Modiv (MDV) 10-Q 2 May 24 2024 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Mar. 31, 2024	Apr. 30, 2024
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
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		9,453,005
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Entity Central Index Key	0001645873
Current Fiscal Year End Date	--12-31
Class C 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 ($)	Mar. 31, 2024	Dec. 31, 2023
Real estate investments:
Land	$ 104,858,693	$ 104,858,693
Buildings and improvements	399,767,923	399,666,781
Equipment	4,429,000	4,429,000
Tenant origination and absorption costs	15,707,458	15,707,458
Total investments in real estate property	524,763,074	524,661,932
Accumulated depreciation and amortization	(55,035,113)	(50,901,612)
Total real estate investments, net, excluding unconsolidated investment in real estate property and real estate investments held for sale, net	469,727,961	473,760,320
Unconsolidated investment in a real estate property	9,823,118	10,053,931
Total real estate investments, net, excluding real estate investments held for sale, net	479,551,079	483,814,251
Real estate investments held for sale, net	0	11,557,689
Total real estate investments, net	479,551,079	495,371,940
Cash and cash equivalents	18,404,990	3,129,414
Tenant deferred rent and other receivables	14,557,947	12,794,568
Above-market lease intangibles, net	1,295,459	1,313,959
Prepaid expenses and other assets	5,121,043	4,173,221
Investment in preferred stock	0	11,038,658
Interest rate swap derivatives	3,533,656	2,970,733
Other assets related to real estate investments held for sale	0	103,337
Total assets	522,464,174	530,895,830
Liabilities and Equity
Mortgage notes payable, net	30,990,813	31,030,241
Credit facility term loan, net	248,631,103	248,508,515
Accounts payable, accrued and other liabilities	3,851,814	4,469,508
Distributions payable	2,014,711	12,174,979
Below-market lease intangibles, net	8,638,505	8,868,604
Interest rate swap derivative	0	473,348
Other liabilities related to real estate investments held for sale	0	248,727
Total liabilities	294,126,946	305,773,922
Commitments and contingencies (Note 11)
Additional paid-in-capital	336,284,720	292,617,486
Treasury stock, at cost, 343,510 shares held as of March 31, 2024 and December 31, 2023	(5,290,780)	(5,290,780)
Cumulative distributions and net losses	(145,342,118)	(145,551,586)
Accumulated other comprehensive income	2,335,701	2,658,170
Total Modiv Industrial, Inc. equity	187,999,256	144,443,338
Noncontrolling interests in the Operating Partnership	40,337,972	80,678,570
Total equity	228,337,228	225,121,908
Total liabilities and equity	522,464,174	530,895,830
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 March 31, 2024 and December 31, 2023 with an aggregate liquidation value of $50,000,000	2,000	2,000
Class C common stock
Liabilities and Equity
Common stock, value outstanding	9,733	8,048
Class S common stock
Liabilities and Equity
Common stock, value outstanding	$ 0	$ 0

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($)	3 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Preferred Stock
Preferred stock, aggregate liquidation value	$ 50,000,000	$ 50,000,000
Treasury Stock
Treasury stock (in shares)	343,510	343,510
Series A cumulative redeemable perpetual preferred stock
Preferred Stock
Preferred stock, dividend rate, percentage	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)	9,732,805	8,048,110
Common stock, shares outstanding (in shares)	9,389,295	7,704,600
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
	Mar. 31, 2024	Mar. 31, 2023
Income Statement [Abstract]
Rental income	$ 11,900,567	$ 10,311,182
Management fee income	65,993	65,993
Total income	11,966,560	10,377,175
Expenses:
General and administrative	1,999,401	1,908,055
Stock compensation expense	1,378,502	660,169
Depreciation and amortization	4,133,501	3,272,061
Property expenses	983,982	1,706,843
Impairment of real estate investment property	0	3,499,438
Total expenses	8,495,386	11,046,566
Gain on sale of real estate investments, net	3,187,806	0
Operating income (loss)	6,658,980	(669,391)
Other income (expense):
Interest income	123,839	53,695
Dividend income	108,373	0
Income from unconsolidated investment in a real estate property	73,854	55,567
Interest expense, including unrealized gain or loss on interest rate swaps and net of derivative settlements	(2,307,149)	(4,018,792)
Decrease in fair value of investment in common stock	(20,574)	0
Other expense, net	(2,021,657)	(3,909,530)
Net income (loss)	4,637,323	(4,578,921)
Less: net (income) loss attributable to noncontrolling interests in Operating Partnership	(912,864)	816,199
Net income (loss) attributable to Modiv Industrial, Inc.	3,724,459	(3,762,722)
Preferred stock dividends	(921,875)	(921,875)
Net income (loss) attributable to common stockholders	$ 2,802,584	$ (4,684,597)
Net income (loss) per share attributable to common stockholders:
Net income (loss) per share attributable to common stockholders, basic (in usd per share)	$ 0.33	$ (0.62)
Net income (loss) per share attributable to common stockholders, diluted (in usd per share)	$ 0.33	$ (0.62)
Weighted-average number of common shares outstanding:
Weighted-average number of common shares outstanding, basic (in shares)	8,568,353	7,532,452
Weighted-average number of common shares outstanding, diluted (in shares)	11,359,258	7,532,452
Distributions declared per common share (in usd per share)	$ 0.2875	$ 0.2875

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 4,637,323	$ (4,578,921)
Other comprehensive loss: cash flow hedge adjustment
Add: Amortization of unrealized holding gain on interest rate swap	(253,093)	(250,311)
Comprehensive income (loss)	4,384,230	(4,829,232)
Net (income) loss attributable to noncontrolling interest in Operating Partnership	(912,864)	816,199
Other comprehensive loss attributable to noncontrolling interest in Operating Partnership: cash flow hedge adjustment
Add: Amortization of unrealized holding gain on interest rate swap	62,185	37,141
Comprehensive (income) loss attributable to noncontrolling interest in Operating Partnership	(850,679)	853,340
Comprehensive income (loss) attributable to Modiv Industrial, Inc.	$ 3,533,551	$ (3,975,892)

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Equity - USD ($)	Total	Class C common stock	Total Modiv Industrial, Inc. Equity	Preferred Stock	Common Stock Class C common stock	Additional Paid-in Capital	Treasury Stock	Cumulative Distributions and Net Losses	Accumulated Other Comprehensive Income (Loss)	Noncontrolling Interests in the Operating Partnership
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					7,762,506
Beginning balance (in shares) at Dec. 31, 2022							(250,153)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock - distribution reinvestments (in shares)					52,673
Issuance of common stock - distribution reinvestments	566,856		566,856		$ 53	566,803
Stock compensation expense (in shares)					7,761
Stock compensation expense	82,500		82,500		$ 8	82,492
OP Units compensation expense	577,669		577,669			577,669
Repurchase of common stock (in shares)							(4,465)
Repurchase of common stock	(49,682)		(49,682)				$ (49,682)
Dividends declared, preferred stock	(921,875)		(921,875)					(921,875)
Cash distributions declared, CS and Class C OP Units	(2,544,255)		(2,166,958)					(2,166,958)		(377,297)
Net income	(4,578,921)		(3,762,722)					(3,762,722)		(816,199)
Other comprehensive income	(250,311)		(213,170)						(213,170)	(37,141)
Ending balance (in shares) at Mar. 31, 2023				2,000,000
Ending balance at Mar. 31, 2023	233,915,941		153,863,522	$ 2,000	$ 7,823	279,565,984	$ (4,211,300)	(124,790,431)	3,289,446	80,052,419
Ending balance (in shares) at Mar. 31, 2023					7,822,940
Ending balance (in shares) at Mar. 31, 2023							(254,618)
Beginning balance (in shares) at Dec. 31, 2023				2,000,000
Beginning balance at Dec. 31, 2023	$ 225,121,908		144,443,338	$ 2,000	$ 8,048	292,617,486	$ (5,290,780)	(145,551,586)	2,658,170	80,678,570
Beginning balance (in shares) at Dec. 31, 2023		7,704,600			8,048,110
Beginning balance (in shares) at Dec. 31, 2023	(343,510)						(343,510)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock - distribution reinvestments (in shares)					37,574
Issuance of common stock - distribution reinvestments	$ 545,961		545,961		$ 38	545,923
ATM offering of common stock, net (in shares)					76,991
ATM offering of common stock, net	933,363		933,363		$ 77	933,286
Conversion to and exchange for Class C OP Units to common stock (in shares)					1,566,110
Exchange for Class C OP Units to common stock	0		40,679,532		$ 1,566	40,809,527			(131,561)	(40,679,532)
Stock compensation expense (in shares)					4,020
Stock compensation expense	67,500		67,500		$ 4	67,496
OP Units compensation expense	1,311,002		1,311,002			1,311,002
Dividends declared, preferred stock	(921,875)		(921,875)					(921,875)
Cash distributions declared, CS and Class C OP Units	(3,104,861)		(2,593,116)					(2,593,116)		(511,745)
Net income	4,637,323		3,724,459					3,724,459		912,864
Other comprehensive income	(253,093)		(190,908)						(190,908)	(62,185)
Ending balance (in shares) at Mar. 31, 2024				2,000,000
Ending balance at Mar. 31, 2024	$ 228,337,228		$ 187,999,256	$ 2,000	$ 9,733	$ 336,284,720	$ (5,290,780)	$ (145,342,118)	$ 2,335,701	$ 40,337,972
Ending balance (in shares) at Mar. 31, 2024		9,389,295			9,732,805
Ending balance (in shares) at Mar. 31, 2024	(343,510)						(343,510)

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash Flows from Operating Activities:
Net income (loss)	$ 4,637,323	$ (4,578,921)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	4,133,501	3,272,061
Stock compensation expense	1,378,502	660,169
Amortization of deferred rents	(1,671,798)	(1,175,359)
Amortization of deferred lease incentives	(3,786)
Amortization of deferred lease incentives		88,570
Write-offs and amortization of deferred financing costs and premium/discount	221,496	195,212
Amortization of (below) above market lease intangibles, net	(211,599)	(196,283)
Impairment of real estate investment property	0	3,499,438
Decrease in fair value of investment in common stock	20,574	0
Gain on sale of real estate investments	(3,187,806)	0
Unrealized (gain) loss on interest rate swap valuation	(1,289,362)	1,722,184
Income from unconsolidated investment in a real estate property	(73,854)	(55,567)
Distributions from unconsolidated investment in a real estate property	304,667	65,696
Change in operating assets and liabilities:
Increase in tenant deferred rent and other receivables	(71,794)	(220,251)
Increase in prepaid expenses and other assets	(357,284)	(122,884)
Decrease in accounts payable, accrued and other liabilities	(841,796)	(369,195)
Net cash provided by operating activities	2,986,984	2,784,870
Cash Flows from Investing Activities:
Acquisitions of real estate investments	0	(11,913,361)
Additions to existing real estate investments	(101,143)	(308,547)
Net proceeds from sale of real estate investments	14,782,626	0
Purchase deposits, net	0	112,200
Payment of lease incentives	0	(10,815)
Net cash provided by (used in) investing activities	14,681,483	(12,120,523)
Cash Flows from Financing Activities:
Borrowings from credit facility term loan	0	20,000,000
Repayments of credit facility revolver, net	0	(3,000,000)
Principal payments on mortgage notes payable	(46,663)	(78,027)
Proceeds from offering of common stock, net	933,363	0
Repurchases of common stock	0	(49,682)
Dividends paid to preferred stockholders	(921,875)	(921,875)
Net cash (used in) provided by financing activities	(2,392,891)	14,007,109
Net increase in cash and cash equivalents	15,275,576	4,671,456
Cash and cash equivalents, beginning of period	3,129,414	8,608,649
Cash and cash equivalents, end of period	18,404,990	13,280,105
Supplemental Disclosure of Cash Flow Information:
Cash paid for interest	3,315,546	1,946,005
Supplemental Schedule of Noncash Investing and Financing Activities:
Distribution of GIPR common stock to Class C Common Stock and Class C OP Units	10,361,454	0
Receipt of GIPR common stock in exchange of GIPR preferred stock	(11,038,658)	0
Reinvested distributions from common stockholders	545,961	595,585
(Decrease) increase in accrued distribution	201,186	5,363
Supplemental disclosure related to changes in real estate investments held for sale, net:
Real estate investments held for sale, net	(11,557,689)	0
Other assets related to real estate investments held for sale	(103,337)	3,174
Other liabilities related to real estate investments held for sale	(248,727)	(65,963)
Class C OP Units
Cash Flows from Financing Activities:
Distributions paid to common stockholders and Class C OP Units holders	(2,357,716)	(1,943,307)
Supplemental Schedule of Noncash Investing and Financing Activities:
Exchange for Class C OP Units to common stock	(17,704,879)	0
Common Stock ("CS")
Cash Flows from Financing Activities:
Proceeds from offering of common stock, net	933,364
Supplemental Schedule of Noncash Investing and Financing Activities:
Exchange for Class C OP Units to common stock	$ 58,384,411	$ 0

