Generation Income Properties (GIPR) 10-Q 16 Nov 21 2021 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2021	Nov. 11, 2021
Document And Entity Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2021
Document Transition Report	false
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q3
Current Fiscal Year End Date	--12-31
Entity File Number	001-40771
Entity Registrant Name	GENERATION INCOME PROPERTIES, INC.
Entity Central Index Key	0001651721
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	47-4427295
Entity Address, Address Line One	401 E. Jackson Street
Entity Address, Address Line Two	Suite 3300
Entity Address, City or Town	Tampa
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	33602
City Area Code	813
Local Phone Number	448-1234
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		2,160,200
Common Stock Par Value $0.01 Per Share
Document And Entity Information [Line Items]
Title of 12(b) Security	Common Stock par value $0.01 per share
Trading Symbol	GIPR
Security Exchange Name	NASDAQ
Warrants To Purchase Common Stock
Document And Entity Information [Line Items]
Title of 12(b) Security	Warrants to purchase Common Stock
Trading Symbol	GIPRW
Security Exchange Name	NASDAQ

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($)	Sep. 30, 2021	Dec. 31, 2020
Investment in real estate
Property	$ 36,621,767	$ 37,352,447
Tenant improvements	482,701	482,701
Acquired lease intangible assets	2,949,411	3,014,149
Less accumulated depreciation and amortization	(3,168,841)	(2,317,454)
Total investments	36,885,038	38,531,843
Investment in tenancy-in-common	717,337
Cash and cash equivalents	14,194,639	937,564
Restricted cash	34,500	184,800
Deferred rent asset	145,428	126,655
Prepaid expenses	220,652	134,165
Deferred financing costs		614,088
Accounts receivable	105,108	75,794
Escrow deposit and other assets	106,106	75,831
Total Assets	52,408,808	40,680,740
Liabilities
Accounts payable	156,638	118,462
Accounts payable - related party	100
Accrued expenses	278,581	406,125
Acquired lease intangible liability, net	608,697	415,648
Insurance payable	99,096	40,869
Deferred rent liability	185,805	188,595
Note Payable - related party		1,100,000
Mortgage loans, net of unamortized discount of $633,647 and $689,190 at September 30, 2021 and December 31, 2020, respectively	26,765,781	28,356,571
Total liabilities	28,094,698	30,626,270
Redeemable Non-Controlling Interests	9,605,028	8,684,431
Stockholders' Equity
Common stock, $0.01 par value, 100,000,000 shares authorized; 2,272,700 shares issued and 2,160,200 outstanding at September 30, 2021 and 576,918 issued and outstanding at December 31, 2020	22,727	5,770
Treasury shares, at cost	(100)
Additional paid-in capital	19,256,827	5,541,411
Accumulated deficit	(4,570,372)	(4,177,142)
Total Generation Income Properties, Inc. stockholders' equity	14,709,082	1,370,039
Total Liabilities and Stockholders' Equity	$ 52,408,808	$ 40,680,740

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($)	Sep. 30, 2021	Dec. 31, 2020
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares issued	2,272,700	576,918
Common stock, shares outstanding	2,160,200	576,918
Mortgage Loans
Mortgage loans, net of unamortized discount	$ 633,647	$ 689,190

Consolidated Statements of Oper

Consolidated Statements of Operations (unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Revenue
Total revenue	$ 1,033,494	$ 871,825	$ 2,958,572	$ 2,630,067
Expenses
General, administrative and organizational costs	268,632	267,608	808,623	689,660
Building expenses	195,464	179,319	539,739	534,947
Depreciation and amortization	388,141	363,898	1,164,838	1,083,917
Interest expense, net	336,025	334,323	1,028,446	1,060,776
Compensation costs	117,332	129,880	328,394	257,882
Total expenses	1,305,594	1,275,028	3,870,040	3,627,182
Operating loss	(272,100)	(403,203)	(911,468)	(997,115)
Income on investment in tenancy-in-common	4,750		4,750
Gain on disposal of property	923,178		923,178
Net income (loss)	655,828	(403,203)	16,460	(997,115)
Less: Net income attributable to non-controlling interest	199,716	152,023	409,690	334,718
Net Income (loss) attributable to Generation Income Properties, Inc.	$ 456,112	$ (555,226)	$ (393,230)	$ (1,331,833)
Total Weighted Average Shares of Common Stock Outstanding – Basic	939,559	525,495	699,395	525,332
Total Weighted Average Shares of Common Stock Outstanding – Diluted	939,559	525,495	699,395	525,332
Basic Income (Loss) Per Share Attributable to Common Stockholder	$ 0.49	$ (1.06)	$ (0.56)	$ (2.54)
Diluted Income (Loss) Per Share Attributable to Common Stockholder	$ 0.49	$ (1.06)	$ (0.56)	$ (2.54)
Rental Income
Revenue
Total revenue	$ 988,244	$ 871,825	$ 2,913,322	$ 2,630,067
Other Income
Revenue
Total revenue	$ 45,250		$ 45,250

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (unaudited) - USD ($)	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
CASHFLOWS FROM OPERATING ACTIVITIES
Net income (loss)	$ 16,460	$ (997,115)
Adjustments to reconcile net income (loss) to cash provided by operating activities
Depreciation	833,291	776,070
Amortization of acquired lease intangible assets	331,547	307,847
Amortization of debt issuance costs	94,600	106,210
Amortization of below market leases	(115,921)	(82,123)
Common stock issued in lieu of cash compensation	33,000
Restricted stock unit compensation	153,636	74,338
Equity in earnings on investment in tenancy-in-common	(4,750)
Gain on sale of property	(923,178)
Changes in operating assets and liabilities
Accounts receivable	(29,314)	(168)
Other assets	(30,275)	(35,636)
Deferred rent asset	(18,773)	(1,510)
Prepaid expenses	(86,487)	(103,223)
Accounts payable	38,176	29,503
Accrued expenses	(116,544)	64,173
Deferred rent liability	(2,790)	38,333
Net cash provided by operating activities	172,678	176,699
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of land, buildings, other tangible and intangible assets	(3,530,809)	(196,016)
Investment in tenancy-in-common	(712,587)
Proceeds from sale of land, buildings, other tangible and intangible assets	5,245,858
Net cash provided by (used in) investing activities	1,002,462	(196,016)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of stock and warrants, net	14,379,505
Proceeds from issuance of redeemable interest	2,100,000
Mortgage loan repayments - related party	(1,100,000)	(800,000)
Mortgage loan borrowings	2,125,000	11,287,500
Mortgage loan repayments	(3,771,333)	(10,024,198)
Deferred financing costs paid in cash		(153,239)
Debt issuance costs paid in cash	(39,991)	(564,857)
Insurance financing borrowings	277,059	189,153
Insurance financing repayments	(218,832)	(145,749)
Distribution on redeemable non-controlling interests	(389,093)	(334,718)
Dividends paid on common stock	(230,680)	(210,185)
Net cash generated from (used in) financing activities	11,931,635	(756,293)
Redemption of redeemable non-controlling interests	(1,200,000)
Net increase (decrease) in cash and cash equivalents	13,106,775	(775,610)
Cash and cash equivalents and restricted cash - beginning of period	1,122,364	1,398,365
Cash and cash equivalents and restricted cash - end of period	14,229,139	622,755
CASH TRANSACTIONS
Interest Paid	938,984	940,316
NON-CASH TRANSACTIONS
Stock issued for accrued liabilities	11,000
Deferred financing costs incurred on account		$ 182,697
Deferred distribution on redeemable non-controlling interests	20,597
Accounts payable - related party for redemption of common stock shares	$ 100

Consolidated Statements of Chan

Consolidated Statements of Changes in Stockholders' Equity (unaudited) - USD ($)	Total	Common Stock	Treasury Stock	Additional Paid-In- Capital	Accumulated Deficit
Balance at Dec. 31, 2019	$ 2,433,403	$ 5,253		$ 4,773,639	$ (2,345,489)
Balance, Shares at Dec. 31, 2019		525,250
Redeemable Non-Controlling Interest, Balance at Dec. 31, 2019	8,198,251
Restricted stock unit compensation	20,023			20,023
Distribution on Redeemable Non-Controlling Interest	(142,844)
Dividends paid on Common Stock	(105,101)			(105,101)
Net (loss) income for the quarter	(494,032)				(494,032)
Redeemable Non-Controlling Interest, Net (loss) income for the quarter	142,844
Balance at Mar. 31, 2020	1,854,293	$ 5,253		4,688,561	(2,839,521)
Balance, Shares at Mar. 31, 2020		525,250
Redeemable Non-Controlling Interest, Balance at Mar. 31, 2020	8,198,251
Balance at Dec. 31, 2019	2,433,403	$ 5,253		4,773,639	(2,345,489)
Balance, Shares at Dec. 31, 2019		525,250
Redeemable Non-Controlling Interest, Balance at Dec. 31, 2019	8,198,251
Net (loss) income for the quarter	(1,331,833)
Balance at Sep. 30, 2020	965,723	$ 5,270		4,637,775	(3,677,322)
Balance, Shares at Sep. 30, 2020		526,918
Redeemable Non-Controlling Interest, Balance at Sep. 30, 2020	8,198,251
Balance at Mar. 31, 2020	1,854,293	$ 5,253		4,688,561	(2,839,521)
Balance, Shares at Mar. 31, 2020		525,250
Redeemable Non-Controlling Interest, Balance at Mar. 31, 2020	8,198,251
Restricted stock unit compensation	27,009			27,009
Distribution on Redeemable Non-Controlling Interest	(39,851)
Net (loss) income for the quarter	(282,575)				(282,575)
Redeemable Non-Controlling Interest, Net (loss) income for the quarter	39,851
Balance at Jun. 30, 2020	1,598,727	$ 5,253		4,715,570	(3,122,096)
Balance, Shares at Jun. 30, 2020		525,250
Redeemable Non-Controlling Interest, Balance at Jun. 30, 2020	8,198,251
Restricted stock unit compensation	27,306	$ 17		27,289
Restricted stock unit compensation, Shares		1,668
Distribution on Redeemable Non-Controlling Interest	(152,023)
Dividends paid on Common Stock	(105,084)			(105,084)
Net (loss) income for the quarter	(555,226)				(555,226)
Redeemable Non-Controlling Interest, Net (loss) income for the quarter	152,023
Balance at Sep. 30, 2020	965,723	$ 5,270		4,637,775	(3,677,322)
Balance, Shares at Sep. 30, 2020		526,918
Redeemable Non-Controlling Interest, Balance at Sep. 30, 2020	8,198,251
Balance at Dec. 31, 2020	1,370,039	$ 5,770		5,541,411	(4,177,142)
Balance, Shares at Dec. 31, 2020		576,918
Redeemable Non-Controlling Interest, Balance at Dec. 31, 2020	8,684,431
Restricted stock unit compensation	49,471	$ 37		49,434
Restricted stock unit compensation, Shares		3,749
Common stock issued in lieu of cash compensation	44,000	$ 22		43,978
Common stock issued in lieu of cash compensation, Shares		2,200
Issuance of Redeemable Non-Controlling Interest for property acquisition	500,000
Distribution on Redeemable Non-Controlling Interest	(150,826)
Dividends paid on Common Stock	(114,373)			(114,373)
Net (loss) income for the quarter	(472,529)				(472,529)
Redeemable Non-Controlling Interest, Net (loss) income for the quarter	150,826
Balance at Mar. 31, 2021	876,608	$ 5,829		5,520,450	(4,649,671)
Balance, Shares at Mar. 31, 2021		582,867
Redeemable Non-Controlling Interest, Balance at Mar. 31, 2021	9,184,431
Balance at Dec. 31, 2020	1,370,039	$ 5,770		5,541,411	(4,177,142)
Balance, Shares at Dec. 31, 2020		576,918
Redeemable Non-Controlling Interest, Balance at Dec. 31, 2020	8,684,431
Net (loss) income for the quarter	(393,230)
Balance at Sep. 30, 2021	14,709,082	$ 22,727	$ (100)	19,256,827	(4,570,372)
Balance, Shares at Sep. 30, 2021		2,272,700
Redeemable Non-Controlling Interest, Balance at Sep. 30, 2021	9,605,028
Balance at Mar. 31, 2021	876,608	$ 5,829		5,520,450	(4,649,671)
Balance, Shares at Mar. 31, 2021		582,867
Redeemable Non-Controlling Interest, Balance at Mar. 31, 2021	9,184,431
Restricted stock unit compensation	50,278			50,278
Issuance of Redeemable Non-Controlling Interest for property acquisition	950,000
Distribution on Redeemable Non-Controlling Interest	(59,148)
Net (loss) income for the quarter	(376,813)				(376,813)
Redeemable Non-Controlling Interest, Net (loss) income for the quarter	59,148
Balance at Jun. 30, 2021	550,073	$ 5,829		5,570,728	(5,026,484)
Balance, Shares at Jun. 30, 2021		582,867
Redeemable Non-Controlling Interest, Balance at Jun. 30, 2021	10,134,431
Restricted stock unit compensation	53,887	$ 248		53,639
Restricted stock unit compensation, Shares		24,833
Redemption of common stock	(100)		(100)
Issuance of equity securities, net of issuance costs	13,765,417	$ 16,650		13,748,767
Issuance of equity securities, net of issuance costs, Shares		1,665,000
Redemption of Redeemable Non-Controlling Interest	(1,200,000)
Issuance of Redeemable Non-Controlling Interest for property acquisition	650,000
Distribution on Redeemable Non-Controlling Interest	(179,119)
Dividends paid on Common Stock	(116,307)			(116,307)
Net (loss) income for the quarter	456,112				456,112
Redeemable Non-Controlling Interest, Net (loss) income for the quarter	199,716
Balance at Sep. 30, 2021	14,709,082	$ 22,727	$ (100)	$ 19,256,827	$ (4,570,372)
Balance, Shares at Sep. 30, 2021		2,272,700
Redeemable Non-Controlling Interest, Balance at Sep. 30, 2021	$ 9,605,028

Nature of Operations

Nature of Operations	9 Months Ended
	Sep. 30, 2021
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Nature of Operations	Note 1 – Nature of Operations Generation Income Properties, Inc. (the “Company”) was formed as a Maryland corporation on September 19, 2015. The Company is an internally managed real estate investment company focused on acquiring and managing income-producing retail, office and industrial properties net leased to high quality tenants in major markets throughout the United States. The Company formed Generation Income Properties L.P. (the “Operating Partnership”) in October 2015. Substantially all of the Company’s assets are held by, and operations are conducted through the Operating Partnership. The Company is the general partner of the Operating Partnership and as of September 30, 2021 owned 85.2% of the outstanding common units of the Operating Partnership. The Company formed a Maryland entity GIP REIT OP Limited LLC in 2018 that owns 0.002% of the Operating Partnership.

