESTATE PROPERTY - Entities Equity in Earnings (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Schedule of Equity Method Investments [Line Items]
The TIC Interest	$ 79,164	$ 64,358	$ 207,506	$ 226,690
The TIC Interest
Schedule of Equity Method Investments [Line Items]
The TIC Interest	$ 79,164	$ 64,358	$ 207,506	$ 226,690

UNCONSOLIDATED INVESTMENT IN _5

UNCONSOLIDATED INVESTMENT IN REAL ESTATE PROPERTY - Narrative (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2023 USD ($) ft²	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($) ft²	Sep. 30, 2022 USD ($)	Dec. 31, 2017 ft²
Schedule of Equity Method Investments [Line Items]
Number of square feet of aggregate leasable space (in square foot)	4,600,000		4,600,000
Rich Uncles Real Estate Investment Trust
Schedule of Equity Method Investments [Line Items]
Number of square feet of aggregate leasable space (in square foot)					91,740
Ownership percentage by noncontrolling owners					27.30%
Dividends | $	$ 54,706	$ 32,378	$ 179,121	$ 179,531
Rich Uncles Real Estate Investment Trust | Hagg Lane II, LLC
Schedule of Equity Method Investments [Line Items]
Ownership percentage by noncontrolling owners					23.40%
Rich Uncles Real Estate Investment Trust | Hagg Lane III, LLC
Schedule of Equity Method Investments [Line Items]
Ownership percentage by noncontrolling owners					3.90%
Rich Uncles Real Estate Investment Trust | The TIC Interest
Schedule of Equity Method Investments [Line Items]
Ownership percentage	72.70%		72.70%		72.70%

UNCONSOLIDATED INVESTMENT IN _6

UNCONSOLIDATED INVESTMENT IN REAL ESTATE PROPERTY - Summarized Financial Information (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Jun. 30, 2023	Dec. 31, 2022	Jun. 30, 2022	Dec. 31, 2021
Assets
Total assets	$ 539,063,193		$ 539,063,193			$ 454,429,919
Liabilities:
Total liabilities	300,659,357		300,659,357			213,395,959
Total equity	238,403,836	$ 242,852,826	238,403,836	$ 242,852,826	$ 240,093,257	241,033,960	$ 237,135,718	$ 222,429,892
Total liabilities and equity	539,063,193		539,063,193			454,429,919
Operating expenses:
Operating (loss) income	(4,783,867)	6,833,589	(1,424,836)	1,331,750
Net (loss) income	(6,905,242)	4,450,767	(6,854,210)	(5,232,053)
The TIC Interest
Assets
Real estate investments, net	28,823,530		28,823,530			29,294,081
Cash and cash equivalents	532,634		532,634			300,405
Other assets	77,366		77,366			43,159
Total assets	29,433,530		29,433,530			29,637,645
Liabilities:
Mortgage note payable, net	12,717,835		12,717,835			12,936,929
Below-market lease, net	2,404,409		2,404,409			2,514,199
Other liabilities	508,776		508,776			424,662
Total liabilities	15,631,020		15,631,020			15,875,790
Total equity	13,802,510		13,802,510			13,761,855
Total liabilities and equity	29,433,530		29,433,530			$ 29,637,645
Total revenues	693,170	679,500	2,036,365	2,071,258
Operating expenses:
Depreciation and amortization	257,844	264,820	780,802	788,732
Other expenses	193,902	190,527	572,749	565,851
Total operating expenses	451,746	455,347	1,353,551	1,354,583
Operating (loss) income	241,424	224,153	682,814	716,675
Interest expense	132,547	135,640	395,810	404,902
Net (loss) income	$ 108,877	$ 88,513	$ 287,004	$ 311,773

INVESTMENT IN PREFERRED STOCK -

INVESTMENT IN PREFERRED STOCK - Summary of Investment in Preferred Stock (Details) - USD ($)		2 Months Ended	3 Months Ended		9 Months Ended
	Aug. 10, 2023	Sep. 30, 2023	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Equity Method Investments and Joint Ventures [Abstract]
Liquidation value of GIPR preferred stock		$ 12,000,000	$ 12,000,000		$ 12,000,000
Adjustment to reduce liquidation value to fair value	$ (2,380,000)
Investment In Preferred Stock [Roll Forward]
Fair value of GIPR preferred stock as of August 10, 2023					0
Increase in fair value of preferred stock for the period ended September 30, 2023		440,000	440,000	$ 0	440,000	$ 0
Fair value of GIPR preferred stock as of September 30, 2023	$ 9,620,000	$ 10,060,000	$ 10,060,000		$ 10,060,000