BUSINESS AND ORGANIZATION

BUSINESS AND ORGANIZATION	3 Months Ended
	Mar. 31, 2024
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, upon achieving a super-majority of industrial properties in its portfolio. 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 (“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 82% and 68% partnership interest in, the Operating Partnership as of March 31, 2024 and December 31, 2023, respectively. The Operating Partnership's limited partners are holders of Class C Operating Partnership units, as described in Note 12 . As of March 31, 2024, the Company's portfolio of approximately 4.5 million square feet of aggregate leasable space consisted of investments in 42 real estate properties, comprised of: 38 industrial properties, which represent approximately 75% of the portfolio (expressed as a percentage of annual base rent (“ABR”) as of March 31, 2024) and includes an approximate 72.7% tenant-in-common interest in a Santa Clara, California industrial property (the “TIC Interest”), three office properties, which represent approximately 14% of the portfolio, and one retail property, which represents approximately 11% of the portfolio. At the Market Offering 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. On November 13, 2023, the Company filed Supplement No. 1 to the Prospectus Supplement dated June 6, 2022, and to the Prospectus dated June 2, 2022, to reflect the Amended and Restated At Market Issuance Sales Agreement, dated November 13, 2023, and the change in the Company's corporate name. From January 1, 2024 to January 31, 2024, the Company sold and issued 76,991 shares of Class C Common Stock for $1,137,028 net of sales commissions of $23,205, and no additional shares were sold and issued through March 31, 2024. The resulting net proceeds for the three months ended March 31, 2024 were $933,364 after legal, accounting, investor relations and other offering costs of $203,664. On March 12, 2024, the Company filed Post-Effective Amendment No. 2 on Form S-11 for the purpose of converting the Registration Statement on Form S-3 into Registration Statement on Form S-11 because, upon filing the Company's Annual Report on Form 10-K for the year ending December 31, 2023, the Company was no longer eligible to use Form S-3. The Post-Effective Amendment No. 2 on Form S-11 includes an aggregate of 4,000,000 shares of Class C Common Stock to be issued pursuant to the Company's DRP (as defined below), and 395,457 of those shares of common stock have been issued through March 31, 2024. The Company's Post-Effective Amendment No. 2 on Form S-11 became effective on March 21, 2024. No additional securities were registered under Post-Effective Amendment No. 2 on Form S-11. 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 was 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% of the Market Price (as defined in the Second Amended and Restated DRP) of the Class C Common Stock, reflecting a 3% discount (or such other discount as may then be in effect). 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. Share Repurchase Program 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 were 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 were determined by the Company in its discretion and were subject to economic and market conditions, stock price, applicable legal requirements and other factors. Under the 2023 SRP, 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. As of March 31, 2024, the Company's board of directors has not authorized a new stock repurchase program for the repurchase of the Company's outstanding shares of common stock and Series A Preferred Stock.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES All adjustments that are of a normal recurring nature and are in the opinion of management necessary for a fair statement of the results for the periods reported have been included in the accompanying condensed consolidated financial statements. The condensed consolidated balance sheet of the Company as of December 31, 2023 has been derived from the audited consolidated balance sheet of the Company as of that date. Certain information and note disclosures normally included in the Company’s annual financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) have been condensed or omitted. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K filed with the Securities and Exchange Commission (“SEC”) on March 7, 2024. Please see the Company's Annual Report for significant accounting policies as the significant accounting policies are consistent with those in the Annual Report. Reclassifications Certain prior year statement of operations accounts have been reclassified to conform with the current year presentation. The reclassifications did not affect net income (loss) in the prior year consolidated statement of operations. Interest expense, including unrealized gain or loss on interest rate swaps and net of derivative settlements, was presented in the prior year as a component of operating expenses and was reclassified as other income (expense). Management fee income was reclassified from other income (expense) to total income in the accompanying unaudited condensed consolidated statement of operations. Immaterial Error Correction The statement of comprehensive loss for the three months ended March 31, 2023 has been corrected to subtract, rather than add, the amortization of unrealized holding gain on interest rate swap from net loss. As a result, the comprehensive loss attributable to Modiv Industrial, Inc. for the three months ended March 31, 2023 increased from $3,549,552 to $3,975,892. This correction is limited to the statement of comprehensive loss and did not have any impact on the Company’s balance sheet, statements of operations, cash flows or equity. Consequently, this correction did not impact income from continuing operations, net income, or per share amounts and it did not impact any key performance metrics including FFO, AFFO, leverage and debt covenants. Similar immaterial corrections will be made for the three and six months ended June 30, 2023 and the three and nine months ended September 30, 2023 when the Company files its Quarterly Reports on Form 10-Q for the periods ending June 30, 2024 and September 30, 2024, respectively. The Company's Annual Report on Form 10-K for the year ended December 31, 2023 was properly presented. Management discovered these presentation errors during the preparation of the Company's quarterly financial statements for the three months ended March 31, 2024 and related reconciliations of the 2023 amounts.

REAL ESTATE INVESTMENTS, NET

REAL ESTATE INVESTMENTS, NET	3 Months Ended
	Mar. 31, 2024
Real Estate [Abstract]
REAL ESTATE INVESTMENTS, NET	REAL ESTATE INVESTMENTS, NET As of March 31, 2024, the Company’s real estate investment portfolio consisted of 42 operating properties located in 15 states comprised of: 38 industrial properties (including the Company's approximate 72.71% TIC Interest in a Santa Clara, California industrial property), one retail property and three office properties. Acquisitions: Three Months Ended March 31, 2024 and 2023 There were no acquisitions during the three months ended March 31, 2024. During the three months ended March 31, 2023, the Company acquired two industrial manufacturing real estate properties for an aggregate of $11,913,362. These properties are located in Princeton, Minnesota and Savage, Minnesota and had a weighted average lease term of approximately 12.9 years upon acquisition. The Company recognized $288,141 and $115,574 of total revenue related to these properties during the three months ended March 31, 2024 and 2023, respectively. Dispositions: Three Months Ended March 31, 2024 and 2023 Dispositions during the three months ended March 31, 2024 were as follows: Property Tenant Location Disposition Date Property Type Rentable Square Feet Contract Sale Price Gain on Sale Net Proceeds Levins Sacramento, CA 1/10/2024 Industrial 76,000 $ 7,075,000 $ 3,178,860 $ 7,033,680 Cummins Nashville, TN 2/28/2024 Office 87,230 7,950,000 8,946 7,748,946 163,230 $ 15,025,000 $ 3,187,806 $ 14,782,626 There were no dispositions during the three months ended March 31, 2023. 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 market comparables at that time. This property was held for sale as of December 31, 2023 and sold on February 28, 2024 as described in Real Estate Investments Held for Sale below. Asset Concentration: As of March 31, 2024 and December 31, 2023, the Company’s real estate portfolio asset concentration (greater than 10% of total assets) was as follows: March 31, 2024 December 31, 2023 Property Tenant and Location Net Carrying Value Percentage of Net Carrying Value Percentage of KIA retail property, Carson, CA $ 67,060,103 12.8 % $ 67,325,569 12.7 % Rental Income Concentration: During the three months ended March 31, 2024 and 2023, the Company’s rental income concentration (greater than 10% of rental income) was as follows: Three Months Ended March 31, 2024 2023 Property Tenant and Location Rental Income Percentage of Rental Income Percentage of Lindsay, nine industrial properties acquired in: Colorado (three), Ohio (two), Pennsylvania, North Carolina, South Carolina and Florida $ 1,664,706 14.0 % $ 1,212,864 11.8 % KIA retail property, Carson, CA $ 1,291,082 10.8 % $ 1,291,851 12.5 % 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. Except for properties leased to Solar Turbines Incorporated in San Diego, California and State of California's Office of Emergency Services in Rancho Cordova, California, all of the Company's operating leases contain options to extend the lease terms of one- to six-5 year extensions or one- to two-10 year extensions. The Company is continuing to explore potential lease extensions for certain of its other properties. As of March 31, 2024, the future minimum contractual rent payments due to the Company under the Company’s non-cancellable operating leases, excluding lease amendments executed though the date of this report, if any, are as follows: April through December 2024 $ 28,535,502 2025 37,472,337 2026 34,329,475 2027 33,992,306 2028 34,220,325 Thereafter 514,095,972 $ 682,645,917 Intangible Assets, Net Related to the Company's Real Estate As of March 31, 2024 and December 31, 2023, intangible assets, net related to the Company's real estate were as follows: March 31, 2024 December 31, 2023 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 $ 15,707,458 $ 1,559,546 $ (14,364,650) $ 15,707,458 $ 1,559,546 $ (14,364,650) Accumulated amortization (10,969,243) (264,087) 5,726,145 (10,715,945) (245,587) 5,496,046 Net $ 4,738,215 $ 1,295,459 $ (8,638,505) $ 4,991,513 $ 1,313,959 $ (8,868,604) The intangible assets acquired in connection with the acquisitions have a weighted average amortization period of approximately 10.3 years as of March 31, 2024. As of March 31, 2024, the amortization of intangible assets for the remaining nine months of the current year ending December 31, 2024 and for each of the five years and thereafter is expected to be as follows: Tenant Origination and Absorption Costs Above-Market Lease Intangibles Below-Market Lease Intangibles April through December 2024 $ 759,881 $ 55,499 $ (690,297) 2025 815,131 70,712 (920,395) 2026 466,644 54,278 (920,395) 2027 449,972 54,278 (920,395) 2028 429,885 54,278 (910,053) Thereafter 1,816,702 1,006,414 (4,276,970) $ 4,738,215 $ 1,295,459 $ (8,638,505) Weighted-average remaining amortization period 8.5 years 22.9 years 9.6 years Real Estate Investments Held For Sale As of December 31, 2023, the Company classified two properties as held for sale, both of which were sold during the three months ended March 31, 2024. The Company's industrial property located in Sacramento, California that was leased to Levins Auto Supply, LLC was sold on January 10, 2024 and its office property located in Nashville, Tennessee that was leased to Cummins, Inc. was sold on February 28, 2024. No properties were classified as held for sale as of March 31, 2024. The following table summarizes the major components of assets and liabilities related to the real estate investments held for sale as of December 31, 2023: December 31, Assets related to real estate investments held for sale: Land, buildings and improvements $ 14,590,062 Tenant origination and absorption costs 1,779,156 Accumulated depreciation and amortization (4,811,529) Real estate investments held for sale, net 11,557,689 Other assets, net 103,337 Total assets related to real estate investments held for sale $ 11,661,026 Liabilities related to real estate investments held for sale: Other liabilities, net $ 248,727 Total liabilities related to real estate investments held for sale $ 248,727

UNCONSOLIDATED INVESTMENT IN RE

UNCONSOLIDATED INVESTMENT IN REAL ESTATE PROPERTY	3 Months Ended
	Mar. 31, 2024
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 March 31, 2024 and December 31, 2023 is as follows: March 31, December 31, The TIC Interest $ 9,823,118 $ 10,053,931 The Company’s income from investment in unconsolidated property for the three months ended March 31, 2024 and 2023 is as follows: Three Months Ended 2024 2023 The TIC Interest $ 73,854 $ 55,567 TIC Interest During 2017, the Company, through a wholly-owned subsidiary of the Operating Partnership, acquired an approximate 72.7% TIC Interest. The remaining approximate 27.3% undivided interest in the Santa Clara, California property is held by third parties. The Santa Clara property does not qualify as a variable interest entity and consolidation is not required as the Company's TIC Interest does not control the property. Therefore, the Company accounts for the TIC Interest using the equity method. The property lease expiration date is March 16, 2026, and the lease provides for three five-year renewal options. The mortgage on this property bears interest at 3.86% and has a maturity date of October 1, 2027. The Company receives an approximate 72.7% of the cash flow distributions and recognizes approximately 72.7% of the results of operations. During the three months ended March 31, 2024 and 2023, the Company received cash distributions of $304,667 and $65,696, respectively, from the TIC Interest. The following is summarized financial information for the Santa Clara property as of March 31, 2024 and December 31, 2023 and for the three months ended March 31, 2024 and 2023: March 31, December 31, Assets: Real estate investments, net $ 28,308,781 $ 28,563,746 Cash and cash equivalents 481,734 482,653 Other assets 52,147 79,639 Total assets $ 28,842,662 $ 29,126,038 Liabilities: Mortgage note payable, net $ 12,566,984 $ 12,642,798 Below-market lease, net 2,331,216 2,367,812 Other liabilities 434,467 287,989 Total liabilities 15,332,667 15,298,599 Total equity 13,509,995 13,827,439 Total liabilities and equity $ 28,842,662 $ 29,126,038 Three Months Ended 2024 2023 Income $ 693,195 $ 666,146 Expenses: Depreciation and amortization 259,825 267,052 Other expenses 202,194 189,729 Total expenses 462,019 456,781 Operating income 231,176 209,365 Interest expense 129,602 131,325 Net income $ 101,574 $ 78,040

INVESTMENT IN PREFERRED STOCK

INVESTMENT IN PREFERRED STOCK	3 Months Ended
	Mar. 31, 2024
Equity Method Investments and Joint Ventures [Abstract]
INVESTMENT IN PREFERRED STOCK	INVESTMENT IN PREFERRED STOCK The Company’s investment in preferred stock as of March 31, 2024 and December 31, 2023 is as follows: Preferred Stock March 31, December 31, Fair value of GIPR preferred shares $ — $ 11,038,658 On August 10, 2023, the Company disposed of 13 properties consisting of 11 retail properties and two office properties in a sale to Generation Income Properties, Inc. (NASDAQ: GIPR) (“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 investment in GIPR Preferred Stock did not qualify as a variable interest entity since GIPR is a publicly owned REIT with a majority of independent directors. The Company's investment allowed no voting or control over GIPR, therefore, consolidation was not required. The Company elected to record its investment in preferred stock at fair value. The fair value of the GIPR Preferred Stock at the closing date of the sale of the Company's 13 properties was included in the net proceeds from sale to determine the loss on sale. On December 29, 2023, GIPR notified the Company of its intent to exercise its right to redeem all 2,400,000 shares of the GIPR Preferred Stock for 2,794,597 shares of GIPR common stock (the “GIPR Common Stock”) on January 31, 2024. On December 29, 2023, the Company’s board of directors declared a distribution of 0.28 shares of GIPR Common Stock for each share of the Company’s Common Stock or Class C OP Units held as of the record date of January 17, 2024. GIPR redeemed all 2,400,000 shares of the GIPR Preferred Stock on January 31, 2024 based on the (i) product of the volume weighted average price per share of GIPR common stock for the 60 days of trading prior to GIPR's redemption notice which was $3.9036 per share and (ii) 110% resulting in $4.2940 per share. The GIPR Preferred Stock liquidation value of $12,000,000 divided by the price per share of $4.2940 resulted in 2,794,597 GIPR shares of Common Stock issued to the Company on January 31, 2024. Consistent with treatment of the GIPR Preferred Stock, the Company recorded the investment in GIPR Common Stock at fair value. The Company then made an immediate distribution of the majority of GIPR's shares of Common Stock to the Company’s stockholders and holders of Class C OP Units as of the January 17, 2024 record date based on the distribution ratio of 0.28 GIPR shares for each share of the Company’s Class C Common Stock or unit of Class C OP Units resulting in 2,623,153 shares distributed. The value of the 171,444 shares of GIPR Common Stock retained by the Company is included in prepaid expenses and other assets in the Company's balance sheet as of March 31, 2024 (see Note 6 for additional details).