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2021
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Note 2 – Summary of Significant Accounting Policies Basis of Presentation The information furnished reflects all adjustments, consisting only of normal recurring items which are, in the opinion of management, necessary in order to make the financial statements not misleading. Certain information and footnote disclosures normally present in annual financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) were omitted pursuant to such rules and regulations. These financial statements should be read in conjunction with the audited financial statements and footnotes included in the Company’s Annual Report on Form 1-K filed with the SEC on March 12, 2021. The results for the nine months ended September 30, 2021, are not necessarily indicative of the results to be expected for the year ending December 31, 2021. The Company adopted the calendar year as its basis of reporting. Consolidation The accompanying consolidated financial statements include the accounts of Generation Income Properties, Inc. and the Operating Partnership and all of the direct and indirect wholly-owned subsidiaries of the Operating Partnership and the Company’s subsidiaries. All significant inter-company balances and transactions have been eliminated in the consolidated financial statements. The consolidated financial statements include the accounts of all entities in which the Company has a controlling interest. The ownership interests of other investors in these entities are recorded as non-controlling interests or redeemable non-controlling interest. Non-controlling interests are adjusted each period for additional contributions, distributions, and the allocation of net income or loss attributable to the non-controlling interests. Investments in entities for which the Company has the ability to exercise significant influence over, but does not have financial or operating control, are accounted for using the equity method of accounting. Accordingly, the Company’s share of the earnings (or losses) of these entities are included in consolidated net income or loss. Cash The Company considers all demand deposits, cashier’s checks and money market accounts to be cash equivalents. Amounts included in restricted cash represent funds held by the Company related to tenant escrow reimbursements and immediate repair reserve. The following table provides a reconciliation of the Company’s cash and cash equivalents and restricted cash that sums to the total of those amounts at the end of the periods presented on the Company’s accompanying Consolidated Statements of Cash Flows: September 30, December 31, 2021 2020 Cash and cash equivalents $14,194,639 $937,564 Restricted cash 34,500 184,800 Total cash and cash equivalents and restricted cash $14,229,139 $1,122,364 Revenue Recognition We have determined that all of our leases should be accounted for as operating leases. The Company leases real estate to its tenants under long-term net leases which we account for as operating leases. Under this method, leases that have fixed and determinable rent increases are recognized on a straight-line basis over the lease term. Certain leases also provide for additional rent based on tenants’ sales volumes. These rents are recognized when determinable after the tenant exceeds a sales breakpoint. Recognizing rent escalations on a straight-line method results in rental revenue in the early years of a lease being higher than actual cash received, creating a straight-line rent asset. Conversely, when actual cash collected is greater than the amount recognized on a straight-line basis, the difference is recognized as a liability. To the extent any of the tenants under these leases become unable to pay their contractual cash rents, the Company may be required to write down the straight-line rent receivable from those tenants, which would reduce rental income. Deferred rent asset as of September 30, 2021 and December 31, 2020 was approximately $ 145,400 126,700 185,800 188,600 The Company reviews the collectability of charges under its tenant operating leases on a regular basis, taking into consideration changes in factors such as the tenant’s payment history, the financial condition of the tenant, business conditions in the industry in which the tenant operates and economic conditions in the area where the property is located. In the event that collectability exists with respect to any tenant changes, the Company recognizes an adjustment to rental income. The Company’s review of collectability of charges under its operating leases includes any accrued rental revenues related to the straight-line method of reporting rental revenue. There were no allowances for receivables recorded for the nine months ended September 30, 2021 or 2020. The Company’s leases provide for reimbursement from tenants for common area maintenance (“CAM”), insurance, real estate taxes and other operating expenses. A portion of our operating cost reimbursement revenue is estimated each period and is recognized as rental income in the period the recoverable costs are incurred and accrued. The Company often recognizes above- and below-market lease intangibles in connection with acquisitions of real estate. The capitalized above- and below-market lease intangibles are amortized over the Stock-Based Compensation The Company records all equity-based incentive grants to employees and non-employee members of the Company’s Board of Directors in operating expenses in the Company’s Consolidated Statements of Operations based on their fair values determined on the date of grant. Stock-based compensation expense, reduced for estimated forfeitures, is recognized on a straight-line basis over the requisite service period of the award, which is generally the vesting term of the outstanding equity awards. Real Estate Acquisitions of real estate are recorded at cost. Real Estate Purchase Price Assignment The Company assigns the purchase price of real estate to tangible and intangible assets and liabilities based on fair value. Tangible assets consist of land, buildings and tenant improvements. Intangible assets and liabilities consist of the value of in-place leases and above or below market leases assumed with the acquisition. The Company assessed whether the purchase of the building falls within the definition of a business under ASC 805 and concluded that all asset transactions were an asset acquisition, therefore it was recorded at the purchase price, including capitalized acquisition costs, which is allocated to land, building, tenant improvements and intangible assets and liabilities based upon their relative fair values at the date of acquisition. The fair value of the in-place lease is the estimated cost to replace the leases (including loss of rent, estimated commissions and legal fees paid in similar leases). The capitalized in-place leases are amortized over the remaining team of the leases as amortization expense. The fair value of the above or below market lease is the present value of the difference between the contractual amount to be paid pursuant to the in-place lease and the estimated current market lease rate expected over the remaining non-cancelable life of the lease. The capitalized above or below market lease values are amortized as a decrease or increase to rental income over the remaining term of the lease. For additional information, see Note 4 - Acquired Lease Intangible Asset, net and Note 5 - Acquired Lease Intangible Liability, net. Depreciation Expense Real estate and related assets are stated net of accumulated depreciation. Renovations, replacements and other expenditures that improve or extend the life of assets are capitalized and depreciated over their estimated useful lives. Expenditures for ordinary maintenance and repairs are charged to expense as incurred. Depreciation is computed using the straight-line method over the estimated useful life of the buildings, which are generally between 30 and 50 years, tenant improvements, which are generally between 2 and 10 years. Income Taxes The Company intends to operate and be taxed as a real estate investment trust (“REIT”) under Section 856 through 860 of the Internal Revenue Code (“Code”), commencing with our taxable year ending December 31, 2021. To qualify as a REIT, the Company must meet certain organizational and operational requirements, including a requirement to distribute at least 90% of its taxable income to its stockholders. As a REIT, the Company generally will not be subject to federal corporate income tax on that portion of its taxable income that is currently distributed to stockholders. We account for deferred income taxes using the asset and liability method and recognize deferred tax assets and liabilities for the expected future tax consequences of events that have been included in our financial statements or tax returns. Under this method, we determine deferred tax assets and liabilities based on the differences between the financial reporting and tax bases of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. Any increase or decrease in the deferred tax liability that results from a change in circumstances, and that causes us to change our judgment about expected future tax consequences of events, is included in the tax provision when such changes occur. Deferred income taxes also reflect the impact of operating loss and tax credit carryforwards. A valuation allowance is provided if we believe it is more likely than not that all or some portion of the deferred tax asset will not be realized. Any increase or decrease in the valuation allowance that results from a change in circumstances, and that causes us to change our judgment about the realizability of the related deferred tax asset, is included in the tax provision when such changes occur. The Company also recognizes liabilities for unrecognized tax benefits which are recognized if the weight of available evidence indicates that it is not more-likely-than-not that the positions will be sustained on examination, including resolution of the related processes, if any. As of each balance sheet date, unrecognized benefits are reassessed and adjusted if the Company’s judgement changes as a result of new information. Earnings per Share In accordance with ASC 260, basic earnings/loss per share (“EPS”) is computed by dividing net loss attributable to the Company that is available to common stockholders by the weighted average number of common shares outstanding during the period, excluding the effects of any potentially dilutive securities. Diluted EPS gives effect to all dilutive potential of shares of common stock outstanding during the period including stock warrants, using the treasury stock method (by using the average stock price for the period to determine the number of shares assumed to be purchased from the exercise of warrants), and convertible debt, using the if-converted method. Diluted EPS excludes all potentially dilutive securities such as warrants, options and restricted stock units if their effect is anti-dilutive. As of September 30, 2021 and December 31, 2020, all potentially dilutive securities were excluded because the effect was anti-dilutive. Impairments The Company reviews real estate investments and related lease intangibles, for possible impairment when certain events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable though operations plus estimated disposition proceeds. Events or changes in circumstances that may occur include, but are not limited to, significant changes in real estate market conditions, estimated residual values, and an expectation to sell assets before the end of the previously estimated life. Impairments are measured to the extent the current book value exceeds the estimated fair value of the asset less disposition costs for any assets classified as held for sale. There were no impairments during the nine months ended September 30, 2021 or 2020. The valuation of impaired assets is determined using valuation techniques including discounted cash flow analysis, analysis of recent comparable sales transactions, and purchase offers received from third parties, which are Level 3 inputs. The Company may consider a single valuation technique or multiple valuation techniques, as appropriate, when estimating the fair value of its real estate. Estimating future cash flows is highly subjective and estimates can differ materially from actual results. Deferred Financing Costs As of September 30, 2021 and December 31, 2020, the Company incurred $1,261 thousand and $614 thousand of costs associated with the Company’s public equity raise that closed on September 8, 2021. The $1,261 thousand of deferred offering costs were reclassified to additional paid in capital in connection with the successful offering.

Investments in Real Estate

Investments in Real Estate	9 Months Ended
	Sep. 30, 2021
Real Estate [Abstract]
Investments in Real Estate	Note 3 – Investments in Real Estate The Company’s real estate is comprised of the following: September 30, December 31, 2021 2020 Property $ 36,621,767 $ 37,352,447 Tenant improvements 482,701 482,701 Acquired lease intangible assets 2,949,411 3,014,149 Total 40,053,879 40,849,297 Less accumulated depreciation and amortization (3,168,841 ) (2,317,454 ) Total investments, net $ 36,885,038 $ 38,531,843 Depreciation expense for the three and nine-months ended September 30, 2021 and 2020 was approximately $273,300 and $ 833,300 776,100 Acquisitions: During the nine-months ended September 30, 2021, the Company acquired two properties. Total Manteo, NC Plant City, FL Property $ 2,149,015 $ 1,635,824 $3,784,839 Acquired lease intangible assets 100,379 121,509 221,888 Total investments 2,249,394 1,757,333 4,006,727 Less acquired lease intangible liability 511,620 — 511,620 Total investments $ 1,737,774 $ 1,757,333 $3,495,107 The first property is located in Manteo, NC and was purchased on February 11, 2021 using a $500,000 cash capital contribution through the issuance of a redeemable non-controlling interest and debt of $1,275,000. The second property is located in Plant City, FL and was purchased on April 21, 2021 using a $950,000 cash capital contribution through the issuance of a redeemable non-controlling interest and debt of $850,000. The acquisitions are accounted for as asset acquisitions under ASC 805-50, Business Combinations. The purchase price of the asset acquisitions was allocated to land, building, and acquired lease intangible assets and liabilities based on management’s estimate. Dispositions: During the nine-months ended September 30, 2021, the Company sold one property. Cocoa Beach, FL Property $ 4,539,617 Acquired lease intangible assets 298,230 Total investments 4,837,847 Less accumulated depreciation and amortization (313,447) Less acquired lease intangible liability, net (202,650) Net book value of property upon sale $ 4,321,750 The property was located in Cocoa Beach, FL and was sold on August 31, 2021 for $5.2 million and recognized a gain of $923 thousand.

Acquired Lease Intangible Asset

Acquired Lease Intangible Asset, Net	9 Months Ended
	Sep. 30, 2021
Intangible Assets Net Excluding Goodwill [Abstract]
Acquired Lease Intangible Asset, Net	Note 4 – Acquired Lease Intangible Asset, net Intangible assets, net is comprised of the following: September 30, December 31, 2021 2020 Acquired lease intangible assets $ 2,949,411 $ 3,014,149 Accumulated amortization (896,918 ) (624,106 ) Acquired lease intangible assets, net $ 2,052,493 $ 2,390,043 The amortization for lease intangible assets for the three and nine-months ended September 30, 2021 and 2020 was approximately $114,800 and $331,500 for 2021 and $102,600 and $307,800 for 2020, respectively. The future amortization for intangible assets is listed below: As of September 30, 2021 2021 (three months) $104,000 2022 305,100 2023 305,100 2024 305,100 2025 305,100 Thereafter 728,100 $2,052,500

Acquired Lease Intangible Liabi

Acquired Lease Intangible Liability, Net	9 Months Ended
	Sep. 30, 2021
Below Market Lease [Abstract]
Acquired Lease Intangible Liability, net	Note 5 – Acquired Lease Intangible Liability, net Acquired lease intangible liability is comprised of the following: September 30, December 31, 2021 2020 Acquired lease intangible liability $845,063 $585,792 Less: recognized rental income (236,366) (170,144) Total below market lease, net $608,697 $415,648 The amortization for below market leases for the three and nine-months ended September 30, 2021 and 2020 was approximately $40,300 and $115,921 for 2021 and $27,400 and $ 82,100 The future amortization for intangible liabilities is listed below: As of September 30, 2021 2021 (three months) $31,300 2022 86,700 2023 86,700 2024 86,700 2025 86,700 Thereafter 230,600 $608,700

