Medalist Diversified REIT (MDRR) 10-K 27 Feb 25 2024 FY Annual report Financial data

Document And Entity Information

Document And Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2024	Feb. 27, 2025	Jun. 30, 2024
Document And Entity Information [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2024
Document Transition Report	false
Entity File Number	001-38719
Entity Registrant Name	MEDALIST DIVERSIFIED REIT, INC.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	47-5201540
Entity Address, Address Line One	P.O. Box 8436
Entity Address, City or Town	Richmond
Entity Address, State or Province	VA
Entity Address, Postal Zip Code	23226
City Area Code	804
Local Phone Number	338-7708
Title of 12(b) Security	Common Stock, $0.01 par value per share
Trading Symbol	MDRR
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	false
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 8,239,225
Entity Common Stock, Shares Outstanding		1,362,690
Auditor Name	Cherry Bekaert LLP
Auditor Location	Richmond, Virginia
Auditor Firm ID	677
Entity Central Index Key	0001654595
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	FY
Amendment Flag	false

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($)	Dec. 31, 2024	Dec. 31, 2023
ASSETS
Investment properties, net	$ 64,424,038	$ 64,577,376
Cash	4,776,021	2,234,603
Restricted cash	1,296,715	1,575,002
Rent and other receivables, net of allowance of $0 and $13,413, as of December 31, 2024 and December 31, 2023, respectively	331,096	292,618
Assets held for sale		9,707,154
Unbilled rent	1,114,365	1,109,782
Intangible assets, net	2,187,732	2,716,546
Other assets	967,735	532,935
Total Assets	75,097,702	82,746,016
LIABILITIES
Accounts payable and accrued liabilities	1,185,809	1,095,049
Intangible liabilities, net	1,420,364	1,865,310
Line of credit, short term, net		1,000,000
Mortgages payable, net	50,001,062	50,772,773
Mortgages payable, net, associated with assets held for sale		9,588,888
Mandatorily redeemable preferred stock, net	1,488,221	4,693,575
Total Liabilities	54,095,456	69,015,595
EQUITY
Common stock, 1,345,260 and 1,109,405 shares issued and outstanding at December 31, 2024 and December 31, 2023, respectively	13,453	11,094
Additional paid-in capital	54,450,272	51,525,303
Offering costs	(3,404,055)	(3,350,946)
Accumulated deficit	(36,027,063)	(35,864,693)
Total Stockholders' Equity	15,032,607	12,320,758
Noncontrolling interests - Operating Partnership	5,554,770	837,320
Total Equity	21,002,246	13,730,421
Total Liabilities and Equity	75,097,702	82,746,016
Hanover Square Property
EQUITY
Noncontrolling interests		119,140
Parkway Property
EQUITY
Noncontrolling interests	$ 414,869	$ 453,203

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($)	Dec. 31, 2024	Dec. 31, 2023
Consolidated Balance Sheets
Allowance for uncollectible receivables	$ 0	$ 13,413
Common stock, shares, issued	1,345,260	1,109,405
Common stock, shares, outstanding	1,345,260	1,109,405

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
REVENUE
Total Revenue	$ 9,735,127	$ 10,272,826
OPERATING EXPENSES
Bad debt expense	39,910	63,282
Share based compensation expenses	277,500
Legal, accounting and other professional fees	1,170,270	1,390,941
Corporate general and administrative expenses	968,435	484,345
Management restructuring expenses	0	2,066,521
Loss on impairment	182	90,221
Depreciation and amortization	3,915,483	4,574,163
Total Operating Expenses	8,723,519	11,269,990
Gain on disposal of investment property	2,819,502
Loss on extinguishment of debt	(51,837)
Loss on redemption of mandatorily redeemable preferred stock	(47,680)
Operating Income (Loss)	3,731,593	(997,164)
Interest expense	3,019,799	3,540,900
Net Income (Loss) from Operations	711,794	(4,538,064)
Other income	88,856	49,274
Other expense	(56,325)	(84,564)
Net Income (Loss)	744,325	(4,573,354)
Less: Net income (loss) attributable to Operating Partnership noncontrolling interests	266,107	(1,307)
Net Income (Loss) Attributable to Medalist Common Stockholders	$ 27,524	$ (4,571,279)
Earnings (loss) per common share - basic (in dollars per share)	$ 0.024	$ (4.12)
Earnings (loss) per common share - diluted (in dollars per share)	$ 0.024	$ (4.12)
Weighted-average number of shares - basic (in shares)	1,127,768	1,109,574
Weighted-average number of shares - diluted (in shares)	1,132,588	1,109,574
Dividends paid per common share (in dollars per share)	$ 0.17	$ 0.32
Hanover Square Property
REVENUE
Total Revenue	$ 307,325	$ 1,354,804
OPERATING EXPENSES
Bad debt expense	16,136
Depreciation and amortization		280,141
Total Operating Expenses	108,695	598,991
Gain on disposal of investment property	2,819,502
Loss on extinguishment of debt	(51,837)	0
Operating Income (Loss)	2,966,295	755,813
Interest expense	129,248	707,604
Net Income (Loss)	2,837,047	48,209
Less: Net (loss) income attributable to noncontrolling interests	453,928	7,714
Less: Net income (loss) attributable to Operating Partnership noncontrolling interests	190,650	482
Net Income (Loss) Attributable to Medalist Common Stockholders	2,192,469	40,013
Parkway Property
OPERATING EXPENSES
Less: Net (loss) income attributable to noncontrolling interests	(3,234)	(8,482)
Retail center property
REVENUE
Total Revenue	6,624,734	7,541,914
OPERATING EXPENSES
Operating expenses	1,621,898	1,882,524
Retail center property | Hanover Square Property
REVENUE
Total Revenue	307,325	1,354,804
OPERATING EXPENSES
Operating expenses	92,559	318,850
Flex center property
REVENUE
Total Revenue	2,750,499	2,504,652
OPERATING EXPENSES
Operating expenses	697,864	686,818
Single tenant net lease property
REVENUE
Total Revenue	359,894	226,260
OPERATING EXPENSES
Operating expenses	$ 31,977	$ 31,175

Consolidated Statements of Stoc

Consolidated Statements of Stockholders' Equity - USD ($)	Common Stock	Additional Paid in Capital	Offering Costs.	Accumulated Deficit	Total Shareholders' Equity	Noncontrolling Interests Hanover Square Property	Noncontrolling Interests Parkway Property	Noncontrolling Interests Operating Partnership	Hanover Square Property	Total
Balance at Dec. 31, 2022	$ 11,099	$ 51,527,798	$ (3,350,946)	$ (30,939,020)	$ 17,248,931	$ 127,426	$ 470,685	$ 842,898		$ 18,689,940
Balance (shares) at Dec. 31, 2022	1,109,902
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock repurchases	$ 0
Retire fractional shares resulting from reverse stock split	$ (5)	(2,495)			(2,500)					(2,500)
Retire fractional shares resulting from reverse stock split (Shares)	(497)
Net (loss) income				(4,571,279)	(4,571,279)	7,714	(8,482)	(1,307)	$ 48,209	(4,573,354)
Dividends and distributions				(354,394)	(354,394)	(16,000)	(9,000)	(4,271)		(383,665)
Balance at Dec. 31, 2023	$ 11,094	51,525,303	(3,350,946)	(35,864,693)	12,320,758	119,140	453,203	837,320		13,730,421
Balance (shares) at Dec. 31, 2023	1,109,405
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock issuances	$ 2,300	2,872,700			2,875,000					2,875,000
Common stock issuances (shares)	230,000
Common stock repurchases	$ (28)	(32,439)			(32,467)					$ (32,467)
Common stock repurchases (in shares)	(2,830)									(2,830)
Share based compensation	$ 89	87,411			87,500			190,000		$ 277,500
Share based compensation (shares)	8,910
Redemption of operating partnership units								(93,220)		(93,220)
Retire fractional shares resulting from reverse stock split	$ (2)	(2,703)			(2,705)					(2,705)
Retire fractional shares resulting from reverse stock split (Shares)	(225)
Offering costs			(53,109)		(53,109)					(53,109)
Net (loss) income				27,524	27,524	453,928	(3,234)	266,107	$ 2,837,047	744,325
Dividends and distributions				(189,894)	(189,894)	(516,596)	(35,100)	(45,437)		(787,027)
Non-controlling interests								4,400,000		4,343,528
Non-controlling interests						$ (56,472)
Balance at Dec. 31, 2024	$ 13,453	$ 54,450,272	$ (3,404,055)	$ (36,027,063)	$ 15,032,607		$ 414,869	$ 5,554,770		$ 21,002,246
Balance (shares) at Dec. 31, 2024	1,345,260

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
CASH FLOWS FROM OPERATING ACTIVITIES
Net Income (Loss)	$ 744,325	$ (4,573,354)
Adjustments to reconcile consolidated net loss to net cash flows from operating activities
Depreciation	3,299,199	3,683,815
Amortization	616,284	890,348
Loan cost amortization	100,479	106,882
Mandatorily redeemable preferred stock issuance cost and discount amortization	246,966	243,054
Amortization of lease incentives	2,964
Above (below) market lease amortization, net	(255,361)	(275,107)
Bad debt expense	39,910	63,282
Share-based compensation	277,500
Loss on impairment	182	90,221
Gain on extinguishment of lease liability	(34,792)
Loss on extinguishment of debt	51,837
Loss on redemption of mandatorily redeemable preferred stock	47,680
Gain on disposal of investment property	(2,819,502)
Changes in assets and liabilities
Rent and other receivables, net	(78,388)	46,534
Unbilled rent	(99,106)	(100,010)
Other assets	(434,800)	31,371
Accounts payable and accrued liabilities	90,760	(103,023)
Net cash flows from operating activities	1,796,137	104,013
CASH FLOWS FROM INVESTING ACTIVITIES
Investment property acquisitions	(145,345)
Capital expenditures	(902,397)	(1,483,117)
Cash received from disposal of investment property, net	3,110,149
Net cash flows from investing activities	2,062,407	(1,483,117)
CASH FLOWS FROM FINANCING ACTIVITIES
Dividends and distributions paid	(787,027)	(383,665)
Repayment of line of credit, short term	(1,000,000)
Operating partnership unit redemption	(93,220)
Proceeds from line of credit, short term		1,000,000
Repayment of mortgages payable	(958,579)	(1,085,480)
Capitalized closing costs for Wells Fargo LOC renewal and increase	(43,306)
Repayment of mandatorily preferred stock	(3,500,000)
Proceeds from sales of common stock, net of capitalized offering costs	2,851,977
Proceeds from sales of Operating Partnership Units, net of capitalized offering costs	1,969,914
Repurchases of common stock, including costs and fees	(32,467)
Retire fractional shares resulting from reverse stock split	(2,705)	(4,999)
Net cash flows from financing activities	(1,595,413)	(474,144)
INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH	2,263,131	(1,853,248)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, beginning of period	3,809,605	5,662,853
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, end of period	$ 6,072,736	$ 3,809,605

Consolidated Statements of Ca_2

Consolidated Statements of Cash Flows - Supplemental cash flow information - USD ($)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Additional Cash Flow Elements and Supplemental Disclosures and Non-Cash Activities
CASH AND CASH EQUIVALENTS, end of period, shown in consolidated balance sheets	$ 4,776,021	$ 2,234,603
RESTRICTED CASH including assets restricted for capital and operating reserves and tenant deposits, end of period, shown in consolidated balance sheets	1,296,715	1,575,002
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, end of period shown in the consolidated statements of cash flows	6,072,736	3,809,605
Other cash transactions:
Interest paid	2,928,549	3,278,722
Non-cash transactions:
Issuance of operating partnership units for Citibank Acquisition	$ 2,400,000
Transfer of investment properties, net to assets held for sale, net		9,707,154
Transfer of mortgages payable, net to mortgages payable associated with assets held for sale, net		$ 9,588,888

Organization and Basis of Prese

Organization and Basis of Presentation and Consolidation	12 Months Ended
	Dec. 31, 2024
Organization and Basis of Presentation and Consolidation
Organization and Basis of Presentation and Consolidation	1. Organization and Basis of Presentation and Consolidation Medalist Diversified Real Estate Investment Trust, Inc. (the “REIT”) is a Maryland corporation formed on September 28, 2015. Beginning with the taxable year ended December 31, 2017, the REIT has elected to be taxed as a real estate investment trust for federal income tax purposes. The REIT serves as the general partner of Medalist Diversified Holdings, LP (the “Operating Partnership”) which was formed as a Delaware limited partnership on September 29, 2015. As of December 31, 2024, the REIT, through the Operating Partnership, owned and operated 10 developed properties consisting of four retail center properties, three flex center properties, and three single tenant net lease (“STNL”) properties, and three undeveloped parcels. The use of the word “Company” refers to the REIT and its consolidated subsidiaries, except where the context otherwise requires. The Company includes the REIT, the Operating Partnership, wholly owned limited liability companies which own or operate the properties. The Company owns four retail center properties consisting of (i) the Shops at Franklin Square, a 134,239 square foot retail property located in Gastonia, North Carolina (the “Franklin Square Property”), (ii) the Ashley Plaza Shopping Center, a 156,012 square foot retail property located in Goldsboro, North Carolina (the “Ashley Plaza Property”), (iii) the Lancer Center, a 181,590 square foot retail property located in Lancaster, South Carolina (the “Lancer Center Property”), and (iv) the Salisbury Marketplace Shopping Center, a 79,732 square foot retail property located in Salisbury, North Carolina (the “Salisbury Marketplace Property”). The Company owned 84% of the Shops at Hanover Square North, a 73,440 square foot retail property located in Mechanicsville, Virginia (the “Hanover Square Shopping Center Property”) and the 0.86 acre outparcel (the “Hanover Square Outparcel” and together with the Hanover Square Shopping Century Property, the “Hanover Square Property”) as a tenant in common with a noncontrolling owner, which owned the remaining 16% interest. On March 13, 2024, the Company, and its tenant in common partner, sold the Hanover Square Shopping Center Property. The Company and its tenant in common partner retained ownership of the Hanover Square Outparcel. On March 25, 2024, the Company purchased its tenant in common partner’s 16% interest in the Hanover Square Outparcel (see Note 3, below). Collectively, the sale of the Hanover Square Shopping Center and the acquisition of the tenant in common partner’s 16% interest in the Hanover Square Outparcel are referenced herein as the “Hanover Square Transactions”. The Company owns three flex center properties consisting of (i) Brookfield Center, a 64,880 square foot mixed-use industrial/office property located in Greenville, South Carolina (the “Brookfield Center Property”), (ii) the Greenbrier Business Center, an 89,280 square foot mixed-use industrial/office property located in Chesapeake, Virginia (the “Greenbrier Business Center Property”), and (iii) the Parkway Property, a 64,109 square foot mixed-use industrial office property located in Virginia Beach, Virginia (the "Parkway Property”), in which the Company owns an 82% tenant in common interest with a noncontrolling owner which owns the remaining 18% interest. The Company owns three STNL properties consisting of (i) the Citibank Property, a 4,350 square foot single tenant building on 0.45 acres located in Chicago, Illinois, (ii) the East Coast Wings building, a 5,000 square foot single tenant building on approximately 0.89 acres located in Goldsboro, North Carolina (the “East Coast Wings Property”), and (iii) the T-Mobile building, a 3,000 square foot single tenant building on approximately 0.78 acres located in Goldsboro, North Carolina (the “T-Mobile Property”). The East Coast Wings Property and the T-Mobile Property are both located on outparcels adjacent to the Ashley Plaza Property. Prior to January 1, 2024, the Company included the East Coast Wings Property and the T-Mobile Property as part of the Ashley Plaza Property. The Company also owns three undeveloped parcels which are currently being marketed for lease as STNL properties including (i) an outparcel at its Lancer Center Property consisting of approximately 1.80 acres (the “Lancer Outparcel”), (ii) an outparcel at its Salisbury Marketplace Property consisting of approximately 1.20 acres (the “Salisbury Outparcel”) (the exact size of the Lancer Outparcel and Salisbury Outparcel will not be determined until a user is identified), and (iii) the Hanover Square Outparcel consisting of approximately 0.86 acres located adjacent to the Hanover Square Shopping Center Property, which the Company sold on March 13, 2024. The Company prepared the accompanying consolidated financial statements in accordance with accounting principles generally accepted in the United States of America (“GAAP”). References to the consolidated financial statements and references to individual financial statements included herein, reference the consolidated financial statements or the respective individual financial statement. All material balances and transactions between the consolidated entities of the Company have been eliminated. The Company was formed to acquire, reposition, renovate, lease and manage income-producing properties. The Company’s current primary focus is on (i) managing its legacy portfolio consisting of retail and flex-industrial properties in secondary and tertiary markets in Virginia, North Carolina, and South Carolina, and (ii) managing and expanding its STNL portfolio in geographic markets across the United States. The Company may also pursue, in an opportunistic manner, other real estate-related investments, including, among other things, equity or other ownership interests in entities that are the direct or indirect owners of real property, indirect investments in real property, such as those that may be obtained in a joint venture. While these types of investments are not intended to be a primary focus, the Company may make such investments at the discretion of the Company’s Board. For all periods prior to July 18, 2023, the Company was externally managed by Medalist Fund Manager, Inc. (the “Manager”). On July 18, 2023, the Company and the Manager entered into the Termination Agreement terminating that certain Management Agreement, dated as of March 15, 2016, among the Company, the Operating Partnership and the Manager (the “Management Agreement”). ​