OTHER BALANCE SHEET DETAILS

OTHER BALANCE SHEET DETAILS	3 Months Ended
	Mar. 31, 2024
Payables and Accruals [Abstract]
OTHER BALANCE SHEET DETAILS	OTHER BALANCE SHEET DETAILS Tenant Deferred Rent and Other Receivables As of March 31, 2024 and December 31, 2023, tenant deferred rent and other receivables consisted of the following: March 31, December 31, Straight-line rent $ 14,161,661 $ 12,474,137 Tenant rent and billed reimbursements 276,981 107,635 Unbilled tenant reimbursements 119,305 212,796 Total $ 14,557,947 $ 12,794,568 Prepaid Expenses and Other Assets As of March 31, 2024 and December 31, 2023, prepaid expenses and other assets were comprised of the following: March 31, December 31, Prepaid expenses and other receivables and assets $ 2,300,986 $ 1,897,285 Construction advances (1) 1,352,355 1,352,355 Investment in GIPR common stock (2) 656,631 — Deferred financing costs on credit facility revolver 656,989 748,662 Deferred tenant allowance 154,082 174,919 Total $ 5,121,043 $ 4,173,221 (1) The balance as of March 31, 2024 and December 31, 2023 represents advances for improvements to be made to the Lindsay property in Franklinton, North Carolina. (2) During April 2024, the Company sold 102,446 shares of GIPR Common Stock for aggregate net proceeds of $389,807. Accounts Payable, Accrued and Other Liabilities As of March 31, 2024 and December 31, 2023, accounts payable, accrued and other liabilities were comprised of the following: March 31, December 31, Accounts payable $ 578,894 $ 562,647 Accrued expenses 855,425 1,202,115 Accrued interest payable 357,547 358,777 Unearned rent 1,428,474 2,076,300 Security deposits 469,409 82,981 Lease incentive obligation 162,065 186,688 Total $ 3,851,814 $ 4,469,508

DEBT

DEBT	3 Months Ended
	Mar. 31, 2024
Debt Disclosure [Abstract]
DEBT	DEBT The breakdown of debt as of March 31, 2024 and December 31, 2023 is as follows: March 31, December 31, Mortgage notes payable, net $ 30,990,813 $ 31,030,241 Credit facility: Term loan, net 248,631,103 248,508,515 Total $ 279,621,916 $ 279,538,756 Mortgage Notes Payable, Net As of March 31, 2024 and December 31, 2023, the Company’s mortgage notes payable consisted of the following: Collateral 2024 Principal 2023 Principal Interest Rate (1) Loan Costco property $ 18,803,337 $ 18,850,000 4.85% 1/01/2030 Taylor Fresh Foods property 12,350,000 12,350,000 3.85% 11/01/2029 Total mortgage notes payable 31,153,337 31,200,000 Less unamortized deferred financing costs (162,524) (169,759) Mortgage notes payable, net $ 30,990,813 $ 31,030,241 (1) Represents the contractual interest rate in effect under the mortgage note payable as of March 31, 2024. The following summarizes the face value, carrying amount and fair value of the Company’s mortgage notes payable (Level 3 measurement) as of March 31, 2024 and December 31, 2023: March 31, 2024 December 31, 2023 Face Value Carrying Fair Value Face value Carrying Fair Value Mortgage notes payable $ 31,153,337 $ 30,990,813 $ 27,814,826 $ 31,200,000 $ 31,030,241 $ 27,999,621 Disclosures of the fair values of financial instruments are based on pertinent information available to the Company as of the period end and require a significant amount of judgment. The actual value could be materially different from the Company’s estimate of value. Credit Facility, Net The Company's Operating Partnership entered into an agreement for a line of credit (the ‘‘Credit Agreement’’) on January 18, 2022, which was amended on October 21, 2022, primarily to increase the line of credit. The Credit Agreement currently provides a $400,000,000 line of credit comprised of a $150,000,000 four-year revolving line of credit, which may be extended by up to 12 months subject to certain conditions (the ‘‘Revolver’’) and a $250,000,000 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’’). The Credit Facility is available for general corporate purposes, including, but not limited to, acquisitions, repayment of existing indebtedness and capital expenditures. The Credit Facility includes an 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. The Company's Revolver and Term Loan’s maturity is in January 2026 and in January 2027, respectively, with options to extend the Revolver for a total of 12 months. On December 20, 2022, the Credit Agreement was again amended to allow the Company to draw on the additional $100,000,000 Term Loan commitment up to five times by April 19, 2023, in exchange for a quarterly unused fee. The $100,000,000 Term Loan commitment was fully drawn by April 19, 2023 and unused fees amounted to $92,569 during the three months ended March 31, 2023. 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 48% as of December 31, 2023, the spread over the secured overnight financing rate (‘‘SOFR’’), including a 10-basis point credit adjustment, is 185 basis points and the interest rate on the Revolver was 7.1625% on March 31, 2024; 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 $94,792 and $93,667 for the three months ended March 31, 2024 and 2023, respectively. On May 10, 2022, the Company entered into a swap agreement, effective from May 31, 2022 to January 17, 2027, subject to the Company counterparty’s one-time cancellation option on December 31, 2024, to fix SOFR at 2.258% with respect to its original $150,000,000 Term Loan. The Company has begun to explore, and intends to further explore, various alternatives available to extend or restructure the cancellation option. The swap agreement resulted in a fixed interest rate of 4.058% on the Term Loan based on the Company's leverage ratio of 48% as of March 31, 2024. On October 26, 2022, the Company entered into a second swap agreement, effective from November 30, 2022 to November 30, 2027, subject to the Company counterparty’s one-time cancellation option on December 31, 2024, to fix SOFR at 3.44% with respect to its expanded Term Loan. The Company has begun to explore, and intends to further explore, various alternatives available to extend or restructure the cancellation option. The swap agreement resulted in a fixed interest rate of 5.240% on the additional $100,000,000 borrowed under the expanded Term Loan based on the Company's leverage ratio of 48% as of March 31, 2024. 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. 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 March 31, 2024. Future Principal Payments The following summarizes the future principal repayments of the Company’s mortgage notes payable and Credit Facility as of March 31, 2024: Mortgage Notes Credit Facility Payable Revolver Term Loan Total April through December 2024 $ 222,967 $ — $ — $ 222,967 2025 543,886 — — 543,886 2026 568,370 — — 568,370 2027 593,972 — 250,000,000 250,593,972 2028 618,278 — — 618,278 Thereafter 28,605,864 — — 28,605,864 Total principal 31,153,337 — 250,000,000 281,153,337 Less: deferred financing costs, net (162,524) — (1,368,897) (1,531,421) Net principal $ 30,990,813 $ — $ 248,631,103 $ 279,621,916 Interest Expense, Including Unrealized Gain or Loss on Interest Rate Swaps and Net of Derivative Settlements 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 months ended March 31, 2024 and 2023: Three Months Ended 2024 2023 Mortgage notes payable: Interest expense $ 347,142 $ 471,939 Amortization of deferred financing costs 7,235 7,235 Credit facility: Interest expense 4,507,294 2,388,935 Unused commitment fees 94,792 186,236 Amortization of deferred financing costs 214,261 214,261 Swap derivatives: Derivative cash settlements (1) (1,670,732) (1,074,085) Unrealized loss on interest rate swap valuation for first swap (2) 3,804 1,144,018 Amortization of unrealized (gain) loss interest rate swap valuation (2) (253,093) (250,311) Unrealized (gain) loss on interest rate swap valuation for second swap (3) (1,040,075) 828,476 Other 96,521 102,088 Interest expense, net $ 2,307,149 $ 4,018,792 (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 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 months ended March 31, 2024 and 2023 as described in Note 8 , the $3,804 and $1,144,018 losses on the swap valuation for the three months ended March 31, 2024 and 2023, respectively, are recognized as an increase in interest expense. Furthermore, 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 $(1,040,075) gain and $828,476 loss on the valuation of this swap for the three months ended March 31, 2024 and 2023, respectively, are reflected as a (reduction) increase in interest expense (see Note 8

INTEREST RATE SWAP DERIVATIVES

INTEREST RATE SWAP DERIVATIVES	3 Months Ended
	Mar. 31, 2024
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 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 year ended December 31, 2023 and the three months ended March 31, 2024 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 has begun to explore, and intends to further explore, various alternatives available to extend or restructure both cancellation options discussed above. The following table summarizes the notional amount and other information related to the Company’s interest rate swaps as of March 31, 2024 and December 31, 2023: March 31, 2024 December 31, 2023 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) Weighted Average Remaining Term Non-designated 2 $ 250,000,000 USD - SOFR 4.43 % 2.75 years 2 $ 250,000,000 USD - SOFR 4.53 % 3.0 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 March 31, 2024 and December 31, 2023 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 March 31, 2024 and December 31, 2023: March 31, 2024 December 31, 2023 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 $ 3,533,656 1 $ 2,970,733 $ 562,923 Interest Rate Swap Liability - Interest rate swap derivatives, at fair value — $ — 1 $ (473,348) $ 473,348 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 fifteen months ended March 31, 2024, 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. As a result, the net change in fair value of the first Term Loan swap resulted in a losses of $3,804 and $1,144,018 for the three months ended March 31, 2024 and 2023, respectively. These amounts were recorded as a component of interest expense and resulted in increases to interest expense in the Company's accompanying unaudited condensed consolidated statements of operations for the three months ended March 31, 2024 and 2023, respectively. Interest expense was also reduced by the $253,092 and $253,311 amortization of the unrealized gain on this swap for the three months ended March 31, 2024 and 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 five quarterly periods ended March 31, 2024, 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 March 31, 2024, the Company's unamortized unrealized gain on interest rate swap derivative in accumulated other comprehensive income and noncontrolling interest in operating partnership in the Company's consolidated balance sheet amounted to $2,836,860. The Company estimates that $764,840 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 nine months in 2024.