INVESTMENT IN PREFERRED STOCK_2

INVESTMENT IN PREFERRED STOCK - Narrative (Details)		1 Months Ended	9 Months Ended
	Aug. 10, 2023 USD ($) property $ / shares shares	Jan. 31, 2024 shares	Sep. 30, 2023 USD ($) property $ / shares	Sep. 30, 2022 USD ($) property	Sep. 14, 2021 $ / shares
Schedule of Equity Method Investments [Line Items]
Number of real estate properties sold | property	13		14	7
Net proceeds from sale of real estate investments | $			$ 34,737,474	$ 66,489,004
Series A Preferred Stock
Schedule of Equity Method Investments [Line Items]
Preferred stock, liquidation preference per share (in usd per share)			$ 25		$ 25
Preferred stock, dividend rate, percentage			7.375%
Preferred stock, redemption (in USD per share)			$ 25
Series A Preferred Stock | Maximum
Schedule of Equity Method Investments [Line Items]
Preferred stock, dividend rate, percentage			9.375%
Office
Schedule of Equity Method Investments [Line Items]
Number of real estate properties sold | property			1	6
Retail And Office
Schedule of Equity Method Investments [Line Items]
Net proceeds from sale of real estate investments | $	$ 30,000,000
GIPR
Schedule of Equity Method Investments [Line Items]
Preferred stock, redemption (in USD per share)			$ 5
Redemption notice period			60 days
Conversion percentage			1.10
GIPR | Minimum | Forecast
Schedule of Equity Method Investments [Line Items]
Common stock received (in shares) | shares		2,200,000
GIPR | Maximum | Forecast
Schedule of Equity Method Investments [Line Items]
Common stock received (in shares) | shares		3,000,000
GIPR | Retail
Schedule of Equity Method Investments [Line Items]
Number of real estate properties sold | property	11
GIPR | Office
Schedule of Equity Method Investments [Line Items]
Number of real estate properties sold | property	2
GIPR | Retail And Office
Schedule of Equity Method Investments [Line Items]
Net proceeds from sale of real estate investments including stock | $	$ 42,000,000
GIPR | Retail And Office | Series A Preferred Stock
Schedule of Equity Method Investments [Line Items]
Net proceeds from sale of real estate investment, value of shares | $	$ 12,000,000
Net proceeds from sale of real estate investment, value of (in shares) | shares	2,400,000
Preferred stock, liquidation preference per share (in usd per share)	$ 5
Annualized distribution rate (in usd per share)	$ 0.095
Preferred stock, dividend rate, percentage	12%

OTHER BALANCE SHEET DETAILS (De

OTHER BALANCE SHEET DETAILS (Details) - USD ($)	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Accounts Receivable, after Allowance for Credit Loss [Abstract]
Straight-line rent	$ 10,793,380		$ 6,607,220
Tenant rent and billed reimbursements	58,444		196,477
Accrued tenant reimbursements	359,234		459,505
Total	11,211,058		7,263,202
Prepaid Expense and Other Assets [Abstract]
Deferred tenant allowance	267,334		2,564,806
Prepaid expenses and other assets	3,773,714		2,420,777
Deferred financing costs on credit facility revolver	840,335		1,115,354
Total	4,881,383		6,100,937
Accounts Payable and Accrued Liabilities [Abstract]
Accounts payable	557,643		1,001,411
Accrued expenses	4,076,883		2,163,821
Accrued distributions and dividends	1,801,856		1,768,068
Accrued interest payable	321,278		285,392
Unearned rent	1,792,912		1,870,057
Lease incentive obligation	343,058		561,057
Total	8,893,630		7,649,806
Accrued real estate improvements	2,350,000	$ 512,908
Lindsay, Franklinton, NC | North Carolina
Prepaid Expense and Other Assets [Abstract]
Replacement reserve escrow	$ 1,800,000
Lindsay, Dacano, CO | Colorado
Prepaid Expense and Other Assets [Abstract]
Replacement reserve escrow			$ 440,548

DEBT - Schedule of Long-Term De

DEBT - Schedule of Long-Term Debt Instruments (Details) - USD ($)	Sep. 30, 2023	Dec. 31, 2022
Debt Disclosure [Abstract]
Mortgage notes payable, net	$ 34,118,748	$ 44,435,556
Credit facility revolver	0	3,000,000
Credit facility term loan, net	248,385,927	148,018,164
Net principal	$ 282,504,675	$ 195,453,720

DEBT - Schedule of Debt (Detail

DEBT - Schedule of Debt (Details) - USD ($)	2 Months Ended
	Sep. 30, 2023	Dec. 31, 2022
Short Term Debt [LineItems]
Mortgage notes payable	$ 284,284,849
Plus unamortized mortgage premium, net	10,893
Less unamortized deferred financing costs	(1,791,067)
Net principal	282,504,675	$ 195,453,720
Debt instrument prepaid amount	10,000,000
Mortgages
Short Term Debt [LineItems]
Mortgage notes payable	34,284,849	44,515,009
Plus unamortized mortgage premium, net	10,893	119,245
Less unamortized deferred financing costs	(176,994)	(198,698)
Net principal	34,118,748	44,435,556
Costco property
Short Term Debt [LineItems]
Mortgage notes payable	$ 18,850,000	18,850,000
Interest rate	4.85%
Taylor Fresh Foods property
Short Term Debt [LineItems]
Mortgage notes payable	$ 12,350,000	12,350,000
Interest rate	3.85%
OES property
Short Term Debt [LineItems]
Mortgage notes payable	$ 3,084,849	$ 13,315,009
Interest rate	4.50%