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2024
Summary of Significant Accounting Policies
Summary of Significant Accounting Policies	2. Investment Properties The Company has adopted ASU 2017-01, Business Combinations (Topic 805) Accounting Standards Codification (“ASC”) 805 mandates that “an acquiring entity shall allocate the cost of an acquired entity to the assets acquired and liabilities assumed based on their estimated fair values at date of acquisition.” ASC 805 results in an allocation of acquisition costs to both tangible and intangible assets associated with income producing real estate. Tangible assets include land, buildings, site improvements, tenant improvements and furniture, fixtures and equipment, while intangible assets include the value of in-place leases, lease origination costs (leasing commissions and tenant improvements), legal and marketing costs and leasehold assets and liabilities (above or below market leases), among others. The Company uses independent, third-party consultants to assist management with its ASC 805 evaluations. The Company determines fair value based on accepted valuation methodologies including the cost, market, and income capitalization approaches. The purchase price is allocated to the tangible and intangible assets identified in the evaluation. The Company records depreciation on buildings and improvements utilizing the straight-line method over the estimated useful life of the asset, generally 4 to 42 years. The Company reviews depreciable lives of investment properties periodically and makes adjustments to reflect a shorter economic life, when necessary. Capitalized leasing commissions and tenant improvements incurred and paid by the Company subsequent to the acquisition of the investment property are amortized utilizing the straight-line method over the term of the related lease. Amounts allocated to buildings are depreciated over the estimated remaining life of the acquired building or related improvements. Acquisition and closing costs are capitalized as part of each tangible asset on a pro rata basis. Improvements and major repairs and maintenance are capitalized when the repair and maintenance substantially extend the useful life, increase capacity or improve the efficiency of the asset. All other repair and maintenance costs are expensed as incurred. Assets Held for Sale The Company may decide to sell properties that are held as investment properties. The accounting treatment for the disposal of long-lived assets is covered by ASC 360. Under this guidance, the Company records the assets associated with these properties, and any associated mortgages payable, as held for sale when management has committed to a plan to sell the assets, actively seeks a buyer for the assets, and the consummation of the sale is considered probable and is expected within one year. Delays in the time required to complete a sale do not preclude a long-lived asset from continuing to be classified as held for sale beyond the initial one-year period if the delay is caused by events or circumstances beyond an entity’s control and there is sufficient evidence that the entity remains committed to a qualifying plan to sell the long-lived asset. Properties classified as held for sale are reported at the lower of their carrying value or their fair value, less estimated costs to sell. When the carrying value exceeds the fair value, less estimated costs to sell, an impairment charge is recognized. The Company determines fair value based on the three-level valuation hierarchy for fair value measurement. Level 1 inputs are quoted prices in active markets for identical assets or liabilities. Level 2 inputs are quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets in markets that are not active; and inputs other than quoted prices. Level 3 inputs are unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. During November 2023, the Company committed to a plan to sell an asset group associated with the Hanover Square Shopping Center Property that included the land, site improvements, building, and building improvements. As a result, as of December 1, 2023, the Company reclassified these assets, and the related mortgage payable, net, for the Hanover Square Shopping Center Property as assets held for sale and liabilities associated with assets held for sale, respectively. Under ASC 360, depreciation of assets held for sale is discontinued, so no further depreciation or amortization was recorded subsequent to December 1, 2023. The Company believed that the fair value, less estimated costs to sell, exceeded the Company’s carrying cost, so the Company did not record any impairment of assets held for sale related to the Hanover Square Shopping Center Property for any periods, including the three months ended March 31, 2024 and the year ended December 31, 2023, the periods during which the Hanover Square Shopping Center Property was classified as assets held for sale. The Company sold the Hanover Square Shopping Center on March 13, 2024. ​ Intangible Assets and Liabilities, net The Company determines, through the ASC 805 evaluation, the above and below market lease intangibles upon acquiring a property. Intangible assets (or liabilities) such as above or below-market leases and in-place lease value are recorded at fair value and are amortized as an adjustment to rental revenue or amortization expense, as appropriate, over the remaining terms of the underlying leases. The Company amortizes amounts allocated to tenant improvements, in-place lease assets and other lease-related intangibles over the remaining life of the underlying leases. The analysis is conducted on a lease-by-lease basis. Details of the deferred costs, net of amortization, arising from the Company’s purchases of its retail center properties and flex center properties are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2024 2023 Intangible Assets, net ​ ​ ​ ​ ​ ​ Leasing commissions ​ $ 760,175 ​ $ 912,040 Legal and marketing costs ​ 68,721 ​ 104,791 Above market leases ​ 66,056 ​ 106,907 Net leasehold asset ​ 1,292,780 ​ 1,592,808 ​ ​ $ 2,187,732 ​ $ 2,716,546 ​ ​ ​ ​ ​ ​ ​ Intangible Liabilities, net ​ ​ ​ ​ Below market leases ​ $ (1,420,364) ​ $ (1,865,310) ​ Capitalized above-market lease values are amortized as a reduction of rental income over the remaining terms of the respective leases. Capitalized below-market lease values are amortized as an increase to rental income over the remaining terms of the respective leases. Adjustments to rental revenue related to the above and below market leases during the year ended December 31, 2024 and 2023, respectively, were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, ​ 2024 2023 Amortization of above market leases ​ $ (40,850) ​ $ (93,696) Amortization of below market leases ​ 296,211 ​ 368,803 ​ ​ $ 255,361 ​ $ 275,107 ​ Amortization of lease origination costs, leases in place and legal and marketing costs represent a component of depreciation and amortization expense. Amortization related to these intangible assets during years ended December 31, 2024 and 2023, respectively, were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, ​ 2024 2023 Leasing commissions ​ $ 176,345 ​ $ 216,362 Legal and marketing costs ​ 37,439 ​ 59,841 Net leasehold asset ​ 402,500 ​ 614,145 ​ ​ $ 616,284 ​ $ 890,348 ​ As of December 31, 2024 and 2023, the Company’s accumulated amortization of lease origination costs, leases in place and legal and marketing costs totaled $2,149,522 and $2,204,404, respectively. During the years ended December 31, 2024 and 2023, the Company wrote off $626,739 and $842,492, respectively, in accumulated amortization related to fully amortized intangible assets and $44,427 and $41,501, respectively, in accumulated amortization related to the write off of intangible assets related to the early terminated leases, discussed below. Future amortization of above and below market leases, lease origination costs, leases in place, legal and marketing costs and tenant relationships is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2025 2026 2027 2028 2029 2030-2041 Total Intangible Assets ​ ​ ​ ​ ​ ​ ​ Leasing commissions ​ $ 150,476 ​ $ 112,124 ​ $ 93,206 ​ $ 71,781 ​ $ 58,991 ​ $ 273,597 ​ $ 760,175 Legal and marketing costs ​ 24,088 ​ 13,473 ​ 8,230 ​ 5,518 ​ 3,963 ​ 13,449 ​ 68,721 Above market leases ​ 21,292 ​ 15,629 ​ 14,543 ​ 10,114 ​ 4,478 ​ — ​ 66,056 Net leasehold asset ​ 311,275 ​ 216,104 ​ 169,780 ​ 121,572 ​ 100,309 ​ 373,740 ​ 1,292,780 ​ ​ $ 507,131 ​ $ 357,330 ​ $ 285,759 ​ $ 208,985 ​ $ 167,741 ​ $ 660,786 ​ $ 2,187,732 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Intangible Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Below market leases ​ $ (201,505) ​ $ (166,932) ​ $ (150,023) ​ $ (128,012) ​ $ (125,708) ​ $ (648,184) ​ $ (1,420,364) ​ Impairment ​ The Company reviews its investment properties for impairment on a property-by-property basis whenever events or changes in circumstances indicate that the carrying value of investment properties may not be recoverable, but at least annually. These circumstances include, but are not limited to, declines in the property’s cash flows, occupancy and fair market value. The Company measures any impairment of investment property when the estimated undiscounted cash flows plus its residual value, is less than the carrying value of the property. To the extent impairment has occurred, the Company charges against income the excess of the carrying value of the property over its estimated fair value. The Company estimates fair value using unobservable data such as projected future operating income, estimated capitalization rates, or multiples, leasing prospects and local market information. The Company may decide to sell properties that are held for use and the sale prices of these properties may differ from their carrying values. The Company did not record any impairment adjustments to its investment properties resulting from events or changes in circumstances during the years ended December 31, 2024 and 2023, that would result in the projected value of the Company’s investment properties being below their carrying value. However, tenant defaults and early lease terminations can also result in the recognition of impairment. As a result of certain tenant-specific events during the years ended December 31, 2024 and 2023, the Company recorded a loss on impairment of $182 and $90,221, respectively, resulting from the events described below. In addition, during the year ended December 31, 2024, a tenant in the Company’s Lancer Center Property defaulted on its lease. As a result, the Company determined that certain tangible assets (capitalized tenant improvements), intangible assets (leases in place, leasing commissions and legal and marketing costs), and intangible liabilities (below market lease liability) associated with the tenant’s lease should be written off. The net book value of the below market lease intangible liability was greater than the combined net book value of the remaining assets associated with the tenant’s lease, which resulted in a net gain on extinguishment of lease liabilities totaling $34,792, which is included in other income reported on the Company’s consolidated statement of operations for the year ended December 31, 2024. No such net gain on extinguishment of lease liabilities was recorded during the year ended December 31, 2023. Investment Properties During the year ended December 31, 2024, a tenant in the Company’s Salisbury Marketplace Property notified the Company that it was abandoning its premises and the Company agreed to allow the tenant to terminate its lease early. The Company determined that the carrying value of capitalized leasing commissions associated with this lease which was recorded as a component of investment properties on the Company’s consolidated balance sheets should be written off and recorded a loss on impairment of $182 for the year ended December 31, 2024. This amount is included in the loss on impairment reported on the Company’s consolidated statement of operations for the year ended December 31, 2024. for the year ended December 31, 2023. These amounts are included in the loss on impairment reported on the Company’s consolidated statement of operations for the year ended December 31, 2023. ​ Intangible Assets The Company also reviews its intangible assets for impairment whenever events or changes in circumstances indicate that the carrying value of its intangible assets may not be recoverable, but at least annually. During the year ended December 31, 2023, the Company determined that the carrying value of certain intangible assets associated with the three leases on which tenants Unbilled Rent The Company also reviews the unbilled rent asset recorded on the Company’s consolidated balance sheets for impairment to determine if any amounts may not be recoverable. During the year ended December 31, 2023, the Company recorded a loss on impairment of $12,380 related to previously recognized straight-line rent related to the four tenants who terminated their lease early. These amounts are included in the loss on impairment reported on the Company’s consolidated statement of operations for the year ended December 31, 2023. No such loss on impairment arising from unbilled rent was recorded for the year ended December 31, 2024. Conditional Asset Retirement Obligation A conditional asset retirement obligation represents a legal obligation to perform an asset retirement activity in which the timing and/or method of settlement depends on a future event that may or may not be within the Company’s control. Currently, the Company does not have any conditional asset retirement obligations. However, any such obligations identified in the future would result in the Company recording a liability if the fair value of the obligation can be reasonably estimated. Environmental studies conducted at the time the Company acquired its properties did not reveal any material environmental liabilities, and the Company is unaware of any subsequent environmental matters that would have created a material liability. The Company believes that its properties are currently in material compliance with applicable environmental, as well as non-environmental, statutory and regulatory requirements. The Company did not record any conditional asset retirement obligation liabilities during years ended December 31, 2024 and 2023, respectively. Cash and Cash Equivalents and Restricted Cash The Company considers all highly liquid investments purchased with an original maturity of 90 days or less to be cash and cash equivalents. Cash equivalents are carried at cost, which approximates fair value. Cash equivalents consist primarily of bank operating accounts and money markets. Financial instruments that potentially subject the Company to concentrations of credit risk include its cash and equivalents and its trade accounts receivable. The Company places its cash and cash equivalents and any restricted cash held by the Company on deposit with financial institutions in the United States which are insured by the Federal Deposit Insurance Corporation (“FDIC”) up to $250,000. The Company’s credit loss in the event of failure of these financial institutions’ is represented by the difference between the FDIC limit and the total amounts on deposit. Management monitors the financial institutions credit worthiness in conjunction with balances on deposit to minimize risk. As of December 31, 2024, the Company held four cash accounts at a single financial institution with combined balances that exceeded the FDIC limit by $3,802,408. As of December 31, 2023, the Company held two cash accounts at a single financial institution with combined balances that exceeded the FDIC limit by $1,366,872. Restricted cash represents amounts held by the Company for tenant security deposits, escrow deposits held by lenders for real estate taxes and insurance premiums, and capital reserves held by lenders for investment property capital improvements. Tenant security deposits are restricted cash balances held by the Company to offset potential damages, unpaid rent or other unmet conditions of its tenant leases. As of December 31, 2024 and 2023, the Company reported $245,060 and $260,898, respectively, in security deposits held as restricted cash. Escrow deposits are restricted cash balances held by lenders for real estate taxes and insurance premiums. As of December 31, 2024 and 2023, the Company reported $108,611 and $191,139, respectively, in escrow deposits. Capital reserves are restricted cash balances held by lenders for capital improvements, leasing commissions and tenant improvements. As of December 31, 2024 and 2023, the Company reported $943,044 and $1,122,965, respectively, in capital property reserves. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, Property and Purpose of Reserve ​ 2024 ​ 2023 Ashley Plaza Property – maintenance and leasing cost reserve ​ ​ 337,187 ​ 439,404 Brookfield Center Property – maintenance and leasing cost reserve ​ ​ 95,325 ​ 91,491 Franklin Square Property – leasing costs ​ 510,532 ​ 441,360 Hanover Square Property – operating reserve ​ — ​ 150,710 Total ​ $ 943,044 ​ $ 1,122,965 ​ Share Retirement ​ ASC 505-30-30-8 provides guidance on accounting for share retirement and establishes two alternative methods for accounting for the purchase price paid in excess of par value. The Company has elected the method by which the excess between par value and the purchase price, including costs and fees, is recorded to additional paid in capital on the Company’s consolidated balance sheets. During the year ended December 31, 2024, the Company repurchased 2,830 Common Shares at a total cost of $32,467, including $62 in fees associated with this repurchase, and at an average price of $11.45 per Common Share (excluding the impact of fees). Of the total repurchase price, $28 was recorded to Common Shares and the difference, $32,439, was recorded to additional paid in capital on the Company’s consolidated balance sheet. No such amounts were recorded during the year ended December 31, 2023. Revenue Recognition Retail, Flex, and Single Tenant Net Lease Property Revenues The Company recognizes minimum rents from its retail center properties, flex center properties and STNL properties on a straight-line basis over the terms of the respective leases which results in an unbilled rent asset being recorded on the consolidated balance sheets. As of December 31, 2024 and 2023, the Company reported $1,114,365 and $1,109,782, respectively, in unbilled rent. The Company’s leases generally require the tenant to reimburse the Company for a substantial portion of its expenses incurred in operating, maintaining, repairing, insuring and managing the shopping center and common areas (collectively defined as Common Area Maintenance or “CAM” expenses). The Company includes these reimbursements, along with other revenue derived from late fees and seasonal events, on the consolidated statements of operations under the captions "Retail center property revenues”, “Flex center property revenues,” and “Single tenant net lease property revenues.” (See Recent Accounting Pronouncements, below.) This significantly reduces the Company’s exposure to increases in costs and operating expenses resulting from inflation or other outside factors. The Company accrues reimbursements from tenants for recoverable portions of all these expenses as revenue in the period the applicable expenditures are incurred. The Company calculates the tenant’s share of operating costs by multiplying the total amount of the operating costs by a fraction, the numerator of which is the total number of square feet being leased by the tenant, and the denominator of which is the average total square footage of all leasable buildings at the property. The Company also receives payments for these reimbursements from substantially all its tenants on a monthly basis throughout the year. The Company recognizes differences between previously estimated recoveries and the estimated final billed amounts in the year in which the amounts become final. During the years ended December 31, 2024 and 2023, the Company recognized $164,239 and $117,767, respectively, in retail center, flex center property and STNL property tenant reimbursement revenues resulting from differences between the estimated final billed amounts and previously estimated recoveries. The Company includes these tenant reimbursement revenues on the consolidated statements of operations under the captions "Retail center property revenues”, “Flex center property revenues”, and “Single tenant net lease property revenues.” ​ Management Restructuring Expenses On July 18, 2023, the Company and the Operating Partnership entered into a Termination Agreement with the Manager, William R. Elliott and Thomas E. Messier, which provided for the immediate termination of the Management Agreement and, among other things, aggregate payments of $1,602,717 in settlement of all amounts payable under the Management Agreement (consisting of a $1,250,000 termination fee and a $352,717 deferred acquisition fee which represented acquisition fees that had been earned during 2022, but deferred under a deferral agreement). For the year ended December 31, 2023, the Company recorded $2,066,521 in management restructuring expenses on its consolidated statement of operations in accordance with ASC 420-10-S99, which included the payment of the $1,250,000 termination fee, $544,077 in legal expenses and $10,437 in other expenses associated with the Board’s Special Committee’s (consisting of the Board’s independent directors) exploration of strategic alternatives, and $262,007 related to the guaranty substitution (see Note 5, Loans Payable). The payment of the deferred acquisition fee was recorded as a reduction in accounts payable and accrued liabilities on the Company’s consolidated balance sheet. No such expenses were recorded for the year ended December 31, 2024. ​ Rent and other receivables Rent and other receivables include tenant receivables related to base rents and tenant reimbursements. Rent and other receivables do not include receivables attributable to recording rents on a straight-line basis, which are included in unbilled rent, discussed above. The Company determines an allowance for the uncollectible portion of accrued rents and accounts receivable based upon customer credit worthiness (including expected recovery of a claim with respect to any tenants in bankruptcy), historical bad debt levels, and current economic trends. The Company considers a receivable past due once it becomes delinquent per the terms of the lease. A past due receivable triggers certain events such as notices, fees and other allowable and required actions per the lease. As of December 31, 2024 and 2023, the Company’s allowance for uncollectible rent totaled $0 and $13,413, respectively, which are comprised of amounts specifically identified based on management’s review of individual tenants’ outstanding receivables. Management determined that no additional general reserve is considered necessary as of December 31, 2024 and 2023, respectively. Income Taxes Beginning with the Company’s taxable year ended December 31, 2017, the REIT has elected to be taxed as a real estate investment trust for federal income tax purposes under Sections 856 through 860 of the Internal Revenue Code and applicable Treasury regulations relating to REIT qualification. In order to maintain this REIT status, the regulations require the Company to distribute at least 90% of its taxable income to stockholders and meet certain other asset and income tests, as well as other requirements. If the Company fails to qualify as a REIT, it will be subject to tax at regular corporate rates for the years in which it fails to qualify. If the Company loses its REIT status it could not elect to be taxed as a REIT for five years unless the Company’s failure to qualify was due to reasonable cause and certain other conditions were satisfied. Management has evaluated the effect of the guidance provided by GAAP on Accounting for Uncertainty of Income Taxes Use of Estimates The Company has made estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and revenues and expenses during the reported period. The Company’s actual results could differ from these estimates. Noncontrolling Interests The ownership interests not held by the REIT are considered noncontrolling interests. There are three elements of noncontrolling interests in the capital structure of the Company. These noncontrolling interests have been reported in equity on the consolidated balance sheets but separate from the Company’s equity. On the consolidated statements of operations, the subsidiaries are reported at the consolidated amount, including both the amount attributable to the Company and noncontrolling interests. The Company’s consolidated statements of changes in stockholders’ equity includes beginning balances, activity for the period and ending balances for stockholders’ equity, noncontrolling interests and total equity. The first noncontrolling interest is in the Hanover Square Property (which consisted of both the Hanover Square Shopping Center and the Hanover Square Outparcel prior to the Company’s acquisition of the noncontrolling owner’s 16% interest) in which the Company owned an 84% tenancy in common interest through its subsidiary and an outside party owned a 16% tenancy in common interest, prior to the Hanover Square Transactions. Prior to the Hanover Square Transactions, the Hanover Square Property’s net income was allocated to the noncontrolling ownership interest based on its 16% ownership. During the year ended December 31, 2024, 16% of the Hanover Square Property’s net income (including the gain on the disposal of the Hanover Square Shopping Center) of $2,837,047 , or $453,928 , $48,209 , $7,714 , The second noncontrolling interest is in the Parkway Property in which the Company owns an 82% tenancy in common interest through its subsidiary and an outside party owns an 18% tenancy in common interest. The Parkway Property's net loss is allocated to the noncontrolling ownership interest based on its 18% ownership. During the year ended December 31, 2024, 18% of the Parkway Property's net loss of $17,965, or $3,234, was allocated to the noncontrolling ownership interest. During the year ended December 31, 2023, 18% of the Parkway Property’s net loss of $47,129, or $8,482, was allocated to the noncontrolling ownership interest. The third noncontrolling ownership interest consists of the common units of the Operating Partnership (the “OP Units”) that are not held by the REIT. In 2017, the members of a selling limited liability company invested $1,175,000 in the Operating Partnership in a 721 exchange, which allows the exchange of interests in real property for units in the operating partnership of a real estate investment trust, for 7,812 OP Units. Additionally, effective on January 1, 2020, 5,865 OP Units were issued in exchange for approximately 3.45% of the noncontrolling owner’s tenant in common interest in the Hampton Inn Property, a property that was previously owned by the Company. On August 31, 2020, a holder of OP Units converted 332 OP Units into shares of the Company’s common stock, $0.01 par value per share (“Common Shares”). On January 18, 2024, the Company issued 19,348 OP Units to Francis P. Kavanaugh, representing a portion of his 2024 compensation. On February 16, 2024, the Company redeemed for cash the 5,865 OP Units that were issued to the Hampton Inn Property noncontrolling owner. On March 27, 2024, the Company issued 208,695 OP Units at a value of $11.50 per unit as consideration for the purchase of the Citibank Property. On May 30, 2024, the Company redeemed 1,330 OP Units for cash. On October 11, 2024, the Company issued 160,000 OP Units in a private placement at a purchase price of $12.50 per unit for total consideration of $2,000,000. The purchaser of the OP Units was Frank Kavanaugh, the Company’s President and Chief Executive Officer and Chairman of the Board, and a related party. As of December 31, 2024 and 2023, there were 392,864 and 13,346 OP Units outstanding, respectively, not held by the REIT. As of December 31, 2024 and December 31, 2023, respectively, 4,820 and 13,346 of the OP Units not held by the REIT were convertible to Common Shares. Outstanding OP Units have been adjusted for the Reverse Stock Split (as defined below). (See Note 7, below). The OP Units not held by the REIT represent 22.60% and 1.19% of the outstanding OP Units as of December 31, 2024 and December 31, 2023, respectively. The noncontrolling interest percentage is calculated at any point in time by dividing the number of OP Units not owned by the Company by the total number of OP Units outstanding. The noncontrolling interest ownership percentage will change as additional Common Shares are issued by the REIT, or additional Operating Partnerships Units are issued or as OP Units are exchanged for Common Shares. During periods when the Operating Partnership’s noncontrolling interest changes, the noncontrolling ownership interest is calculated based on the weighted average Operating Partnership noncontrolling ownership interest during that period. The Operating Partnership’s net income (loss) is allocated to the noncontrolling OP Unit holders based on their ownership interest. During the year ended December 31, 2024, a weighted average of 8.17% of the Operating Partnership’s net income of $3,258,195 , $266,107 , % $109,823 , or $1,307 , Reclassifications ​ Operating Segments ​ Effective January 1, 2024, the Company established STNL properties as a third operating segment. The Ashley Plaza Property consists of three separate parcels including a parcel with the main shopping center building, the East Coast Wings Parcel and the T-Mobile Parcel. Effective for the periods after January 1, 2024, the Company reports revenues from the East Coast Wings Parcel and the T-Mobile Parcel as single tenant net lease property revenues, and expenses associated with these two parcels as single tenant net lease property expenses. For the periods prior to January 1, 2024, the Company has reclassified the revenues and expenses associated with these two parcels that were previously recorded as retail center property revenues and retail center property expenses as single tenant net lease property revenues and single tenant net lease property expenses, respectively. Specifically, for the year ended December 31, 2023, the Company reclassified $226,260, that was previously recorded as retail center property revenues to single tenant net lease property revenues, and $31,175 that was previously recorded as retail center property expenses to single tenant net lease expenses. These reclassifications had no impact on total revenues, total expenses or net income (loss). ​ Outstanding Shares ​ All per share amounts, Common Shares outstanding, OP Units outstanding, and stock-based compensation amounts for all periods presented reflect the Company’s one-for-eight 1-for-8 one-for-ten 1-for-10 ​ Recent Accounting Pronouncements Since its initial public offering, the Company elected to be classified as an emerging growth company in its periodic reporting to the SEC, and accordingly followed the private company implementation dates for new accounting pronouncements. Beginning with the year ended December 31, 2023, the Company is no longer classified as an emerging growth company but has retained its classification as a smaller reporting company and therefore follows implementation dates applicable to smaller reporting companies with respect to new accounting pronouncements. In addition, the Company has elected to follow scaled disclosure requirements applicable to smaller reporting companies. Recently Adopted Accounting Pronouncements Debt With Conversion Options In August 2020, the FASB issued ASU 2020-06, Debt - Debt With Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging - Contracts in an Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity. Credit Losses on Financial Instruments In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments Effects of Reference Rate Reform In March 2020, the FA