PREFERRED STOCK AND COMMON STOC

PREFERRED STOCK AND COMMON STOCK	3 Months Ended
	Mar. 31, 2024
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 March 31, 2024 and December 31, 2023, 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 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 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 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 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 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 March 31, 2024. The Series A Preferred Stock ranks senior to the Company's Class C Common Stock with respect to dividend rights and rights upon the Company’s voluntary or involuntary liquidation, dissolution or winding up. Voting rights for holders of Series A Preferred Stock exist primarily with respect to the ability to elect two additional directors to the board of directors if six or more quarterly dividends (whether or not authorized or declared or consecutive) payable on the Series A Preferred Stock are in arrears, and with respect to voting on amendments to the Company’s charter (which includes the Articles Supplementary) that materially and adversely affect the rights of the Series A Preferred Stock or create additional classes or series of shares of the Company’s capital stock that are senior to the Series A Preferred Stock. Other than the limited circumstances described above and in the Articles Supplementary, holders of Series A Preferred Stock do not have any voting rights. Series A Preferred Stock Dividends Dividends on the Company's Series A Preferred Stock accrue in an amount equal to $1.84375 per share each year ($0.460938 per share each quarter) to holders of Series A Preferred Stock, which is equivalent to 7.375% of the $25 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 1, 2024 and March 9, 2023, the Company’s board of directors declared Series A Preferred Stock dividends payable of $921,875 for the first quarters of 2024 and 2023. The amounts were accrued as of March 31, 2024 and 2023 and were paid on April 15, 2024 (see Note 14 ) and April 17, 2023, respectively. Common Stock Offerings 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 (the “ATM Prospectus”). On November 13, 2023, the Company filed Supplement No. 1 to the ATM Prospectus to reflect the Amended and Restated At Market Issuance Sales Agreement, dated November 13, 2023, and the change in the Company's corporate name. During January 2024, the Company sold and issued 76,991 shares of Class C Common Stock for $1,137,028 net of sales commissions of $23,205, resulting in net proceeds of $933,364 for the three months ended March 31, 2024, after legal, accounting, investor relations and other offering costs of $203,664. On March 12, 2024, the Company filed Post-Effective Amendment No. 2 on Form S-11 for the purpose of converting the Registration Statement on Form S-3 into Registration Statement on Form S-11 because, upon filing the Company's Annual Report on Form 10-K for the year ending December 31, 2023, the Company was no longer eligible to use Form S-3. The Post-Effective Amendment No. 2 on Form S-11 includes an aggregate of 4,000,000 shares of Class C Common Stock to be issued pursuant to the Company's DRP, and 395,457 of those shares of common stock have been issued through March 31, 2024. The Company Post-Effective Amendment No. 2 on Form S-11 became effective on March 21, 2024. Common Stock Distributions

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	3 Months Ended
	Mar. 31, 2024
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	RELATED PARTY TRANSACTIONS The Company pays the members of its board of directors who are not executive officers for services rendered through cash payments and by issuing shares of Class C Common Stock to them. Total fees incurred and paid or accrued by the Company for board of directors' services for the three months ended March 31, 2024 and 2023 are as follows: Three Months Ended Board of Directors Compensation 2024 2023 Payments for services rendered $ 60,000 $ 67,500 Value of shares issued for services rendered 67,500 82,500 Total $ 127,500 $ 150,000 Number of shares issued for services rendered 4,020 7,761 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 and Mr. McWilliams was appointed as Kalera’s independent director as Kalera continued to operate its business while in bankruptcy. Mr. McWilliams served as Kalera Inc.’s independent director from April 2023 until December 2023 and recused himself from any matters that related to the Company’s property in Saint Paul, Minnesota which was previously leased to Kalera (see in Note 11 for additional information on the Saint Paul, Minnesota property). Related Party Transactions with Unconsolidated Investment in a Real Estate Property Three Months Ended 2024 2023 TIC Interest management fee $ 65,993 $ 65,993 Company's share in the management fee $ 47,984 $ 47,984

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	3 Months Ended
	Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES Environmental Under various federal, state and local environmental laws, statutes, ordinances, rules and regulations, a real estate property owner may be liable for the costs of removal or remediation of certain hazardous or toxic substances at, on, in or under such property as well as certain other potential costs relating to hazardous or toxic substances. These liabilities may include government fines, penalties and damages for injuries to persons and adjacent property. Such laws often impose liability without regard to whether the property owner knew of, or was responsible for, the presence or disposal of such substances. Although most of the tenants of properties in which the Company has an interest are primarily responsible for any environmental damage and claims related to the leased premises, in the event of the bankruptcy or inability of the tenant of such leased premises to satisfy any obligations with respect to such environmental liability, or if the tenant is found not responsible, the Company's property owner subsidiary may be required to satisfy any of such obligations, should they exist. In addition, the property owner subsidiary, as the owner of such property, may be held directly liable for any such damages or claims irrespective of the terms and provisions of any lease. As of March 31, 2024, the Company was not aware of any environmental matter relating to any of its real estate investments that would have a material impact on the Company's consolidated financial statements. However, changes in applicable environmental laws and regulations, the uses and conditions of properties in the vicinity of the Company’s properties, the activities of its tenants and other environmental conditions of which the Company is unaware with respect to the properties could result in future environmental liabilities. Tenant Improvements Pursuant to lease agreements, as of March 31, 2024 and December 31, 2023, the Company had obligations to pay $2,355,380 and $2,439,098, respectively, for on-site building and tenant improvements to be incurred by tenants. 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, 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. 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. 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. On November 21, 2023, the Company filed (i) a limited objection to retroactive rejection of its lease and (ii) a motion to compel Kalera to pay post-petition rent and related charges with the bankruptcy court. The Company and Kalera entered into a settlement agreement for these claims on March 18, 2024, which was approved by the bankruptcy court on April 12, 2024. Kalera’s October 31, 2023 motion to reject the Company’s lease remains subject to bankruptcy court approval.

OPERATING PARTNERSHIP UNITS

OPERATING PARTNERSHIP UNITS	3 Months Ended
	Mar. 31, 2024
Business Combination and Asset Acquisition [Abstract]
OPERATING PARTNERSHIP UNITS	OPERATING PARTNERSHIP UNITS Prior to March 31, 2024, the Company had issued three types of units of limited partnership interest in the Operating Partnership (“Class M OP Units,” “Class P OP Units,” and “Class R OP Units”), all of which automatically converted to units of Class C limited partnership interest in the Operating Partnership (“Class C OP Units”), and some of which were then exchanged for the Company's Class C Common Stock as of and for the three months ended March 31, 2024. The following table shows the conversion of the various OP Units described above into Class C OP Units as of and for the three months ended March 31, 2024, the number of Class C OP Units exchanged for Class C Common Stock and outstanding Class C OP Units: OP Units OP Units Issued Conversion Ratio Class C OP Units Issued Exchanged for Class C Common Stock Outstanding Class C OP Units Class M 657,950 1.666667 1,096,583 709,994 386,589 Class P 56,029 1.666667 93,382 56,592 36,790 Class R 316,343 2.500000 790,858 143,333 647,525 Total 1,030,322 1,980,823 909,919 1,070,904 The Class C OP Units are 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. For the three months ended March 31, 2024, $88,783 was charged to stock compensation expense for the final vesting of the Class P OP Units and $1,222,219 was charged to stock compensation expense for the final vesting of the Class R OP Units. There are no other stock-based incentive compensation programs in place for employees. The total stock compensation expenses for the three months ended March 31, 2024 and 2023 were as follows: Three Months Ended 2024 2023 Class P OP Units $ 88,783 $ 88,783 Class R OP Units - Time Vested Units 488,887 488,886 Class R OP Units - Performance Vested Units 733,332 — Class C Common Stock issued to the board of directors for services (see Note 10 ) 67,500 82,500 Total $ 1,378,502 $ 660,169 Additional Exchanges of Class C OP Units On February 15, 2024, the 1,312,382 Class C OP Units issued to Group of Trophy, LLC in January 2022 were assigned to its affiliate, First City Investment Group, LLC and on February 16, 2024, 656,191 of these Class C OP Units were exchanged for Class C Common Stock. Distributions and Allocations Class C OP Units received the following distributions and allocations of net (loss) income during the three months ended March 31, 2024 and 2023 as follows: Three Months Ended 2024 2023 Class C OP Units distributions $ 472,005 $ 377,298 Class C OP Units net income (loss) allocation $ 912,864 $ (816,199)

EARNINGS (LOSS) PER SHARE

EARNINGS (LOSS) PER SHARE	3 Months Ended
	Mar. 31, 2024
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 if-converted method to compute for the potential dilution that would occur if holders of Class C OP Units exercise their right to exchange for Class C Common Stock (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 months ended March 31, 2024 and 2023: Three Months Ended 2024 2023 Numerator - Basic: Net income (loss) $ 4,637,323 $ (4,578,921) Less: net (income) loss attributable to noncontrolling interest in Operating Partnership (912,864) 816,199 Preferred stock dividends (921,875) (921,875) Net income (loss) attributable to common stockholders $ 2,802,584 $ (4,684,597) Numerator - Diluted: Net income (loss) $ 4,637,323 $ (4,578,921) Preferred stock dividends (921,875) (921,875) Net income (loss) attributable to common stockholders and noncontrolling interests $ 3,715,448 $ (5,500,796) Denominator: Weighted average shares outstanding - basic 8,568,353 7,532,452 Operating Partnership Units - Class C 2,790,905 — Weighted average shares outstanding - diluted 11,359,258 7,532,452 Earnings (loss) per share attributable to common stockholders: Basic $ 0.33 $ (0.62) Earnings (loss) per share attributable to common stockholders and noncontrolling interests: Diluted $ 0.33 $ (0.62) During the three months ended March 31, 2023, the weighted average dilutive effect of 2,818,689 shares related to units of limited partnership interest in the Operating Partnership 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 period then ended.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	3 Months Ended
	Mar. 31, 2024
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 April 15, 2024, the Company paid its Series A Preferred Stock dividends of $921,875 for the first quarter of 2024, which were declared by the Company’s board of directors on March 1, 2024. On May 1, 2024, the Company’s board of directors declared Series A Preferred Stock dividends payable of $921,875 for the second quarter of 2024, which are scheduled to be paid on July 15, 2024. Common Stock and Class C OP Unit Distributions On April 25, 2024, the Company’s paid its monthly distributions of $0.095833 per share to common stockholders and Class C OP Unit holders of record as of March 31, 2024, which were authorized by the Company's board of directors on November 6, 2023. On March 1, 2024, the Company’s board of directors authorized monthly distributions payable to common stockholders and Class C OP Unit holders of record as of April 30, 2024, May 31, 2024 and June 28, 2024, which will be paid on or about May 28, 2024, June 25, 2024 and July 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. On May 1, 2024, the Company’s board of directors authorized monthly distributions payable to common stockholders and Class C OP Unit holders of record as of July 31, 2024, August 30, 2024 and September 30, 2024, which will paid on or about August 26, 2024, September 25, 2024 and October 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. Real Estate Acquisition On April 26, 2024, the Company entered into a letter of intent to acquire an industrial manufacturing property in a sale and leaseback transaction for $6,400,000 with a company that produces optical systems for the defense and aerospace industries. The property is located in the Tampa Florida metropolitan area and the tenant is expected to enter into a 20-year lease at an initial cap rate of 8.13% and a weighted average cap rate of 10.75%, with annual rent escalations of 2.85%. The Company defines “initial cap rate” for property acquisitions as the initial annual cash rent divided by the purchase price of the property and defines “weighted average cap rate” as the average annual cash rent including rent escalations over the lease term, divided by the purchase price of the property. The transaction remains subject to negotiation of a definitive purchase and sale agreement, completion of due diligence and customary closing conditions. The Company plans to fund this acquisition with available cash on hand. The seller is not affiliated with the Company or its affiliates. Real Estate Disposition On April 1, 2024, the Company entered into an amendment to the January 11, 2024 purchase and sale agreement with KB Home, a national homebuilder, for the sale of its office property located in Issaquah, Washington leased to Costco until July 31, 2025. As a result of the City of Issaquah’s setback requirements, the number of townhomes planned for the property had to be reduced. The Company and the homebuilder therefore agreed to reduce the sales price from $28,650,000 to $25,300,000, with the ability to increase the purchase price by $325,000 for each additional townhome the buyer can add to the development prior to closing. The buyer completed its due diligence on April 26, 2024 and deposited $1,407,500 into escrow on May 1, 2024, bringing the total non-refundable deposit to $1,432,500. Completing the sale remains subject to the buyer obtaining development approvals and the sale will not close until 15 days following the earlier of (a) buyer obtaining all necessary development approvals, or (b) tenant vacating the property, but not prior to February 1, 2025, and not later than August 15, 2025 unless extended. The amendment to the purchase and sale agreement provides that the buyer can extend the outside closing date up to three times for 60 days for each extension. The nonrefundable extension fee for the first extension is $300,000 with 50% applicable to the purchase price. The nonrefundable extension fees for the second and third extensions are $200,000 and$300,000, respectively, and none of these extension fees will be applicable to the purchase price. The buyer is not affiliated with the Company or its affiliates.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 3,724,459	$ (3,762,722)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Mar. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
Reclassifications	Reclassifications Certain prior year statement of operations accounts have been reclassified to conform with the current year presentation. The reclassifications did not affect net income (loss) in the prior year consolidated statement of operations. Interest expense, including unrealized gain or loss on interest rate swaps and net of derivative settlements, was presented in the prior year as a component of operating expenses and was reclassified as other income (expense). Management fee income was reclassified from other income (expense) to total income in the accompanying unaudited condensed consolidated statement of operations.