DEBT - Summary of Mortgage Note

DEBT - Summary of Mortgage Notes Payable (Details) - USD ($)	Sep. 30, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Total	$ 284,284,849
Carrying Value	282,504,675	$ 195,453,720
Mortgages
Debt Instrument [Line Items]
Total	34,284,849	44,515,009
Carrying Value	34,118,748	44,435,556
Fair Value	$ 30,736,613	$ 41,293,644

DEBT - Narrative (Details)

DEBT - Narrative (Details)

1 Months Ended

3 Months Ended

4 Months Ended

9 Months Ended

Jun. 30, 2023

Jan. 05, 2023 USD ($)

Oct. 21, 2022 USD ($)

Jan. 18, 2022 USD ($)

Aug. 31, 2023 USD ($)

Sep. 30, 2023 USD ($)

Jun. 30, 2023 USD ($)

Mar. 31, 2023 USD ($)

Sep. 30, 2022 USD ($)

Apr. 19, 2023

Sep. 30, 2023 USD ($)

Sep. 30, 2022 USD ($)

Jul. 31, 2023 USD ($)

Mar. 29, 2023 USD ($)

Jan. 25, 2023 USD ($)

Dec. 31, 2022 USD ($)

Dec. 20, 2022 USD ($)

Nov. 30, 2022 USD ($)

May 31, 2022 USD ($)

Debt Instrument [Line Items]

Net principal

$ 282,504,675

$ 282,504,675

$ 195,453,720

Leverage ratio, target

40%

40%

Interest Rate Swaps

Debt Instrument [Line Items]

Debt instrument, stated interest rate

3.44%

2.258%

Reference rate

5.24%

Credit Agreement

Debt Instrument [Line Items]

Debt service coverage ratio, minimum

0.0150

0.0150

Proceeds from issuance of debt (percent)

85%

Maximum percentage of current borrowing capacity

60%

60%

Credit Agreement | Interest Rate Cap

Debt Instrument [Line Items]

Reference rate

4.058%

Credit Agreement | Adjusted Base Rate

Debt Instrument [Line Items]

Variable rate, unused fee, maximum

0.0025

Credit Agreement | Adjusted Base Rate | Leverage Ratio, Equal To 46%

Debt Instrument [Line Items]

Debt instrument, basis spread on variable rate

0.10%

Credit Agreement | SOFR

Debt Instrument [Line Items]

Line of credit facility, interest rate at period end

7.1625%

7.1625%

Line of Credit

Debt Instrument [Line Items]

Line of credit, current

$ 21,000,000

$ 10,000,000

$ 10,000,000

Line of Credit | Revolving Credit Facility

Debt Instrument [Line Items]

Prepayment of debt

$ 3,000,000

$ 21,000,000

Line of Credit | Credit Agreement

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

Option to extend

$ 750,000,000

Unused borrowing capacity fee

$ 94,525

$ 47,543

$ 384,164

$ 119,823

Covenant compliance, leverage ratio, actual

47%

Net principal

$ 0

$ 0

Reference rate

48%

48%

Minimum tangible net worth

$ 208,629,727

$ 208,629,727

Line of Credit | Credit Agreement | SOFR

Debt Instrument [Line Items]

Debt instrument, basis spread on variable rate

1.85%

Line of Credit | Credit Agreement | Revolving Credit Facility

Debt Instrument [Line Items]

Maximum borrowing capacity

150,000,000

$ 100,000,000

Line of Credit | Credit Agreement | Term Loan

Debt Instrument [Line Items]

Maximum borrowing capacity

$ 250,000,000

$ 100,000,000

$ 100,000,000

$ 100,000,000

Debt instrument, maximum number of time draws

5

Unused borrowing capacity fee

0

$ 92,569

Proceeds from credit facility

$ 80,000,000

$ 20,000,000

Mortgage Notes Payable

Debt Instrument [Line Items]

Debt instrument, term

5 years

Line of credit, current

150,000,000

150,000,000

Mortgage Notes Payable | Credit Agreement

Debt Instrument [Line Items]