Redeemable Non-Controlling Inte

Redeemable Non-Controlling Interests	9 Months Ended
	Sep. 30, 2021
Noncontrolling Interest [Abstract]
Redeemable Non-Controlling Interests	Note 6 – Redeemable Non-Controlling Interests The following table reflects our Redeemable Non-Controlling Interests: Brown Family Trust Irby Prop Partners Hornstrom GIP Fund I Greenwal L.C. Riverside Crossing L.C. Total Balance, December 31, 2019 $1,200,000 $- $- $- $4,965,000 $2,033,251 $8,198,251 Distribution on Redeemable Non-Controlling Interest (20,375) - - - (86,887) (35,582) (142,844) Net income for the quarter 20,375 - - - 86,887 35,582 142,844 Balance, March 31, 2020 $1,200,000 $- $- $- $4,965,000 $2,033,251 $8,198,251 Distribution on Redeemable Non-Controlling Interest (39,851) - - - - - (39,851) Net income for the quarter 39,851 - - - - - 39,851 Balance, June 30, 2020 $1,200,000 $- $- $- $4,965,000 $2,033,251 $8,198,251 Distribution on Redeemable Non-Controlling Interest (29,553) - - - (86,888) (35,582) (152,023) Net income for the quarter 29,553 - - - 86,888 35,582 152,023 Balance, September 30, 2020 $1,200,000 $- $- $- $4,965,000 $2,033,251 $8,198,251 Balance, December 31, 2020 $1,200,000 $- $- $486,180 $4,965,000 $2,033,251 $8,684,431 Issuance of Redeemable Non-Controlling Interest for property acquisition 500,000 - - - - - 500,000 Distribution on Redeemable Non-Controlling Interest (37,104) - - - (33,041) (80,681) (150,826) Net income for the quarter 37,104 - - - 33,041 80,681 150,826 Balance, March 31, 2021 $1,700,000 $- $- $486,180 $4,965,000 $2,033,251 $9,184,431 Issuance of Redeemable Non-Controlling Interest for property acquisition - 950,000 - - - - 950,000 Distribution on Redeemable Non-Controlling Interest (41,125) (15,275) - (2,748) - - (59,148) Net income for the quarter 41,125 15,275 - 2,748 - - 59,148 Balance, June 30, 2021 $1,700,000 $950,000 $- $486,180 $4,965,000 $2,033,251 $10,134,431 Redemption of Redeemable Non-Controlling Interest for property disposal (1,200,000) - - - - - (1,200,000) Issuance of Redeemable Non-Controlling Interest for property acquisition - - 650,000 - - - 650,000 Distribution on Redeemable Non-Controlling Interest (31,399) (19,081) (6,838) (7,898) (33,040) (80,863) (179,119) Net income for the quarter 31,399 36,259 10,257 7,898 33,040 80,863 199,716 Balance, September 30, 2021 $500,000 $967,178 $653,419 $486,180 $4,965,000 $2,033,251 $9,605,028 As part of the Company’s acquisition of a building for $4.5 million in Cocoa, FL, one of the Company’s operating subsidiaries entered into a preferred equity agreement with Brown Family Trust on September 11, 2019 pursuant to which the Company’s subsidiary received a capital contribution of $1,200,000. Pursuant to the agreement, the Company was required to pay the preferred equity member a 10% IRR on a monthly basis and redeem the entire amount due after 24 months at the option of the preferred equity member. The Operating Partnership, Generation Income Properties, LP, was the general manager of the subsidiary while Brown Family Trust was a preferred member. Because of the redemption right, the non-controlling interest was presented as temporary equity at redemption value. The Company redeemed the Brown Family Trust $1.2 million Redeemable Non-Controlling Interest upon the sale property in August 2021. As part of the Company’s acquisition of a building for $1.7 million in Manteo, NC, one of the Company’s operating subsidiaries entered into a preferred equity agreement with Brown Family Trust on February 11, 2021 pursuant to which the Company’s subsidiary received a capital contribution of $500,000. Pursuant to the agreement, the Company will pay the preferred equity member a 9% IRR on a monthly basis and redeem the entire amount due after 24 months at the option of the preferred equity member. The Operating Partnership, Generation Income Properties, LP, is the general manager of the subsidiary while Brown Family Trust is a preferred member. Because of the redemption right, the non-controlling interest in presented as temporary equity at redemption value. The current redemption amount is $ 500,000 . Distributable operating funds are distributed first to Brown Family Trust until the unpaid preferred return is paid off and then to the Company. Income is allocated 100 % to the Company. For the nine-months ended September 30, 2021 and 2020, the Company paid these Redeemable Interests $110 thousand and $90 thousand, respectively in preferred distributions for these two agreements. As part of the Company’s acquisition of a building for $1.7 million in Plant City, FL, one of the Company’s operating subsidiaries entered into a preferred equity agreement with preferred equity partners (Irby Prop Partners) on April 21, 2021 pursuant to which the Company’s subsidiary received a capital contribution of $950,000. Pursuant to the agreement, the Company will pay the preferred equity member a 12% total IRR with an 8% IRR paid on a monthly basis and the deferred IRR will be paid at the end of 24 months along with the entire $950,000 amount due after 24 months at the option of the preferred equity member. The Operating Partnership, Generation Income Properties, LP, is the general manager of the subsidiary. Because of the redemption right, the non-controlling interest in presented as temporary equity at redemption value. The current redemption amount is $967,178. Distributable operating funds are distributed first to the preferred equity partners until the unpaid preferred return is paid off and then to the Company. Income is allocated 100% to the Company. For the nine-months ended September 30, 2021, the Company paid these Redeemable Interests $34 thousand in distributions and accrued $17 thousand of the deferred IRR. As part of the Company’s investment in a tenant in common entity for $0.7 million in Rockville, IL, one of the Company’s operating subsidiaries entered into a preferred equity agreement with preferred equity partner (Mr. Hornstrom) on August 2, 2021 pursuant to which the Company’s subsidiary received a capital contribution of $650,000. Pursuant to the agreement, the Company will pay the preferred equity member a 12% total IRR with an 8% IRR paid on a monthly basis and the deferred IRR will be paid at the end of 24 months along with the entire $650,000 amount due after 24 months at the option of the preferred equity member. The Operating Partnership, Generation Income Properties, LP, is the general manager of the subsidiary. Because of the redemption right, the non-controlling interest in presented as temporary equity at redemption value. The current redemption amount is $653,419. Distributable operating funds are distributed first to the preferred equity partners until the unpaid preferred return is paid off and then to the Company. Income is allocated 100% to the Company. For the nine-months ended September 30, 2021, the Company paid these Redeemable Interests $7 thousand in distributions accrued $3 thousand of the deferred IRR. As part of the Company’s acquisition of two buildings on September 30, 2019 for $18.6 million in Norfolk, VA, the Operating Partnership entered into contribution agreements with two entities (Greenwal, LC and Riverside Crossing, L.C.) that resulted in the issuance of 349,913 common units in Operating Partnership at $20.00 per share for a total value of $6,998,251 or as of September 30, 2021 a 13.8% interest in our Operating Partnership. The contribution agreement allows for the two investors to require the Operating Partnership to redeem, all or a portion of its units for either (i) the Redemption Amount (within the meaning of the Partnership Agreement), or (ii) until forty-nine (49) months from date of Closing, cash in an agreed-upon Value (within the meaning of the Partnership Agreement) of $20.00 per share of common stock of the Company, as set forth on the Notice of Redemption. As such, the Company has determined their equity should be classified as a Redeemable Non-Controlling Interest. As part of the Company’s acquisition of one building on November 30, 2020 for $1.8 million in Tampa, FL, the Operating Partnership entered into a contribution agreement with one entity (GIP Fund I) that resulted in the issuance of 24,309 common units in Operating Partnership at $20.00 per share for a total value of $486,180 or as of September 30, 2021 a 1.0% interest in our Operating Partnership. The contribution agreement allows for the two investors to require the Operating Partnership to redeem, all or a portion of its units for either (i) the Redemption Amount (within the meaning of the Partnership Agreement), or (ii) until forty nine (49) months from date of Closing, cash in an agreed-upon Value (within the meaning of the Partnership Agreement) of $20.00 per share of common stock of the Company, as set forth on the Notice of Redemption. As such, the Company has determined their equity should be classified as a Redeemable Non-Controlling Interest. For the nine-months ended September 30, 2021 and 2020, the Company paid these three Redeemable Interests $238 thousand and $245 thousand, respectively in distributions.

Equity

Equity	9 Months Ended
	Sep. 30, 2021
Equity [Abstract]
Equity	Note 7 – Equity Authorized Equity The Company is authorized to issue up to 100,000,000 shares of common stock and 10,000,000 of undesignated preferred stock. No preferred shares have been issued as of the date of this report. Holders of the Company’s common stock are entitled to receive dividends when authorized by the Company’s Board of Directors. Equity Issuances On April 25, 2019, the Company raised $1,000,000 by issuing 50,000 Units with each Unit being comprised of one share of its Common Stock, and one warrant to purchase one share of its Common Stock. Each Unit was sold for a price of $20.00 per Unit. The shares of the Company’s Common Stock and warrants included in the Units, were offered together, but the securities included in the Units are issued separately. The warrants are exercisable at a price of $20.00 per share of Common Stock, subject to adjustment in certain circumstances, and will expire seven years from the date of issuance. On November 13, 2020, the Company raised $1,000,000 by issuing 50,000 Units with each Unit being comprised of one share of its Common Stock, and one warrant to purchase one share of its Common Stock. Each Unit was sold for a price of $20.00 per Unit. The shares of the Company’s Common Stock and warrants included in the Units, were offered together, but the securities included in the Units are issued separately. The warrants are exercisable at a price of $20.00 per share of Common Stock, subject to adjustment in certain circumstances, and will expire seven years from the date of issuance. On September 8, 2021, the Company As part of the Public Offering, on September 8, 2021, the Company entered into an agreement with the CEO to redeem 112,500 shares of common stock for $100. As of September 30, 2021, these shares had not yet been physically returned to our transfer agent nor has the agent’s records been adjusted and the CEO has not been paid. The Company has recorded this transaction in the current period in accounts payable – related party and treasury shares since it was effective upon the Public Offering. On September 30, 2021, the Company issued and sold as part of the underwriter’s Over-Allotment Option an additional 165,000 Units and generated additional proceeds of $1.5 million, net of underwriter discounts. The Investor Warrants issued in the offering entitle the holder to purchase one share of Common Stock at a price equal to $10.00 for a period of five years. The Investor Warrants may be exercised on a cashless basis if there is no effective registration statement available for the resale of the shares of common stock underlying such warrants. In addition, after 120 days after the Investor Warrants are issued, any Investor Warrant may be exercised on a cashless basis for 10% of the shares of Common Stock underlying the Investor Warrant if the volume-weighted average trading price of the Company’s shares of Common Stock on Nasdaq is below the then-effective exercise price of the Investor Warrant for 10 consecutive trading days. In addition, the Company issued to Maxim Group LLC (or its designee) warrants to purchase an aggregate of 149,850 shares of Common Stock, which is equal to an aggregate of 9% of the number of shares of Common Stock sold in the offering (the “Representative’s Warrants”). The Representative’s Warrants have an exercise price equal to $12.50, may be exercised on a cashless basis and will be exercisable six months following the closing date and until September 2, 2026. For the nine months ended September 30, 2021, the Company moved approximately $1.3 million of deferred financing costs into additional paid in capital of which $614,088 had been incurred as of December 31, 2020. Warrants The Company has 1,914,850 warrants outstanding as of September 30, 2021, subject to certain circumstances, and which will expire five to seven years from the date of issuance. Issue Date Warrants April 25, 2019 exercise price of $20.00 50,000 November 13, 2020 exercise price of $20.00 50,000 September 8, 2021 exercise price of $10.00 1,500,000 September 8, 2021 exercise price of $12.50 135,000 September 30, 2021 exercise price of $10.00 165,000 September 30, 2021 exercise price of $12.50 14,850 The following is a summary of warrants outstanding as of September 30: 2021 2020 Number of Warrants Weighted Average Price Weighted Average Remaining Life Number of Warrants Weighted Average Price Weighted Average Remaining Life Beginning of the year 100,000 $20.00 5.3 50,000 $20.00 6.3 Issuance 1,814,850 $10.21 5.0 - - - Ending balance 1,914,850 $10.72 4.97 50,000 $20.00 5.6 Warrants exercisable 1,765,000 $10.57 4.99 50,000 $20.00 5.6 There was no intrinsic value for the warrants as of September 30, 2021. Stock Compensation On July 15, 2019, the board of directors granted 2,500 restricted shares to each of the two independent directors that vest every 12 months on an annual basis over 36 months. The award is valued at $50,000 for each grant and was based on the equity pricing issuance of $20.00 per share. The pro-rated vested share restriction will be removed upon the annual anniversary of the award. The 1,668 and 1,666 restricted shares were issued to the two directors in September 2020 and September 2021, respectively and another 1,666 restricted shares were issued to the two directors in September 2021. On February 3, 2020, the board of directors granted 2,500 restricted shares to two new independent directors that vest every 12 months on an annual basis over 36 months. The award is valued at $50,000 for each grant and was based on the equity pricing issuance of $20.00 per share. The pro-rated vested share restrictions will be removed upon the annual anniversary of the award. The 1,666 unrestricted shares were issued to the two directors in February 2021 and another 3,334 restricted shares were issued to the two directors in September 2021. On February 3, 2020, the board of directors granted 6,250 restricted shares to its chief financial officer that will vest every 12 months on an annual basis over 36 months. The award is valued at $125,000 for each grant and was based on the equity pricing issuance of $20.00 per share. The pro-rated vested share restrictions will be removed upon the annual anniversary of the award. The 2,083 unrestricted shares were issued to the chief financial officer in February 2021 and another 4,167 restricted shares were issued to the chief financial officer in September 2021. Pursuant to an amended employment agreement in which the chief financial officer waived his right to cash compensation in lieu of being awarded 550 restricted shares of common stock each month until the closing of an initial underwritten public offering, we issued the chief financial officer 2,200 shares of stock in March 2021 representing four months of compensation from December 2020 to March 2021. These shares are valued at $20.00 per share and are accrued as compensation expense until issued by the Company. The board granted 14,000 restricted shares to directors, officers and employees effective January 1, 2021 valued at $20.00 per share that vest annually over 3 years. The pro-rated vested share restrictions will be removed upon the annual anniversary of the award. The 14,000 restricted shares were issued to the directors, officers and employees in September 2021. Generation Income Properties, Inc. 2020 Omnibus Incentive Plan In connection with the Public Offering, the Company board has adopted, and stockholders have approved, the Generation Income Properties, Inc. 2020 Omnibus Incentive Plan (the “ Omnibus Incentive Plan Restricted Common Shares issued to the Board and Management 2021 2020 Number of Shares Outstanding at beginning of the period 14,582 5,000 Restricted Shares Issued 14,000 11,250 Restricted Shares Vested (5,415) (1,668) Number of Restricted Shares Outstanding at end of the period 23,167 14,582 Compensation expense $153,636 $74,338 Common Shareholders Cash Distributions – Nine-Month Periods ended September 30, 2021 and 2020 Board of Directors Authorized Date Record Date Per Share Cash Total President August 25, 2021 August 31, 2021 $ 0.325 $ 116,307 39.0% February 26, 2021 March 15, 2021 $ 0.325 $ 114,373 39.0% June 23, 2020 July 2, 2020 $ 0.35 $ 105,084 42.8% January 31, 2020 February 28, 2020 $ 0.35 $ 105,101 42.8% * Our president and chairman waived his right to receive a dividend for all of these periods mentioned above. Operating Partnership Cash Distributions – Nine-Month Periods ended September 30, 2021 and 2020 Board of Directors Record Date Per Share Cash Total Dividends August 25, 2021 August 31, 2021 $ 0.325 $ 121,801 February 26, 2021 March 15, 2021 $ 0.325 $ 116,470 June 23, 2020 July 2, 2020 $ 0.35 $ 122,470 January 31, 2020 February 28, 2020 $ 0.35 $ 122,469 While we are under no obligation to do so, we expect to declare and pay dividends to our stockholders. The issuance of a dividend will be determined by our board of directors based on our financial condition and such other factors as our board of directors deems relevant. We have not established a minimum dividend, and our charter does not require that we issue dividends to our stockholders other than as necessary to meet IRS REIT qualification standards.

Leases

Leases	9 Months Ended
	Sep. 30, 2021
Leases [Abstract]
Leases	Note 8 – Leases Future Minimum Rents At September 30, 2021, we had four tenants that each account for more than 10% of our rental revenue for the nine-months ended September 30, 2021 (17.3% for Pratt and Whitney Corporation with respect to the single tenant building in Huntsville, AL property; 22.9% for the General Services Administration with respect to the two-tenant office building in Norfolk, VA; 19.9% for PRA Holding with respect to the single tenant building in Norfolk, VA and 10.2% for Maersk Inc. with respect to two-tenant office building in Norfolk, VA). At September 30, 2020, we had four tenants that each account for more than 10% of our rental revenue for the nine-months ended September 30, 2020 (20.8% for Pratt and Whitney Corporation with respect to the single tenant building in Huntsville, AL; 26.2% for the General Services Administration with respect to the two-tenant office building in Norfolk, VA; 22.7% for PRA Holding with respect to the single tenant building in Norfolk, VA and 11.1% for Maersk Inc. with respect to two-tenant office building in Norfolk, VA). The following table presents future minimum base rental cash payments due to the Company over the next five calendar years and thereafter as of September 30, 2021: Future Minimum Base Rent Payments 2021 (three months) $857,000 2022 3,443,000 2023 3,074,000 2024 3,078,000 2025 2,943,000 Thereafter 7,125,000 $20,520,000