REAL ESTATE INVESTMENTS, NET (T

REAL ESTATE INVESTMENTS, NET (Tables)	3 Months Ended
	Mar. 31, 2024
Real Estate [Abstract]
Schedule of Dispositions and Real Estate Investments Held for Sale	Dispositions during the three months ended March 31, 2024 were as follows: Property Tenant Location Disposition Date Property Type Rentable Square Feet Contract Sale Price Gain on Sale Net Proceeds Levins Sacramento, CA 1/10/2024 Industrial 76,000 $ 7,075,000 $ 3,178,860 $ 7,033,680 Cummins Nashville, TN 2/28/2024 Office 87,230 7,950,000 8,946 7,748,946 163,230 $ 15,025,000 $ 3,187,806 $ 14,782,626 The following table summarizes the major components of assets and liabilities related to the real estate investments held for sale as of December 31, 2023: December 31, Assets related to real estate investments held for sale: Land, buildings and improvements $ 14,590,062 Tenant origination and absorption costs 1,779,156 Accumulated depreciation and amortization (4,811,529) Real estate investments held for sale, net 11,557,689 Other assets, net 103,337 Total assets related to real estate investments held for sale $ 11,661,026 Liabilities related to real estate investments held for sale: Other liabilities, net $ 248,727 Total liabilities related to real estate investments held for sale $ 248,727
Schedules of Asset and Rental Income Concentration	As of March 31, 2024 and December 31, 2023, the Company’s real estate portfolio asset concentration (greater than 10% of total assets) was as follows: March 31, 2024 December 31, 2023 Property Tenant and Location Net Carrying Value Percentage of Net Carrying Value Percentage of KIA retail property, Carson, CA $ 67,060,103 12.8 % $ 67,325,569 12.7 % During the three months ended March 31, 2024 and 2023, the Company’s rental income concentration (greater than 10% of rental income) was as follows: Three Months Ended March 31, 2024 2023 Property Tenant and Location Rental Income Percentage of Rental Income Percentage of Lindsay, nine industrial properties acquired in: Colorado (three), Ohio (two), Pennsylvania, North Carolina, South Carolina and Florida $ 1,664,706 14.0 % $ 1,212,864 11.8 % KIA retail property, Carson, CA $ 1,291,082 10.8 % $ 1,291,851 12.5 %
Schedule of Rental Payments for Operating Leases	As of March 31, 2024, the future minimum contractual rent payments due to the Company under the Company’s non-cancellable operating leases, excluding lease amendments executed though the date of this report, if any, are as follows: April through December 2024 $ 28,535,502 2025 37,472,337 2026 34,329,475 2027 33,992,306 2028 34,220,325 Thereafter 514,095,972 $ 682,645,917
Schedule of Intangible Assets	As of March 31, 2024 and December 31, 2023, intangible assets, net related to the Company's real estate were as follows: March 31, 2024 December 31, 2023 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 $ 15,707,458 $ 1,559,546 $ (14,364,650) $ 15,707,458 $ 1,559,546 $ (14,364,650) Accumulated amortization (10,969,243) (264,087) 5,726,145 (10,715,945) (245,587) 5,496,046 Net $ 4,738,215 $ 1,295,459 $ (8,638,505) $ 4,991,513 $ 1,313,959 $ (8,868,604)
Schedule of Intangible Assets Amortization	As of March 31, 2024, the amortization of intangible assets for the remaining nine months of the current year ending December 31, 2024 and for each of the five years and thereafter is expected to be as follows: Tenant Origination and Absorption Costs Above-Market Lease Intangibles Below-Market Lease Intangibles April through December 2024 $ 759,881 $ 55,499 $ (690,297) 2025 815,131 70,712 (920,395) 2026 466,644 54,278 (920,395) 2027 449,972 54,278 (920,395) 2028 429,885 54,278 (910,053) Thereafter 1,816,702 1,006,414 (4,276,970) $ 4,738,215 $ 1,295,459 $ (8,638,505) Weighted-average remaining amortization period 8.5 years 22.9 years 9.6 years

UNCONSOLIDATED INVESTMENT IN _2

UNCONSOLIDATED INVESTMENT IN REAL ESTATE PROPERTY (Tables)	3 Months Ended
	Mar. 31, 2024
Investments, Debt and Equity Securities [Abstract]
Schedule of Investments	The Company’s investment in unconsolidated property as of March 31, 2024 and December 31, 2023 is as follows: March 31, December 31, The TIC Interest $ 9,823,118 $ 10,053,931
Schedule of Properties Equity In Earnings	The Company’s income from investment in unconsolidated property for the three months ended March 31, 2024 and 2023 is as follows: Three Months Ended 2024 2023 The TIC Interest $ 73,854 $ 55,567
Schedule of Summarized Financial Information	The following is summarized financial information for the Santa Clara property as of March 31, 2024 and December 31, 2023 and for the three months ended March 31, 2024 and 2023: March 31, December 31, Assets: Real estate investments, net $ 28,308,781 $ 28,563,746 Cash and cash equivalents 481,734 482,653 Other assets 52,147 79,639 Total assets $ 28,842,662 $ 29,126,038 Liabilities: Mortgage note payable, net $ 12,566,984 $ 12,642,798 Below-market lease, net 2,331,216 2,367,812 Other liabilities 434,467 287,989 Total liabilities 15,332,667 15,298,599 Total equity 13,509,995 13,827,439 Total liabilities and equity $ 28,842,662 $ 29,126,038 Three Months Ended 2024 2023 Income $ 693,195 $ 666,146 Expenses: Depreciation and amortization 259,825 267,052 Other expenses 202,194 189,729 Total expenses 462,019 456,781 Operating income 231,176 209,365 Interest expense 129,602 131,325 Net income $ 101,574 $ 78,040

INVESTMENT IN PREFERRED STOCK (

INVESTMENT IN PREFERRED STOCK (Tables)	3 Months Ended
	Mar. 31, 2024
Equity Method Investments and Joint Ventures [Abstract]
Schedule of Investment in Preferred Stock	The Company’s investment in preferred stock as of March 31, 2024 and December 31, 2023 is as follows: Preferred Stock March 31, December 31, Fair value of GIPR preferred shares $ — $ 11,038,658

OTHER BALANCE SHEET DETAILS (Ta

OTHER BALANCE SHEET DETAILS (Tables)	3 Months Ended
	Mar. 31, 2024
Payables and Accruals [Abstract]
Schedule of Supplemental Detail Disclosures for Consolidated Balance Sheet	As of March 31, 2024 and December 31, 2023, tenant deferred rent and other receivables consisted of the following: March 31, December 31, Straight-line rent $ 14,161,661 $ 12,474,137 Tenant rent and billed reimbursements 276,981 107,635 Unbilled tenant reimbursements 119,305 212,796 Total $ 14,557,947 $ 12,794,568 As of March 31, 2024 and December 31, 2023, prepaid expenses and other assets were comprised of the following: March 31, December 31, Prepaid expenses and other receivables and assets $ 2,300,986 $ 1,897,285 Construction advances (1) 1,352,355 1,352,355 Investment in GIPR common stock (2) 656,631 — Deferred financing costs on credit facility revolver 656,989 748,662 Deferred tenant allowance 154,082 174,919 Total $ 5,121,043 $ 4,173,221 (1) The balance as of March 31, 2024 and December 31, 2023 represents advances for improvements to be made to the Lindsay property in Franklinton, North Carolina. (2) During April 2024, the Company sold 102,446 shares of GIPR Common Stock for aggregate net proceeds of $389,807. As of March 31, 2024 and December 31, 2023, accounts payable, accrued and other liabilities were comprised of the following: March 31, December 31, Accounts payable $ 578,894 $ 562,647 Accrued expenses 855,425 1,202,115 Accrued interest payable 357,547 358,777 Unearned rent 1,428,474 2,076,300 Security deposits 469,409 82,981 Lease incentive obligation 162,065 186,688 Total $ 3,851,814 $ 4,469,508

DEBT (Tables)

DEBT (Tables)	3 Months Ended
	Mar. 31, 2024
Debt Disclosure [Abstract]
Schedule of Long-Term Debt Instruments	The breakdown of debt as of March 31, 2024 and December 31, 2023 is as follows: March 31, December 31, Mortgage notes payable, net $ 30,990,813 $ 31,030,241 Credit facility: Term loan, net 248,631,103 248,508,515 Total $ 279,621,916 $ 279,538,756
Schedule of Debt	As of March 31, 2024 and December 31, 2023, the Company’s mortgage notes payable consisted of the following: Collateral 2024 Principal 2023 Principal Interest Rate (1) Loan Costco property $ 18,803,337 $ 18,850,000 4.85% 1/01/2030 Taylor Fresh Foods property 12,350,000 12,350,000 3.85% 11/01/2029 Total mortgage notes payable 31,153,337 31,200,000 Less unamortized deferred financing costs (162,524) (169,759) Mortgage notes payable, net $ 30,990,813 $ 31,030,241 (1) Represents the contractual interest rate in effect under the mortgage note payable as of March 31, 2024.
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 March 31, 2024 and December 31, 2023: March 31, 2024 December 31, 2023 Face Value Carrying Fair Value Face value Carrying Fair Value Mortgage notes payable $ 31,153,337 $ 30,990,813 $ 27,814,826 $ 31,200,000 $ 31,030,241 $ 27,999,621
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 March 31, 2024: Mortgage Notes Credit Facility Payable Revolver Term Loan Total April through December 2024 $ 222,967 $ — $ — $ 222,967 2025 543,886 — — 543,886 2026 568,370 — — 568,370 2027 593,972 — 250,000,000 250,593,972 2028 618,278 — — 618,278 Thereafter 28,605,864 — — 28,605,864 Total principal 31,153,337 — 250,000,000 281,153,337 Less: deferred financing costs, net (162,524) — (1,368,897) (1,531,421) Net principal $ 30,990,813 $ — $ 248,631,103 $ 279,621,916
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 months ended March 31, 2024 and 2023: Three Months Ended 2024 2023 Mortgage notes payable: Interest expense $ 347,142 $ 471,939 Amortization of deferred financing costs 7,235 7,235 Credit facility: Interest expense 4,507,294 2,388,935 Unused commitment fees 94,792 186,236 Amortization of deferred financing costs 214,261 214,261 Swap derivatives: Derivative cash settlements (1) (1,670,732) (1,074,085) Unrealized loss on interest rate swap valuation for first swap (2) 3,804 1,144,018 Amortization of unrealized (gain) loss interest rate swap valuation (2) (253,093) (250,311) Unrealized (gain) loss on interest rate swap valuation for second swap (3) (1,040,075) 828,476 Other 96,521 102,088 Interest expense, net $ 2,307,149 $ 4,018,792 (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 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 months ended March 31, 2024 and 2023 as described in Note 8 , the $3,804 and $1,144,018 losses on the swap valuation for the three months ended March 31, 2024 and 2023, respectively, are recognized as an increase in interest expense. Furthermore, 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 $(1,040,075) gain and $828,476 loss on the valuation of this swap for the three months ended March 31, 2024 and 2023, respectively, are reflected as a (reduction) increase in interest expense (see Note 8

INTEREST RATE SWAP DERIVATIVES

INTEREST RATE SWAP DERIVATIVES (Tables)	3 Months Ended
	Mar. 31, 2024
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 March 31, 2024 and December 31, 2023: March 31, 2024 December 31, 2023 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) Weighted Average Remaining Term Non-designated 2 $ 250,000,000 USD - SOFR 4.43 % 2.75 years 2 $ 250,000,000 USD - SOFR 4.53 % 3.0 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 March 31, 2024 and December 31, 2023 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 March 31, 2024 and December 31, 2023: March 31, 2024 December 31, 2023 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 $ 3,533,656 1 $ 2,970,733 $ 562,923 Interest Rate Swap Liability - Interest rate swap derivatives, at fair value — $ — 1 $ (473,348) $ 473,348

RELATED PARTY TRANSACTIONS (Tab

RELATED PARTY TRANSACTIONS (Tables)	3 Months Ended
	Mar. 31, 2024
Related Party Transactions [Abstract]
Schedule of Related Party Transactions	Total fees incurred and paid or accrued by the Company for board of directors' services for the three months ended March 31, 2024 and 2023 are as follows: Three Months Ended Board of Directors Compensation 2024 2023 Payments for services rendered $ 60,000 $ 67,500 Value of shares issued for services rendered 67,500 82,500 Total $ 127,500 $ 150,000 Number of shares issued for services rendered 4,020 7,761 Three Months Ended 2024 2023 TIC Interest management fee $ 65,993 $ 65,993 Company's share in the management fee $ 47,984 $ 47,984

OPERATING PARTNERSHIP UNITS (Ta

OPERATING PARTNERSHIP UNITS (Tables)	3 Months Ended
	Mar. 31, 2024
Business Combination and Asset Acquisition [Abstract]
Schedule of Conversion of Various OP Units	The following table shows the conversion of the various OP Units described above into Class C OP Units as of and for the three months ended March 31, 2024, the number of Class C OP Units exchanged for Class C Common Stock and outstanding Class C OP Units: OP Units OP Units Issued Conversion Ratio Class C OP Units Issued Exchanged for Class C Common Stock Outstanding Class C OP Units Class M 657,950 1.666667 1,096,583 709,994 386,589 Class P 56,029 1.666667 93,382 56,592 36,790 Class R 316,343 2.500000 790,858 143,333 647,525 Total 1,030,322 1,980,823 909,919 1,070,904
Schedule of Total Stock Compensation Expense	The total stock compensation expenses for the three months ended March 31, 2024 and 2023 were as follows: Three Months Ended 2024 2023 Class P OP Units $ 88,783 $ 88,783 Class R OP Units - Time Vested Units 488,887 488,886 Class R OP Units - Performance Vested Units 733,332 — Class C Common Stock issued to the board of directors for services (see Note 10 ) 67,500 82,500 Total $ 1,378,502 $ 660,169
Schedule of Distributions and Allocations of Net (Loss) Gain	Class C OP Units received the following distributions and allocations of net (loss) income during the three months ended March 31, 2024 and 2023 as follows: Three Months Ended 2024 2023 Class C OP Units distributions $ 472,005 $ 377,298 Class C OP Units net income (loss) allocation $ 912,864 $ (816,199)

EARNINGS (LOSS) PER SHARE (Tabl

EARNINGS (LOSS) PER SHARE (Tables)	3 Months Ended
	Mar. 31, 2024
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 months ended March 31, 2024 and 2023: Three Months Ended 2024 2023 Numerator - Basic: Net income (loss) $ 4,637,323 $ (4,578,921) Less: net (income) loss attributable to noncontrolling interest in Operating Partnership (912,864) 816,199 Preferred stock dividends (921,875) (921,875) Net income (loss) attributable to common stockholders $ 2,802,584 $ (4,684,597) Numerator - Diluted: Net income (loss) $ 4,637,323 $ (4,578,921) Preferred stock dividends (921,875) (921,875) Net income (loss) attributable to common stockholders and noncontrolling interests $ 3,715,448 $ (5,500,796) Denominator: Weighted average shares outstanding - basic 8,568,353 7,532,452 Operating Partnership Units - Class C 2,790,905 — Weighted average shares outstanding - diluted 11,359,258 7,532,452 Earnings (loss) per share attributable to common stockholders: Basic $ 0.33 $ (0.62) Earnings (loss) per share attributable to common stockholders and noncontrolling interests: Diluted $ 0.33 $ (0.62)