Debt instrument, face amount

$ 150,000,000

$ 150,000,000

$ 150,000,000

$ 150,000,000

DEBT - Maturities of Long-term

DEBT - Maturities of Long-term Debt (Details) - USD ($)	Sep. 30, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
October through December 2023	$ 179,918
2024	3,174,547
2025	543,886
2026	568,369
2027	250,593,972
Thereafter	29,224,157
Total principal	284,284,849
Plus unamortized mortgage premium, net	10,893
Less unamortized deferred financing costs	(1,791,067)
Net principal	282,504,675	$ 195,453,720
Mortgage Notes Payable
Debt Instrument [Line Items]
October through December 2023	179,918
2024	3,174,547
2025	543,886
2026	568,369
2027	593,972
Thereafter	29,224,157
Total principal	34,284,849
Plus unamortized mortgage premium, net	10,893
Less unamortized deferred financing costs	(176,994)
Net principal	34,118,748
Mortgage Notes Payable | Credit Facility
Debt Instrument [Line Items]
October through December 2023	0
2024	0
2025	0
2026	0
2027	250,000,000
Thereafter	0
Total principal	250,000,000
Plus unamortized mortgage premium, net	0
Less unamortized deferred financing costs	(1,614,073)
Net principal	248,385,927
Revolving Credit Facility | Credit Facility
Debt Instrument [Line Items]
October through December 2023	0
2024	0
2025	0
2026	0
2027	0
Thereafter	0
Total principal	0
Plus unamortized mortgage premium, net	0
Less unamortized deferred financing costs	0
Net principal	$ 0

DEBT - Interest Expense (Detail

DEBT - Interest Expense (Details)	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2023 USD ($) instrument	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($) instrument	Sep. 30, 2022 USD ($)	Dec. 31, 2022 USD ($) instrument	Jan. 25, 2023 USD ($)	Dec. 20, 2022 USD ($)	Nov. 30, 2022 USD ($)	Oct. 21, 2022 USD ($)	May 31, 2022 USD ($)	Jan. 18, 2022 USD ($)
Debt Instrument [Line Items]
Interest expense, net of derivative settlements and unrealized gain on interest rate swaps	$ 2,922,918	$ 2,514,838	$ 6,761,779	$ 5,280,167
Amortization of unrealized holding gain on interest rate swap	(253,092)		(756,496)
Other	68,326	55,102	306,832	212,179
Interest Rate Swaps
Debt Instrument [Line Items]
Unrealized loss (gain) on interest rate swap valuation for swaps			(3,348,608)		$ (4,105,103)
Amortization of unrealized holding gain on interest rate swap	$ 253,092		$ 756,495
Interest Rate Swaps | Non-designated
Debt Instrument [Line Items]
Number of Instruments | instrument	2		2		1
Credit Facility
Debt Instrument [Line Items]
Interest expense, net of derivative settlements and unrealized gain on interest rate swaps	$ 4,509,026	1,636,414	$ 10,895,933	3,083,299
Amortization of deferred financing costs	214,261	120,829	642,783	342,349
Unused commitment fees	94,525	47,543	384,164	119,823
Derivative cash settlements	(1,586,641)		(4,062,442)
Derivative cash settlements		99,942		269,442
Credit Facility | First Interest Rate Swap
Debt Instrument [Line Items]
Unrealized loss (gain) on interest rate swap valuation for swaps	167,926	0	(327,824)	(589,997)
Credit Facility | Second Interest Rate Swap
Debt Instrument [Line Items]
Unrealized loss (gain) on interest rate swap valuation for swaps	(710,258)	0	(1,697,519)	0
Additional notional amount	100,000,000		100,000,000
Interest Rate Swaps
Debt Instrument [Line Items]
Amortization of unrealized holding gain on interest rate swap	(253,092)	59,000	(756,495)	59,000
Mortgage Notes Payable | Credit Agreement
Debt Instrument [Line Items]
Debt instrument, face amount	150,000,000		150,000,000							$ 150,000,000	$ 150,000,000
Line of Credit | Credit Agreement
Debt Instrument [Line Items]
Maximum borrowing capacity									$ 400,000,000		$ 250,000,000
Mortgage Notes Payable
Debt Instrument [Line Items]
Interest expense, net of derivative settlements and unrealized gain on interest rate swaps	411,610	488,773	1,354,642	1,762,378
Amortization of deferred financing costs	$ 7,235	$ 7,235	$ 21,705	$ 21,694
Term Loan | Line of Credit | Credit Agreement
Debt Instrument [Line Items]
Maximum borrowing capacity						$ 100,000,000	$ 100,000,000	$ 100,000,000	$ 250,000,000