Investment Properties

Investment Properties	12 Months Ended
	Dec. 31, 2024
Investment Properties
Investment Properties	3. Investment Properties Investment properties consist of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ 2024 2023 Land ​ $ 14,733,611 ​ $ 13,720,502 Site improvements ​ 2,668,442 ​ 3,797,755 Buildings and improvements (1) ​ 59,526,896 ​ 58,183,070 Investment properties at cost (2) ​ 76,928,949 ​ 75,701,327 Less accumulated depreciation ​ 12,504,911 ​ 11,123,951 Investment properties, net ​ $ 64,424,038 ​ $ 64,577,376 ​ (1) Includes tenant improvements (both those acquired as part of the acquisition of the properties and those constructed after the properties’ acquisition), capitalized leasing commissions and other capital costs incurred post-acquisition. (2) Excludes intangible assets and liabilities (see Note 2, above, for a discussion of the Company’s accounting treatment of intangible assets), escrow deposits and property reserves. The Company’s depreciation expense on investment properties was $3,299,199 and $3,683,815 for years ended December 31, 2024 and 2023, respectively Capitalized tenant improvements The Company carries three categories of capitalized tenant improvements on its consolidated balance sheets, all of which are recorded under investment properties, net, on the Company’s consolidated balance sheets. The first category is the allocation of acquisition costs to tenant improvements that is recorded on the Company’s consolidated balance sheets as of the date of the Company’s acquisition of the investment property. The second category is tenant improvement costs incurred and paid by the Company subsequent to the acquisition of the investment property. The third category is tenant improvement costs incurred and paid by the Company subsequent to the acquisition of the investment property that are considered to be lease incentives under ASC 842. All three categories are recorded as a component of investment properties on the Company’s consolidated balance sheets. Depreciation expense on the allocation of acquisition costs to tenant improvements and tenant improvement costs incurred and paid by the Company subsequent to the acquisition of the investment property are depreciated on a straight-line basis as a component of depreciation expense on the Company’s consolidated statement of operations. Capitalized lease incentives are amortized as a reduction of rental income on a straight-line basis over the term of the respective lease. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ 2024 2023 Capitalized tenant improvements – acquisition cost allocation, net ​ $ 1,972,830 ​ $ 2,504,953 Capitalized tenant improvements incurred subsequent to acquisition, net ​ ​ 969,020 ​ ​ 898,873 Capitalized tenant improvements considered to be lease incentives ​ 26,681 ​ — ​ ​ Depreciation of capitalized tenant improvements arising from the acquisition cost allocation was $483,152 and $651,935 for the years ended December 31, 2024 and 2023, respectively. During the year ended December 31, 2024, the Company recorded $47,211, in tenant improvements arising from the acquisition of the Citibank Property. No such additions were recorded during the year ended December 31, 2023. During the year ended December 31, 2024, the Company wrote off capitalized tenant improvements arising from the acquisition cost allocation of $96,182 associated with the tenant which defaulted on its lease. During the year ended December 31, 2023, the Company wrote off capitalized tenant improvements arising from the acquisition cost allocation of $21,646 associated with two of the tenants which defaulted on their leases. During the years ended December 31, 2024 and 2023, the Company recorded $344,313 and $828,676, respectively, in capitalized tenant improvements. Depreciation of capitalized tenant improvements incurred subsequent to acquisition was $274,166 and $184,161 for the years ended December 31, 2024 and 2023, respectively. Adjustments to rental revenue related to the amortization of tenant inducements during the year ended December 31, 2024 were $2,964. No such adjustments to rental revenue related to the amortization of tenant inducements were recorded during the year ended December 31, 2023. During the year ended December 31, 2024, the Company recorded $29,645 in capitalized lease incentives. No such capitalized lease incentives were recorded during the year ended December 31, 2023. Capitalized leasing commissions The Company carries two categories of capitalized leasing commissions on its consolidated balance sheets. The first category is the allocation of acquisition costs to leasing commissions that is recorded as an intangible asset (see Note 2, above, for a discussion of the Company’s accounting treatment for intangible assets) on the Company’s consolidated balance sheet as of the date of the Company’s acquisition of the investment property. The second category is leasing commissions incurred and paid by the Company subsequent to the acquisition of the investment property. These costs are carried on the Company’s consolidated balance sheets under investment properties. The Company generally records depreciation of capitalized leasing commissions incurred and paid by the Company subsequent to the acquisition of an investment property on a straight-line basis over the terms of the related leases. Details of these deferred costs, net of depreciation are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ 2024 ​ 2023 Capitalized leasing commissions, net ​ $ 876,908 $ 759,677 ​ During the years ended December 31, 2024 and 2023, the Company recorded $316,878 and $432,613, respectively, in capitalized leasing commissions. Depreciation on capitalized leasing commissions was $199,465 and $152,661 for the years ended December 31, 2024 and 2023, respectively. Additionally, the Company wrote off capitalized leasing commissions of $182 and $8,078 associated with early terminated leases (see Note 2) during the years ended December 31, 2024 and 2023, respectively. Assets held for sale ​ The Company records properties as assets held for sale, and any associated mortgages payable, net, as mortgages payable, net, associated with assets held for sale, on the Company's consolidated balance sheets when management has committed to a plan to sell the assets, actively seeks a buyer for the assets, and the consummation of the sale is considered probable and is expected within one year. ​ During November 2023, the Company committed to a plan to sell an asset group associated with the Hanover Square Shopping Center Property that includes the land associated with the Hanover Square Shopping Center (excluding the land associated with the Hanover Square Outparcel), site improvements, building, building improvements and tenant improvements. As a result, as of December 1, 2023, the Company reclassified these assets, and the related mortgage payable, net, for the Hanover Square Shopping Center Property as assets held for sale and liabilities associated with assets held for sale, respectively. Under ASC 360, depreciation of assets held for sale is discontinued, so no further depreciation or amortization was recorded subsequent to December 1, 2023. The Company believed that the fair value, less estimated costs to sell, exceeded the Company’s carrying cost, so the Company has not recorded any impairment of assets held for sale related to the Hanover Square Shopping Center Property for any period subsequent to December 1, 2023. ​ As of December 31, 2024 and 2023, assets held for sale and liabilities associated with assets held for sale consisted of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ 2024 ​ 2023 Investment properties, net ​ $ — $ 9,707,154 Total assets held for sale ​ $ — ​ $ 9,707,154 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ 2024 ​ 2023 Mortgages payable, net ​ $ — $ 9,588,888 Total liabilities associated with assets held for sale ​ $ — ​ $ 9,588,888 ​ Sale of investment property On March 13, 2024, the Company sold the Hanover Square Shopping Center Property to an unrelated third party for a sale price of $13.0 million, less credits for repairs of $85,000, resulting in a gain on disposal of investment properties of $2,819,502 reported on the Company’s consolidated statement of operations for the year ended December 31, 2024. The Company did not report any gain or loss on the disposal of investment properties for the year ended December 31, 2023. ​ The Company reports properties that either were previously disposed of or are currently held for sale in continuing operations in the Company’s consolidated statements of operations if the disposition, or anticipated disposition, of the assets does not represent a shift in the Company’s investment strategy. The Company’s sale of the Hanover Square Shopping Center Property does not constitute a change in the Company’s investment strategy, which continues to include retail center properties as a targeted asset class. ​ Operating results of the Hanover Square Shopping Center Property which are included in continuing operations, are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, ​ 2024 2023 Revenue ​ ​ ​ ​ ​ ​ Retail center property revenues ​ $ 307,325 ​ $ 1,354,804 Total Revenue ​ 307,325 ​ 1,354,804 ​ ​ ​ ​ ​ ​ ​ Operating Expenses ​ ​ ​ ​ ​ ​ Retail center property operating expenses ​ ​ 92,559 ​ ​ 318,850 Bad debt expense ​ ​ 16,136 ​ ​ — Depreciation and amortization ​ ​ — ​ ​ 280,141 Total Operating Expenses ​ ​ 108,695 ​ ​ 598,991 Gain on disposal of investment properties ​ ​ 2,819,502 ​ ​ — Loss on extinguishment of debt ​ ​ (51,837) ​ ​ — Operating Income ​ ​ 2,966,295 ​ ​ 755,813 Interest expense ​ ​ 129,248 ​ ​ 707,604 Net Income ​ ​ 2,837,047 ​ ​ 48,209 Less: Net income attributable to Hanover Square Property noncontrolling interests ​ ​ 453,928 ​ ​ 7,714 Less: Net income attributable to Operating Partnership noncontrolling interests ​ ​ 190,650 ​ ​ 482 Net Income Attributable to Medalist Common Stockholders ​ ​ 2,192,469 ​ ​ 40,013 ​ 2024 Property Acquisitions Acquisition of 16% noncontrolling interest in the Hanover Square Outparcel On March 25, 2024, the Company completed the acquisition of its tenant in common partner’s 16% ownership interest in the Hanover Square Outparcel through a wholly-owned subsidiary. The purchase price for the 16% interest in the Hanover Square Outparcel was $98,411 paid in cash. The Company’s total investment was $100,891. The Company incurred $2,480 of closing costs which were capitalized and added to the tangible assets acquired. Citibank Property On March 28, 2024, the Company completed its acquisition of the Citibank Property, a 4,350 square foot single tenant building on 0.45 acres located in Chicago, Illinois, through a wholly-owned subsidiary, from RMP 3535 N. Central Ave., LLC. The sole manager and member of RMP 3535 N. Central Ave., LLC is CWS BET Seattle, LP, a Delaware limited partnership, a company controlled and owned by Frank Kavanaugh, the Company’s President and Chief Executive Officer and the Chairman of the Board. The Citibank Property, built in 1954 and subsequently renovated, was 100% leased to Citibank, NA. The purchase price for the Citibank Property was $2,400,000 paid through the issuance of 208,695 OP Units at a price of $11.50 per OP Unit. The purchase price was determined by an independent, third-party appraisal obtained by the Company. Pursuant to the Related Person Transaction Policy, the Board’s Audit Committee determined that the terms of the transaction were those that would normally be agreed upon in an arms-length transaction and approved this transaction. The Company’s total investment was $2,444,454. The Company incurred $44,454 of closing costs which were capitalized and added to the tangible assets acquired. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ NCI Interest in ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Hanover Square ​ ​ ​ Citibank ​ ​ ​ ​ ​ ​ ​ ​ Outparcel (a) ​ ​ Property ​ ​ ​ Total ​ Fair value of assets acquired: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Investment property ​ $ 100,891 ​ ​ $ 2,298,373 (a) ​ $ 2,399,264 ​ Lease intangibles ​ ​ — ​ ​ ​ 245,837 (b) ​ ​ 245,837 ​ Below market leases ​ ​ — ​ ​ ​ (99,756) (b) ​ ​ (99,756) ​ Fair value of net assets acquired ​ $ 100,891 ​ ​ $ 2,444,454 (c) ​ $ 2,545,345 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Purchase consideration: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Consideration paid with cash ​ $ 100,891 ​ ​ $ 44,454 (d) ​ $ 145,345 ​ Consideration paid with OP Units ​ — ​ ​ 2,400,000 (e) ​ 2,400,000 ​ Total consideration ​ $ 100,891 ​ ​ $ 2,444,454 (f) ​ $ 2,545,345 ​ ​ ​ NCI Interest in Hanover Square Outparcel ​ a. Represents the total acquisition cost of the land acquired. Closing costs were allocated and added to the fair value of the tangible assets acquired. Citibank Property a. Represents the fair value of the investment property acquired which includes land, buildings, site improvements and tenant improvements. The fair value was determined using the market approach, the cost approach, the income approach or a combination thereof. Closing costs were allocated and added to the fair value of the tangible assets acquired. b. Represents the fair value of lease intangibles. Lease intangibles include leasing commissions, leases in place, below market leases and legal and marketing costs associated with replacing existing leases. c. Represents the total fair value of assets and liabilities acquired at closing. d. Represents cash paid for closing costs paid at closing or directly by the Company outside of closing. e. Represents issuance of 208,695 OP Units at $11.50 per Operating Partnership Unit. See Note 7, below. ​ f. Represents the consideration paid for the fair value of the assets and liabilities acquired. ​

Mandatorily Redeemable Preferre

Mandatorily Redeemable Preferred Stock	12 Months Ended
	Dec. 31, 2024
Mandatorily Redeemable Preferred Stock
Mandatorily Redeemable Preferred Stock	4. Mandatorily Redeemable Preferred Stock On February 19, 2020, the Company issued and sold 200,000 shares of 8.0% Series A cumulative redeemable preferred stock at $23.00 per share, resulting in gross proceeds of $4,600,000 . Net proceeds from the issuance were $3,860,882 , which includes the impact of the underwriters’ discounts, selling commissions and legal, accounting and other professional fees, and is presented on the Company’s consolidated balance sheets as mandatorily redeemable preferred stock. The mandatorily redeemable preferred stock was issued at $23.00 per share, a $2.00 per share discount. The total discount of $400,000 is being amortized over the five-year life of the shares using the effective interest method. Additionally, the Company incurred $739,118 in legal, accounting, other professional fees and underwriting discounts related to this offering. These costs were recorded as deferred financing costs on the accompanying consolidated balance sheets as a direct deduction from the carrying amount of the mandatorily redeemable preferred stock liability and are being amortized using the effective interest method over the term of the agreement. Amortization of the discount and deferred financing costs related to the mandatorily redeemable preferred stock totaling $246,966 and $243,054 was included in interest expense for the years ended December 31, 2024 and 2023, respectively, in the accompany The Company has classified the mandatorily redeemable preferred stock as a liability in accordance with ASC Topic No. 480, “ Distinguishing Liabilities from Equity ,” which states that mandatorily redeemable financial instruments should be classified as liabilities and therefore the related dividend payments are treated as a component of interest expense in the accompanying consolidated statements of operations (see Note 5, below, for a discussion of interest expense associated with the mandatorily redeemable preferred stock). If outstanding on February 19, 2025, the fifth anniversary of the date of issuance, the mandatorily redeemable preferred stock must be redeemed by the Company out of funds legally available therefor. On November 25, 2024, the Company completed a partial redemption of 140,000 shares of its mandatorily redeemable preferred stock. The redemption price was $25.00 per share, plus $0.05 per share of accrued dividends. The Company used proceeds from the private placement of OP Units and cash on hand to fund the $3,500,000 for the partial redemption and $27,160 for the accrued dividends. As a result of the redemption, the Company recorded a loss on redemption of mandatorily redeemable preferred stock of $47,680 which represented the unamortized discount and deferred financing costs associated with the redeemed mandatorily redeemable preferred shares. On December 10, 2024, the Company gave notice of its intention to redeem the remaining 60,000 outstanding shares of mandatorily redeemable preferred stock. On January 10, 2025, the Company completed the final redemption of the remaining 60,000 shares of its mandatorily redeemable preferred stock. The redemption price was $25.00 per share, plus $0.44 per share of accrued dividends. The Company used proceeds from the private placement of Common Shares to fund the $1,526,500 for the final redemption and accrued dividends. For all periods during which the mandatorily redeemable preferred stock has been outstanding, the Company has paid a cash dividend on the stock equal to 8 % per annum, paid quarterly. ​ As of December 31, 2024 and 2023, the Company recorded $21,334 and $70,004 , respectively, in accrued but unpaid dividends on the mandatorily redeemable preferred stock. This amount is reported in accounts payable and accrued liabilities on the Company’s consolidated balance sheets.