BUSINESS AND ORGANIZATION - Nar

BUSINESS AND ORGANIZATION - Narrative (Details)					1 Months Ended	2 Months Ended	3 Months Ended		12 Months Ended	15 Months Ended
	Mar. 12, 2024 shares	Jun. 06, 2022 USD ($)	Mar. 30, 2022 USD ($)	Feb. 15, 2022 $ / shares	Jan. 31, 2024 USD ($) shares	Mar. 31, 2024 ft² property $ / shares shares	Mar. 31, 2024 USD ($) ft² property $ / shares shares	Mar. 31, 2023 USD ($)	Dec. 31, 2023 $ / shares shares	Mar. 31, 2024 USD ($) 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						4,500,000	4,500,000			4,500,000
Number of real estate properties | property						42	42			42
Proceeds from offerings of common stock, net | $							$ 933,363	$ 0
ATM Offering
Business And Organization [Line Items]
Payments of stock issuance costs | $							$ 203,664
Maximum
Business And Organization [Line Items]
Authorized offering amount | $			$ 200,000,000
Industrial
Business And Organization [Line Items]
Number of real estate properties | property						38	38			38
Tenant-in-common interest
Business And Organization [Line Items]
Investment allocation, percentage						75%	75%			75%
Tenant-in-common
Business And Organization [Line Items]
Investment allocation, percentage						72.70%	72.70%			72.70%
Office
Business And Organization [Line Items]
Number of real estate properties | property						3	3			3
Investment allocation, percentage						14%	14%			14%
Retail
Business And Organization [Line Items]
Number of square feet of aggregate leasable space (in square foot) | ft²						163,230	163,230			163,230
Number of real estate properties | property						1	1			1
Investment allocation, percentage						11%	11%			11%
Operating Partnership
Business And Organization [Line Items]
Ownership interest (as a percent)							82%		68%
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 ("CS")
Business And Organization [Line Items]
Common stock, shares authorized (in shares)						300,000,000	300,000,000		300,000,000	300,000,000
Common stock, par value (in usd per share) | $ / shares						$ 0.001	$ 0.001		$ 0.001	$ 0.001
Shares sold in offering (in shares)					76,991	0
Common stock issued, consideration received on transaction | $					$ 1,137,028
Payments of stock issuance costs | $					$ 23,205
Proceeds from offerings of common stock, net | $							$ 933,364
Aggregate number of shares available for issuance	4,000,000
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 ("CS") | Prospectus Supplement
Business And Organization [Line Items]
Prospectus supplement, common stock offering | $		$ 50,000,000
Common Stock ("CS") | Maximum
Business And Organization [Line Items]
Purchase price as a percentage of market price				5%
Common Stock ("CS") | Minimum
Business And Organization [Line Items]
Purchase price as a percentage of market price				0%
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
Common stock, par value (in usd per share) | $ / shares						$ 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]
Shares, issued (in shares)	395,457
Treasury Stock
Business And Organization [Line Items]
Repurchase of common stock (in shares)										93,357
Repurchase of common stock | $										$ 1,129,162
Average cost per share of stock shares repurchased (in usd per share) | $ / shares										$ 12.10

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Accounting Policies [Line Items]
Comprehensive income (loss) attributable to Modiv Industrial, Inc.	$ 3,533,551	$ (3,975,892)
Previously Reported
Accounting Policies [Line Items]
Comprehensive income (loss) attributable to Modiv Industrial, Inc.		$ (3,549,552)

REAL ESTATE INVESTMENTS, NET -

REAL ESTATE INVESTMENTS, NET - Narrative (Details)	1 Months Ended	3 Months Ended
	Mar. 31, 2023 USD ($) property	Mar. 31, 2024 USD ($) property renewal_option lease state	Mar. 31, 2023 USD ($) property	Dec. 31, 2023 USD ($) property
Real Estate [Line Items]
Number of real estate properties		42
Number of states in which entity operates | state		15
Properties acquired | lease		0
Total investments in real estate property | $		$ 524,763,074		$ 524,661,932
Weighted average amortization period		10 years 3 months 18 days
Number of real estate properties, held-for-sale				2
Lease Renewal, Scenario One
Real Estate [Line Items]
Operating leases extension		5 years
Lease Renewal, Scenario Two
Real Estate [Line Items]
Operating leases extension		10 years
Minimum | Lease Renewal, Scenario One
Real Estate [Line Items]
Operating lease, number of renewal options | renewal_option		1
Minimum | Lease Renewal, Scenario Two
Real Estate [Line Items]
Operating lease, number of renewal options | renewal_option		1
Maximum | Lease Renewal, Scenario One
Real Estate [Line Items]
Operating lease, number of renewal options | renewal_option		6
Maximum | Lease Renewal, Scenario Two
Real Estate [Line Items]
Operating lease, number of renewal options | renewal_option		2
Tennessee
Real Estate [Line Items]
Impairment charge | $	$ 3,499,438
Acquisitions For 2024
Real Estate [Line Items]
Total investments in real estate property | $	$ 11,913,362		$ 11,913,362
Term of contract	12 years 10 months 24 days		12 years 10 months 24 days
Kia and Kalera
Real Estate [Line Items]
Revenue related to acquisition | $		$ 288,141	$ 115,574
The TIC Interest
Real Estate [Line Items]
Ownership percentage		72.71%
Industrial
Real Estate [Line Items]
Number of real estate properties		38
Properties acquired	2		2
Retail
Real Estate [Line Items]
Number of real estate properties		1
Office
Real Estate [Line Items]
Number of real estate properties		3

REAL ESTATE INVESTMENTS, NET _2

REAL ESTATE INVESTMENTS, NET - Dispositions (Details)			3 Months Ended
	Feb. 28, 2024 USD ($) ft²	Jan. 10, 2024 USD ($) ft²	Mar. 31, 2024 USD ($) ft²	Mar. 31, 2023 USD ($)
Real Estate [Line Items]
Number of square feet of aggregate leasable space (in square foot) | ft²			4,500,000
Gain on sale of real estate investments, net			$ 3,187,806	$ 0
Retail
Real Estate [Line Items]
Number of square feet of aggregate leasable space (in square foot) | ft²			163,230
Contract Sale Price			$ 15,025,000
Gain on sale of real estate investments, net			3,187,806
Net Proceeds			$ 14,782,626
Industrial | Levins, Sacramento, CA
Real Estate [Line Items]
Number of square feet of aggregate leasable space (in square foot) | ft²		76,000
Contract Sale Price		$ 7,075,000
Gain on sale of real estate investments, net		3,178,860
Net Proceeds		$ 7,033,680
Office | Cummins, Nashville, TC
Real Estate [Line Items]
Number of square feet of aggregate leasable space (in square foot) | ft²	87,230
Contract Sale Price	$ 7,950,000
Gain on sale of real estate investments, net	8,946
Net Proceeds	$ 7,748,946

REAL ESTATE INVESTMENTS, NET _3

REAL ESTATE INVESTMENTS, NET - Concentration Risk (Details)	3 Months Ended		12 Months Ended
	Mar. 31, 2024 USD ($) property	Mar. 31, 2023 USD ($)	Dec. 31, 2023 USD ($)
Concentration Risk [Line Items]
Net Carrying Value	$ 469,727,961		$ 473,760,320
Rental income	$ 11,900,567	$ 10,311,182
Number of real estate properties | property	42
Lindsay Precast, LLC
Concentration Risk [Line Items]
Number of real estate properties | property	9
Lindsay Colorado Properties
Concentration Risk [Line Items]
Number of real estate properties | property	3
Lindsay Ohio Properties
Concentration Risk [Line Items]
Number of real estate properties | property	2
Asset | Real Estate Property | KIA retail property, Carson, CA
Concentration Risk [Line Items]
Net Carrying Value	$ 67,060,103		$ 67,325,569
Percentage of Total Assets	12.80%		12.70%
Rental Income | Real Estate Property | KIA retail property, Carson, CA
Concentration Risk [Line Items]
Percentage of Total Assets	10.80%	12.50%
Rental income	$ 1,291,082	$ 1,291,851
Rental Income | Real Estate Property | Lindsay
Concentration Risk [Line Items]
Percentage of Total Assets	14%	11.80%
Rental income	$ 1,664,706	$ 1,212,864

REAL ESTATE INVESTMENTS, NET _4

REAL ESTATE INVESTMENTS, NET - Rental Payments for Operating Leases (Details)	Mar. 31, 2024 USD ($)
Real Estate [Abstract]
April through December 2024	$ 28,535,502
2025	37,472,337
2026	34,329,475
2027	33,992,306
2028	34,220,325
Thereafter	514,095,972
Total	$ 682,645,917

REAL ESTATE INVESTMENTS, NET _5

REAL ESTATE INVESTMENTS, NET - Intangible Assets (Details) - USD ($)	Mar. 31, 2024	Dec. 31, 2023
Tenant Origination and Absorption Costs
Real Estate [Line Items]
Cost	$ 15,707,458	$ 15,707,458
Accumulated amortization	(10,969,243)	(10,715,945)
Net	4,738,215	4,991,513
Above-Market Lease Intangibles
Real Estate [Line Items]
Cost	1,559,546	1,559,546
Accumulated amortization	(264,087)	(245,587)
Net	1,295,459	1,313,959
Below-Market Lease Intangibles
Below-Market Lease Intangibles
Cost	(14,364,650)	(14,364,650)
Accumulated amortization	5,726,145	5,496,046
Net	$ (8,638,505)	$ (8,868,604)

REAL ESTATE INVESTMENTS, NET _6

REAL ESTATE INVESTMENTS, NET - Intangible Assets Amortization (Details) - USD ($)	Mar. 31, 2024	Dec. 31, 2023
Below-Market Lease Intangibles
Weighted-average remaining amortization period	10 years 3 months 18 days
Tenant Origination and Absorption Costs
Real Estate [Line Items]
April through December 2024	$ 759,881
2025	815,131
2026	466,644
2027	449,972
2028	429,885
Thereafter	1,816,702
Net	$ 4,738,215	$ 4,991,513
Below-Market Lease Intangibles
Weighted-average remaining amortization period	8 years 6 months
Above-Market Lease Intangibles
Real Estate [Line Items]
April through December 2024	$ 55,499
2025	70,712
2026	54,278
2027	54,278
2028	54,278
Thereafter	1,006,414
Net	$ 1,295,459	1,313,959
Below-Market Lease Intangibles
Weighted-average remaining amortization period	22 years 10 months 24 days
Below-Market Lease Intangibles
Below-Market Lease Intangibles
April through December 2024	$ (690,297)
2025	(920,395)
2026	(920,395)
2027	(920,395)
2028	(910,053)
Thereafter	(4,276,970)
Net	$ (8,638,505)	$ (8,868,604)
Weighted-average remaining amortization period	9 years 7 months 6 days

REAL ESTATE INVESTMENTS, NET _7

REAL ESTATE INVESTMENTS, NET - Real Estate Investments Held for Sale (Details) - USD ($)	Mar. 31, 2024	Dec. 31, 2023
Assets related to real estate investments held for sale:
Real estate investments held for sale, net	$ 0	$ 11,557,689
Other assets, net	0	103,337
Liabilities related to real estate investments held for sale:
Other liabilities, net	$ 0	248,727
Disposal Group, Held-for-sale, Not Discontinued Operations
Assets related to real estate investments held for sale:
Land, buildings and improvements		14,590,062
Tenant origination and absorption costs		1,779,156
Accumulated depreciation and amortization		(4,811,529)
Real estate investments held for sale, net		11,557,689
Other assets, net		103,337
Total assets related to real estate investments held for sale		11,661,026
Liabilities related to real estate investments held for sale:
Other liabilities, net		248,727
Total liabilities related to real estate investments held for sale		$ 248,727

UNCONSOLIDATED INVESTMENT IN _3

UNCONSOLIDATED INVESTMENT IN REAL ESTATE PROPERTY - Investments (Details) - USD ($)	Mar. 31, 2024	Dec. 31, 2023
The TIC Interest
Schedule of Equity Method Investments [Line Items]
Investment in unconsolidated entity	$ 9,823,118	$ 10,053,931

UNCONSOLIDATED INVESTMENT IN _4

UNCONSOLIDATED INVESTMENT IN REAL ESTATE PROPERTY - Entities Equity in Earnings (Details) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Schedule of Equity Method Investments [Line Items]
The TIC Interest	$ 73,854	$ 55,567
The TIC Interest
Schedule of Equity Method Investments [Line Items]
The TIC Interest	$ 73,854	$ 55,567

UNCONSOLIDATED INVESTMENT IN _5

UNCONSOLIDATED INVESTMENT IN REAL ESTATE PROPERTY - Narrative (Details)	3 Months Ended
	Mar. 31, 2024 USD ($) renewal_option	Mar. 31, 2023 USD ($)
Rich Uncles Real Estate Investment Trust
Schedule of Equity Method Investments [Line Items]
Ownership percentage by noncontrolling owners	27.30%
Proceeds from equity method investment, distribution, return of capital | $	$ 304,667	$ 65,696
The TIC Interest
Schedule of Equity Method Investments [Line Items]
Ownership percentage	72.71%
Number of lease renewal options | renewal_option	3
Renewal term	5 years
Interest rate	3.86%