Promissory Notes

Promissory Notes	9 Months Ended
	Sep. 30, 2021
Debt Disclosure [Abstract]
Promissory Notes	Note 9 – Promissory Notes The Company had the following promissory notes outstanding as of September 30, 2021 and December 31, 2020, respectively: As of September 30, As of December 31, 2021 2020 Interest Rate Maturity Date Promissory note issued for $3,407,391 by a financial institution. Note was issued on September 11, 2019 and prepaid without penalty upon the sale of the Walgreen-Cocoa, Florida property on August 31, 2021 which was securing the note. 2.36% adjusted monthly based on 30 day LIBOR plus 225 basis points 9/11/2021 $- $3,407,391 Promissory note issued for $1,286,664 by a financial institution, interest and principal payments due monthly of approximately $3,800. Note was originally issued on January 15, 2015 and modified on November 30, 2020 and can be prepaid at any time without penalty. Secured by out Tampa Sherwin-Williams property. 3.72% fixed rate after using SWAP whereas the loan is LIBOR plus 2.75% 8/10/2028 1,286,664 1,286,664 Promissory note issued for $1,275,000 by a financial institution. Note was issued on February 4, 2021 and can be prepaid at any time without penalty. Secured by our GSA-Manteo, North Carolina property. 3.4% adjusted monthly based on 30 day Wall Street Journal Prime Rate with minimum of 3.25% 2/4/2023 1,275,000 - Promissory note issued for $850,000 by a financial institution. Note was issued on April 21, 2021 and can be prepaid at any time without penalty. Secured by our Irby - Plant City, FL property. 2.75% adjusted monthly based on 30 day Wall Street Journal Prime Rate minus 0.5% with minimum of 3.0% for first 24 months, then U.S. Treasury Securities Rate plus 2.75% with a minimum of 3.25% 12/31/2024 850,000 - Promissory note issued for $8,260,000 by a financial institution, interest and principal payments due monthly of approximately $41,500. Note was issued on September 30, 2019 and can be prepaid at any time without penalty. Secured by our GSA/Maersk - Norfolk, Virginia property. The interest rate was reduced in March 2021 from 4.25% to 3.5%. 3.50% 9/30/2024 7,861,426 8,022,271 Promissory note issued for $5,216,749 by a financial institution, interest and principal payments due monthly of approximately $27,400. Note was originally issued on October 23, 2017 and modified on September 30, 2019 and can be prepaid at any time without penalty. Secured by our PRA - Norfolk, Virginia property. The interest rate was reduced in March 2021 from 4.25% to 3.5%. 3.50% 10/23/2024 4,929,070 5,041,935 Promissory note issued for $1,900,000 to a Clearlake Preferred Member, secured by all of the personal and fixture property of the Operating Partnership, interest payments due monthly. Note was issued on December 16, 2019 and was prepaid without penalty on September 30, 2021. 10.00% 12/16/2021 - 1,100,000 Promissory note issued for $11,287,500 by a financial institution, interest only payment is approximately $39,000 and starting April 6, 2021, interest and principal payments due monthly of approximately $55,000. Note was issued on February 11, 2020. Secured by our Washington, DC, Tampa, FL and Huntsville, AL properties. It cannot be prepaid without a penalty 4.17% 3/6/2030 11,197,268 11,287,500 Less: debt issuance costs, net (633,647) (689,190) $26,765,781 $29,456,571 The Company amortized debt issuance costs during the three and nine-month periods ended September 30, 2021 and 2020 to interest expense of approximately $30,700 and $94,600 for 2021 and $28,400 and $106,200 for 2020, respectively. The Company paid debt issuance costs for the nine-months ended September 30, 2021 and 2020 of approximately $40,000 and $564,900, respectively. As of September 30, 2021, the Company had three promissory notes totaling approximately $24.0 million require Debt Service Coverage Ratios (also known as “DSCR”) of 1.25:1.0, one promissory note totaling $1.3 million require DSCR of 1.20:1.0, one promissory note totaling $0.9 million require DSCR of 1.15:1.0 and one promissory note totaling $1.3 million require DSCR of 1.30:1.0. We were in compliance with all covenants as of September 30, 2021. As of September 30, 2021, the Company’s President has personally guaranteed the repayment of the $11.2 million due under the DC/Tampa/Huntsville loan, the $1.3 million loan secured by our Tampa Sherwin Williams property, the $0.9 million loan secured by our Irby property and the $1.3 million loan secured by our GSA Manteo NC property. The aggregate guaranteed principal amount of these loans total approximately $14.6 million. The Company’s President has also provided a guaranty of the Borrower’s nonrecourse carveout liabilities and obligations in favor of the lender for the Norfolk, Virginia property loans, with an aggregate principal amount of approximately $12.8 million. The Company modified the Bayport loans in February 2021 for no fees and reduced the associated interest rate from 4.25% to 3.5%. The Company determined that the debt modification was not substantial under ASC 470-50. Minimum required principal payments on the Company’s debt as of September 30, 2021 are as follows: As of September 30, 2021 2021 (three months) $141,575 2022 580,740 2023 1,890,446 2024 12,982,315 2025 251,011 2026 and beyond 11,553,341 $27,399,428 We intend to repay amounts outstanding under any credit facilities as soon as reasonably possible. No assurance can be given that we will be able to obtain additional credit facilities. We anticipate arranging and utilizing additional revolving credit facilities to potentially fund future acquisitions (following investment of the net proceeds of our offerings), return on investment initiatives and working capital requirements.

Related Party

Related Party	9 Months Ended
	Sep. 30, 2021
Related Party Transactions [Abstract]
Related Party	Note 10 – Related Party The Company had previously engaged 3 Properties (a brokerage and asset manager company) that is owned 100% by the Company’s President, when it purchased properties and to manage properties. This agreement was terminated effective August 31, 2020. For the nine-months ended September 30, 2020, the Company paid 3 Properties approximately $40,135 for asset management services under this agreement.

Tenant in Common Investment

Tenant in Common Investment	9 Months Ended
	Sep. 30, 2021
Tenant In Common Investment [Abstract]
Tenant in Common Investment	Note 11 – Tenant in Common Investment On August 13, 2021, the Company entered into a tenancy-in-common (“TIC”) structure whereby the TIC acquired a 15,288 square foot single The acquisition of this property was financed in part through the issuance of a Promissory note for $2,715,000 by a financial institution as part of a Tenants in Common ownership structure. The Note was issued on August 13, 2021 and can be prepaid at any time without penalty and is secured by the Lazy Boy - Rockville, IL property. The Company's share of this debt is approximately $1.0 million. The Company’s President has personally guaranteed the repayment of the $2.7 million loan. The loan has normal covenants which includes DSCR 1.50:1.0. The condensed income statement for the nine months ended September 30, 2021 for the Tenant in Common Investment is as follows: Total Company Portion Revenue $ 48,757 $ 17,943 Total operating expenses 35,862 13,193 Operating income $ 12,895 $ 4,750 The condensed balance sheet as of September 30, 2021 for the Tenant in Common Investment is as follows: September 30, 2021 Property, net of depreciation $ 4,358,785 Prepaid expenses 1,088 Deferred rent asset 527 Acquired lease intangible asset, net of amortization 292,006 Due from tenant-in-common 39,257 Total assets $ 4,691,663 Mortgage payable net of unamortized debt issuance costs $ 2,671,742 Prepaid rent 29,900 Accrued expenses 5,877 Accounts payable - related party 4,726 Acquired lease intangible liability, net of amortization 44,860 Equity, GIP Inc. Tenant-in-common 717,337 Equity, Sunny Ridge Tenant-in-common 1,217,221 Total liabilities and equity $ 4,691,663

Subsequent Event

Subsequent Event	9 Months Ended
	Sep. 30, 2021
Subsequent Events [Abstract]
Subsequent Event	Note 12 – Subsequent Event On October 5, 2021, the Company awarded Mr. Russell as part of his services rendered in connection with the equity offering, a bonus of 10,000 shares and a $125,000 cash bonus. On October 28, 2021, we executed a purchase and sale agreement for the acquisition of a 30,000 square-foot single-tenant retail building in Grand Junction, Colorado for total consideration of approximately $4.7 million. It is anticipated that the acquisition of this property will be funded by a combination of debt and equity. The building is occupied by Best Buy with approximately 5.5 years remaining on their primary lease term and annualized base rent of approximately $353,000. The transaction is subject to customary closing conditions and due diligence. On October 27, 2021, we executed a purchase and sale agreement for the acquisition of a 11,000 square-foot single-tenant retail building in Chicago, Illinois for total consideration of approximately $3.1 million. It is anticipated that the acquisition of this property will be funded by a combination of debt and equity. The building is occupied by Fresenius Medical Care with approximately 5 years remaining on their primary lease term and annualized base rent of approximately $224,000. The transaction is subject to customary closing conditions and due diligence. On October 11, 2021, we executed a contribution and subscription agreement for the acquisition of a 2,600 square-foot single-tenant retail building in Tampa, Florida for total consideration of approximately $2.2 million. It is anticipated that the acquisition of this property will be funded by a combination of the issuance of approximately $1.1 million worth of operating partnership units of Generation Income Properties LP and debt of approximately $1.1 million. The building is occupied by Starbucks with approximately 0.5 years remaining on their primary lease term and annualized base rent of approximately $135,000. The transaction is subject to customary closing conditions and due diligence. On November 11, 2021, we executed a purchase and sale agreement for the acquisition of a It is anticipated that the acquisition of this property will be funded by a combination of debt and equity. On October 26, 2021, the Operating Partnership entered into a Commitment Letter with American Momentum Bank (the “Lender”) for a $25 million master credit facility (the “Facility”) to be used for the acquisition of income producing real estate properties. Borrowings under the Facility will accrue interest at a variable rate equal to the Wall Street Journal Prime rate, adjusted monthly, subject to a floor interest rate of 3.25% per annum. At each loan closing under the Facility, the borrower shall pay the Lender a commitment fee equal to 0.50% of the applicable loan amount. Each loan will have an interest-only payment term for twenty-four months from the applicable loan closing date and all interest and principal outstanding shall be due and payable in full two years from the applicable loan closing date. Each loan will be secured by the real estate property acquired and the associated rental income and payment will be guaranteed by the Operating Partnership. David Sobelman, the Company’s Chairman, President and Chief Executive Officer, will be required to execute a non-recourse guarantee in connection with each loan that is subject to standard “bad-boy” carve out provisions. Each loan agreement under the Facility will require the borrower to maintain a debt service coverage ratio of not less than 1.50 to 1.00 over the term of the loan and will contain customary affirmative covenants, negative covenants and events of default. Should any event of default occur, the loan commitments under the Facility may be terminated and any outstanding borrowings, together with accrued interest, could be declared immediately due and payable. The initial loan under the Facility must close on or before December 31, 2021 and all loans under the Facility must close within two years after the closing date of the initial loan. The Facility is voidable at the option of the Lender in specified circumstances, including a material adverse change in the Company’s financial condition and upon any changes in management of the Company that are unacceptable to the Lender. On October 6, 2021, the Company announced that its Board of Directors on October 5, 2021 authorized a $0.054 per share cash distribution for shareholders of record of the Company’s common stock as of October 15, 2021, November 15, 2021 and December 15

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2021
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The information furnished reflects all adjustments, consisting only of normal recurring items which are, in the opinion of management, necessary in order to make the financial statements not misleading. Certain information and footnote disclosures normally present in annual financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) were omitted pursuant to such rules and regulations. These financial statements should be read in conjunction with the audited financial statements and footnotes included in the Company’s Annual Report on Form 1-K filed with the SEC on March 12, 2021. The results for the nine months ended September 30, 2021, are not necessarily indicative of the results to be expected for the year ending December 31, 2021. The Company adopted the calendar year as its basis of reporting.
Consolidation	Consolidation The accompanying consolidated financial statements include the accounts of Generation Income Properties, Inc. and the Operating Partnership and all of the direct and indirect wholly-owned subsidiaries of the Operating Partnership and the Company’s subsidiaries. All significant inter-company balances and transactions have been eliminated in the consolidated financial statements. The consolidated financial statements include the accounts of all entities in which the Company has a controlling interest. The ownership interests of other investors in these entities are recorded as non-controlling interests or redeemable non-controlling interest. Non-controlling interests are adjusted each period for additional contributions, distributions, and the allocation of net income or loss attributable to the non-controlling interests. Investments in entities for which the Company has the ability to exercise significant influence over, but does not have financial or operating control, are accounted for using the equity method of accounting. Accordingly, the Company’s share of the earnings (or losses) of these entities are included in consolidated net income or loss.
Cash	Cash The Company considers all demand deposits, cashier’s checks and money market accounts to be cash equivalents. Amounts included in restricted cash represent funds held by the Company related to tenant escrow reimbursements and immediate repair reserve. The following table provides a reconciliation of the Company’s cash and cash equivalents and restricted cash that sums to the total of those amounts at the end of the periods presented on the Company’s accompanying Consolidated Statements of Cash Flows: September 30, December 31, 2021 2020 Cash and cash equivalents $14,194,639 $937,564 Restricted cash 34,500 184,800 Total cash and cash equivalents and restricted cash $14,229,139 $1,122,364
Revenue Recognition	Revenue Recognition We have determined that all of our leases should be accounted for as operating leases. The Company leases real estate to its tenants under long-term net leases which we account for as operating leases. Under this method, leases that have fixed and determinable rent increases are recognized on a straight-line basis over the lease term. Certain leases also provide for additional rent based on tenants’ sales volumes. These rents are recognized when determinable after the tenant exceeds a sales breakpoint. Recognizing rent escalations on a straight-line method results in rental revenue in the early years of a lease being higher than actual cash received, creating a straight-line rent asset. Conversely, when actual cash collected is greater than the amount recognized on a straight-line basis, the difference is recognized as a liability. To the extent any of the tenants under these leases become unable to pay their contractual cash rents, the Company may be required to write down the straight-line rent receivable from those tenants, which would reduce rental income. Deferred rent asset as of September 30, 2021 and December 31, 2020 was approximately $ 145,400 126,700 185,800 188,600 The Company reviews the collectability of charges under its tenant operating leases on a regular basis, taking into consideration changes in factors such as the tenant’s payment history, the financial condition of the tenant, business conditions in the industry in which the tenant operates and economic conditions in the area where the property is located. In the event that collectability exists with respect to any tenant changes, the Company recognizes an adjustment to rental income. The Company’s review of collectability of charges under its operating leases includes any accrued rental revenues related to the straight-line method of reporting rental revenue. There were no allowances for receivables recorded for the nine months ended September 30, 2021 or 2020. The Company’s leases provide for reimbursement from tenants for common area maintenance (“CAM”), insurance, real estate taxes and other operating expenses. A portion of our operating cost reimbursement revenue is estimated each period and is recognized as rental income in the period the recoverable costs are incurred and accrued. The Company often recognizes above- and below-market lease intangibles in connection with acquisitions of real estate. The capitalized above- and below-market lease intangibles are amortized over the
Stock-Based Compensation	Stock-Based Compensation The Company records all equity-based incentive grants to employees and non-employee members of the Company’s Board of Directors in operating expenses in the Company’s Consolidated Statements of Operations based on their fair values determined on the date of grant. Stock-based compensation expense, reduced for estimated forfeitures, is recognized on a straight-line basis over the requisite service period of the award, which is generally the vesting term of the outstanding equity awards.
Real Estate	Real Estate Acquisitions of real estate are recorded at cost. Real Estate Purchase Price Assignment The Company assigns the purchase price of real estate to tangible and intangible assets and liabilities based on fair value. Tangible assets consist of land, buildings and tenant improvements. Intangible assets and liabilities consist of the value of in-place leases and above or below market leases assumed with the acquisition. The Company assessed whether the purchase of the building falls within the definition of a business under ASC 805 and concluded that all asset transactions were an asset acquisition, therefore it was recorded at the purchase price, including capitalized acquisition costs, which is allocated to land, building, tenant improvements and intangible assets and liabilities based upon their relative fair values at the date of acquisition. The fair value of the in-place lease is the estimated cost to replace the leases (including loss of rent, estimated commissions and legal fees paid in similar leases). The capitalized in-place leases are amortized over the remaining team of the leases as amortization expense. The fair value of the above or below market lease is the present value of the difference between the contractual amount to be paid pursuant to the in-place lease and the estimated current market lease rate expected over the remaining non-cancelable life of the lease. The capitalized above or below market lease values are amortized as a decrease or increase to rental income over the remaining term of the lease. For additional information, see Note 4 - Acquired Lease Intangible Asset, net and Note 5 - Acquired Lease Intangible Liability, net.
Depreciation Expense	Depreciation Expense Real estate and related assets are stated net of accumulated depreciation. Renovations, replacements and other expenditures that improve or extend the life of assets are capitalized and depreciated over their estimated useful lives. Expenditures for ordinary maintenance and repairs are charged to expense as incurred. Depreciation is computed using the straight-line method over the estimated useful life of the buildings, which are generally between 30 and 50 years, tenant improvements, which are generally between 2 and 10 years.
Income Taxes	Income Taxes The Company intends to operate and be taxed as a real estate investment trust (“REIT”) under Section 856 through 860 of the Internal Revenue Code (“Code”), commencing with our taxable year ending December 31, 2021. To qualify as a REIT, the Company must meet certain organizational and operational requirements, including a requirement to distribute at least 90% of its taxable income to its stockholders. As a REIT, the Company generally will not be subject to federal corporate income tax on that portion of its taxable income that is currently distributed to stockholders. We account for deferred income taxes using the asset and liability method and recognize deferred tax assets and liabilities for the expected future tax consequences of events that have been included in our financial statements or tax returns. Under this method, we determine deferred tax assets and liabilities based on the differences between the financial reporting and tax bases of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. Any increase or decrease in the deferred tax liability that results from a change in circumstances, and that causes us to change our judgment about expected future tax consequences of events, is included in the tax provision when such changes occur. Deferred income taxes also reflect the impact of operating loss and tax credit carryforwards. A valuation allowance is provided if we believe it is more likely than not that all or some portion of the deferred tax asset will not be realized. Any increase or decrease in the valuation allowance that results from a change in circumstances, and that causes us to change our judgment about the realizability of the related deferred tax asset, is included in the tax provision when such changes occur. The Company also recognizes liabilities for unrecognized tax benefits which are recognized if the weight of available evidence indicates that it is not more-likely-than-not that the positions will be sustained on examination, including resolution of the related processes, if any. As of each balance sheet date, unrecognized benefits are reassessed and adjusted if the Company’s judgement changes as a result of new information.
Earnings per Share	Earnings per Share In accordance with ASC 260, basic earnings/loss per share (“EPS”) is computed by dividing net loss attributable to the Company that is available to common stockholders by the weighted average number of common shares outstanding during the period, excluding the effects of any potentially dilutive securities. Diluted EPS gives effect to all dilutive potential of shares of common stock outstanding during the period including stock warrants, using the treasury stock method (by using the average stock price for the period to determine the number of shares assumed to be purchased from the exercise of warrants), and convertible debt, using the if-converted method. Diluted EPS excludes all potentially dilutive securities such as warrants, options and restricted stock units if their effect is anti-dilutive. As of September 30, 2021 and December 31, 2020, all potentially dilutive securities were excluded because the effect was anti-dilutive.
Impairments	Impairments The Company reviews real estate investments and related lease intangibles, for possible impairment when certain events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable though operations plus estimated disposition proceeds. Events or changes in circumstances that may occur include, but are not limited to, significant changes in real estate market conditions, estimated residual values, and an expectation to sell assets before the end of the previously estimated life. Impairments are measured to the extent the current book value exceeds the estimated fair value of the asset less disposition costs for any assets classified as held for sale. There were no impairments during the nine months ended September 30, 2021 or 2020. The valuation of impaired assets is determined using valuation techniques including discounted cash flow analysis, analysis of recent comparable sales transactions, and purchase offers received from third parties, which are Level 3 inputs. The Company may consider a single valuation technique or multiple valuation techniques, as appropriate, when estimating the fair value of its real estate. Estimating future cash flows is highly subjective and estimates can differ materially from actual results.
Deferred Financing Costs	Deferred Financing Costs As of September 30, 2021 and December 31, 2020, the Company incurred $1,261 thousand and $614 thousand of costs associated with the Company’s public equity raise that closed on September 8, 2021. The $1,261 thousand of deferred offering costs were reclassified to additional paid in capital in connection with the successful offering.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	9 Months Ended
	Sep. 30, 2021
Accounting Policies [Abstract]
Schedule of Reconciliation of Cash and Cash Equivalents and Restricted Cash	The following table provides a reconciliation of the Company’s cash and cash equivalents and restricted cash that sums to the total of those amounts at the end of the periods presented on the Company’s accompanying Consolidated Statements of Cash Flows: September 30, December 31, 2021 2020 Cash and cash equivalents $14,194,639 $937,564 Restricted cash 34,500 184,800 Total cash and cash equivalents and restricted cash $14,229,139 $1,122,364