Loans Payable

Loans Payable	12 Months Ended
	Dec. 31, 2024
Loans Payable
Loans Payable	5. Loans Payable Mortgages Payable The Company’s mortgages payables, net consists of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Monthly ​ Interest ​ ​ ​ December 31, Property Payment Rate Maturity ​ 2024 2023 Franklin Square (a) ​ Interest only 3.808 % December 2031 ​ $ 13,250,000 ​ $ 13,250,000 Ashley Plaza (b) ​ $ 52,795 3.75 % September 2029 ​ 10,460,350 ​ 10,708,557 Brookfield Center (c) ​ $ 22,876 ​ 3.90 % November 2029 ​ ​ 4,476,429 ​ ​ 4,571,410 Parkway Center (d) ​ $ 28,161 ​ Variable ​ November 2031 ​ ​ 4,814,563 ​ ​ 4,870,403 Wells Fargo Mortgage Facility (e) ​ $ 103,438 ​ 4.50 % June 2027 ​ ​ 17,509,420 ​ ​ 17,939,276 Unamortized issuance costs, net ​ ​ ​ ​ ​ ​ ​ ​ ​ (509,700) ​ ​ (566,873) Total mortgages payable, net ​ ​ ​ ​ $ 50,001,062 ​ $ 50,772,773 (a) The mortgage loan for the Franklin Square Property in the principal amount of $13,250,000 has a ten-year term and a maturity date of December 6, 2031. The mortgage loan bears interest at a fixed rate of 3.808% and is interest only until January 6, 2025, at which time the monthly payment will become $61,800 , which includes interest and principal based on a thirty-year amortization schedule. The mortgage loan includes covenants for the Company to maintain a net worth of $ 13,250,000 , excluding the assets and liabilities associated with the Franklin Square Property and for the Company to maintain liquid assets of no less than $1,000,000 . As of December 31, 2024 and 2023, the Company believes that it is compliant with these covenants. The Company has guaranteed the payment and performance of the obligations of the mortgage loan. (b) The mortgage loan for the Ashley Plaza Property bears interest at a fixed rate of 3.75 % and was interest only for the first twelve months. Beginning on October 1, 2020, the monthly payment became $52,795 for the remaining term of the loan, which includes interest at the fixed rate, and principal, based on a thirty-year amortization schedule. Effective on December 26, 2023, the Company assumed certain guaranty obligations under the Ashley Plaza mortgage loan related to the Guaranty Substitution (see below). These obligations include covenants for the Company to maintain a net worth of $11,400,000 , excluding the liabilities associated with the mortgage loan for the Ashley Plaza Property, and for the Company to maintain liquid assets of no less than $1,140,000 . As of December 31, 2024 and 2023, the Company believes that it is compliant with these covenants. (c) The mortgage loan for the Brookfield Property bears interest at a fixed rate of 3.90 % and was interest only for the first twelve months. Beginning on November 1, 2020, the monthly payment became $22,876 for the remaining term of the loan, which includes interest at the fixed rate, and principal, based on a thirty-year amortization schedule. Effective on December 26, 2023, the Company assumed certain guaranty obligations under the Brookfield Property mortgage loan related to the Guaranty Substitution (see below). These obligations include covenants for the Company to maintain a net worth of $4,850,000 , excluding the liabilities associated with the mortgage loan for the Brookfield Property, and for the Company to maintain liquid assets of no less than $485,000 . As of December 31, 2024 and 2023, the Company believes that it is compliant with these covenants. (d) The interest rate for the mortgage loan for the Parkway Property was originally based on ICE LIBOR plus 225 basis points, with a minimum rate of 2.25 %. After the discontinuation of LIBOR on June 30, 2023, the ICE LIBOR index was replaced by Term SOFR, with an adjusted margin of 236.44 basis points. Under the terms of the mortgage, the interest rate payable each month shall not change by greater than 1 % during any six-month period and 2 % during any 12-month period. As of December 31, 2024 and 2023 the rate in effect for the Parkway Property mortgage was 6.92 % and 7.05 %, respectively. The monthly payment, which varies based on the interest rate in effect each month, includes interest at the variable rate, and principal based on a thirty-year amortization schedule. The mortgage loan for the Parkway Property includes a covenant to maintain a debt service coverage ratio of not less than 1.30 to 1.00 on an annual basis . As of December 31, 2024 and 2023, the Company believes that it is compliant with this covenant. (e) On June 13, 2022, the Company entered into a mortgage loan facility with Wells Fargo Bank (the “Wells Fargo Mortgage Facility”) in the principal amount of $ 18,609,500 . The proceeds of this mortgage were used to finance the acquisition of the Salisbury Marketplace Property and to refinance the mortgages payable on the Lancer Center Property and the Greenbrier Business Center Property. On October 2, 2024, the Company and Wells Fargo Bank, National Association, entered into an Amendment to the Wells Fargo Mortgage Facility that added, as cross collateral, the Citibank Property. The Wells Fargo Mortgage Facility bears interest at a fixed rate of 4.50% for a five-year term. The monthly payment, which includes interest at the fixed rate, and principal, based on a twenty-five-year amortization schedule, is $103,438 . The Company has provided an unconditional guaranty of the payment of and performance under the terms of the Wells Fargo Mortgage Facility. The Wells Fargo Mortgage Facility credit agreement includes covenants to maintain a debt service coverage ratio of not less than 1.50 to 1.00 on an annual basis, a combined minimum debt yield of 9.5% on the Salisbury Marketplace Property, the Lancer Center Property, the Greenbrier Business Center Property, and the Citibank Property, and the maintenance of liquid assets of not less than $1,500,000 . As of December 31, 2024 and 2023, the Company believes that it is compliant with these covenants. Guaranty Substitution ​ Mortgages payable, net, associated with assets held for sale ​ The Company’s mortgages payables, net, associated with assets held for sale, consists of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Monthly ​ Interest ​ ​ ​ December 31, Property ​ Payment Rate ​ Maturity ​ 2024 2023 Hanover Square (a) ​ $ 78,098 6.94 % ​ December 2027 ​ $ — ​ $ 9,640,725 Unamortized issuance costs, net ​ ​ ​ ​ — ​ (51,837) Total mortgages payable, net, associated with assets held for sale ​ ​ ​ ​ ​ ​ ​ $ — ​ $ 9,588,888 ​ (a) The mortgage loan for the Hanover Square Shopping Center Property bore interest at a fixed rate of 4.25 % until January 1, 2023, when the interest rate adjusted to a fixed rate of 6.94 %, which was determined by adding 3.00% to the daily average yield on United States Treasury securities adjusted to a constant maturity of five years , as made available by the Federal Reserve Board, with a minimum of 4.25 %. As a result of the interest rate change, as of February 1, 2023, the fixed monthly payment of $56,882 increased to $78,098 which includes interest at the fixed rate, and principal, based on a twenty-five-year amortization schedule. On March 13, 2024, the Company sold the Hanover Square Shopping Center Property and repaid the mortgage loan for the Hanover Square Shopping Center Property. Loss on Extinguishment of Debt – Hanover Square Property Mortgage Payable ​ On March 13, 2024, the Company sold the Hanover Square Shopping Center Property and repaid the mortgage loan for the Hanover Square Property. The Company accounted for the repayment of the mortgage payable under debt extinguishment accounting in accordance with ASC 470. During the year ended December 31, 2024, the Company recorded a loss on extinguishment of debt of $51,837 consisting of unamortized loan issuance costs. No such loss was recorded during the year ended December 31, 2023. ​ Interest rate protection transaction ​ On October 28, 2021, the Company entered into an interest rate protection transaction to limit its exposure to increases in interest rates on the variable rate mortgage loan on the Parkway Property (the “Interest Rate Protection Transaction”). Under this agreement, the Company’s interest rate exposure is capped at 5.25% if USD 1-Month ICE LIBOR exceeds 3%. Effective on July 1, 2023, the interest rate index under the Interest Rate Protection Transaction automatically converted to SOFR. As of December 31, 2024 and 2023, SOFR was 4.33% and 5.35%, respectively. In accordance with the guidance on derivatives and hedging, the Company records all derivatives on the balance sheet at fair value under other assets. The Company determines fair value based on the three-level valuation hierarchy for fair value measurement. Level 1 inputs are quoted prices in active markets for identical assets or liabilities. Level 2 inputs are quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets in markets that are not active; and inputs other than quoted prices. Level 3 inputs are unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. The fair value of the Interest Rate Protection Transaction is valued by an independent, third-party consultant which uses observable inputs such as yield curves, volatilities and other current market data, all of which are considered Level 2 inputs. As of December 31, 2024 and 2023, the fair value of the Interest Rate Protection Transaction was $117,390 and $173,715, respectively, and is recorded under other assets on the Company’s consolidated balance sheets. The Company reports changes in the fair value of the derivative in other income on its consolidated statements of operations. ​ For the period from September 1, 2022 through June 30, 2023, LIBOR, and for the period from July 1, 2023 through December 31, 2024, SOFR, exceeded the 3% cap ​ Wells Fargo Line of Credit ​ On October 2, 2024, the Company, through its wholly-owned subsidiaries, entered into an amended and restated Revolving Line of Credit Note with Wells Fargo Bank, National Association that increased the line of credit from $1,500,000 to $4,000,000 (the “Expanded Wells Fargo Line of Credit”). Outstanding balances on the Expanded Wells Fargo Line of Credit will bear interest at a floating rate of 3.10% above Daily Simply SOFR ​ The Expanded Wells Fargo Line of Credit is secured by the Lancer Center Property, the Greenbrier Business Center Property, the Salisbury Marketplace Property and the Citibank Property, is unconditionally guaranteed by the Company, and any outstanding balances will be due on the September 30, 2026 maturity date. The terms of the Expanded Wells Fargo Line of Credit prohibited the Company from using proceeds to directly or indirectly fund the redemption of the Company’s mandatorily redeemable preferred stock. ​ As of December 31, 2024 the Expanded Wells Fargo Line of Credit had an outstanding balance of $0 and as of December 31, 2023 the Original Wells Fargo Line of Credit had an outstanding balance of $1,000,000, which was repaid during the year ended December 31, 2024. ​ Interest expense Interest expense, including amortization of capitalized issuance costs consists of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, 2024 ​ ​ ​ Amortization Interest rate ​ ​ ​ ​ ​ Mortgage ​ of discounts and ​ protection ​ Other ​ ​ ​ ​ Interest ​ capitalized ​ transaction ​ interest ​ ​ ​ ​ Expense ​ issuance costs ​ payments ​ expense ​ Total Franklin Square ​ $ 512,969 $ 28,372 $ — $ — $ 541,341 Hanover Square ​ 129,248 ​ — ​ — ​ — ​ 129,248 Ashley Plaza ​ 403,550 ​ 17,430 ​ — ​ — ​ 420,980 Brookfield Center ​ 179,530 ​ 11,350 ​ — ​ — ​ 190,880 Parkway Center ​ ​ 351,240 ​ ​ 11,027 ​ ​ (116,329) ​ ​ — ​ ​ 245,938 Wells Fargo Mortgage Facility ​ ​ 811,396 ​ ​ 32,300 ​ ​ — ​ ​ — ​ ​ 843,696 Wells Fargo Line of Credit ​ ​ — ​ ​ — ​ ​ — ​ ​ 17,700 ​ ​ 17,700 Amortization and preferred stock dividends on mandatorily redeemable preferred stock ​ ​ — ​ ​ 246,966 ​ ​ — ​ ​ 378,490 ​ ​ 625,456 Other interest ​ ​ — ​ ​ — ​ ​ — ​ ​ 4,560 ​ ​ 4,560 Total interest expense ​ $ 2,387,933 ​ $ 347,445 ​ $ (116,329) ​ $ 400,750 ​ $ 3,019,799 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, 2023 ​ ​ ​ Amortization Interest rate ​ ​ ​ ​ ​ Mortgage ​ of discounts and ​ protection ​ Other ​ ​ ​ ​ Interest ​ capitalized ​ transaction ​ interest ​ ​ ​ ​ Expense ​ issuance costs ​ payments ​ expense ​ Total Franklin Square ​ $ 511,568 ​ $ 28,372 ​ $ — $ — ​ $ 539,940 Hanover Square ​ 695,788 ​ ​ 11,816 ​ ​ — ​ — ​ ​ 707,604 Ashley Plaza ​ 411,012 ​ ​ 17,430 ​ ​ — ​ — ​ ​ 428,442 Brookfield Center ​ 182,714 ​ ​ 11,351 ​ ​ — ​ ​ — ​ ​ 194,065 Parkway Center ​ ​ 233,479 ​ ​ 11,026 ​ ​ (106,117) ​ ​ — ​ ​ 138,388 Wells Fargo Mortgage Facility ​ ​ 828,547 ​ ​ 26,887 ​ ​ — ​ ​ 33,973 ​ ​ 889,407 Amortization and preferred stock dividends on mandatorily redeemable preferred stock ​ ​ — ​ ​ 243,054 ​ ​ — ​ ​ 400,000 ​ ​ 643,054 Total interest expense ​ $ 2,863,108 ​ $ 349,936 ​ $ (106,117) ​ $ 433,973 ​ $ 3,540,900 ​ Interest accrued and accumulated amortization of capitalized issuance costs consist of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2024 ​ As of December 31, 2023 ​ ​ ​ Accumulated ​ ​ Accumulated ​ ​ ​ ​ ​ amortization of ​ ​ ​ ​ amortization ​ ​ Accrued ​ capitalized ​ Accrued ​ of capitalized ​ ​ interest ​ issuance costs ​ interest ​ issuance costs Franklin Square ​ $ 43,448 ​ $ 87,480 ​ $ 43,448 ​ $ 59,108 Hanover Square ​ — ​ — ​ 55,755 ​ 71,696 Ashley Plaza ​ — ​ 92,969 ​ 34,580 ​ 75,539 Brookfield Center ​ — ​ 59,594 ​ — ​ 48,244 Parkway Center ​ ​ 27,753 ​ ​ 34,917 ​ ​ 28,614 ​ ​ 23,890 Wells Fargo Mortgage Facility ​ ​ — ​ ​ 72,631 ​ ​ — ​ ​ 40,331 Amortization and accrued preferred stock dividends on mandatorily redeemable preferred stock ​ ​ 21,334 (1) ​ 1,127,339 ​ ​ 70,004 (1) ​ 832,693 Total ​ $ 92,535 ​ $ 1,474,930 ​ $ 232,401 ​ $ 1,151,501 (1) Recorded as accrued interest under accounts payable and accrued liabilities on the Company’s consolidated balance sheets as of December 31, 2024 and 2023, respectively. ​ Debt Maturity The Company’s scheduled principal repayments on indebtedness as of December 31, 2024 are as follows: ​ ​ ​ ​ ​ ​ ​ ​ Mortgages Payable 2025 $ 1,088,084 2026 ​ 1,136,018 2027 ​ 17,276,060 2028 ​ 716,832 2029 ​ 13,854,755 Thereafter ​ 16,439,013 Total principal payments and debt maturities ​ ​ 50,510,762 Less unamortized issuance costs ​ (509,700) Net principal payments and debt maturities ​ $ 50,001,062 ​

Rentals under Operating Leases

Rentals under Operating Leases	12 Months Ended
	Dec. 31, 2024
Rentals under Operating Leases
Rentals under Operating Leases	6. Rentals under Operating Leases Future minimum rents (based on recognizing future rents on the straight-line basis) to be received under noncancelable tenant operating leases for each of the next five years and thereafter, excluding common area maintenance and other expense pass-throughs, as of December 31, 2024 are as follows: ​ ​ ​ ​ ​ 2025 $ 7,289,072 2026 ​ 5,584,338 2027 ​ 4,620,727 2028 ​ 3,851,830 2029 ​ 2,800,262 Thereafter ​ 6,211,875 Total minimum rents ​ $ 30,358,104 ​