UNCONSOLIDATED INVESTMENT IN _6

UNCONSOLIDATED INVESTMENT IN REAL ESTATE PROPERTY - Summarized Financial Information (Details) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023	Dec. 31, 2022
Assets
Total assets	$ 522,464,174		$ 530,895,830
Liabilities:
Total liabilities	294,126,946		305,773,922
Total equity	228,337,228	$ 233,915,941	225,121,908	$ 241,033,960
Total liabilities and equity	522,464,174		530,895,830
Income	11,900,567	10,311,182
Expenses:
Operating income (loss)	6,658,980	(669,391)
Net income (loss)	4,637,323	(4,578,921)
The TIC Interest
Assets
Real estate investments, net	28,308,781		28,563,746
Cash and cash equivalents	481,734		482,653
Other assets	52,147		79,639
Total assets	28,842,662		29,126,038
Liabilities:
Mortgage note payable, net	12,566,984		12,642,798
Below-market lease, net	2,331,216		2,367,812
Other liabilities	434,467		287,989
Total liabilities	15,332,667		15,298,599
Total equity	13,509,995		13,827,439
Total liabilities and equity	28,842,662		$ 29,126,038
Income	693,195	666,146
Expenses:
Depreciation and amortization	259,825	267,052
Other expenses	202,194	189,729
Total expenses	462,019	456,781
Operating income (loss)	231,176	209,365
Interest expense	129,602	131,325
Net income (loss)	$ 101,574	$ 78,040

INVESTMENT IN PREFERRED STOCK -

INVESTMENT IN PREFERRED STOCK - Schedule of Investment in Preferred Stock (Details) - USD ($)	Mar. 31, 2024	Dec. 31, 2023
Equity Method Investments and Joint Ventures [Abstract]
Fair value of GIPR preferred shares	$ 0	$ 11,038,658

INVESTMENT IN PREFERRED STOCK_2

INVESTMENT IN PREFERRED STOCK - Narrative (Details)					3 Months Ended
	Aug. 10, 2024	Jan. 31, 2024 USD ($) $ / shares shares	Jan. 17, 2024 shares	Aug. 10, 2023 USD ($) property $ / shares shares	Mar. 31, 2024 USD ($) $ / shares	Mar. 31, 2023 USD ($)
Schedule of Equity Method Investments [Line Items]
Number of real estate properties sold | property				13
Net proceeds from sale of real estate investments | $					$ 14,782,626	$ 0
Shares distributed (in shares) | shares			2,623,153
Series A Preferred Stock
Schedule of Equity Method Investments [Line Items]
Preferred stock, liquidation preference per share (in usd per share) | $ / shares					$ 25
Preferred stock, dividend rate, percentage					7.375%
Preferred stock, redemption (in USD per share) | $ / shares					$ 25
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]
Common stock, shares issued (in shares) | shares		2,794,597
Common stock received (in shares) | shares		2,400,000
Redemption notice period		60 days
Preferred stock, redemption (in USD per share) | $ / shares		$ 3.9036
Conversion percentage		1.10
Preferred stock, convertible, conversion price (in usd per share) | $ / shares		$ 4.2940
Fair value of GIPR preferred stock | $		$ 12,000,000
Common stock, shares outstanding (in shares) | shares			171,444
GIPR | Common Stock
Schedule of Equity Method Investments [Line Items]
Dividends, conversion ratio			0.28
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		2,400,000
Preferred stock, liquidation preference per share (in usd per share) | $ / shares				$ 5
Preferred stock, dividend rate, percentage				9.50%
GIPR | Retail And Office | Series A Preferred Stock | Forecast
Schedule of Equity Method Investments [Line Items]
Preferred stock, dividend rate, percentage	12%

OTHER BALANCE SHEET DETAILS (De

OTHER BALANCE SHEET DETAILS (Details) - USD ($)	1 Months Ended	3 Months Ended
	Apr. 30, 2024	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Accounts Receivable, after Allowance for Credit Loss [Abstract]
Straight-line rent		$ 14,161,661		$ 12,474,137
Tenant rent and billed reimbursements		276,981		107,635
Unbilled tenant reimbursements		119,305		212,796
Total		14,557,947		12,794,568
Prepaid Expense and Other Assets [Abstract]
Prepaid expenses and other receivables and assets		2,300,986		1,897,285
Construction advances		1,352,355		1,352,355
Investment in GIPR common stock		656,631		0
Deferred financing costs on credit facility revolver		656,989		748,662
Deferred tenant allowance		154,082		174,919
Total		5,121,043		4,173,221
Proceeds from offering of common stock, net		933,363	$ 0
Accounts Payable and Accrued Liabilities [Abstract]
Accounts payable		578,894		562,647
Accrued expenses		855,425		1,202,115
Accrued interest payable		357,547		358,777
Unearned rent		1,428,474		2,076,300
Security deposits		469,409		82,981
Lease incentive obligation		162,065		186,688
Total		$ 3,851,814		$ 4,469,508
GIPR | Subsequent Event
Prepaid Expense and Other Assets [Abstract]
Sale of common stock (in shares)	102,446
Proceeds from offering of common stock, net	$ 389,807

DEBT - Schedule of Long-Term De

DEBT - Schedule of Long-Term Debt Instruments (Details) - USD ($)	Mar. 31, 2024	Dec. 31, 2023
Debt Disclosure [Abstract]
Mortgage notes payable, net	$ 30,990,813	$ 31,030,241
Term loan, net	248,631,103	248,508,515
Net principal	$ 279,621,916	$ 279,538,756

DEBT - Schedule of Debt (Detail

DEBT - Schedule of Debt (Details) - USD ($)	Mar. 31, 2024	Dec. 31, 2023
Short Term Debt [LineItems]
Mortgage notes payable	$ 281,153,337
Less unamortized deferred financing costs	(1,531,421)
Net principal	279,621,916	$ 279,538,756
Mortgages
Short Term Debt [LineItems]
Mortgage notes payable	31,153,337	31,200,000
Less unamortized deferred financing costs	(162,524)	(169,759)
Net principal	30,990,813	31,030,241
Costco property
Short Term Debt [LineItems]
Mortgage notes payable	$ 18,803,337	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%

DEBT - Schedule of Mortgage Not

DEBT - Schedule of Mortgage Notes Payable (Details) - USD ($)	Mar. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Total	$ 281,153,337
Carrying Value	279,621,916	$ 279,538,756
Mortgages
Debt Instrument [Line Items]
Total	31,153,337	31,200,000
Carrying Value	30,990,813	31,030,241
Fair Value	$ 27,814,826	$ 27,999,621

DEBT - Narrative (Details)

DEBT - Narrative (Details)			3 Months Ended		4 Months Ended
	Dec. 31, 2023	Oct. 21, 2022 USD ($)	Mar. 31, 2024 USD ($)	Mar. 31, 2023 USD ($)	Apr. 19, 2023	Dec. 20, 2022 USD ($)	Nov. 30, 2022	May 31, 2022 USD ($)
Debt Instrument [Line Items]
Mortgage notes payable			$ 281,153,337
Interest Rate Swaps
Debt Instrument [Line Items]
Debt instrument, stated interest rate							3.44%	2.258%
Reference rate							5.24%
Adjusted Base Rate
Debt Instrument [Line Items]
Variable rate, unused fee, maximum			0.0025
SOFR
Debt Instrument [Line Items]
Line of credit facility, interest rate at period end			7.1625%
Credit Facility | Revolving Credit Facility
Debt Instrument [Line Items]
Unused borrowing capacity fee			$ 94,792	$ 93,667
Mortgage notes payable			$ 0
Credit Agreement
Debt Instrument [Line Items]
Debt service coverage ratio, minimum			0.0150
Proceeds from issuance of debt (percent)			85%
Maximum percentage of current borrowing capacity			60%
Credit Agreement | Interest Rate Cap
Debt Instrument [Line Items]
Reference rate								4.058%
Credit Agreement | Leverage Ratio, Equal To 46% | Adjusted Base Rate
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate			0.10%
Credit Agreement | Line of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity		$ 400,000,000
Expiration period		4 years
Expiration period, option to extend		12 months
Debt instrument, term		5 years
Option to extend		$ 750,000,000
Unused borrowing capacity fee				$ 92,569
Covenant compliance, leverage ratio, actual	48%
Reference rate			48%
Minimum tangible net worth			$ 208,629,727
Credit Agreement | Line of Credit | SOFR
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate			1.85%
Credit Agreement | Line of Credit | Revolving Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity		150,000,000
Credit Agreement | Line of Credit | Term Loan
Debt Instrument [Line Items]
Maximum borrowing capacity		$ 250,000,000				$ 100,000,000
Debt instrument, maximum number of time draws					5
Credit Agreement | Mortgage Notes Payable
Debt Instrument [Line Items]
Debt instrument, face amount			$ 150,000,000					$ 150,000,000

DEBT - Schedule of Maturities o

DEBT - Schedule of Maturities of Long-term Debt (Details) - USD ($)	Mar. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
April through December 2024	$ 222,967
2025	543,886
2026	568,370
2027	250,593,972
2028	618,278
Thereafter	28,605,864
Total principal	281,153,337
Less unamortized deferred financing costs	(1,531,421)
Net principal	279,621,916	$ 279,538,756
Mortgage Notes Payable
Debt Instrument [Line Items]
April through December 2024	222,967
2025	543,886
2026	568,370
2027	593,972
2028	618,278
Thereafter	28,605,864
Total principal	31,153,337
Less unamortized deferred financing costs	(162,524)
Net principal	30,990,813
Mortgage Notes Payable | Credit Facility
Debt Instrument [Line Items]
April through December 2024	0
2025	0
2026	0
2027	250,000,000
2028	0
Thereafter	0
Total principal	250,000,000
Less unamortized deferred financing costs	(1,368,897)
Net principal	248,631,103
Revolving Credit Facility | Credit Facility
Debt Instrument [Line Items]
April through December 2024	0
2025	0
2026	0
2027	0
2028	0
Thereafter	0
Total principal	0
Less unamortized deferred financing costs	0
Net principal	$ 0

DEBT - Schedule of Interest Exp

DEBT - Schedule of Interest Expense (Details)	3 Months Ended		12 Months Ended
	Mar. 31, 2024 USD ($) instrument	Mar. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2023 instrument	Dec. 20, 2022 USD ($)	Oct. 21, 2022 USD ($)	May 31, 2022 USD ($)
Debt Instrument [Line Items]
Interest expense, including unrealized gain or loss on interest rate swaps and net of derivative settlements	$ 2,307,149	$ 4,018,792
Other	96,521	102,088
Interest Rate Swaps
Debt Instrument [Line Items]
Unrealized loss on interest rate swap valuation for swaps	(2,836,860)		$ (4,105,103)
Other comprehensive income	$ 253,092	253,311
Interest Rate Swaps | Non-designated
Debt Instrument [Line Items]
Number of derivative instruments | instrument	2			2
Mortgage Notes Payable | Credit Agreement
Debt Instrument [Line Items]
Debt instrument, face amount	$ 150,000,000						$ 150,000,000
Credit Facility
Debt Instrument [Line Items]
Interest expense, including unrealized gain or loss on interest rate swaps and net of derivative settlements	4,507,294	2,388,935
Amortization of deferred financing costs	214,261	214,261
Unused commitment fees	94,792	186,236
Credit Facility | First Interest Rate Swap
Debt Instrument [Line Items]
Unrealized loss on interest rate swap valuation for swaps		1,144,018
Credit Facility | Second Interest Rate Swap
Debt Instrument [Line Items]
Additional notional amount	100,000,000
Interest Rate Swaps
Debt Instrument [Line Items]
Derivative cash settlements	(1,670,732)	(1,074,085)
Other comprehensive income	(253,093)	(250,311)
Interest Rate Swaps | First Interest Rate Swap
Debt Instrument [Line Items]
Unrealized loss on interest rate swap valuation for swaps	3,804	1,144,018
Interest Rate Swaps | Second Interest Rate Swap
Debt Instrument [Line Items]
Unrealized loss on interest rate swap valuation for swaps	(1,040,075)	828,476
Line of Credit | Credit Agreement
Debt Instrument [Line Items]
Maximum borrowing capacity						$ 400,000,000
Mortgage Notes Payable
Debt Instrument [Line Items]
Interest expense, including unrealized gain or loss on interest rate swaps and net of derivative settlements	347,142	471,939
Amortization of deferred financing costs	$ 7,235	$ 7,235
Term Loan | Line of Credit | Credit Agreement
Debt Instrument [Line Items]
Maximum borrowing capacity					$ 100,000,000	$ 250,000,000

INTEREST RATE SWAP DERIVATIVE_2

INTEREST RATE SWAP DERIVATIVES - Narrative (Details) - USD ($)			3 Months Ended		12 Months Ended
	Nov. 30, 2022	May 31, 2022	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2022	Dec. 20, 2022	Oct. 21, 2022
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Less: net (income) loss attributable to noncontrolling interests in Operating Partnership			$ 912,864	$ (816,199)
Mortgage Notes Payable
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Line of credit, current			150,000,000
Credit Agreement | Mortgage Notes Payable
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Debt instrument, face amount		$ 150,000,000	150,000,000
Credit Agreement | Line of Credit
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Maximum borrowing capacity							$ 400,000,000
Credit Agreement | Line of Credit | Term Loan
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Maximum borrowing capacity						$ 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%
Unrealized gain (loss) on cash flow hedging instruments			2,836,860		$ 4,105,103
Other comprehensive income			253,092	253,311
Other comprehensive income (loss) before reclassifications, tax					3,502,616
Less: net (income) loss attributable to noncontrolling interests in Operating Partnership			764,840		$ 602,487
Change in unrealized gain (loss) fair value of the hedged derivative instrument			(1,040,075)	828,476
First Interest Rate Swap | Credit Facility
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Unrealized gain (loss) on cash flow hedging instruments				$ (1,144,018)
Second Interest Rate Swap | Credit Facility
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Additional notional amount			$ 100,000,000