INTEREST RATE SWAP DERIVATIVE_2

INTEREST RATE SWAP DERIVATIVES - Narrative (Details) - USD ($)			3 Months Ended		9 Months Ended		12 Months Ended
	Nov. 30, 2022	May 31, 2022	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022	Jul. 31, 2023	Mar. 29, 2023	Jan. 25, 2023	Dec. 20, 2022	Oct. 21, 2022	Jan. 18, 2022
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Change in unrealized gain (loss) fair value of the hedged derivative instrument			$ (167,926)
Reduction of interest expense			(253,092)		$ (756,496)
Less: net loss (income) attributable to noncontrolling interest in Operating Partnership			(1,368,896)	$ 528,540	(1,535,452)	$ (1,180,275)
Mortgage Notes Payable
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Line of credit, current			150,000,000		150,000,000
Line of Credit
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Line of credit, current								$ 21,000,000	$ 10,000,000	$ 10,000,000
Credit Agreement | Mortgage Notes Payable
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Debt instrument, face amount		$ 150,000,000	150,000,000		150,000,000								$ 150,000,000
Credit Agreement | Line of Credit
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Maximum borrowing capacity												$ 400,000,000	$ 250,000,000
Credit Agreement | Line of Credit | Term Loan
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Maximum borrowing capacity	$ 100,000,000									$ 100,000,000	$ 100,000,000	$ 250,000,000
Interest Rate Swaps
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Term of swap agreement	5 years	5 years
Debt instrument, stated interest rate	3.44%	2.258%
Decrease in interest rate	(0.50%)	(0.50%)
Change in unrealized gain (loss) fair value of the hedged derivative instrument			710,258		1,697,519
Unrealized gain (loss) on cash flow hedging instruments					3,348,608		$ 4,105,103
Reduction of interest expense			253,092		756,495
Other comprehensive income (loss) before reclassifications, tax							3,502,616
Less: net loss (income) attributable to noncontrolling interest in Operating Partnership					253,092		$ 602,487
First Interest Rate Swap | Credit Facility
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Unrealized gain (loss) on cash flow hedging instruments			(167,926)	0	327,824	589,997
Second Interest Rate Swap | Credit Facility
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Unrealized gain (loss) on cash flow hedging instruments			710,258	$ 0	1,697,519	$ 0
Additional notional amount			$ 100,000,000		$ 100,000,000

INTEREST RATE SWAP DERIVATIVE_3

INTEREST RATE SWAP DERIVATIVES - Derivative Instruments (Details)	Sep. 30, 2023 USD ($) instrument	Dec. 31, 2022 USD ($) instrument
Receivables with Imputed Interest [Line Items]
Leverage ratio, fixed pay rate increase	50%
Interest Rate Swaps | Designated
Receivables with Imputed Interest [Line Items]
Number of Instruments | instrument	0	1
Notional amount	$ 0	$ 150,000,000
Weighted Average Fixed Pay Rate	0%	4.06%
Weighted Average Remaining Term	0 years	4 years 1 month 6 days
Interest Rate Swaps | Non-designated
Receivables with Imputed Interest [Line Items]
Number of Instruments | instrument	2	1
Notional amount	$ 250,000,000	$ 100,000,000
Weighted Average Fixed Pay Rate	4.43%	5.24%
Weighted Average Remaining Term	3 years 3 months	4 years 1 month 6 days
Minimum
Receivables with Imputed Interest [Line Items]
Notional amount	$ 250,000,000	$ 250,000,000

INTEREST RATE SWAP DERIVATIVE_4

INTEREST RATE SWAP DERIVATIVES - Statement of Financial Position (Details)	9 Months Ended
	Sep. 30, 2023 USD ($) instrument	Dec. 31, 2022 USD ($) instrument
Derivatives, Fair Value [Line Items]
Fair Value	$ 6,156,179	$ 4,629,702
Fair Value	$ 0	$ (498,866)
Interest Rate Swaps | Liability
Derivatives, Fair Value [Line Items]
Number of Instruments | instrument	0	1
Fair Value	$ 0	$ (498,866)
Change in Fair Value	$ 498,866
Interest Rate Swaps | Asset
Derivatives, Fair Value [Line Items]
Number of Instruments | instrument	2	1
Fair Value	$ 6,156,179	$ 4,629,702
Change in Fair Value	$ 1,526,477