Equity

Equity	12 Months Ended
	Dec. 31, 2024
Equity
Equity	7. Equity The Company has authority to issue 1,000,000,000 shares consisting of 750,000,000 Common Shares, and 250,000,000 shares of preferred stock, $0.01 par value per share ("Preferred Shares"). Substantially all of the Company’s business is conducted through its Operating Partnership. The REIT is the sole general partner of the Operating Partnership and owned a 77.40% and 98.81% interest in the Operating Partnership as of December 31, 2024 and 2023, respectively. Limited partners in the Operating Partnership who have held their OP Units for one year or longer have the right to redeem their common OP Units for cash or, at the REIT’s option, Common Shares at a ratio of OP Unit for one common share. Under the Agreement of Limited Partnership, distributions to OP Unit holders are made at the discretion of the REIT. The REIT intends to make distributions in a manner that will result in limited partners of the Operating Partnership receiving distributions at the same rate per OP Unit as dividends per share are paid to the REIT’s holders of Common Shares. Private Placement of Common Shares On December 13, 2024, the Company entered into a series of subscription agreements with certain investors, including the Company’s Chief Financial Officer and two directors, for the issuance and sale of 230,000 Common Shares in a private placement (the “Private Placement”), at a purchase price of $12.50 per share. The Private Placement was exempt from the registration requirements of the Securities Act, pursuant to the exemption for transactions by an issuer not involving any public offering under Rule 506(b) under Regulation D of the Securities Act. The Common Shares were offered without any general solicitation by the Company or its representatives. The Common Shares issued and sold in the Private Placement are not registered under the Securities Act or any state securities laws and may not be offered or sold in the United States absent registration with the Securities and Exchange Commission or an applicable exemption from the registration requirements. Completion of 1-for-8 Reverse Stock Split ​ On May 3, 2023, the Company completed a reverse stock split of its Common Shares, and a corresponding adjustment to the outstanding common OP Units of the Operating Partnership, at a ratio of 1 eight ​ Completion of 1-for-10 Reverse Stock Split and 5-for-1 Forward Stock Split ​ On July 2, 2024, the Company completed a reverse stock split of its Common Shares, and a corresponding adjustment to the outstanding common units of the Operating Partnership at a ratio of 1 one ​ The 2024 Reverse Stock Split affected all holders of Common Shares uniformly and did not affect any common stockholder’s percentage ownership interest in the Company, except for de minimis changes as a result of the elimination of fractional shares, as described below. Holders of Common Shares were not required to take any action as a result of the 2024 Reverse Stock Split. Their accounts were automatically adjusted to reflect the number of shares owned. ​ Also on July 2, 2024, and immediately following the 2024 Reverse Stock Split, the Company completed a forward stock split of its Common Shares, and a corresponding adjustment to the outstanding common units of the Operating Partnership, at a ratio of 5-for-1 (the “Forward Stock Split” and, together with the 2024 Reverse Stock Split, the “Stock Splits”). The Forward Stock Split took effect at 5:01 p.m. Eastern Time on July 2, 2024 (the “Forward Stock Split Effective Time”) and automatically converted every one share of Common Stock outstanding at that time into five shares of Common Stock. The Forward Stock Split affected all holders of Common Stock uniformly and did not affect any common stockholder’s percentage ownership interest in the Company. ​ As a result of the Stock Splits, the number of Common Shares outstanding was reduced from 2,236,631 to 1,118,315 shares as of the Forward Stock Split Effective Time. ​ For stockholders of record, no fractional shares were issued in connection with the 2024 Reverse Stock Split. Instead, each stockholder that otherwise would have received fractional shares received, in lieu of such fractional shares, cash in an amount equal to the applicable fraction multiplied by the closing price of the Common Shares on Nasdaq on July 2, 2024 (as adjusted for the 2024 Reverse Stock Split). For beneficial stockholders, fractional shares resulting from the 2024 Reverse Stock Split were retained and applied to the Forward Stock Split. Any fractional shares remaining after the Forward Stock Split were retired for cash in an amount equal to the applicable fraction multiplied by the closing price of the Common Shares on Nasdaq on July 2, 2024 (as adjusted for the 2024 Reverse Stock Split). The redemption of 225 fractional shares further reduced the number of Common Shares outstanding to 1,118,090 shares immediately following the effectiveness of the 2024 Reverse Stock Split and the Forward Stock Split. ​ At the 2024 Reverse Stock Split Effective Time and the Forward Stock Split Effective Time, the aggregate number of Common Shares available for awards under the Company’s 2018 Equity Incentive Plan and the terms of outstanding awards were ratably adjusted to reflect the 2024 Reverse Stock Split and the Forward Stock Split, respectively. ​ Trading of the Common Shares on Nasdaq commenced on a split-adjusted basis on July 3, 2024 under the existing trading symbol “MDRR.” The new CUSIP number for the Common Shares following the Stock Splits is 58403P402. ​ Charter Amendments ​ In connection with the Stock Splits, on June 20, 2024, the Company filed three Articles of Amendment to its charter with the State Department of Assessments and Taxation of Maryland that provided for: ​ (i) a 1 -for-10 Reverse Stock Split of the Common Stock, effective at 5:00 p.m. Eastern Time on July 2, 2024; ​ (ii) a 5 -for-1 Forward Stock Split of the Common Stock, effective at 5:01 p.m. Eastern Time on July 2, 2024; and ​ (iii) the par value of the Common Stock to be decreased from $0.02 per share to $0.01 per share effective at 5:02 p.m. Eastern Time on July 2, 2024 (as a result of the Reverse Stock Split the par value of the Common Stock increased from $0.01 to $0.10 and as a result of the Forward Stock Split the par value of the Common Stock decreased from $0.10 to $0.02 ). ​ The foregoing descriptions of the Articles of Amendment do not purport to be complete and are qualified in their entirety by reference to each amendment, copies of which are filed as Exhibit 3.6, Exhibit 3.7 and Exhibit 3.8, respectively, to this Annual Report on Form 10-K for the year ended December 31, 2024. ​ Common Stock Repurchase Plan In December 2021, the Board approved a program to purchase up to 31,250 Common Shares in the open market, up to a maximum price of $76.80 per share. Under this authorization, the Company purchased 16,755 Common Shares at an average price of $16.61 per share in January 2022. In October 2023, the Board approved the purchase of an additional 100,000 shares. The repurchase program does not obligate the Company to acquire any particular amount of Common Shares, and the repurchase program may be suspended or discontinued at any time at the Company’s discretion. In March 2024, the Board authorized and adopted a 10b5-1 and Rule 10b-18 Stock Repurchase Agreement (the “10b5-1 Plan”) which, as amended, authorized the purchase of up to 35,265 shares at or below a price of $12.00 per share. The authorization under the 10b5-1 Plan expires on May 15, 2025 if not otherwise terminated or amended. The Company amended the 10b5-1 Plan on November 18, 2024 to revise the maximum price to $12.30 per share. Under the 10b5-1 Plan, during the year ended December 31, 2024 the Company purchased 2,830 shares of common stock, $0.01 par value per share (“Common Shares”) at a total cost of $32,467 and at an average price of $11.45 per Common Share. All repurchased Common Shares were retired in accordance with Maryland law. The Company did not purchase any shares of Common Stock during the year ended December 31, 2023. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Purchase (Trade) Date Shares Purchased Price Per Share Total Cost (1) August 6, 2024 ​ 2,830 ​ $ 11.45 ​ $ 32,467 Total ​ 2,830 ​ $ 11.45 ​ $ 32,467 (1) Total cost before transaction fees. Common Shares and Operating Partnership Units Outstanding As of December 31, 2024 and 2023, respectively, there were 1,738,124 and 1,122,751 OP Units outstanding, respectively, with the REIT owning 1,345,260 and 1,109,405 of these OP Units, respectively. The remaining 392,864 and 13,346, respectively, OP Units are held by noncontrolling, limited partners. As of December 31, 2024 and 2023, respectively, there were 1,345,260 and 1,109,405 Common Shares of the REIT outstanding, respectively. As of December 31, 2024 and 2023 there were 4,820 and 13,346, respectively, OP Units held by noncontrolling, limited partners that were eligible for conversion to Common Shares. 2018 Equity Incentive Plan The Company’s 2018 Equity Incentive Plan (the “Equity Incentive Plan”) was adopted by the Board on July 27, 2018 and approved by the Company’s stockholders on August 23, 2018. The Equity Incentive Plan permits the grant of stock options, stock appreciation rights, stock awards, performance units, incentive awards and other equity-based awards (including LTIP units of the Company’s Operating Partnership) to its employees or an affiliate (as defined in the Equity Incentive Plan) of the Company and for up to the greater of (i) 15,000 Common Shares and (ii) eight percent (8%) of the number of fully diluted shares of the Company’s Common Shares (taking into account interests in the Operating Partnership that may become convertible into Common Shares). On January 18, 2024, the Compensation Committee approved a grant of 7,637 Common Shares to the Company’s five independent directors, a On each January 1 during the term of the Equity Incentive Plan, the maximum number of Common Shares that may be issued under the Equity Incentive Plan will increase by eight percent (8%) of any additional Common Shares or interests in the Operating Partnership issued (i) after the completion date the Company’s initial registered public offering of Common Shares, in the case of the January 1, 2019 adjustment, or (ii) in the preceding calendar year, in the case of any adjustment subsequent to January 1, 2020. During the year ended December 31, 2023, no shares were issued under the Equity Incentive Plan so no adjustment was made as of January 1, 2024, and the shares available for issuance under the Equity Incentive Plan remained at 30,706 shares. As of December 31, 2024, there are 2,447 shares available for issuance under the Equity Incentive Plan. Earnings per share Basic earnings per share for the Company’s Common Shares is calculated by dividing income (loss) from continuing operations, excluding the net income (loss) attributable to noncontrolling interests, by the Company’s weighted-average number of Common Shares outstanding during the period. Diluted earnings per share is computed by dividing the net income attributable to common stockholders, excluding the net loss attributable to noncontrolling interests, by the weighted average number of Common Shares, including any dilutive shares. As of the years ended December 31, 2024 and 2023, respectively, 4,820 and 13,346, respectively, OP Units held by noncontrolling, limited partners were eligible to be converted, on a one-to-one basis, into Common Shares. The OP Units and the equivalent Common Shares attributable to the convertible debentures have been excluded from the Company’s diluted earnings per share calculation because their inclusion would be antidilutive. The Company's income (loss) per common share is determined as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ 2024 2023 ​ ​ ​ ​ Basic and diluted shares outstanding ​ ​ ​ ​ ​ ​ Weighted average Common Shares – basic ​ ​ 1,127,768 ​ 1,109,574 Effect of conversion of Operating Partnership Units ​ ​ 4,820 ​ 13,346 Weighted average Common Shares – diluted ​ ​ 1,132,588 ​ 1,122,920 ​ ​ ​ ​ ​ ​ ​ Calculation of loss per share – basic and diluted ​ ​ ​ ​ ​ Net loss attributable to common stockholders ​ ​ ​ ​ $ (4,571,279) Weighted average Common Shares – basic and diluted ​ ​ ​ ​ 1,109,574 Loss per share – basic and diluted ​ ​ ​ ​ $ (4.12) ​ ​ ​ ​ ​ ​ ​ Calculation of earnings per share – basic ​ ​ ​ ​ ​ ​ Net income attributable to common stockholders ​ $ 27,524 ​ ​ ​ Weighted average Common Shares – basic ​ 1,127,768 ​ ​ ​ Earnings per share – basic ​ $ 0.024 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Calculation of earnings per share – diluted ​ ​ ​ ​ ​ ​ Net income attributable to common stockholders ​ $ 27,524 ​ ​ ​ Weighted average Common Shares – diluted ​ 1,132,588 ​ ​ ​ Earnings per share – diluted ​ $ 0.024 ​ ​ ​ ​ Dividends and Distributions During the year ended December 31, 2024, dividends in the amount of $0.02 per share were paid on February 6, 2024 to stockholders of record on February 2, 2024, dividends in the amount of $0.04 per share were paid on April 25, 2024 to stockholders of record on April 22, 2024, dividends in the amount of $0.05 per share were paid on July 26, 2024 to stockholders of record on July 23, 2024, and dividends in the amount of $0.06 per share were paid on October 25, 2024 to stockholders of record on October 22, 2024. ​ During the year ended December 31, 2023, dividends in the amount of $0.16 per share were paid on January 27, 2023, to stockholders of record on January 24, 2023 and dividends in the amount of $0.16 per share were paid on April 28, 2023 to stockholders of record on April 24, 2023. ​ Total dividends paid to holders of Common Shares and distributions to noncontrolling interests paid during the years ended December 31, 2024 and 2023, respectively, are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ 2024 2023 Common stockholders (dividends) ​ $ 189,894 ​ $ 354,394 Hanover Square Property noncontrolling interest (distributions) ​ 516,596 ​ 16,000 Parkway Property noncontrolling interest (distributions) ​ 35,100 ​ 9,000 Operating Partnership Unit holders (distributions) ​ 45,437 ​ 4,271 Total dividends and distributions ​ $ 787,027 ​ $ 383,665 ​

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2024
Commitments and Contingencies
Commitments and Contingencies	8. Commitments and Contingencies Insurance The Company carries comprehensive liability, fire, extended coverage, business interruption and rental loss insurance covering all of the properties in its portfolio, in addition to other coverages that may be appropriate for certain of its properties. Additionally, the Company carries a directors and officers liability insurance policy that covers such claims made against the Company and its directors and officers. The Company believes the policy specifications and insured limits are appropriate and adequate for its properties given the relative risk of loss, the cost of the coverage and industry practice; however, its insurance coverage may not be sufficient to fully cover its losses. Concentration of Credit Risk The Company is subject to risks incidental to the ownership and operation of commercial real estate. These risks include, among others, the risks normally associated with changes in the general economic climate, trends in the retail industry, creditworthiness of tenants, competition for tenants and customers, changes in tax laws, interest rates, the availability of financing and potential liability under environmental and other laws. The Company’s portfolio of properties is dependent upon regional and local economic conditions and is geographically concentrated in the Mid-Atlantic, specifically in South Carolina, North Carolina and Virginia, which represented approximately 99% of the total annualized base revenues of the properties in its portfolio as of December 31, 2024. The Company’s geographic concentration may cause it to be more susceptible to adverse developments in those markets than if it owned a more geographically diverse portfolio. Additionally, the Company’s retail shopping center properties depend on anchor stores or major tenants to attract shoppers and could be adversely affected by the loss of, or a store closure by, one or more of these tenants. Interest Rate Risk ​ As of December 31, 2024, the interest rate environment remains elevated, significantly impacting the Company’s operations. The Federal Reserve has maintained a higher federal funds rate as part of its ongoing strategy to combat inflation. This situation has several implications for the Company, which is sensitive to a higher interest rate environment due to the Company’s reliance on debt financing. Higher interest rates increase the cost of borrowing for the Company, raising the expense associated with financing property acquisitions and developments. This could limit the ability to pursue new investments or expansions, potentially slowing growth. Additionally, refinancing existing debt in a high-rate environment could lead to increased costs. Elevated interest rates typically lead to higher capitalization rates, which can reduce property valuations. A decline in asset values may impact the net asset value (NAV) calculations, affecting investors’ perceptions and overall market confidence in the Company. The ongoing interest rate volatility may affect investor sentiment towards the Company, potentially leading to capital outflows as investors seek alternative investment opportunities with better risk-adjusted returns. ​ The Company is exposed to the impact of interest rate changes primarily through its borrowing activities. To limit this exposure, the Company attempts to obtain mortgage financing on a long-term, fixed-rate basis. However, from time to time, the Company may obtain variable-rate mortgage loans and, as a result, may enter into interest rate cap agreements that limit the effective borrowing rate of variable-rate debt obligations while allowing participants to share in downward shifts in interest rates. These interest rate caps are derivative instruments designated as cash flow hedges on the forecasted interest payments on the debt obligation. Our objective in using interest rate caps is to limit our exposure to interest rate movements. ​ As of December 31, 2024 and 2023, all of the Company’s long-term debt either bore interest at fixed rates or was capped to a fixed rate. The Company’s debt obligations are more fully described in Note 5, Loans Payable, above. ​ Regulatory and Environmental As the owner of the buildings on its properties, the Company could face liability for the presence of hazardous materials (e.g., asbestos or lead) or other adverse conditions (e.g., poor indoor air quality) in its buildings. Environmental laws govern the presence, maintenance, and removal of hazardous materials in buildings, and if the Company does not comply with such laws, it could face fines for such noncompliance. Also, the Company could be liable to third parties (e.g., occupants of the buildings) for damages related to exposure to hazardous materials or adverse conditions in its buildings, and the Company could incur material expenses with respect to abatement or remediation of hazardous materials or other adverse conditions in its buildings. In addition, some of the Company’s tenants routinely handle and use hazardous or regulated substances and wastes as part of their operations at the Company’s properties, which are subject to regulation. Such environmental and health and safety laws and regulations could subject the Company or its tenants to liability resulting from these activities. Environmental liabilities could affect a tenant’s ability to make rental payments to the Company, and changes in laws could increase the potential liability for noncompliance. This may result in significant unanticipated expenditures or may otherwise materially and adversely affect the Company’s operations. The Company is not aware of any material contingent liabilities, regulatory matters or environmental matters that may exist. Litigation The Company is not currently involved in any litigation or legal proceedings.