INTEREST RATE SWAP DERIVATIVE_3

INTEREST RATE SWAP DERIVATIVES - Schedule of the Notional Amount and Other Information Related to Interest Rate Swaps (Details)	Mar. 31, 2024 USD ($) instrument	Dec. 31, 2023 USD ($) instrument
Receivables with Imputed Interest [Line Items]
Leverage ratio, fixed pay rate increase	50%
Interest Rate Swaps | Non-designated
Receivables with Imputed Interest [Line Items]
Number of Instruments | instrument	2	2
Notional amount	$ 250,000,000	$ 250,000,000
Weighted Average Fixed Pay Rate	4.43%	4.53%
Weighted Average Remaining Term	2 years 9 months	3 years
Minimum
Receivables with Imputed Interest [Line Items]
Notional amount	$ 250,000,000	$ 250,000,000

INTEREST RATE SWAP DERIVATIVE_4

INTEREST RATE SWAP DERIVATIVES - Schedule of the Fair Value of Derivative Instruments and Their Classification (Details)	3 Months Ended
	Mar. 31, 2024 USD ($) instrument	Dec. 31, 2023 USD ($) instrument
Derivatives, Fair Value [Line Items]
Fair Value	$ 3,533,656	$ 2,970,733
Fair Value	$ 0	$ (473,348)
Interest Rate Swaps | Liability
Derivatives, Fair Value [Line Items]
Number of Instruments | instrument	0	1
Fair Value	$ 0	$ (473,348)
Change in Fair Value	$ 473,348
Interest Rate Swaps | Asset
Derivatives, Fair Value [Line Items]
Number of Instruments | instrument	2	1
Fair Value	$ 3,533,656	$ 2,970,733
Change in Fair Value	$ 562,923

PREFERRED STOCK AND COMMON ST_2

PREFERRED STOCK AND COMMON STOCK (Details)

1 Months Ended

2 Months Ended

3 Months Ended

12 Months Ended

Mar. 12, 2024 shares

Mar. 01, 2024 USD ($)

Mar. 09, 2023 USD ($)

Jun. 06, 2022 USD ($)

Mar. 30, 2022 USD ($)

Jan. 31, 2024 USD ($) shares

Mar. 31, 2024 director $ / shares shares

Mar. 31, 2024 USD ($) director $ / shares shares

Mar. 31, 2023 USD ($) $ / shares

Dec. 31, 2024 $ / shares

Dec. 31, 2023 $ / shares shares

Sep. 30, 2021 shares

Subsidiary, Sales of Stock [Line Items]

Preferred stock, shares authorized (in shares) | shares

50,000,000

Proceeds from offerings of common stock, net | $

$ 933,363

$ 0

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

$ 0.2875

$ 0.2875

Common Stock

Subsidiary, Sales of Stock [Line Items]

Shares, issued (in shares) | shares

395,457

ATM Offering

Subsidiary, Sales of Stock [Line Items]

Payments of stock issuance costs | $

$ 203,664

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

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

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

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 ("CS")

Subsidiary, Sales of Stock [Line Items]

Shares sold in offering (in shares) | shares

76,991

0

Common stock issued, consideration received on transaction | $

$ 1,137,028

Payments of stock issuance costs | $

$ 23,205

Proceeds from offerings of common stock, net | $

$ 933,364

Aggregate number of shares available for issuance | shares

4,000,000

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

$ 0.2875

$ 0.2875

$ 1.15

Common Stock ("CS") | Forecast

Subsidiary, Sales of Stock [Line Items]

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

$ 1.15

Common Stock ("CS") | Prospectus Supplement

Subsidiary, Sales of Stock [Line Items]

Prospectus supplement, common stock offering | $

$ 50,000,000

RELATED PARTY TRANSACTIONS - Bo

RELATED PARTY TRANSACTIONS - Board of Directors Compensation (Details) - Director - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Board of Directors Compensation
Related Party Transaction [Line Items]
Total	$ 127,500	$ 150,000
Number of shares issued for services rendered (in shares)	4,020	7,761
Payments for services rendered
Related Party Transaction [Line Items]
Total	$ 60,000	$ 67,500
Value of shares issued for services rendered
Related Party Transaction [Line Items]
Total	$ 67,500	$ 82,500

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
	Mar. 31, 2024	Mar. 31, 2023
TIC Interest management fee
Related Party Transaction [Line Items]
Total	$ 65,993	$ 65,993
Company's share in the management fee
Related Party Transaction [Line Items]
Total	$ 47,984	$ 47,984

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details) - USD ($)	Mar. 31, 2024	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Tenant reimbursements	$ 2,355,380	$ 2,439,098

OPERATING PARTNERSHIP UNITS - S

OPERATING PARTNERSHIP UNITS - Schedule of Conversion of Various OP Units (Details)	Mar. 31, 2024 shares
Business Acquisition [Line Items]
OP Units Issued (in shares)	1,030,322
Operating Partnership Units - Class C
Business Acquisition [Line Items]
OP Units Issued (in shares)	1,980,823
Conversion Outstanding Class C OP Units (in shares)	1,070,904
Common Stock ("CS")
Business Acquisition [Line Items]
Exchanged for Class C Common Stock (in shares)	909,919
Class M
Business Acquisition [Line Items]
OP Units Issued (in shares)	657,950
Conversion ratio	1.666667
Class M | Operating Partnership Units - Class C
Business Acquisition [Line Items]
OP Units Issued (in shares)	1,096,583
Conversion Outstanding Class C OP Units (in shares)	386,589
Class M | Common Stock ("CS")
Business Acquisition [Line Items]
Exchanged for Class C Common Stock (in shares)	709,994
Class P
Business Acquisition [Line Items]
OP Units Issued (in shares)	56,029
Conversion ratio	1.666667
Class P | Operating Partnership Units - Class C
Business Acquisition [Line Items]
OP Units Issued (in shares)	93,382
Conversion Outstanding Class C OP Units (in shares)	36,790
Class P | Common Stock ("CS")
Business Acquisition [Line Items]
Exchanged for Class C Common Stock (in shares)	56,592
Class R
Business Acquisition [Line Items]
OP Units Issued (in shares)	316,343
Conversion ratio	2.500000
Class R | Operating Partnership Units - Class C
Business Acquisition [Line Items]
OP Units Issued (in shares)	790,858
Conversion Outstanding Class C OP Units (in shares)	647,525
Class R | Common Stock ("CS")
Business Acquisition [Line Items]
Exchanged for Class C Common Stock (in shares)	143,333

OPERATING PARTNERSHIP UNITS - N

OPERATING PARTNERSHIP UNITS - Narrative (Details)	3 Months Ended
	Mar. 31, 2024 USD ($) shares	Mar. 31, 2023 USD ($)	Feb. 16, 2024 shares	Feb. 15, 2024 shares
Business Acquisition [Line Items]
Stock compensation expense | $	$ 1,378,502	$ 660,169
Other ownership interests, units issued (in shares)	1,030,322
Common Stock ("CS")
Business Acquisition [Line Items]
Conversion ratio	1
Stock compensation expense | $	$ 67,500	82,500
Exchanged for Class C Common Stock (in shares)	909,919
Class P OP Units
Business Acquisition [Line Items]
Stock compensation expense | $	$ 88,783	$ 88,783
Other ownership interests, units issued (in shares)	56,029
Class P OP Units | Common Stock ("CS")
Business Acquisition [Line Items]
Exchanged for Class C Common Stock (in shares)	56,592
Class R OP Units
Business Acquisition [Line Items]
Stock compensation expense | $	$ 1,222,219
Other ownership interests, units issued (in shares)	316,343
Class R OP Units | Common Stock ("CS")
Business Acquisition [Line Items]
Exchanged for Class C Common Stock (in shares)	143,333
Class C OP Units
Business Acquisition [Line Items]
Other ownership interests, units issued (in shares)				1,312,382
Exchanged for Class C Common Stock (in shares)			656,191

OPERATING PARTNERSHIP UNITS -_2

OPERATING PARTNERSHIP UNITS - Schedule of Total Stock Compensation Expense (Details) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Business Acquisition [Line Items]
Stock compensation expense	$ 1,378,502	$ 660,169
Common Stock ("CS")
Business Acquisition [Line Items]
Stock compensation expense	67,500	82,500
Class P OP Units
Business Acquisition [Line Items]
Stock compensation expense	88,783	88,783
Class R OP Units
Business Acquisition [Line Items]
Stock compensation expense	1,222,219
Class R OP Units | Time Vesting Units
Business Acquisition [Line Items]
Stock compensation expense	488,887	488,886
Class R OP Units | Performance Units
Business Acquisition [Line Items]
Stock compensation expense	$ 733,332	$ 0

OPERATING PARTNERSHIP UNITS -_3

OPERATING PARTNERSHIP UNITS - Schedule of Distributions and Allocations of Net (Loss) Gain (Details) - KIA Dealership - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Business Acquisition, Equity Interests Issued or Issuable [Line Items]
Class C OP Units distributions	$ 472,005	$ 377,298
Class C OP Units net income (loss) allocation	$ 912,864	$ (816,199)

EARNINGS (LOSS) PER SHARE - Sch

EARNINGS (LOSS) PER SHARE - Schedule of Computation of EPS (Details) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Numerator - Basic:
Net income	$ 4,637,323	$ (4,578,921)
Net (income) loss attributable to noncontrolling interest in Operating Partnership	(912,864)	816,199
Preferred stock dividends	(921,875)	(921,875)
Net income (loss) attributable to common stockholders	2,802,584	(4,684,597)
Numerator - Diluted:
Net income	4,637,323	(4,578,921)
Preferred stock dividends	(921,875)	(921,875)
Net income (loss) attributable to common stockholders and noncontrolling interests	$ 3,715,448	$ (5,500,796)
Denominator:
Weighted average shares outstanding - basic (in shares)	8,568,353	7,532,452
Weighted average shares outstanding - diluted (in shares)	11,359,258	7,532,452
Earnings (loss) per share, basic (in usd per share)	$ 0.33	$ (0.62)
Earnings (loss) per share, diluted (in usd per share)	$ 0.33	$ (0.62)
Operating Partnership Units - Class C
Denominator:
Operating Partnership Units - Class C (in shares)	2,790,905	0

EARNINGS (LOSS) PER SHARE - Nar

EARNINGS (LOSS) PER SHARE - Narrative (Details)	3 Months Ended
	Mar. 31, 2023 shares
Earnings Per Share [Abstract]
Securities excluded from the computation of earnings per share (in shares)	2,818,689

Subsequent Events (Details)

Subsequent Events (Details)							4 Months Ended
	May 01, 2024 USD ($) $ / shares	Apr. 26, 2024 USD ($)	Apr. 15, 2024 USD ($)	Apr. 01, 2024 USD ($) extension	Mar. 01, 2024 USD ($) $ / shares	Mar. 09, 2023 USD ($)	May 01, 2024 USD ($) $ / shares	Apr. 25, 2024 $ / shares	Mar. 31, 2024 USD ($)
Subsequent Event [Line Items]
Dividends payable, amount per share per month (in usd per share) | $ / shares					$ 0.095833
Annualized distribution rate (in usd per share) | $ / shares					$ 1.15
KB Home, Issaquah Office Property
Subsequent Event [Line Items]
Contract sale price									$ 28,650,000
Real estate disposition, number of extensions | extension				3
Subsequent Event
Subsequent Event [Line Items]
Dividends payable, amount per share per month (in usd per share) | $ / shares	$ 0.095833						$ 0.095833	$ 0.095833
Annualized distribution rate (in usd per share) | $ / shares	$ 1.15						$ 1.15
Sale leaseback transaction consideration		$ 6,400,000
Term of sale leaseback transaction		20 years
Initial cap rate		0.0813
Weighted average cap rate		0.1075
Annual rent escalation		2.85%
Subsequent Event | KB Home, Issaquah Office Property
Subsequent Event [Line Items]
Contract sale price				$ 25,300,000
Purchase price, increase per additional townhome				$ 325,000
Escrow deposits related to property sales	$ 1,407,500						$ 1,432,500
Term of agreement closing date				15 days
Real estate disposition, nonrefundable extension fee term				60 days
Subsequent Event | Extension one | KB Home, Issaquah Office Property
Subsequent Event [Line Items]
Extension fee				$ 300,000
Real estate disposition, applicable to purchase price				0.50
Subsequent Event | Extension two | KB Home, Issaquah Office Property
Subsequent Event [Line Items]
Extension fee				$ 200,000
Subsequent Event | Extension three | KB Home, Issaquah Office Property
Subsequent Event [Line Items]
Extension fee				$ 300,000
Series A Preferred Stock
Subsequent Event [Line Items]
Dividends, preferred stock					$ 921,875	$ 921,875
Series A Preferred Stock | Subsequent Event
Subsequent Event [Line Items]
Dividends, preferred stock			$ 921,875
Dividends payable	$ 921,875						$ 921,875