Investments in Real Estate (Tab

Investments in Real Estate (Tables)	9 Months Ended
	Sep. 30, 2021
Real Estate [Abstract]
Schedule of Investments in Real Estate	The Company’s real estate is comprised of the following: September 30, December 31, 2021 2020 Property $ 36,621,767 $ 37,352,447 Tenant improvements 482,701 482,701 Acquired lease intangible assets 2,949,411 3,014,149 Total 40,053,879 40,849,297 Less accumulated depreciation and amortization (3,168,841 ) (2,317,454 ) Total investments, net $ 36,885,038 $ 38,531,843
Schedule of Acquired Properties	During the nine-months ended September 30, 2021, the Company acquired two properties. Total Manteo, NC Plant City, FL Property $ 2,149,015 $ 1,635,824 $3,784,839 Acquired lease intangible assets 100,379 121,509 221,888 Total investments 2,249,394 1,757,333 4,006,727 Less acquired lease intangible liability 511,620 — 511,620 Total investments $ 1,737,774 $ 1,757,333 $3,495,107
Schedule of Disposed Properties	During the nine-months ended September 30, 2021, the Company sold one property. Cocoa Beach, FL Property $ 4,539,617 Acquired lease intangible assets 298,230 Total investments 4,837,847 Less accumulated depreciation and amortization (313,447) Less acquired lease intangible liability, net (202,650) Net book value of property upon sale $ 4,321,750

Acquired Lease Intangible Ass_2

Acquired Lease Intangible Asset, Net (Tables)	9 Months Ended
	Sep. 30, 2021
Intangible Assets Net Excluding Goodwill [Abstract]
Schedule of Intangible Assets, Net	Intangible assets, net is comprised of the following: September 30, December 31, 2021 2020 Acquired lease intangible assets $ 2,949,411 $ 3,014,149 Accumulated amortization (896,918 ) (624,106 ) Acquired lease intangible assets, net $ 2,052,493 $ 2,390,043
Schedule of Future Amortization for Intangible Assets	The future amortization for intangible assets is listed below: As of September 30, 2021 2021 (three months) $104,000 2022 305,100 2023 305,100 2024 305,100 2025 305,100 Thereafter 728,100 $2,052,500

Acquired Lease Intangible Lia_2

Acquired Lease Intangible Liability, Net (Tables)	9 Months Ended
	Sep. 30, 2021
Below Market Lease [Abstract]
Summary of Acquired Lease Intangible Liability	Acquired lease intangible liability is comprised of the following: September 30, December 31, 2021 2020 Acquired lease intangible liability $845,063 $585,792 Less: recognized rental income (236,366) (170,144) Total below market lease, net $608,697 $415,648
Summary of Future Amortization for Intangible Liabilities	The future amortization for intangible liabilities is listed below: As of September 30, 2021 2021 (three months) $31,300 2022 86,700 2023 86,700 2024 86,700 2025 86,700 Thereafter 230,600 $608,700

Redeemable Non-Controlling In_2

Redeemable Non-Controlling Interests (Tables)	9 Months Ended
	Sep. 30, 2021
Noncontrolling Interest [Abstract]
Summary of Redeemable Non-Controlling Interests	The following table reflects our Redeemable Non-Controlling Interests: Brown Family Trust Irby Prop Partners Hornstrom GIP Fund I Greenwal L.C. Riverside Crossing L.C. Total Balance, December 31, 2019 $1,200,000 $- $- $- $4,965,000 $2,033,251 $8,198,251 Distribution on Redeemable Non-Controlling Interest (20,375) - - - (86,887) (35,582) (142,844) Net income for the quarter 20,375 - - - 86,887 35,582 142,844 Balance, March 31, 2020 $1,200,000 $- $- $- $4,965,000 $2,033,251 $8,198,251 Distribution on Redeemable Non-Controlling Interest (39,851) - - - - - (39,851) Net income for the quarter 39,851 - - - - - 39,851 Balance, June 30, 2020 $1,200,000 $- $- $- $4,965,000 $2,033,251 $8,198,251 Distribution on Redeemable Non-Controlling Interest (29,553) - - - (86,888) (35,582) (152,023) Net income for the quarter 29,553 - - - 86,888 35,582 152,023 Balance, September 30, 2020 $1,200,000 $- $- $- $4,965,000 $2,033,251 $8,198,251 Balance, December 31, 2020 $1,200,000 $- $- $486,180 $4,965,000 $2,033,251 $8,684,431 Issuance of Redeemable Non-Controlling Interest for property acquisition 500,000 - - - - - 500,000 Distribution on Redeemable Non-Controlling Interest (37,104) - - - (33,041) (80,681) (150,826) Net income for the quarter 37,104 - - - 33,041 80,681 150,826 Balance, March 31, 2021 $1,700,000 $- $- $486,180 $4,965,000 $2,033,251 $9,184,431 Issuance of Redeemable Non-Controlling Interest for property acquisition - 950,000 - - - - 950,000 Distribution on Redeemable Non-Controlling Interest (41,125) (15,275) - (2,748) - - (59,148) Net income for the quarter 41,125 15,275 - 2,748 - - 59,148 Balance, June 30, 2021 $1,700,000 $950,000 $- $486,180 $4,965,000 $2,033,251 $10,134,431 Redemption of Redeemable Non-Controlling Interest for property disposal (1,200,000) - - - - - (1,200,000) Issuance of Redeemable Non-Controlling Interest for property acquisition - - 650,000 - - - 650,000 Distribution on Redeemable Non-Controlling Interest (31,399) (19,081) (6,838) (7,898) (33,040) (80,863) (179,119) Net income for the quarter 31,399 36,259 10,257 7,898 33,040 80,863 199,716 Balance, September 30, 2021 $500,000 $967,178 $653,419 $486,180 $4,965,000 $2,033,251 $9,605,028

Equity (Tables)

Equity (Tables)	9 Months Ended
	Sep. 30, 2021
Equity [Abstract]
Schedule of Warrants Issued and Outstanding with Exercise Price	Issue Date Warrants April 25, 2019 exercise price of $20.00 50,000 November 13, 2020 exercise price of $20.00 50,000 September 8, 2021 exercise price of $10.00 1,500,000 September 8, 2021 exercise price of $12.50 135,000 September 30, 2021 exercise price of $10.00 165,000 September 30, 2021 exercise price of $12.50 14,850 The following is a summary of warrants outstanding as of September 30: 2021 2020 Number of Warrants Weighted Average Price Weighted Average Remaining Life Number of Warrants Weighted Average Price Weighted Average Remaining Life Beginning of the year 100,000 $20.00 5.3 50,000 $20.00 6.3 Issuance 1,814,850 $10.21 5.0 - - - Ending balance 1,914,850 $10.72 4.97 50,000 $20.00 5.6 Warrants exercisable 1,765,000 $10.57 4.99 50,000 $20.00 5.6
Schedule of Restricted Common Shares Issued	Restricted Common Shares issued to the Board and Management 2021 2020 Number of Shares Outstanding at beginning of the period 14,582 5,000 Restricted Shares Issued 14,000 11,250 Restricted Shares Vested (5,415) (1,668) Number of Restricted Shares Outstanding at end of the period 23,167 14,582 Compensation expense $153,636 $74,338
Schedule of Cash Distributions	Common Shareholders Cash Distributions – Nine-Month Periods ended September 30, 2021 and 2020 Board of Directors Authorized Date Record Date Per Share Cash Total President August 25, 2021 August 31, 2021 $ 0.325 $ 116,307 39.0% February 26, 2021 March 15, 2021 $ 0.325 $ 114,373 39.0% June 23, 2020 July 2, 2020 $ 0.35 $ 105,084 42.8% January 31, 2020 February 28, 2020 $ 0.35 $ 105,101 42.8% * Our president and chairman waived his right to receive a dividend for all of these periods mentioned above. Operating Partnership Cash Distributions – Nine-Month Periods ended September 30, 2021 and 2020 Board of Directors Record Date Per Share Cash Total Dividends August 25, 2021 August 31, 2021 $ 0.325 $ 121,801 February 26, 2021 March 15, 2021 $ 0.325 $ 116,470 June 23, 2020 July 2, 2020 $ 0.35 $ 122,470 January 31, 2020 February 28, 2020 $ 0.35 $ 122,469

Leases (Tables)

Leases (Tables)	9 Months Ended
	Sep. 30, 2021
Leases [Abstract]
Summary of Future Minimum Base Rental Cash Payments Due	The following table presents future minimum base rental cash payments due to the Company over the next five calendar years and thereafter as of September 30, 2021: Future Minimum Base Rent Payments 2021 (three months) $857,000 2022 3,443,000 2023 3,074,000 2024 3,078,000 2025 2,943,000 Thereafter 7,125,000 $20,520,000

Promissory Notes (Tables)

Promissory Notes (Tables)	9 Months Ended
	Sep. 30, 2021
Debt Disclosure [Abstract]
Schedule of Promissory Notes	The Company had the following promissory notes outstanding as of September 30, 2021 and December 31, 2020, respectively: As of September 30, As of December 31, 2021 2020 Interest Rate Maturity Date Promissory note issued for $3,407,391 by a financial institution. Note was issued on September 11, 2019 and prepaid without penalty upon the sale of the Walgreen-Cocoa, Florida property on August 31, 2021 which was securing the note. 2.36% adjusted monthly based on 30 day LIBOR plus 225 basis points 9/11/2021 $- $3,407,391 Promissory note issued for $1,286,664 by a financial institution, interest and principal payments due monthly of approximately $3,800. Note was originally issued on January 15, 2015 and modified on November 30, 2020 and can be prepaid at any time without penalty. Secured by out Tampa Sherwin-Williams property. 3.72% fixed rate after using SWAP whereas the loan is LIBOR plus 2.75% 8/10/2028 1,286,664 1,286,664 Promissory note issued for $1,275,000 by a financial institution. Note was issued on February 4, 2021 and can be prepaid at any time without penalty. Secured by our GSA-Manteo, North Carolina property. 3.4% adjusted monthly based on 30 day Wall Street Journal Prime Rate with minimum of 3.25% 2/4/2023 1,275,000 - Promissory note issued for $850,000 by a financial institution. Note was issued on April 21, 2021 and can be prepaid at any time without penalty. Secured by our Irby - Plant City, FL property. 2.75% adjusted monthly based on 30 day Wall Street Journal Prime Rate minus 0.5% with minimum of 3.0% for first 24 months, then U.S. Treasury Securities Rate plus 2.75% with a minimum of 3.25% 12/31/2024 850,000 - Promissory note issued for $8,260,000 by a financial institution, interest and principal payments due monthly of approximately $41,500. Note was issued on September 30, 2019 and can be prepaid at any time without penalty. Secured by our GSA/Maersk - Norfolk, Virginia property. The interest rate was reduced in March 2021 from 4.25% to 3.5%. 3.50% 9/30/2024 7,861,426 8,022,271 Promissory note issued for $5,216,749 by a financial institution, interest and principal payments due monthly of approximately $27,400. Note was originally issued on October 23, 2017 and modified on September 30, 2019 and can be prepaid at any time without penalty. Secured by our PRA - Norfolk, Virginia property. The interest rate was reduced in March 2021 from 4.25% to 3.5%. 3.50% 10/23/2024 4,929,070 5,041,935 Promissory note issued for $1,900,000 to a Clearlake Preferred Member, secured by all of the personal and fixture property of the Operating Partnership, interest payments due monthly. Note was issued on December 16, 2019 and was prepaid without penalty on September 30, 2021. 10.00% 12/16/2021 - 1,100,000 Promissory note issued for $11,287,500 by a financial institution, interest only payment is approximately $39,000 and starting April 6, 2021, interest and principal payments due monthly of approximately $55,000. Note was issued on February 11, 2020. Secured by our Washington, DC, Tampa, FL and Huntsville, AL properties. It cannot be prepaid without a penalty 4.17% 3/6/2030 11,197,268 11,287,500 Less: debt issuance costs, net (633,647) (689,190) $26,765,781 $29,456,571
Schedule of Minimum Required Principal Payments	Minimum required principal payments on the Company’s debt as of September 30, 2021 are as follows: As of September 30, 2021 2021 (three months) $141,575 2022 580,740 2023 1,890,446 2024 12,982,315 2025 251,011 2026 and beyond 11,553,341 $27,399,428