PREFERRED STOCK AND COMMON ST_2

PREFERRED STOCK AND COMMON STOCK (Details)												3 Months Ended		9 Months Ended		12 Months Ended
	Aug. 07, 2023 USD ($)	Jun. 15, 2023 USD ($)	Mar. 09, 2023 USD ($)	Nov. 07, 2022 USD ($)	Aug. 18, 2022 USD ($)	Jun. 15, 2022 USD ($)	Jun. 06, 2022 USD ($)	Mar. 30, 2022 USD ($)	Mar. 18, 2022 USD ($)	Feb. 15, 2022 USD ($) $ / shares shares	Feb. 10, 2022 $ / shares shares	Sep. 30, 2023 USD ($) director $ / shares shares	Sep. 30, 2022 $ / shares	Sep. 30, 2023 USD ($) director $ / shares shares	Sep. 30, 2022 USD ($) $ / shares	Dec. 31, 2021 $ / shares	Dec. 31, 2022 shares	Sep. 30, 2021 shares	Sep. 14, 2021 $ / shares
Subsidiary, Sales of Stock [Line Items]
Preferred stock, shares authorized (in shares) | shares																		50,000,000
Proceeds from listed offering of common stock, net | $														$ 0	$ 114,500
Debt issuance costs | $												$ 1,791,067		$ 1,791,067
Distributions declared per common share (in usd per share) | $ / shares												$ 0.2875	$ 0.2875	$ 0.8625	$ 0.9625
Maximum
Subsidiary, Sales of Stock [Line Items]
Authorized offering amount | $								$ 200,000,000
Series A Preferred Stock
Subsidiary, Sales of Stock [Line Items]
Preferred stock, shares authorized (in shares) | shares												2,000,000		2,000,000			2,000,000
Preferred stock, shares issued (in shares) | shares												2,000,000		2,000,000			2,000,000
Preferred stock, shares outstanding (in shares) | shares												2,000,000		2,000,000			2,000,000
Preferred stock, dividends per share, declared (in usd per share) | $ / shares														$ 1.84375
Preferred stock, dividend rate, percentage														7.375%
Preferred stock, liquidation preference per share (in usd per share) | $ / shares												$ 25		$ 25					$ 25
Preferred stock, redemption (in USD per share) | $ / shares												$ 25		$ 25
Number of days after change of control												120 days		120 days
Preferred stock, dividend rate, per-dollar-amount (in usd per share) | $ / shares														$ 2.34375
Number of additional board of directors that can be elected | director												2		2
Cumulative dividends per quarter (in USD per share) | $ / shares														$ 0.460938
Dividends, preferred stock | $	$ 921,875	$ 921,875	$ 921,875	$ 921,875	$ 921,875	$ 921,875			$ 921,875
Series A Preferred Stock | Maximum
Subsidiary, Sales of Stock [Line Items]
Preferred stock, dividend rate, percentage														9.375%
Series A Preferred Stock | Dividend Rate
Subsidiary, Sales of Stock [Line Items]
Preferred stock, dividend rate, percentage														2%
Common Stock
Subsidiary, Sales of Stock [Line Items]
Debt issuance costs | $										$ 815,500
Common stock, shares issued (in shares) | shares												7,920,926		7,920,926			7,762,506
Distributions declared per common share (in usd per share) | $ / shares												$ 0.29	$ 0.29	$ 0.86	$ 0.96	$ 1.15
Common Stock | Listed Offering
Subsidiary, Sales of Stock [Line Items]
Shares sold in offering (in shares) | shares										40,000	40,000
Sale of stock, price per share (in usd per share) | $ / shares										$ 25	$ 25
Proceeds from listed offering of common stock, net | $										$ 114,500
Unamortized discount | $										$ 70,000
Common Stock | Prospectus Supplement
Subsidiary, Sales of Stock [Line Items]
Prospectus supplement, common stock offering | $							$ 50,000,000
Common Stock | ATM Offering
Subsidiary, Sales of Stock [Line Items]
Common stock, shares issued (in shares) | shares												0		0

RELATED PARTY TRANSACTIONS - Bo

RELATED PARTY TRANSACTIONS - Board of Directors Compensation (Details) - Director - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Board of Directors Compensation
Related Party Transaction [Line Items]
Total	$ 127,500	$ 150,000	$ 427,500	$ 450,000
Number of shares issued for services rendered (in shares)	4,194	5,651	17,455	14,916
Payments for services rendered
Related Party Transaction [Line Items]
Total	$ 57,500	$ 67,500	$ 192,500	$ 202,500
Value of shares issued for services rendered
Related Party Transaction [Line Items]
Total	$ 70,000	$ 82,500	$ 235,000	$ 247,500

RELATED PARTY TRANSACTIONS - Na

RELATED PARTY TRANSACTIONS - Narrative (Details)	Jan. 31, 2022 USD ($)
Kalera, Saint Paul, MN | Related Party
Related Party Transaction [Line Items]
Asset acquisition, consideration transferred	$ 8,079,000

RELATED PARTY TRANSACTIONS - Re

RELATED PARTY TRANSACTIONS - Related Party Transactions with Unconsolidated Investment in a Real Estate Property (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
TIC Interest management fee
Related Party Transaction [Line Items]
Total	$ 65,993	$ 65,993	$ 197,979	$ 197,979
Company's share in the management fee
Related Party Transaction [Line Items]
Total	$ 47,984	$ 47,984	$ 143,951	$ 143,951

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details)		9 Months Ended
	Apr. 04, 2023 USD ($) subcontractor	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)	Oct. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Loss Contingencies [Line Items]
Tenant reimbursements		$ 2,595,468			$ 1,789,027
Accrued real estate improvements		$ 2,350,000	$ 512,908
Subsequent Event | Kalera Bankruptcy Proceeding
Loss Contingencies [Line Items]
Face amount of settlement				$ 3,110,443
Mechanics Lien
Loss Contingencies [Line Items]
Direct costs of leased and rented property or equipment	$ 3,548,003
Kalera, Saint Paul, MN
Loss Contingencies [Line Items]
Number of subcontractors | subcontractor	9