Related Party Transactions

Related Party Transactions	12 Months Ended
	Dec. 31, 2024
Related Party Transactions
Related Party Transactions	9. Related Party Transactions Citibank Property Acquisition On March 28, 2024, the Company acquired the Citibank Property (see Note 3, above) from RMP 3535 N. Central Ave., LLC. The sole manager and member of RMP 3535 N. Central Ave., LLC is CWS BET Seattle, LP, a Delaware limited partnership, a company controlled and owned by Frank Kavanaugh, the Company’s President and Chief Executive Officer and Chairman of the Board. Pursuant to the Company’s Related Person Transaction Policy, the terms of the acquisition were determined to be those that would normally be agreed upon in an arms-length transaction. Private Placement of Operating Partnership Units On October 11, 2024, the Company issued 160,000 OP Units in a private placement at a purchase price of $12.50 per unit for total consideration of $2,000,000. The purchaser of the OP Units was Frank Kavanaugh, the Company’s President and Chief Executive Officer and Chairman of the Board, and a related party. Pursuant to the Related Person Transaction Policy, the Board’s Audit Committee determined that the terms of the transaction were those that would normally be agreed upon in an arms-length transaction and approved this transaction. Private Placement of Common Shares On December 13, 2024, the Company completed the Private Placement of 230,000 Common Shares (see note 7, above). Kory Kramer, an independent member of the Board, purchased 100,000 shares at a purchase price of $12.50 per share, for a total investment of $1,250,000 . Marc Carlson, an independent member of the Board, purchased 100,000 shares at a purchase price of $12.50 per share, for a total investment of $1,250,000 . Brent Winn, the Company’s Chief Financial Officer, purchased 6,000 shares at a purchase price of $12.50 per share, for a total investment of $75,000 . Pursuant to the Related Person Transaction Policy, the Board’s Audit Committee determined that the terms of the transaction were those that would normally be agreed upon in an arms-length transaction and approved this transaction. Medalist Fund Manager, Inc. For all periods prior to July 18, 2023, the Company was externally managed by the Manager, which made all investment decisions for the Company, which were subject to the approval of the Board’s Acquisition Committee. The Manager oversaw the Company’s overall business and affairs and had broad discretion to make operating decisions on behalf of the Company and to make investment decisions. On July 18, 2023, the Company and the Manager entered into the Termination Agreement terminating the Management Agreement. Since the termination of the Management Agreement, the Company has been managed internally as directed by the Board. Prior to the termination of the Management Agreement, the Company paid the Manager a monthly asset management fee equal to 0.125% of stockholders’ equity, payable in arrears in cash. For purposes of calculating the asset management fee, the Company’s stockholders’ equity means: (a) the sum of (1) the net proceeds from (or equity value assigned to) all issuances of the Company’s equity and equity equivalent securities (including common stock, common stock equivalents, preferred stock and OP Units issued by the Company’s operating partnership) since inception (allocated on a pro rata daily basis for such issuances during the fiscal quarter of any such issuance), plus (2) the Company’s retained earnings at the end of the most recently completed calendar quarter (without taking into account any non-cash equity compensation expense incurred in current or prior periods), less (b) any amount that the Company has paid to repurchase its common stock issued in this or any subsequent offering. Stockholders’ equity also excludes (1) any unrealized gains and losses and other non-cash items (including depreciation and amortization) that have impacted stockholders’ equity as reported in the Company’s consolidated financial statements prepared in accordance with GAAP, and (2) one-time events pursuant to changes in GAAP, and certain non-cash items not otherwise described above, in each case after discussions between the Company’s Manager and its independent director(s) and approval by a majority of its independent directors. For the years ended December 31, 2024 and 2023, the Company incurred $0 and $485,897 , in asset management fees, respectively. Asset management fees are recorded on the Company’s consolidated statements of operations as (i) retail center property operating expenses ( $0 and $196,658 for the years ended December 31, 2024 and 2023, respectively) , (ii) flex center property operating expenses ( $0 and $64,575 for the years ended December 31, 2024 and 2023, respectively) and (iii) legal, accounting and other professional fees ( $0 and $224,664 for the years ended December 31, 2024 and 2023, respectively). Prior to the termination of the Management Agreement, the Manager also received an acquisition fee of 2.0% of the purchase price plus transaction costs, for each property acquired or investment made on the Company’s behalf at the closing of the acquisition of such property Pursuant to Letter Agreement, dated March 19, 2021, by and among the Company, the Operating Partnership and the Manager (the “2021 Manager Letter Agreement”), which amended the Management Agreement, the Manager agreed to defer payment of one-half of any acquisition fee payable to the Manager from that date until the earlier of: (i) the date 1 (the “Deferral Agreement”). ​ On March 10, 2023, the Company announced that the Board established a special committee consisting of independent members of the Company’s Board (the “Special Committee”) to explore potential strategic alternatives focusing on maximizing stockholder value 1 ​ During the year ended December 31, 2022, the Company incurred $201,524 in acquisition fees associated with the Salisbury Marketplace Property acquisition, which were allocated and added to the fair value of the Salisbury Marketplace Property tangible assets. One half of the acquisition fee, or $100,762 was paid in cash to the Manager and one half of the acquisition fee was accrued in connection with the Deferral Agreement. For the year ended December 31, 2021, the Company incurred $503,910 in acquisition fees associated with the Lancer Center Property, Greenbrier Business Center Property and Parkway Property, which were allocated and added to the fair value of the Lancer Center Property, Greenbrier Business Center Property and Parkway Property tangible assets. One half of the acquisition fees, or $251,955 was paid in cash to the Manager and one half of the acquisition fees was accrued in connection with the Deferral Agreement. As of the July 18, 2023 date of the Termination Agreement, the total deferred acquisition fees were $352,717 ​ Prior to the termination of the Management Agreement, the Manager would have been entitled to an incentive fee, payable quarterly, equal to an amount, not less than zero, equal to the difference between (1) the product of (x) 20% and (y) the difference between (i) Adjusted Funds from Operations (AFFO) (as further defined below) for the previous 12-month period, and (ii) the product of (A) the weighted average of the issue price of equity securities issued in this offering and in future offerings and transactions, multiplied by the weighted average number of all shares of common stock outstanding on a fully-diluted basis (including any restricted stock units, any restricted shares of common stock and OP Units) in the previous 12-month period, exclusive of equity securities issued prior to this offering, and (B) 7%, and (2) the sum of any incentive fee paid to the Manager with respect to the first three calendar quarters of such previous 12-month period. For purposes of calculating the incentive fee during the first years after completion of this offering, adjusted funds from operations (“AFFO”) will be determined by annualizing the applicable period following completion of this offering. AFFO is calculated by removing the effect of items that do not reflect ongoing property operations. The Company further adjusts funds from operations (“FFO”) for certain items that are not added to net income in the NAREIT White Paper’s definition of FFO, such as acquisition expenses, equity based compensation expenses, and any other non-recurring or non-cash expenses, which are costs that do not relate to the operating performance of the Company’s properties, and subtract recurring capital expenditures (and, when calculating the incentive fee only, we further adjust FFO to include any realized gains or losses on real estate investments). No incentive fees were earned or paid during the year ended December 31, 2024 or 2023, or at any time during the term of the Management Agreement. ​ Colin Elliott Effective as of March 1, 2020, the Company entered into a consulting agreement (the “Consulting Agreement”), with Gunston Consulting, LLC (the “Consultant”), pursuant to which the Consultant agreed to provide certain financial and accounting consulting services to the Company, and the Company agreed to pay the Consultant an annual fee and annual stock grants awarded by the Compensation Committee and agreed to reimburse the Consultant for certain expenses to be authorized by the Company. Pursuant to the terms of the Consulting Agreement, the Company authorized the Consultant to retain the services of Mr. C. Elliott as vice president of the Company and authorized the Consultant to incur certain costs related to Mr. C. Elliott’s employment as vice president and agreed to reimburse the Consultant for such costs, including Mr. C. Elliott’s $150,000 annual salary, payroll taxes and certain benefits and an annual bonus to be determined in consultation with the Company. On July 18, 2023, Mr. C. Elliott resigned as Vice President of the Company and as an employee of the Consultant pursuant to a Separation Agreement and General Release dated July 20, 2023. Mr. C. Elliott is the son of Mr. William R. Elliott, who was, at the time of Mr. C. Elliott’s employment, the Vice Chairman of the Board and President and Chief Operating Officer of the Company. During the years ended December 31, 2024 and 2023, the Company paid the Consultant $0 and $105,034, respectively, for services provided by Mr. C. Elliott under the Consulting Agreement. Staffing Agreement ​ ​ Other related parties The Company paid Shockoe Properties, LLC, a subsidiary of Dodson Properties, LLC, (collectively, “Dodson Properties”), an entity in which William R. Elliott, one of the owners of the Company’s former Manager, held a 6.32% interest, an annual property management fee of up to 3% of the monthly gross revenues of the Company’s retail center and flex center properties. These fees were paid in arrears on a monthly basis. Effective on July 31, 2024, the Company terminated the services of Dodson Properties for the Lancer Center, Greenbrier Business Center, Salisbury and Parkway properties. Effective on August 31, 2024, the Company terminated the services of Dodson Properties for the Ashley Plaza, Brookfield and Franklin Square properties. During the years ended December 31, 2024 and 2023, the Company paid Dodson Properties property management fees of $0 and $304,179 , respectively. In addition, pursuant to a separate agreement dated November 1, 2017 between Dodson Properties and Mr. Elliott, Mr. Elliott received a fee equal to 5% of the property management fees paid by the Company to Dodson Properties or its affiliates. ​

Segment Information

Segment Information	12 Months Ended
	Dec. 31, 2024
Segment Information
Segment Information	10. Segment Information The Company establishes operating segments at the property level and aggregates individual properties into reportable segments based on product types in which the Company has investments. During the years ended December 31, 2024 and 2023, the Company’s reportable segments consisted of retail center properties, flex center properties and STNL properties. These segments align with how the CODM evaluates performance and allocates resources. During the periods presented, there have been no material intersegment transactions. ​ Although the Company’s flex center properties have tenants that are similar to tenants in its retail center properties, the Company considers its flex center properties as a separate reportable segment. Flex properties are considered by the real estate industry as a distinct subset of the industrial market segment. Flex properties contain a mix of industrial/warehouse and office spaces. Warehouse space that is not air conditioned can be used flexibly by building office or showroom space that is air conditioned, depending on tenants’ needs. Further, although the Company’s STNL properties have tenants that are similar to tenants in its retail center properties, the Company considers its STNL properties as a separate reportable segment. STNL properties are also considered by the real estate industry as a separate asset class. ​ The Company's CODM consists of the President and Chief Executive Officer, and the Chief Financial Officer, who are responsible for assessing performance and allocating resources. The CODM primarily evaluates the Company's overall performance and operating segment performance based on net operating income adjusted for interest expense and considers additional metrics such as adjusted funds from operations (“AFFO”). The CODM receives financial information monthly. ​ Pursuant to ASU 2023-07, the Company has identified and disclosed (i) property operating expenses (retail property operating expenses, flex center property operating expenses, and single tenant net lease property operating expenses) and (ii) interest expense as significant expense categories by segment. These expense categories are regularly provided to the CODM and included in the reported measure of segment profit or loss. The CODM does not evaluate property operating expenses at a more detailed level because many property operating expenses are non-controllable and are not considered to be a useful measure of operating performance. ​ Certain expenses are not allocated to individual segments, including share-based compensation, legal, accounting and other professional fees, and corporate general and administrative expenses. These expenses are reviewed at the corporate level and are not included in segment-level profitability measures. In addition, depreciation and amortization are not allocated among segments and are not used by the CODM to assess performance or allocate resources. Asset information by segment is not reported as the CODM does not use this measure to assess segment performance or to make resource allocation decisions. Net operating income (“NOI”) is a non-GAAP financial measure and is not considered a measure of operating results or cash flows from operations under GAAP. NOI reflects, occupancy levels, rental rate increases or decreases, and the recoverability of operating expenses. NOI, as the Company calculates it, may not be directly comparable to similarly titled, but differently calculated, measures for other REITs. NOI is calculated by deducting operating expenses from operating revenues. NOI adjusted for interest expense is the primary performance measure reviewed by management to assess operating performance of properties and is calculated by deducting operating expenses and interest expense from operating revenues. Operating revenues include rental income, tenant reimbursements, and other property income; and operating expenses include retail center property, flex center property and single tenant net lease property operating costs. Interest expense includes mortgage interest expense, only, and excludes non-mortgage interest expense. The NOI adjusted for interest expense performance metric consists of only revenues and expenses directly related to real estate rental operations. The following table presents property operating revenues, operating expenses and interest expense by operating segment: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, ​ ​ Retail center properties Flex center properties ​ STNL properties ​ Total ​ 2024 2023 ​ 2024 2023 2024 2023 2024 2023 Revenues ​ $ 6,385,226 ​ $ 7,308,936 ​ $ 2,704,683 ​ $ 2,372,914 ​ $ 293,111 ​ $ 206,072 ​ $ 9,383,020 ​ $ 9,887,922 Operating expenses ​ 1,621,898 ​ ​ 1,882,524 ​ ​ 697,864 ​ ​ 686,818 ​ ​ 31,977 ​ ​ 31,175 ​ 2,351,739 ​ 2,600,517 Mortgage interest expense (1) ​ ​ 1,620,518 ​ ​ 2,205,267 ​ ​ 767,415 ​ ​ 657,841 ​ ​ — ​ ​ — ​ 2,387,933 ​ 2,863,108 Net operating income ​ $ 3,142,810 ​ $ 3,221,145 ​ $ 1,239,404 ​ $ 1,028,255 ​ $ 261,134 ​ $ 174,897 ​ $ 4,643,348 ​ $ 4,424,297 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Reconciliation to net income (loss) from operations (2) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Plus: Non-cash revenues (3) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 352,107 ​ $ 384,904 Plus: Gain on disposal of investment properties ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2,819,502 ​ ​ — Less: Bad debt expense ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 39,910 ​ ​ 63,282 Less: Share based compensation expenses ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 277,500 ​ ​ — Less: Legal, accounting and other professional fees ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 1,170,270 ​ ​ 1,390,941 Less: Corporate general and administrative expenses ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 968,435 ​ ​ 484,345 Less: Management restructuring expenses ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ — ​ ​ 2,066,521 Less: Loss on impairment ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 182 ​ ​ 90,221 Less: Depreciation and amortization ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 3,915,483 ​ ​ 4,574,163 Less: Non-mortgage interest expense (4) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 631,866 ​ ​ 677,792 Less: Loss on redemption of mandatorily redeemable preferred stock ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 47,680 ​ ​ — Less: Loss on extinguishment of debt ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 51,837 ​ ​ — Net income (loss) from operations ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 711,794 ​ $ (4,538,064) (1) Mortgage interest expense only. For a reconciliation to interest expense as reported on the Company’s consolidated statement of operations, see Note 5, above. (2) Certain expenses that are not allocated to individual segments which are either reviewed at the corporate level or which are not included in segment-level profitability measures used by the CODM are added to or subtracted from net operating income measure used by the CODM to reconcile this measure to net income (loss) from operations on the Company’s consolidated statement of operations for the years ending December 31, 2024 and 2023. (3) Non-cash revenues include adjustments for straight line rent revenue and amortization of above and below market lease and tenant inducements, all of which are not included in segment-level profitability measures used by the CODM. (4) Non-mortgage interest expense includes dividends paid and amortization of issuance costs and discounts on the Company’s mandatorily redeemable preferred stock and recorded as interest expense (see note 4, above), amortization of issuance costs related to the Company’s mortgages, and other interest expense, all of which are not allocated to individual segments. For a reconciliation to interest expense as reported on the Company’s consolidated statement of operations, see Note 5, above. ​ ​ The following table presents property operating revenues, operating expenses and interest expense by operating segment: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, ​ ​ Retail center properties Flex center properties ​ STNL properties ​ Total ​ 2024 2023 ​ 2024 2023 2024 2023 2024 2023 Total assets ​ $ 48,905,311 ​ $ 60,638,985 ​ $ 19,385,358 ​ $ 20,284,230 ​ $ 2,535,189 ​ $ — ​ $ 70,825,858 ​ $ 80,923,215 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Reconciliation to total assets on consolidated balance sheet ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Plus: Assets held by operating partnership ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 48,430 ​ $ 7,220 Plus: Assets held by parent company ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 4,223,414 ​ ​ 1,815,581 Total assets recorded ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 75,097,702 ​ $ 82,746,016 ​

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2024
Subsequent Events
Subsequent Events	11. Subsequent Events As of February 27, 2025, the following events have occurred subsequent to the December 31, 2024 effective date of the consolidated financial statements: Acquisition of the United Rentals Property ​ Acquisition of the Buffalo Wild Wings Property ​ ​ Common Stock Dividend On January 23, 2025, a dividend in the amount of $0.065 per share was paid to holders of Common Shares and OP Unit holders of record on January 20, 2025. Common Stock Grants Under 2018 Equity Incentive Plan ​ On January 15, 2025, the Company's Compensation Committee approved a grant of 6,234 Common Shares to the Company's six independent directors, a grant of 2,000 Common Shares to two non-executive employees of the Company, a grant of 2,000 Common Shares to the President and Chief Executive Officer of the Company, and a grant of 2,000 Common Shares to the Chief Financial Officer of the Company. In addition, the Company’s President and Chief Executive Officer elected to accept a portion of his 2025 compensation in the form of OP Units in lieu of cash, and the Compensation Committee approved a grant of 14,537 OP Units in lieu of a portion of his 2025 cash compensation. The Company’s Chief Financial Officer elected to accept a portion of his 2025 compensation in the form of Common Shares, and the Compensation Committee approved a grant of 6,235 Common Shares in lieu of a portion of his 2025 cash compensation. All Common Shares and OP Units were granted at $12.03 per share or unit, the closing price of the Company’s Common Shares on January 15, 2025. ​ Mandatorily Redeemable Preferred Stock Redemption On December 10, 2024, the Company gave notice of its intention to redeem the remaining 60,000 shares of its mandatorily redeemable preferred stock. On January 10, 2025, the Company completed the final redemption of the remaining 60,000 shares of its mandatorily redeemable preferred stock. The redemption price was $25.00 per share, plus $0.44 per share of accrued dividends. The Company used proceeds from the private placement of Common Shares to fund the $1,526,500 for the final redemption and accrued dividends. ​ ​