Tenant in Common Investment (Ta

Tenant in Common Investment (Tables)	9 Months Ended
	Sep. 30, 2021
Tenant In Common Investment [Abstract]
Condensed Income Statement of Tenant in Common Investment	The condensed income statement for the nine months ended September 30, 2021 for the Tenant in Common Investment is as follows: Total Company Portion Revenue $ 48,757 $ 17,943 Total operating expenses 35,862 13,193 Operating income $ 12,895 $ 4,750
Condensed Balance Sheet of Tenant in Common Investment	The condensed balance sheet as of September 30, 2021 for the Tenant in Common Investment is as follows: September 30, 2021 Property, net of depreciation $ 4,358,785 Prepaid expenses 1,088 Deferred rent asset 527 Acquired lease intangible asset, net of amortization 292,006 Due from tenant-in-common 39,257 Total assets $ 4,691,663 Mortgage payable net of unamortized debt issuance costs $ 2,671,742 Prepaid rent 29,900 Accrued expenses 5,877 Accounts payable - related party 4,726 Acquired lease intangible liability, net of amortization 44,860 Equity, GIP Inc. Tenant-in-common 717,337 Equity, Sunny Ridge Tenant-in-common 1,217,221 Total liabilities and equity $ 4,691,663

Nature of Operations - Addition

Nature of Operations - Additional Information (Details)	9 Months Ended
	Sep. 30, 2021
Nature Of Operations [Line Items]
Entity incorporation date	Sep. 19, 2015
Operating Partnership
Nature Of Operations [Line Items]
Operating partnership formation month and year	2015-10
Operating Partnership | Common Units
Nature Of Operations [Line Items]
Ownership percentage	85.20%
Operating Partnership | GIP REIT Op Limited LLC
Nature Of Operations [Line Items]
Ownership percentage	0.002%

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Schedule of Reconciliation of Cash and Cash Equivalents and Restricted Cash (Details) - USD ($)	Sep. 30, 2021	Dec. 31, 2020
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents [Abstract]
Cash and cash equivalents	$ 14,194,639	$ 937,564
Restricted cash	34,500	184,800
Total cash and cash equivalents and restricted cash	$ 14,229,139	$ 1,122,364

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Additional Information (Details) - USD ($)	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Summary Of Significant Accounting Policies [Line Items]
Deferred rent asset	$ 145,428		$ 126,655
Deferred rent liability	185,805		188,595
Prepaid rent	149,400		165,800
Impairments	0	$ 0
Costs associated with public equity raise	1,261,000		$ 614,000
Additional Paid-In- Capital
Summary Of Significant Accounting Policies [Line Items]
Costs associated with public equity raise	$ 1,261,000
Buildings | Minimum
Summary Of Significant Accounting Policies [Line Items]
Estimated useful life	30 years
Buildings | Maximum
Summary Of Significant Accounting Policies [Line Items]
Estimated useful life	50 years
Tenant Improvements | Minimum
Summary Of Significant Accounting Policies [Line Items]
Estimated useful life	2 years
Tenant Improvements | Maximum
Summary Of Significant Accounting Policies [Line Items]
Estimated useful life	10 years

Investments in Real Estate - Sc

Investments in Real Estate - Schedule of Investments in Real Estate (Details) - USD ($)	Sep. 30, 2021	Dec. 31, 2020
Real Estate Investments [Abstract]
Property	$ 36,621,767	$ 37,352,447
Tenant improvements	482,701	482,701
Acquired lease intangible assets	2,949,411	3,014,149
Total	40,053,879	40,849,297
Less accumulated depreciation and amortization	(3,168,841)	(2,317,454)
Total investments	$ 36,885,038	$ 38,531,843

Investments in Real Estate - Ad

Investments in Real Estate - Additional Information (Details)	Aug. 31, 2021USD ($)	Sep. 30, 2021USD ($)	Sep. 30, 2020USD ($)	Sep. 30, 2021USD ($)Property	Sep. 30, 2020USD ($)
Asset Acquisition [Line Items]
Depreciation		$ 273,300	$ 261,300	$ 833,291	$ 776,070
Number of real estate properties acquired | Property				2
Number of real estate properties sold | Property				1
Cocoa Beach, FL
Asset Acquisition [Line Items]
Sale of real estate property	$ 5,200,000
Gain on disposition of real estate property	$ 923,000
Manteo, NC
Asset Acquisition [Line Items]
Property acquired date				Feb. 11, 2021
Cash capital contribution through issuance of redeemable non-controlling interest				$ 500,000
Asset acquisition through debt				$ 1,275,000
Plant City, FL
Asset Acquisition [Line Items]
Property acquired date				Apr. 21, 2021
Cash capital contribution through issuance of redeemable non-controlling interest				$ 950,000
Asset acquisition through debt				$ 850,000

Investments in Real Estate - _2

Investments in Real Estate - Schedule of Acquired Properties (Details)	Sep. 30, 2021USD ($)
Business Acquisition [Line Items]
Property	$ 3,784,839
Acquired lease intangible assets	221,888
Total investments	4,006,727
Less acquired lease intangible liability	511,620
Total investments	3,495,107
Manteo, NC
Business Acquisition [Line Items]
Property	2,149,015
Acquired lease intangible assets	100,379
Total investments	2,249,394
Less acquired lease intangible liability	511,620
Total investments	1,737,774
Plant City, FL
Business Acquisition [Line Items]
Property	1,635,824
Acquired lease intangible assets	121,509
Total investments	1,757,333
Total investments	$ 1,757,333

Investments in Real Estate - _3

Investments in Real Estate - Schedule of Disposed Properties (Details) - Cocoa Beach, FL	Sep. 30, 2021USD ($)
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Property	$ 4,539,617
Acquired lease intangible assets	298,230
Total investments	4,837,847
Less accumulated depreciation and amortization	(313,447)
Less acquired lease intangible liability, net	(202,650)
Net book value of property upon sale	$ 4,321,750

Acquired Lease Intangible Ass_3

Acquired Lease Intangible Asset, Net - Schedule of Intangible Assets, Net (Details) - USD ($)	Sep. 30, 2021	Dec. 31, 2020
Intangible Assets Net Excluding Goodwill [Abstract]
Acquired lease intangible assets	$ 2,949,411	$ 3,014,149
Accumulated amortization	(896,918)	(624,106)
Acquired lease intangible assets, net	$ 2,052,493	$ 2,390,043

Acquired Lease Intangible Ass_4

Acquired Lease Intangible Asset, Net - Additional Information (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Intangible Assets Net Excluding Goodwill [Abstract]
Amortization of lease intangible assets	$ 114,800	$ 102,600	$ 331,500	$ 307,800

Acquired Lease Intangible Ass_5

Acquired Lease Intangible Asset, Net - Schedule of Future Amortization for Intangible Assets (Details) - USD ($)	Sep. 30, 2021	Dec. 31, 2020
Intangible Assets Net Excluding Goodwill [Abstract]
2021 (three months)	$ 104,000
2022	305,100
2023	305,100
2024	305,100
2025	305,100
Thereafter	728,100
Acquired lease intangible assets, net	$ 2,052,493	$ 2,390,043

Acquired Lease Intangible Lia_3

Acquired Lease Intangible Liability, Net - Summary of Acquired Lease Intangible Liability (Details) - USD ($)	Sep. 30, 2021	Dec. 31, 2020
Below Market Lease [Abstract]
Acquired lease intangible liability	$ 845,063	$ 585,792
Less: recognized rental income	(236,366)	(170,144)
Total below market lease, net	$ 608,697	$ 415,648

Acquired Lease Intangible Lia_4

Acquired Lease Intangible Liability, Net - Additional Information (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Below Market Lease [Abstract]
Amortization for below market leases	$ 40,300	$ 27,400	$ 115,921	$ 82,123

Acquired Lease Intangible Lia_5

Acquired Lease Intangible Liability, Net - Summary of Future Amortization for Intangible Liabilities (Details) - USD ($)	Sep. 30, 2021	Dec. 31, 2020
Below Market Lease [Abstract]
2021 (three months)	$ 31,300
2022	86,700
2023	86,700
2024	86,700
2025	86,700
Thereafter	230,600
Total below market lease, net	$ 608,697	$ 415,648

Redeemable Non-Controlling In_3

Redeemable Non-Controlling Interests - Summary of Redeemable Non-Controlling Interests (Details) - USD ($)	3 Months Ended
	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020
Redeemable Noncontrolling Interest [Line Items]
Redeemable Non-Controlling Interest, Balance	$ 10,134,431	$ 9,184,431	$ 8,684,431	$ 8,198,251	$ 8,198,251	$ 8,198,251
Redemption of Redeemable Non-Controlling Interest for property disposal	(1,200,000)
Issuance of Redeemable Non-Controlling Interest for property acquisition	650,000	950,000	500,000
Distribution on Redeemable Non-Controlling Interest	(179,119)	(59,148)	(150,826)	(152,023)	(39,851)	(142,844)
Net income for the quarter	199,716	59,148	150,826	152,023	39,851	142,844
Redeemable Non-Controlling Interest, Balance	9,605,028	10,134,431	9,184,431	8,198,251	8,198,251	8,198,251
Brown Family Trust
Redeemable Noncontrolling Interest [Line Items]
Redeemable Non-Controlling Interest, Balance	1,700,000	1,700,000	1,200,000	1,200,000	1,200,000	1,200,000
Redemption of Redeemable Non-Controlling Interest for property disposal	(1,200,000)
Issuance of Redeemable Non-Controlling Interest for property acquisition			500,000
Distribution on Redeemable Non-Controlling Interest	(31,399)	(41,125)	(37,104)	(29,553)	(39,851)	(20,375)
Net income for the quarter	31,399	41,125	37,104	29,553	39,851	20,375
Redeemable Non-Controlling Interest, Balance	500,000	1,700,000	1,700,000	1,200,000	1,200,000	1,200,000
Irby Property Partners
Redeemable Noncontrolling Interest [Line Items]
Redeemable Non-Controlling Interest, Balance	950,000
Issuance of Redeemable Non-Controlling Interest for property acquisition		950,000
Distribution on Redeemable Non-Controlling Interest	(19,081)	(15,275)
Net income for the quarter	36,259	15,275
Redeemable Non-Controlling Interest, Balance	967,178	950,000
Hornstrom
Redeemable Noncontrolling Interest [Line Items]
Issuance of Redeemable Non-Controlling Interest for property acquisition	650,000
Distribution on Redeemable Non-Controlling Interest	(6,838)
Net income for the quarter	10,257
Redeemable Non-Controlling Interest, Balance	653,419
GIP Fund I
Redeemable Noncontrolling Interest [Line Items]
Redeemable Non-Controlling Interest, Balance	486,180	486,180	486,180
Distribution on Redeemable Non-Controlling Interest	(7,898)	(2,748)
Net income for the quarter	7,898	2,748
Redeemable Non-Controlling Interest, Balance	486,180	486,180	486,180
Greenwal L.C.
Redeemable Noncontrolling Interest [Line Items]
Redeemable Non-Controlling Interest, Balance	4,965,000	4,965,000	4,965,000	4,965,000	4,965,000	4,965,000
Distribution on Redeemable Non-Controlling Interest	(33,040)		(33,041)	(86,888)		(86,887)
Net income for the quarter	33,040		33,041	86,888		86,887
Redeemable Non-Controlling Interest, Balance	4,965,000	4,965,000	4,965,000	4,965,000	4,965,000	4,965,000
Riverside Crossing L.C.
Redeemable Noncontrolling Interest [Line Items]
Redeemable Non-Controlling Interest, Balance	2,033,251	2,033,251	2,033,251	2,033,251	2,033,251	2,033,251
Distribution on Redeemable Non-Controlling Interest	(80,863)		(80,681)	(35,582)		(35,582)
Net income for the quarter	80,863		80,681	35,582		35,582
Redeemable Non-Controlling Interest, Balance	$ 2,033,251	$ 2,033,251	$ 2,033,251	$ 2,033,251	$ 2,033,251	$ 2,033,251

Redeemable Non-Controlling In_4

Redeemable Non-Controlling Interests - Additional Information (Details)

Aug. 02, 2021USD ($)

Apr. 21, 2021USD ($)

Feb. 11, 2021USD ($)

Nov. 30, 2020USD ($)BuildingEntityInvestor$ / sharesshares

Sep. 30, 2019USD ($)BuildingEntityInvestor$ / sharesshares

Sep. 11, 2019USD ($)

Sep. 30, 2021USD ($)

Sep. 30, 2020USD ($)

Aug. 31, 2021USD ($)

Jun. 30, 2021USD ($)

Mar. 31, 2021USD ($)

Dec. 31, 2020USD ($)

Jun. 30, 2020USD ($)

Mar. 31, 2020USD ($)

Dec. 31, 2019USD ($)

Redeemable Noncontrolling Interest [Line Items]

Acquisition of building

$ 4,006,727

Redeemable noncontrolling interest redeemed

9,605,028

$ 8,198,251

$ 10,134,431

$ 9,184,431

$ 8,684,431

$ 8,198,251

$ 8,198,251

$ 8,198,251

Preferred Equity Partners

Redeemable Noncontrolling Interest [Line Items]

Payments of distributions

34,000

Accrued value of deferred internal rate of return

17,000

Brown Family Trust

Redeemable Noncontrolling Interest [Line Items]

Redeemable noncontrolling interest redeemed

500,000

1,200,000

$ 1,200,000

1,700,000

$ 1,700,000

$ 1,200,000

$ 1,200,000

$ 1,200,000

$ 1,200,000

Payments of distributions

110,000

90,000

Irby Property Partners

Redeemable Noncontrolling Interest [Line Items]

Redeemable noncontrolling interest redeemed

967,178

$ 950,000

Hornstrom

Redeemable Noncontrolling Interest [Line Items]

Redeemable noncontrolling interest redeemed

653,419

Rockville, IL

Redeemable Noncontrolling Interest [Line Items]

Payments of distributions

7,000

Accrued value of deferred internal rate of return

3,000

Redeemable Interests

Redeemable Noncontrolling Interest [Line Items]

Payments of distributions

$ 238,000

$ 245,000

Preferred Equity Agreement | Brown Family Trust

Redeemable Noncontrolling Interest [Line Items]

Capital contribution received

$ 500,000

$ 1,200,000

Noncontrolling interest, description

Pursuant to the agreement, the Company was required to pay the preferred equity member a 10% IRR on a monthly basis and redeem the entire amount due after 24 months at the option of the preferred equity member.

Noncontrolling interest internal rate of return percentage paid on monthly basis

9.00%

10.00%

Current redemption amount

$ 500,000

Noncontrolling interest income allocated percentage

100.00%

Noncontrolling interest, description

Pursuant to the agreement, the Company will pay the preferred equity member a 9% IRR on a monthly basis and redeem the entire amount due after 24 months at the option of the preferred equity member.