OPERATING PARTNERSHIP UNITS - N

OPERATING PARTNERSHIP UNITS - Narrative (Details)				3 Months Ended			9 Months Ended		12 Months Ended
	Apr. 13, 2023 $ / shares shares	Jan. 18, 2022 $ / shares shares	Jan. 25, 2021 $ / shares shares	Mar. 31, 2024 USD ($)	Sep. 30, 2023 USD ($) $ / shares shares	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($) $ / shares shares	Sep. 30, 2022 USD ($)	Dec. 31, 2022 shares	Dec. 31, 2019 USD ($) $ / shares shares	Sep. 29, 2023 $ / shares
Business Acquisition [Line Items]
Anniversary of completion of the self-management transaction					4 years		4 years			1 year
Net asset value (in usd per share) | $ / shares										$ 30.48
Stock compensation expense | $					$ 8,469,867	$ 549,240	$ 9,790,206	$ 1,740,852
Fiscal Year 2023
Business Acquisition [Line Items]
Early conversion ratio							0.70
Fiscal Year 2024
Business Acquisition [Line Items]
Early conversion ratio							1
KIA/Trophy of Carson
Business Acquisition [Line Items]
Consecutive trading days							10 days
KIA Dealership in Carson, California | KIA/Trophy of Carson | KIA Dealership in Carson, California
Business Acquisition [Line Items]
Shares received, percent of property value		47%
Summit Steel and Manufacturing, Inc. | Summit Steel and Manufacturing, Inc. | Summit Steel and Manufacturing, Inc.
Business Acquisition [Line Items]
Shares received, percent of property value	46%
Class C and Class S
Business Acquisition [Line Items]
Net asset value (in usd per share) | $ / shares											$ 16.69
Class C common stock
Business Acquisition [Line Items]
Conversion ratio							1
Stock compensation expense | $					$ 70,000	82,500	$ 235,000	247,500
Class C common stock | KIA Dealership in Carson, California | KIA/Trophy of Carson
Business Acquisition [Line Items]
Equity interest issued and issuable, number of shares (in shares)		1,312,382
Equity interest issued and issuable (in usd per share) | $ / shares		$ 25
Class C common stock | Summit Steel and Manufacturing, Inc. | Summit Steel and Manufacturing, Inc.
Business Acquisition [Line Items]
Equity interest issued and issuable, number of shares (in shares)	287,516
Equity interest issued and issuable (in usd per share) | $ / shares	$ 18
Class M OP Units
Business Acquisition [Line Items]
Conversion ratio										1
Net asset value (in usd per share) | $ / shares					$ 27.82		$ 27.82
Operating Partnership Units - Class C
Business Acquisition [Line Items]
Conversion ratio							1.6667			1.6667
Class P OP Units
Business Acquisition [Line Items]
Other ownership interests, units issued (in shares)										56,029
Stock compensation expense | $					$ 88,783	88,783	$ 266,350	266,350
Class P OP Units | Messrs. Halfacre and Pacini
Business Acquisition [Line Items]
Other ownership interests, units issued (in shares)										29,711
Other ownership interests, capital account | $					$ 177,567		$ 177,567			$ 1,509,319
Other ownership interests, amortization period										51 months
Class M OP Units and Class P OP Units | Operating Partnership
Business Acquisition [Line Items]
Noncontrolling interest (as a percent)					10.70%		10.70%			13%
Class R OP Units
Business Acquisition [Line Items]
Conversion ratio			1
Potential future conversion ratio			0.4000
Other ownership interests, capital account | $					$ 2,444,441		$ 2,444,441
Stock compensation expense | $					$ 8,311,084		$ 9,288,856
Other ownership interests, units outstanding (in shares)					360,000		360,000
Other ownership interests, earnings per share, diluted, threshold (in usd per share) | $ / shares			$ 1.05
Cumulative units forfeited (in shares)					0		0		43,657
Class R OP Units | Time Vesting Units
Business Acquisition [Line Items]
Stock compensation expense | $					$ 488,887	377,957	$ 1,466,659	1,227,002
Class R OP Units | Performance Units
Business Acquisition [Line Items]
Other ownership interests, units issued (in shares)					474,515		474,515
Stock compensation expense | $					$ 7,822,197	$ 0	$ 7,822,197	$ 0
Other ownership interests units grant date fair value (in usd per share) | $ / shares							$ 19.58
Class R OP Units | Forecast
Business Acquisition [Line Items]
Stock compensation expense | $				$ 733,331
Class R OP Units | Mr. Halfacre
Business Acquisition [Line Items]
Other ownership interests, units issued (in shares)			40,000
Other ownership interests, units issued, period			3 years
Class R OP Units | Mr. Pacini
Business Acquisition [Line Items]
Other ownership interests, units issued, period			3 years
Class R OP Units | Employees of Company
Business Acquisition [Line Items]
Other ownership interests, units issued (in shares)			116,000
Class R OP Units, Future Compensation | Mr. Halfacre
Business Acquisition [Line Items]
Other ownership interests, units issued (in shares)			170,667
Class R OP Units, Future Compensation | Mr. Pacini
Business Acquisition [Line Items]
Other ownership interests, units issued (in shares)			33,333
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)					790,858		790,858
BrixInvest | Class R OP Units | Time Vesting Units
Business Acquisition [Line Items]
Other ownership interests, units issued (in shares)					316,343		316,343