Preferred Equity Agreement | Irby Property Partners | Preferred Equity Partners

Redeemable Noncontrolling Interest [Line Items]

Capital contribution received

$ 950,000

Noncontrolling interest, description

Pursuant to the agreement, the Company will pay the preferred equity member a 12% total IRR with an 8% IRR paid on a monthly basis and the deferred IRR will be paid at the end of 24 months along with the entire $950,000 amount due after 24 months at the option of the preferred equity member.

Noncontrolling interest internal rate of return percentage paid on monthly basis

8.00%

Current redemption amount

$ 967,178

Noncontrolling interest income allocated percentage

100.00%

Noncontrolling interest total internal rate of return percentage

12.00%

Noncontrolling interest, amount due

$ 950,000

Preferred Equity Agreement | Hornstrom | Preferred Equity Partners

Redeemable Noncontrolling Interest [Line Items]

Capital contribution received

$ 650,000

Noncontrolling interest internal rate of return percentage paid on monthly basis

8.00%

Current redemption amount

$ 653,419

Noncontrolling interest income allocated percentage

100.00%

Noncontrolling interest total internal rate of return percentage

12.00%

Noncontrolling interest, amount due

$ 650,000

Contribution Agreement | Operating Partnership

Redeemable Noncontrolling Interest [Line Items]

Number of entities | Entity

2

Number of common units issued | shares

349,913

Common units issue price per share | $ / shares

$ 20

Common units value issued

$ 6,998,251

Percentage value of interest in common units

13.80%

Number of investors required to redeem | Investor

2

Common units redemption price per share | $ / shares

$ 20

Contribution Agreement | One Entity

Redeemable Noncontrolling Interest [Line Items]

Number of entities | Entity

1

Number of common units issued | shares

24,309

Common units issue price per share | $ / shares

$ 20

Common units value issued

$ 486,180

Percentage value of interest in common units

1.00%

Number of investors required to redeem | Investor

2

Common units redemption price per share | $ / shares

$ 20

Cocoa, FL | Preferred Equity Agreement | Brown Family Trust

Redeemable Noncontrolling Interest [Line Items]

Acquisition of building

$ 4,500,000

Manteo, NC

Redeemable Noncontrolling Interest [Line Items]

Acquisition of building

$ 2,249,394

Capital contribution received

500,000

Manteo, NC | Preferred Equity Agreement | Brown Family Trust

Redeemable Noncontrolling Interest [Line Items]

Acquisition of building

$ 1,700,000

Plant City, FL

Redeemable Noncontrolling Interest [Line Items]

Acquisition of building

1,757,333

Capital contribution received

$ 950,000

Plant City, FL | Preferred Equity Agreement | Irby Property Partners | Preferred Equity Partners

Redeemable Noncontrolling Interest [Line Items]

Acquisition of building

$ 1,700,000

Rockville, IL | Preferred Equity Agreement | Hornstrom | Preferred Equity Partners

Redeemable Noncontrolling Interest [Line Items]

Acquisition of building

$ 700,000

Norfolk, VA | Contribution Agreement | Operating Partnership

Redeemable Noncontrolling Interest [Line Items]

Acquisition of building

$ 18,600,000

Number of buildings acquired | Building

2

Tampa, FL | Contribution Agreement | One Entity

Redeemable Noncontrolling Interest [Line Items]

Acquisition of building

$ 1,800,000

Number of buildings acquired | Building

1

Equity - Additional Information

Equity - Additional Information (Details)	Sep. 30, 2021USD ($)TradingDayDirector$ / sharesshares	Sep. 08, 2021USD ($)$ / sharesshares	Nov. 13, 2020USD ($)$ / sharesshares	Feb. 03, 2020USD ($)Director$ / sharesshares	Jul. 15, 2019USD ($)Director$ / sharesshares	Apr. 25, 2019USD ($)$ / sharesshares	Sep. 30, 2021Director$ / sharesshares	Mar. 31, 2021$ / sharesshares	Feb. 28, 2021Directorshares	Jan. 31, 2021shares	Dec. 31, 2020USD ($)shares	Sep. 30, 2020shares	Sep. 30, 2021USD ($)Director$ / sharesshares	Sep. 30, 2021USD ($)Director$ / sharesshares	Sep. 30, 2020shares	Dec. 31, 2019shares
Class Of Stock [Line Items]
Common stock, shares authorized	100,000,000						100,000,000				100,000,000		100,000,000	100,000,000
Undesignated preferred stock, shares authorized	10,000,000						10,000,000						10,000,000	10,000,000
Preferred stock, shares issued	0						0						0	0
Common stock issued amount | $													$ 13,765,417
Number of warrants to purchase one share of common stock			1			1
Common warrants exercisable price per share | $ / shares			$ 20			$ 20
Common warrants expiration term	4 years 11 months 19 days		7 years			7 years	4 years 11 months 19 days				5 years 3 months 18 days	6 years 1 month 6 days	4 years 11 months 19 days	4 years 11 months 19 days	6 years 1 month 6 days	6 years 3 months 18 days
Redeemable shares of common stock, value | $													$ (100)
Warrants to purchase shares of common stock	1,765,000						1,765,000					50,000	1,765,000	1,765,000	50,000
Reclassification of deferred offering costs to additional paid in capital | $														$ 1,300,000
Deferred financing costs | $											$ 614,088
Warrants outstanding	1,914,850						1,914,850				100,000	50,000	1,914,850	1,914,850	50,000	50,000
Restricted Shares
Class Of Stock [Line Items]
Shares issued price per share | $ / shares	$ 20						$ 20						$ 20	$ 20
Number of shares granted							14,000							14,000	11,250
Vesting period														3 years
2020 Omnibus Incentive Plan
Class Of Stock [Line Items]
Number of shares granted	0
Reserves shares of common stock	2,000,000						2,000,000						2,000,000	2,000,000
Minimum
Class Of Stock [Line Items]
Common warrants expiration term	5 years						5 years						5 years	5 years
Maximum
Class Of Stock [Line Items]
Common warrants expiration term	7 years						7 years						7 years	7 years
Director | Unrestricted Shares
Class Of Stock [Line Items]
Number of shares granted									1,666
Director | Shares Granted, July 15, 2019 | Restricted Shares
Class Of Stock [Line Items]
Shares issued price per share | $ / shares					$ 20
Number of shares granted					2,500		1,666					1,668
Number of independent directors granted shares | Director					2
Vesting period					12 months
Award expiration period					36 months
Grant award value | $					$ 50,000
Number of directors granted shares | Director	2						2						2	2
Director | Shares Granted, February 3, 2020 | Restricted Shares
Class Of Stock [Line Items]
Shares issued price per share | $ / shares				$ 20
Number of shares granted				2,500										3,334
Number of independent directors granted shares | Director				2
Vesting period				12 months
Award expiration period				36 months
Grant award value | $				$ 50,000
Number of directors granted shares | Director	2						2						2	2
Director | Shares Granted, February 3, 2020 | Unrestricted Shares
Class Of Stock [Line Items]
Number of directors granted shares | Director									2
Chief Financial Officer | Restricted Shares
Class Of Stock [Line Items]
Shares issued price per share | $ / shares				$ 20				$ 20
Number of shares granted				6,250			4,167
Vesting period				12 months
Award expiration period				36 months
Grant award value | $				$ 125,000
Shares awarded per month for waiving right to cash compensation								550	550	550	550
Shares issued during the period								2,200
Chief Financial Officer | Unrestricted Shares
Class Of Stock [Line Items]
Number of shares granted									2,083
Public Offering
Class Of Stock [Line Items]
Number of warrants to purchase one share of common stock		1
Over-Allotment Option
Class Of Stock [Line Items]
Number of warrants to purchase one share of common stock	1						1						1	1
Common warrants exercisable price per share | $ / shares	$ 12.50						$ 12.50						$ 12.50	$ 12.50
Common warrants expiration term	5 years						5 years						5 years	5 years
Percentage of shares underlying warrants that may be exercised based on trading price	10.00%
Shares underlying warrants that may be exercised based on trading price, period after issuance	120 days
Shares underlying warrants that may be exercised, number of trading days for calculation of trading price | TradingDay	10
Warrants to purchase shares of common stock	149,850						149,850						149,850	149,850
Percentage of number of shares of common stock sold in offering	9.00%
Warrants to purchase shares of common stock, expiration date	Sep. 2, 2026						Sep. 2, 2026						Sep. 2, 2026	Sep. 2, 2026
Common Stock
Class Of Stock [Line Items]
Common stock issued amount | $			$ 1,000,000			$ 1,000,000							$ 16,650
Common stock issued			50,000			50,000							1,665,000
Shares issued price per share | $ / shares			$ 20			$ 20
Common Stock | Public Offering
Class Of Stock [Line Items]
Common stock issued amount | $		$ 13,500,000
Common stock issued		1,500,000
Shares issued price per share | $ / shares		$ 10
Common Stock | Over-Allotment Option
Class Of Stock [Line Items]
Common stock issued amount | $	$ 1,500,000
Common stock issued	165,000
Shares issued price per share | $ / shares	$ 10						$ 10						$ 10	$ 10
Treasury Stock
Class Of Stock [Line Items]
Redeemable shares of common stock, value | $													$ (100)
Treasury Stock | Public Offering | CEO
Class Of Stock [Line Items]
Redeemable shares of common stock		112,500
Redeemable shares of common stock, value | $		$ 100

Equity - Schedule of Warrants I

Equity - Schedule of Warrants Issued with Exercise Price (Details) - $ / shares	Sep. 30, 2021	Sep. 08, 2021	Nov. 13, 2020	Apr. 25, 2019
Class Of Warrant Or Right [Line Items]
Issue Date			Nov. 13, 2020	Apr. 25, 2019
Exercise price			$ 20	$ 20
Warrants Issued			50,000	50,000
Exercise Price of $10.00
Class Of Warrant Or Right [Line Items]
Issue Date	Sep. 30, 2021	Sep. 8, 2021
Exercise price	$ 10	$ 10
Warrants Issued	165,000	1,500,000
Exercise Price of $12.50
Class Of Warrant Or Right [Line Items]
Issue Date	Sep. 30, 2021	Sep. 8, 2021
Exercise price	$ 12.50	$ 12.50
Warrants Issued	14,850	135,000

Equity - Summary of Warrants Ou

Equity - Summary of Warrants Outstanding (Details) - $ / shares	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Equity [Abstract]
Number of Warrants, Beginning balance	100,000	50,000
Number of Warrants, Issuance	1,814,850	0
Number of Warrants, Ending balance	1,914,850	50,000
Number of Warrant Warrants exercisable	1,765,000	50,000
Weighted Average Price, Beginning balance	$ 20	$ 20
Weighted Average Price, Issuance	10.21	0
Weighted Average Price, Ending balance	10.72	20
Weighted Average Price, Warrants exercisable	$ 10.57	$ 20
Weighted Average Remaining Life, Beginning balance	5 years 3 months 18 days	6 years 3 months 18 days
Weighted Average Remaining Life, Issuance	5 years
Weighted Average Remaining Life, Ending balance	4 years 11 months 19 days	6 years 1 month 6 days
Weighted Average Remaining Life, Warrants exercisable	4 years 11 months 26 days	6 years 1 month 6 days

Equity - Schedule of Restricted

Equity - Schedule of Restricted Common Shares Issued (Details) - Restricted Shares - USD ($)	1 Months Ended	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2021	Sep. 30, 2020
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Shares Outstanding at beginning of the period		14,582	5,000
Restricted Shares Issued	14,000	14,000	11,250
Restricted Shares Vested		(5,415)	(1,668)
Number of Restricted Shares Outstanding at end of the period	23,167	23,167	14,582
Compensation expense		$ 153,636	$ 74,338

Equity - Schedule of Cash Distr

Equity - Schedule of Cash Distributions (Details) - USD ($)	Aug. 25, 2021	Feb. 26, 2021	Jun. 23, 2020	Jan. 31, 2020
Dividends Payable [Line Items]
Board of Directors Authorized Date	Aug. 25, 2021	Feb. 26, 2021	Jun. 23, 2020	Jan. 31, 2020
Record Date	Aug. 31, 2021	Mar. 15, 2021	Jul. 2, 2020	Feb. 28, 2020
Per Share Cash Dividend to Common Shareholders	$ 0.325	$ 0.325	$ 0.35	$ 0.35
Total Dividends Paid	$ 116,307	$ 114,373	$ 105,084	$ 105,101
Operating Partnership
Dividends Payable [Line Items]
Board of Directors Authorized Date	Aug. 25, 2021	Feb. 26, 2021	Jun. 23, 2020	Jan. 31, 2020
Record Date	Aug. 31, 2021	Mar. 15, 2021	Jul. 2, 2020	Feb. 28, 2020
Per Share Cash Dividend to Common Shareholders	$ 0.325	$ 0.325	$ 0.35	$ 0.35
Total Dividends Paid	$ 121,801	$ 116,470	$ 122,470	$ 122,469
David Sobelman
Dividends Payable [Line Items]
President Ownership at time of Distribution*	39.00%	39.00%	42.80%	42.80%

Leases - Additional Information

Leases - Additional Information (Details) - Tenant	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Product Information [Line Items]
Number of tenants	4	4
Pratt And Whitney Corporation | Sales Revenue Net | Customer Concentration Risk | Huntsville, AL | Single Tenant Building
Product Information [Line Items]
Concentration risk, percentage	17.30%	20.80%
General Services Administration | Sales Revenue Net | Customer Concentration Risk | Norfolk, VA | Two-Tenant Office Building
Product Information [Line Items]
Concentration risk, percentage	22.90%	26.20%
PRA Holding | Sales Revenue Net | Customer Concentration Risk | Norfolk, VA | Single Tenant Building
Product Information [Line Items]
Concentration risk, percentage	19.90%	22.70%
Maersk Inc | Sales Revenue Net | Customer Concentration Risk | Norfolk, VA | Two-Tenant Office Building
Product Information [Line Items]
Concentration risk, percentage	10.20%	11.10%

Leases - Summary of Future Mini

Leases - Summary of Future Minimum Base Rental Cash Payments Due (Details)	Sep. 30, 2021USD ($)
Leases [Abstract]
2021 (three months)	$ 857,000
2022	3,443,000
2023	3,074,000
2024	3,078,000
2025	2,943,000
Thereafter	7,125,000
Total	$ 20,520,000

Promissory Notes - Schedule of

Promissory Notes - Schedule of Promissory Notes (Details) - USD ($)	1 Months Ended	9 Months Ended
	Mar. 31, 2021	Sep. 30, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Less: debt issuance costs, net			$ (614,088)
Promissory Notes
Debt Instrument [Line Items]
Long-term debt, gross		$ 27,399,428
Less: debt issuance costs, net		(633,647)	(689,190)
Long-term debt		$ 26,765,781	29,456,571
Promissory Notes | Promissory Note Issued on September 11, 2019
Debt Instrument [Line Items]
Interest Rate		2.36%
Description of variable rate basis		2.36% adjusted monthly based on 30 day LIBOR plus 225 basis points
Maturity Date		Sep. 11, 2021
Long-term debt, gross			3,407,391
Promissory Notes | Promissory Note Issued on September 11, 2019 | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate		225.00%
Promissory Notes | Promissory Note Issued on January 15, 2015 and Modified on November 30, 2020
Debt Instrument [Line Items]
Interest Rate		3.72%
Description of variable rate basis		3.72% fixed rate after using SWAP whereas the loan is LIBOR plus 2.75%
Maturity Date		Aug. 10, 2028
Long-term debt, gross		$ 1,286,664	1,286,664
Promissory Notes | Promissory Note Issued on January 15, 2015 and Modified on November 30, 2020 | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate		2.75%
Promissory Notes | Promissory Note Issued on February 4, 2021
Debt Instrument [Line Items]
Interest Rate		3.40%
Description of variable rate basis		3.4% adjusted monthly based on 30 day Wall Street Journal Prime Rate with minimum of 3.25%
Maturity Date		Feb. 4, 2023
Long-term debt, gross		$ 1,275,000
Promissory Notes | Promissory Note Issued on February 4, 2021 | Minimum
Debt Instrument [Line Items]
Interest Rate		3.25%
Promissory Notes | Promissory Note Issued on April 21, 2021
Debt Instrument [Line Items]
Interest Rate		2.75%
Description of variable rate basis		2.75% adjusted monthly based on 30 day Wall Street Journal Prime Rate minus 0.5% with minimum of 3.0% for first 24 months, then U.S. Treasury Securities Rate plus 2.75% with a minimum of 3.25%
Maturity Date		Dec. 31, 2024
Long-term debt, gross		$ 850,000
Promissory Notes | Promissory Note Issued on April 21, 2021 | Minimum
Debt Instrument [Line Items]
Interest Rate		3.00%
Promissory Notes | Promissory Note Issued on April 21, 2021 | Prime Rate
Debt Instrument [Line Items]
Basis spread on variable rate		0.50%
Promissory Notes | Promissory Note Issued on April 21, 2021 | U.S. Treasury
Debt Instrument [Line Items]
Basis spread on variable rate		2.75%
Promissory Notes | Promissory Note Issued on April 21, 2021 | U.S. Treasury | Minimum
Debt Instrument [Line Items]
Interest Rate		3.25%
Promissory Notes | Promissory Note Issued on September 30, 2019
Debt Instrument [Line Items]
Interest Rate	4.25%	3.50%
Maturity Date		Sep. 30, 2024
Long-term debt, gross		$ 7,861,426	8,022,271
Promissory Notes | Promissory Note Issued on October 23, 2017
Debt Instrument [Line Items]
Interest Rate	4.25%	3.50%
Description of variable rate basis		3.50%
Maturity Date		Oct. 23, 2024
Long-term debt, gross		$ 4,929,070	5,041,935
Promissory Notes | Promissory Note Issued on December 16, 2019
Debt Instrument [Line Items]
Interest Rate		10.00%
Maturity Date		Dec. 16, 2021
Long-term debt, gross			1,100,000
Promissory Notes | Promissory Note Issued on February 11, 2020
Debt Instrument [Line Items]
Interest Rate		4.17%
Maturity Date		Mar. 6, 2030
Long-term debt, gross		$ 11,197,268	$ 11,287,500

Promissory Notes - Schedule o_2

Promissory Notes - Schedule of Promissory Notes (Parenthetical) (Details) - Promissory Notes - USD ($)	1 Months Ended	3 Months Ended	6 Months Ended	9 Months Ended
	Mar. 31, 2021	Apr. 05, 2021	Sep. 30, 2021	Sep. 30, 2021
Promissory Note Issued on September 11, 2019
Debt Instrument [Line Items]
Promissory note issued amount			$ 3,407,391	$ 3,407,391
Interest rate				2.36%
Promissory Note Issued on January 15, 2015 and Modified on November 30, 2020
Debt Instrument [Line Items]
Promissory note issued amount			1,286,664	$ 1,286,664
Interest rate				3.72%
Interest and principal payment due				$ 3,800
Promissory Note Issued on February 4, 2021
Debt Instrument [Line Items]
Promissory note issued amount			1,275,000	$ 1,275,000
Interest rate				3.40%
Promissory Note Issued on April 21, 2021
Debt Instrument [Line Items]
Promissory note issued amount			850,000	$ 850,000
Interest rate				2.75%
Promissory Note Issued on September 30, 2019
Debt Instrument [Line Items]
Promissory note issued amount			8,260,000	$ 8,260,000
Interest rate	4.25%			3.50%
Interest and principal payment due				$ 41,500
Promissory Note Issued on October 23, 2017
Debt Instrument [Line Items]
Promissory note issued amount			5,216,749	$ 5,216,749
Interest rate	4.25%			3.50%
Interest and principal payment due				$ 27,400
Promissory Note Issued on December 16, 2019
Debt Instrument [Line Items]
Promissory note issued amount			1,900,000	$ 1,900,000
Interest rate				10.00%
Promissory Note Issued on February 11, 2020
Debt Instrument [Line Items]
Promissory note issued amount			11,287,500	$ 11,287,500
Interest rate				4.17%
Interest and principal payment due			$ 55,000
Interest rate		$ 39,000

Promissory Notes - Additional I

Promissory Notes - Additional Information (Details) - USD ($)	Jan. 31, 2021	Feb. 28, 2021	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Debt Instrument [Line Items]
Amortization of debt issuance costs					$ 94,600	$ 106,210
Payments of debt issuance costs					39,991	564,857
Secured debt			$ 26,765,781		26,765,781		$ 28,356,571
Promissory Notes
Debt Instrument [Line Items]
Amortization of debt issuance costs			30,700	$ 28,400	94,600	106,200
Payments of debt issuance costs					40,000	$ 564,900
Long-term debt			26,765,781		26,765,781		$ 29,456,571
Secured debt			14,600,000		14,600,000
Promissory Notes | Nonrecourse
Debt Instrument [Line Items]
Secured debt			12,800,000		12,800,000
Promissory Notes | DC/Tampa/Huntsville Loan
Debt Instrument [Line Items]
Secured debt			11,200,000		11,200,000
Promissory Notes | Tampa Sherwin Williams Property
Debt Instrument [Line Items]
Secured debt			1,300,000		1,300,000
Promissory Notes | Irby Property
Debt Instrument [Line Items]
Secured debt			900,000		900,000
Promissory Notes | GSA Manteo NC Property
Debt Instrument [Line Items]
Secured debt			1,300,000		1,300,000
Promissory Notes | Promissory Notes Required 1.25 DSCR
Debt Instrument [Line Items]
Long-term debt			$ 24,000,000		$ 24,000,000
Debt service coverage ratios			1.25%		1.25%
Promissory Notes | Promissory Notes Required 1.20 DSCR
Debt Instrument [Line Items]
Long-term debt			$ 1,300,000		$ 1,300,000
Debt service coverage ratios			1.20%		1.20%
Promissory Notes | Promissory Notes Required 1.15 DSCR
Debt Instrument [Line Items]
Long-term debt			$ 900,000		$ 900,000
Debt service coverage ratios			1.15%		1.15%
Promissory Notes | Promissory Notes Required 1.30 DSCR
Debt Instrument [Line Items]
Long-term debt			$ 1,300,000		$ 1,300,000
Debt service coverage ratios			1.30%		1.30%
Promissory Notes | Bayport Loans
Debt Instrument [Line Items]
Interest rate	4.25%	3.50%

Promissory Notes - Schedule o_3

Promissory Notes - Schedule of Minimum Required Principal Payments (Details) - Promissory Notes	Sep. 30, 2021USD ($)
Debt Instrument [Line Items]
2021 (three months)	$ 141,575
2022	580,740
2023	1,890,446
2024	12,982,315
2025	251,011
2026 and beyond	11,553,341
Long-term debt, gross	$ 27,399,428

Related Party - Additional Info

Related Party - Additional Information (Details)	9 Months Ended
	Sep. 30, 2021Property	Sep. 30, 2020USD ($)Property
Related Party Transaction [Line Items]
Number of properties | Property	3	3
Agreement termination effective date	Aug. 31, 2020
Payment for asset management services related to properties owned | $		$ 40,135
CEO
Related Party Transaction [Line Items]
Percentage of ownership owned	100.00%

Tenant in Common Investment - A

Tenant in Common Investment - Additional Information (Details)	Aug. 13, 2021USD ($)ft²Tenant	Sep. 30, 2021Tenant	Sep. 30, 2020Tenant
Tenant In Common Investment [Line Items]
Number of tenants | Tenant		4	4
Rockford, IL
Tenant In Common Investment [Line Items]
Area of property | ft²	15,288
Number of tenants | Tenant	1
Asset acquisition, total consideration costs	$ 4,500,000
Asset acquisition with redeemable non controlling interest contribution	650,000
Debt financing	2,700,000
Redeemable noncontrolling interest, equity, common, fair value	600,000
Redeemable noncontrolling interest, equity, fair value	950,000
Equity method investments	717,000
Issuance of promissory note for property acquisition	$ 2,715,000
Promissory note issuance date	Aug. 13, 2021
Debt	$ 1,000,000
Loan repayment guaranteed by president	$ 2,700,000
Debt instrument, covenant description		The loan has normal covenants which includes DSCR 1.50:1.0.
DSCR	150.00%
Sunny Ridge | Rockford, IL
Tenant In Common Investment [Line Items]
Ownership percentage	36.80%
Remainder of purchase price of property funded	$ 1,200,000
Sunny Ridge | Rockford, IL | Richard Hornstrom
Tenant In Common Investment [Line Items]
Ownership percentage	50.00%

Tenant in Common Investment - C

Tenant in Common Investment - Condensed Income Statement of Tenant in Common Investment (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Tenant in Common Investment [Line Items]
Total revenue	$ 1,033,494	$ 871,825	$ 2,958,572	$ 2,630,067
Total operating expenses	1,305,594	1,275,028	3,870,040	3,627,182
Operating income	$ (272,100)	$ (403,203)	(911,468)	$ (997,115)
Tenancy In Common
Tenant in Common Investment [Line Items]
Total revenue			48,757
Total operating expenses			35,862
Operating income			12,895
Tenancy In Common | Company Portion
Tenant in Common Investment [Line Items]
Total revenue			17,943
Total operating expenses			13,193
Operating income			$ 4,750

Tenant in Common Investment -_2

Tenant in Common Investment - Condensed Balance Sheet of Tenant in Common Investment (Details) - USD ($)	Sep. 30, 2021	Dec. 31, 2020
Tenant in Common Investment [Line Items]
Property, net of depreciation	$ 36,885,038	$ 38,531,843
Prepaid expenses	220,652	134,165
Deferred rent asset	145,428	126,655
Intangible asset, net of amortization	2,052,493	2,390,043
Total Assets	52,408,808	40,680,740
Mortgage payable net of unamortized debt issuance costs	26,765,781	28,356,571
Accrued expenses	278,581	406,125
Accounts payable - related party	100
Acquired lease intangible liability, net of amortization	608,697	415,648
Equity	14,709,082	1,370,039
Total Liabilities and Stockholders' Equity	52,408,808	$ 40,680,740
Tenancy In Common
Tenant in Common Investment [Line Items]
Property, net of depreciation	4,358,785
Prepaid expenses	1,088
Deferred rent asset	527
Due from tenant-in-common	39,257
Total Assets	4,691,663
Mortgage payable net of unamortized debt issuance costs	2,671,742
Prepaid rent	29,900
Accrued expenses	5,877
Accounts payable - related party	4,726
Acquired lease intangible liability, net of amortization	44,860
Total Liabilities and Stockholders' Equity	4,691,663
Tenancy In Common | Acquired Lease
Tenant in Common Investment [Line Items]
Intangible asset, net of amortization	292,006
Tenancy In Common | GIP Inc.
Tenant in Common Investment [Line Items]
Equity	717,337
Tenancy In Common | Sunny Ridge
Tenant in Common Investment [Line Items]
Equity	$ 1,217,221

Subsequent Event - Additional I

Subsequent Event - Additional Information (Details)

Nov. 11, 2021USD ($)ft²Tenant

Oct. 28, 2021USD ($)ft²

Oct. 27, 2021USD ($)ft²

Oct. 26, 2021USD ($)

Oct. 11, 2021USD ($)ft²

Oct. 06, 2021$ / shares

Oct. 05, 2021USD ($)shares

Aug. 25, 2021

Feb. 26, 2021

Jun. 23, 2020

Jan. 31, 2020

Sep. 30, 2021Tenant

Sep. 30, 2020Tenant

Subsequent Event [Line Items]

Number of tenants | Tenant

4

4

Board of Directors Authorized Date

Aug. 25, 2021

Feb. 26, 2021

Jun. 23, 2020

Jan. 31, 2020

Record Date

Aug. 31, 2021

Mar. 15, 2021

Jul. 2, 2020

Feb. 28, 2020

Subsequent Event

Subsequent Event [Line Items]

Board of Directors Authorized Date

Oct. 5, 2021

Subsequent Event | GIP LP

Subsequent Event [Line Items]

Dividends payable, amount per share | $ / shares

$ 0.054

Subsequent Event | Dividend Tranche One

Subsequent Event [Line Items]

Dividends payable, amount per share | $ / shares

$ 0.054

Record Date

Oct. 15, 2021

Dividends payable, date to be paid

Oct. 30, 2021

Subsequent Event | Dividend Tranche Two

Subsequent Event [Line Items]

Dividends payable, amount per share | $ / shares

$ 0.054

Record Date

Nov. 15, 2021

Dividends payable, date to be paid

Nov. 30, 2021

Subsequent Event | Dividend Tranche Three

Subsequent Event [Line Items]

Dividends payable, amount per share | $ / shares

$ 0.054

Record Date

Dec. 31, 2015

Dividends payable, date to be paid

Dec. 30, 2021

Subsequent Event | Contribution and Subscription Agreement

Subsequent Event [Line Items]

Proceeds from issuance of operating partnership units

$ 1,100,000

Proceeds from issuance of debt

$ 1,100,000

Subsequent Event | Commitment Letter | American Momentum Bank

Subsequent Event [Line Items]

Line of credit, maximum borrowing capacity

$ 25,000,000

Line of credit, commitment fee

0.50%

Interest-only payment term of loan

24 months

Loan term

2 years

Minimum debt service coverage ratio to be maintained by borrower

1.50

Loan term after closing date initial loan

2 years

Subsequent Event | Commitment Letter | Floor Rate | American Momentum Bank

Subsequent Event [Line Items]

Line of credit, interest rate

3.25%

Subsequent Event | Commitment Letter | Initial Loan | American Momentum Bank

Subsequent Event [Line Items]

Loan expiration date

Dec. 31, 2021

Plant City F L | Subsequent Event

Subsequent Event [Line Items]

Bonus shares | shares

10,000

Cash bonus interest contribution

$ 125,000

Retail Building | Subsequent Event | Purchase and Sale Agreement | Grand Junction, Colorado

Subsequent Event [Line Items]

Area of property | ft²

30,000

Asset acquisition, total consideration costs

$ 4,700,000

Remaining lease term of property

5 years 6 months

Lease annualized base rent

$ 353,000

Retail Building | Subsequent Event | Purchase and Sale Agreement | Chicago, Illinois

Subsequent Event [Line Items]

Area of property | ft²

11,000

Asset acquisition, total consideration costs

$ 3,100,000

Remaining lease term of property

5 years

Lease annualized base rent

$ 224,000

Retail Building | Subsequent Event | Purchase and Sale Agreement | Austin and San Marcos Texas

Subsequent Event [Line Items]

Area of property | ft²

12,900

Asset acquisition, total consideration costs

$ 8,000,000

Lease annualized base rent

$ 1,100,000

Number of tenants | Tenant

3

Retail Building | Subsequent Event | Purchase and Sale Agreement | Austin and San Marcos Texas | Initial Leasehold

Subsequent Event [Line Items]

Remaining lease term of property

9 years

Retail Building | Subsequent Event | Purchase and Sale Agreement | Austin and San Marcos Texas | Initial Ground Lease

Subsequent Event [Line Items]

Remaining lease term of property

4 years

Lease annualized base rent

$ 511,000

Retail Building | Subsequent Event | Contribution and Subscription Agreement | Tampa, Florida

Subsequent Event [Line Items]

Area of property | ft²

2,600

Asset acquisition, total consideration costs

$ 2,200,000

Remaining lease term of property

6 months

Lease annualized base rent

$ 135,000