OPERATING PARTNERSHIP UNITS - S

OPERATING PARTNERSHIP UNITS - Schedule of Total Stock Compensation Expense (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Business Acquisition [Line Items]
Stock compensation expense	$ 8,469,867	$ 549,240	$ 9,790,206	$ 1,740,852
Common Stock
Business Acquisition [Line Items]
Stock compensation expense	70,000	82,500	235,000	247,500
Class P OP Units
Business Acquisition [Line Items]
Stock compensation expense	88,783	88,783	266,350	266,350
Class R OP Units
Business Acquisition [Line Items]
Stock compensation expense	8,311,084		9,288,856
Class R OP Units | Time Vesting Units
Business Acquisition [Line Items]
Stock compensation expense	488,887	377,957	1,466,659	1,227,002
Class R OP Units | Performance Units
Business Acquisition [Line Items]
Stock compensation expense	$ 7,822,197	$ 0	$ 7,822,197	$ 0

OPERATING PARTNERSHIP UNITS -_2

OPERATING PARTNERSHIP UNITS - Schedule of Distributions and Allocations of Net (Loss) Gain (Details) - KIA/Trophy of Carson - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Business Acquisition, Equity Interests Issued or Issuable [Line Items]
Class C OP Units distributions	$ 459,955	$ 377,298	$ 1,269,653	$ 1,006,136
Class C OP Units net (loss) income allocation	$ (1,368,896)	$ 528,540	$ (1,535,452)	$ (1,180,275)

EARNINGS (LOSS) PER SHARE - Sch

EARNINGS (LOSS) PER SHARE - Schedule of Computation of EPS (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Numerator - Basic:
Net (loss) income	$ (6,905,242)	$ 4,450,767	$ (6,854,210)	$ (5,232,053)
Net loss (income) attributable to noncontrolling interest in Operating Partnership	1,368,896	(528,540)	1,535,452	1,180,275
Preferred stock dividends	(921,875)	(921,875)	(2,765,625)	(2,765,625)
Net (loss) income attributable to common stockholders	(6,458,221)	3,000,352	(8,084,383)	(6,817,403)
Numerator - Diluted
Net (loss) income	(6,905,242)	4,450,767	(6,854,210)	(5,232,053)
Preferred stock dividends	(921,875)	(921,875)	(2,765,625)	(2,765,625)
Net (loss) income attributable to common stockholders	$ (7,827,117)	$ 3,528,892	$ (9,619,835)	$ (7,997,678)
Denominator:
Weighted average shares outstanding - basic (in shares)	7,548,052	7,449,968	7,537,505	7,486,945
Weighted average shares outstanding - diluted (in shares)	7,548,052	10,180,543	7,537,505	7,486,945
Earnings (loss) per share attributable to common stockholders , basic (in usd per share)	$ (0.86)	$ 0.40	$ (1.07)	$ (0.91)
Earnings (loss) per share attributable to common stockholders, diluted (in usd per share)	$ (0.86)	$ 0.35	$ (1.07)	$ (0.91)
Operating Partnership Units - Class C
Denominator:
Operating Partnership Units (in shares)	0	1,312,382	0	0
Operating Partnership Units - Classes M, P and R
Denominator:
Operating Partnership Units (in shares)	0	1,418,193	0	0

EARNINGS (LOSS) PER SHARE - Nar

EARNINGS (LOSS) PER SHARE - Narrative (Details) - shares	3 Months Ended	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2023	Sep. 30, 2022
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Securities excluded from the computation of earnings per share (in shares)	3,580,720	3,484,881	2,730,416
Share-Based Payment Arrangement
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Securities excluded from the computation of earnings per share (in shares)		474,515

Subsequent Events (Details)

Subsequent Events (Details) - USD ($)

9 Months Ended

Oct. 16, 2023

Aug. 07, 2023

Jun. 15, 2023

Mar. 09, 2023

Nov. 07, 2022

Aug. 18, 2022

Jun. 15, 2022

Mar. 18, 2022

Sep. 30, 2023

Sep. 30, 2022

Nov. 06, 2023

Oct. 31, 2023

Oct. 10, 2023

Dec. 31, 2022

Subsequent Event [Line Items]

Accrued distributions and dividends

$ 1,801,856

$ 1,768,068

Accrued real estate improvements

$ 2,350,000

$ 512,908

Subsequent Event

Subsequent Event [Line Items]

Dividends payable, amount per share per month (in usd per share)

$ 0.095833

$ 0.095833

Annualized distribution rate (in usd per share)

$ 1.15

Subsequent Event | Kalera Bankruptcy Proceeding

Subsequent Event [Line Items]

Face amount of settlement

$ 3,110,443

Series A Preferred Stock

Subsequent Event [Line Items]

Dividends, preferred stock

$ 921,875

$ 921,875

$ 921,875

$ 921,875

$ 921,875

$ 921,875

$ 921,875

Series A Preferred Stock | Subsequent Event

Subsequent Event [Line Items]

Dividends, preferred stock

$ 921,875

Accrued distributions and dividends

$ 921,875