Schedule III - Real Estate Prop

Schedule III - Real Estate Properties and Accumulated Depreciation	12 Months Ended
	Dec. 31, 2024
Schedule III - Real Estate Properties and Accumulated Depreciation
Schedule III - Real Estate Properties and Accumulated Depreciation	Medalist Diversified REIT, Inc. and Subsidiaries Schedule III - Real Estate Properties and Accumulated Depreciation December 31, 2024 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Initial Cost to Company ​ ​ ​ ​ ​ ​ ​ Gross Amount at Which Carried at Close of Period ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Buildings, ​ ​ ​ ​ Costs Written ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Life on Which ​ ​ ​ ​ ​ ​ ​ ​ Improvements ​ Costs ​ Off Due to ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Depreciation ​ ​ ​ ​ ​ ​ ​ ​ and Furniture, ​ Capitalized ​ Impairment ​ Fully ​ ​ ​ Buildings ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ in Latest ​ ​ Encum- ​ ​ ​ ​ Fixtures & ​ Subsequent to ​ and Loss on ​ Amortized ​ ​ ​ and ​ ​ ​ ​ Accumulated ​ Date of ​ Date ​ Income Statements Description ​ brances ​ Land ​ Equipment ​ Acquisition ​ Disposition ​ Improvements ​ Land ​ Improvements ​ Total ​ Depreciation ​ Construction ​ Acquired ​ is Computed Retail properties ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ The Shops at Franklin Square ​ $ 13,250,000 ​ $ 3,343,164 ​ $ 15,418,158 (1) $ 1,780,459 ​ $ (309,435) ​ $ (698,564) ​ $ 3,343,164 ​ $ 16,190,618 ​ $ 19,533,782 ​ $ 3,981,713 2006 ​ April 28, 2017 Building - 38 years Gastonia, North Carolina ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Site Improvements - 13 years Hanover North Shopping Center ​ — ​ 397,367 ​ — (1) - ​ — ​ — ​ 397,367 ​ ​ — ​ 397,367 ​ — 2007 ​ May 8, 2018 Building - 39 years Mechanicsville, Virginia ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Site Improvements - 12 years Ashley Plaza Shopping Center ​ ​ 10,460,350 ​ ​ 3,007,721 ​ ​ 11,191,307 (1) ​ 451,582 ​ ​ — ​ ​ (810,412) ​ ​ 3,007,721 ​ ​ 10,832,477 ​ ​ 13,840,198 ​ ​ 2,407,702 ​ 1977 ​ August 30, 2019 ​ Building - 26.7 years Goldsboro, North Carolina ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Site Improvements - 5 years Lancer Center Shopping Center ​ ​ — (2) ​ 2,195,125 ​ ​ 7,684,251 (1) ​ 525,010 ​ ​ (104,863) ​ ​ (295,988) ​ ​ 2,195,125 ​ ​ 7,808,410 ​ ​ 10,003,535 ​ ​ 2,364,654 ​ 1978 ​ May 14, 2021 ​ Building - 14.2 years Lancaster, South Carolina ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Site Improvements - 7.5 years Salisbury Shopping Center ​ ​ — (2) ​ 2,383,881 ​ ​ 7,579,377 (1) ​ 249,423 ​ ​ (13,172) ​ ​ (141,139) ​ ​ 2,383,881 ​ ​ 7,674,489 ​ ​ 10,058,370 ​ ​ 1,325,877 ​ 1987 ​ June 13, 2022 ​ Building - 25 years Salisbury, North Carolina ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Site Improvements - 5 years ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total retail properties ​ 23,710,350 ​ 11,327,258 ​ 41,873,093 ​ 3,006,474 ​ (427,470) ​ (1,946,104) ​ 11,327,258 ​ ​ 42,505,994 ​ 53,833,252 ​ 10,079,946 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Flex properties ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Brookfield Center ​ ​ 4,476,429 ​ ​ 714,220 ​ ​ 5,693,147 (1) ​ 194,501 ​ ​ — ​ ​ (527,858) ​ ​ 714,220 ​ ​ 5,359,790 ​ ​ 6,074,010 ​ ​ 796,772 ​ 2007 ​ October 3, 2019 ​ Building - 40 years Greenville, South Carolina ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Site Improvements - 4.3 years Greenbrier Business Center ​ ​ — (2) ​ 1,292,894 ​ ​ 5,603,909 (1) ​ 364,434 ​ ​ (16,733) ​ ​ (59,986) ​ ​ 1,292,894 ​ ​ 5,891,624 ​ ​ 7,184,518 ​ ​ 885,092 ​ 1987 ​ August 27, 2021 ​ Building - 26 years Chesapeake, Virginia ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Site Improvements - 10 years Parkway Center ​ ​ 4,814,563 ​ ​ 430,549 ​ ​ 6,846,487 (1) ​ 394,920 ​ ​ (5,199) ​ ​ (127,961) ​ ​ 430,549 ​ ​ 7,108,247 ​ ​ 7,538,796 ​ ​ 707,995 ​ 1984 ​ November 1, 2021 ​ Building - 42 years Virginia Beach, Virginia ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Site Improvements - 11 years ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total flex properties ​ $ 9,290,992 ​ $ 2,437,663 ​ $ 18,143,543 ​ $ 953,854 ​ $ (21,932) ​ $ (715,804) ​ $ 2,437,663 ​ $ 18,359,661 ​ $ 20,797,324 ​ $ 2,389,859 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ STNL property ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Citibank ​ — ​ ​ 968,690 ​ ​ 1,329,683 ​ ​ — ​ ​ — ​ ​ — ​ ​ 968,690 ​ ​ 1,329,683 ​ ​ 2,298,373 ​ ​ 35,106 1972 ​ March 28, 2024 Building - 35 years Chicago, Illinois ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Site Improvements - 10 years ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total STNL property ​ $ — ​ $ 968,690 ​ $ 1,329,683 ​ $ — ​ $ — ​ $ — ​ $ 968,690 ​ $ 1,329,683 ​ $ 2,298,373 ​ $ 35,106 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Wells Fargo Mortgage Facility ​ ​ 17,509,420 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total investment properties ​ $ 50,510,762 ​ $ 14,733,611 ​ $ 61,346,319 ​ $ 3,960,329 ​ $ (449,403) ​ $ (2,661,908) ​ $ 14,733,611 ​ $ 62,195,338 ​ $ 76,928,949 ​ $ 12,504,911 ​ (1) Excludes intangible assets (2) Encumbered by Wells Fargo Mortgage Facility. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Greenbrier ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Franklin Hanover ​ Ashley ​ Brookfield ​ Lancer ​ Business ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Square ​ Square ​ ​ Plaza ​ Center ​ Center ​ Center ​ Parkway ​ Salisbury ​ Citibank ​ Total Investments in real estate - 2024 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance at beginning of period - January 1, 2024 ​ $ 19,491,196 ​ $ 11,524,800 ​ $ 14,333,547 ​ $ 6,594,097 ​ $ 10,225,235 ​ $ 7,156,360 ​ $ 7,544,469 ​ $ 10,003,478 ​ $ — ​ $ 86,873,181 Changes during period: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Acquisitions ​ — ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 2,298,373 ​ 2,298,373 Capitalized leasing commissions ​ 125,852 ​ — ​ ​ 48,206 ​ ​ — ​ ​ 47,233 ​ ​ 38,159 ​ ​ 29,799 ​ ​ 27,626 ​ ​ — ​ 316,875 Capitalized tenant improvements ​ 45,635 ​ — ​ ​ 135,224 ​ ​ — ​ ​ 67,982 ​ ​ — ​ ​ — ​ ​ 95,472 ​ ​ — ​ 344,313 Capitalized tenant improvement - lease incentives ​ — ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 29,645 ​ ​ — ​ 29,645 Building and site improvements ​ 73,067 ​ — ​ ​ 70,865 ​ ​ — ​ ​ 5,000 ​ ​ 4,950 ​ ​ 28,212 ​ ​ 29,467 ​ ​ — ​ 211,561 Loss on impairment of tangible assets ​ — ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ (182) ​ ​ — ​ (182) Gain on extinguishment of lease liability ​ — ​ — ​ ​ — ​ ​ — ​ ​ (96,182) ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ (96,182) Fully depreciated assets ​ ​ (201,968) ​ — ​ ​ (747,644) ​ ​ (520,087) ​ ​ (245,733) ​ ​ (14,951) ​ ​ (63,684) ​ ​ (127,136) ​ ​ — ​ ​ (1,921,203) Dispositions of investment properties ​ ​ — ​ (11,127,433) ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ (11,127,433) Balance at end of period - December 31, 2024 ​ $ 19,533,782 ​ $ 397,367 ​ $ 13,840,198 ​ $ 6,074,010 ​ $ 10,003,535 ​ $ 7,184,518 ​ $ 7,538,796 ​ $ 10,058,370 ​ $ 2,298,373 ​ $ 76,928,949 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Accumulated depreciation - 2024 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance at beginning of period ​ $ 3,546,784 ​ $ 1,464,699 ​ $ 2,578,779 ​ $ 1,131,395 ​ $ 1,892,862 ​ $ 586,717 ​ $ 496,974 ​ $ 890,442 ​ $ — ​ $ 12,588,651 Additions charged to costs and expenses ​ 636,897 ​ — ​ ​ 576,567 ​ ​ 185,464 ​ ​ 717,525 ​ ​ 313,327 ​ ​ 274,705 ​ ​ 562,571 ​ ​ 35,106 ​ 3,302,162 Write off accumulated depreciation of property disposed / fully depreciated assets ​ (201,968) ​ (1,464,699) ​ ​ (747,644) ​ ​ (520,087) ​ ​ (245,733) ​ ​ (14,951) ​ ​ (63,684) ​ ​ (127,136) ​ ​ — ​ (3,385,902) Balance at end of period ​ $ 3,981,713 ​ $ — ​ $ 2,407,702 ​ $ 796,772 ​ $ 2,364,654 ​ $ 885,093 ​ $ 707,995 ​ $ 1,325,877 ​ $ 35,106 ​ $ 12,504,911 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net investments in real estate - December 31, 2024 ​ $ — ​ $ 397,367 ​ $ 11,432,496 ​ $ 5,277,238 ​ $ 7,638,881 ​ $ 6,299,425 ​ $ 6,830,801 ​ $ 8,732,493 ​ $ 2,263,267 ​ $ 64,424,038 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Investments in real estate - 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance at beginning of period - January 1, 2023 ​ $ 19,194,564 ​ $ 11,464,185 ​ $ 14,358,787 ​ $ 6,552,959 ​ $ 10,123,987 ​ $ 6,939,193 ​ $ 7,303,857 ​ $ 9,978,329 ​ $ — ​ $ 85,915,860 Changes during period: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Capitalized leasing commissions ​ 101,408 ​ 22,965 ​ ​ 23,907 ​ ​ 40,295 ​ ​ 88,982 ​ ​ 62,842 ​ ​ 52,682 ​ ​ 39,532 ​ ​ — ​ 432,613 Capitalized tenant improvements ​ 343,894 ​ 90,000 ​ ​ - ​ ​ 6,158 ​ ​ 44,250 ​ ​ 117,781 ​ ​ 226,592 ​ ​ — ​ ​ — ​ 828,675 Building and site improvements ​ ​ 56,892 ​ 16,642 ​ ​ 7,489 ​ ​ — ​ ​ 15,225 ​ ​ 88,525 ​ ​ 24,445 ​ ​ 12,610 ​ ​ — ​ ​ 221,828 Loss on impairment of tangible assets ​ — ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ (16,733) ​ ​ — ​ ​ (12,990) ​ ​ — ​ (29,723) Fully depreciated assets ​ ​ (205,562) ​ ​ (68,992) ​ ​ (56,636) ​ ​ (5,315) ​ ​ (47,209) ​ ​ (35,248) ​ ​ (63,107) ​ ​ (14,003) ​ ​ — ​ (496,072) Balance at end of period - December 31, 2023 ​ $ 19,491,196 ​ $ 11,524,800 ​ $ 14,333,547 ​ $ 6,594,097 ​ $ 10,225,235 ​ $ 7,156,360 ​ $ 7,544,469 ​ $ 10,003,478 ​ $ — ​ $ 86,873,181 Accumulated depreciation - 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance at beginning of period ​ $ 3,115,826 ​ $ 1,261,870 ​ $ 2,024,945 ​ $ 847,914 ​ $ 1,198,668 ​ $ 341,562 ​ $ 289,623 ​ $ 320,501 ​ $ — ​ $ 9,400,908 Additions charged to costs and expenses ​ ​ 636,520 ​ 271,821 ​ ​ 610,470 ​ ​ 288,796 ​ ​ 741,403 ​ ​ 280,403 ​ ​ 270,458 ​ ​ 583,944 ​ ​ — ​ 3,683,815 Impairment write-offs ​ ​ (205,562) ​ (68,992) ​ ​ (56,636) ​ ​ (5,315) ​ ​ (47,209) ​ ​ (35,248) ​ ​ (63,107) ​ ​ (14,003) ​ ​ — ​ (496,072) Balance at end of period ​ $ 3,546,784 ​ $ 1,464,699 ​ $ 2,578,779 ​ $ 1,131,395 ​ $ 1,892,862 ​ $ 586,717 ​ $ 496,974 ​ $ 890,442 ​ $ — ​ $ 12,588,651 Net investments in real estate - December 31, 2023 ​ $ 15,944,412 ​ $ 10,060,101 ​ $ 11,754,768 ​ $ 5,462,702 ​ $ 8,332,373 ​ $ 6,569,643 ​ $ 7,047,495 ​ $ 9,113,036 ​ $ — ​ $ 74,284,530 ​

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 27,524	$ (4,571,279)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Dec. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Rule10b51ArrModified Flag	false
NonRule10b51ArrModified Flag	false

Insider Trading Policies and Pr

Insider Trading Policies and Procedures	12 Months Ended
	Dec. 31, 2024
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Cybersecurity Risk Management a

Cybersecurity Risk Management and Strategy Disclosure	12 Months Ended
	Dec. 31, 2024
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	Risk management and strategy ​ Our accounting and financial reporting platforms and related systems, and those that we, or our third-party service providers, offer to our tenants are necessary for the operation of our business. We use these platforms and systems, among others, to manage our tenant relationships, for accounting and financial reporting, and for other recordkeeping purposes. Our business operations and financial reporting rely on the secure collection, storage, transmission, and other processing of proprietary, confidential, and sensitive data. ​ We have implemented and maintain various information security processes designed to identify, assess and manage material risks from cybersecurity threats to our critical computer networks, third-party hosted services, hardware and software, and our critical data, including financial information and other confidential information that is proprietary, strategic or competitive in nature, and tenant data (“Information Systems and Data”). Our cybersecurity risk management processes are integrated into our broader enterprise risk management framework. Cybersecurity risks are assessed and managed alongside other material risks, including financial, operational, legal, and strategic risks, to ensure a comprehensive approach to risk oversight. ​ We rely on our management and third-party service providers, as described further below, to manage any perceived cybersecurity threats and risks. Depending on the environment, we implement and maintain various technical, physical, and organizational measures, processes, standards, and/or policies designed to manage and mitigate material risks from cybersecurity threats to our Information Systems and Data, including incident detection and response, internal controls within our accounting and financial reporting functions, network security controls, access controls, physical security, systems monitoring, and employee training. ​ We work with third parties from time to time that assist us in identifying, assessing, and managing cybersecurity risks, including professional services firms and information technology consulting and support firms. To operate our business, we utilize certain third-party service providers to perform a significant portion of our critical functions. We seek to engage reliable, reputable service providers that maintain cybersecurity programs. To address risks associated with third-party service providers, we will review and assess the cybersecurity controls of our third-party service providers and make changes to our business processes to manage these risks. This approach is designed to mitigate risks related to data breach or other security incidents originating from third-party service providers. ​ As of December 31, 2024, we are not aware of any risks from cybersecurity threats, including as a result of any cybersecurity incidents, which have materially affected or are reasonably likely to materially affect our company, including our business strategy, results of operations, or financial condition but we cannot provide assurance that they will not be materially affected in the future by such risks or any future material incidents. Attacks are increasingly sophisticated and increasing in volume, and attackers respond rapidly to changes in defensive measures. Accordingly, risks related to a cybersecurity event, including litigation and enforcement risks, are elevated due to the dynamic nature and sophistication and frequency of these threats.
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	We have implemented and maintain various information security processes designed to identify, assess and manage material risks from cybersecurity threats to our critical computer networks, third-party hosted services, hardware and software, and our critical data, including financial information and other confidential information that is proprietary, strategic or competitive in nature, and tenant data (“Information Systems and Data”). Our cybersecurity risk management processes are integrated into our broader enterprise risk management framework. Cybersecurity risks are assessed and managed alongside other material risks, including financial, operational, legal, and strategic risks, to ensure a comprehensive approach to risk oversight.
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board of Directors Oversight [Text Block]	Governance ​ The Board holds oversight responsibility over our strategy and risk management, including material risks related to cybersecurity threats. This oversight is executed directly by the Board through management. Our management, represented by our Chief Financial Officer, Brent Winn, leads our cybersecurity risk assessment and management processes and oversees their implementation and maintenance. Mr. Winn is an experienced compliance and risk management professional and has served as Chief Financial Officer since September 2020. Mr. Winn currently oversees key functions for our company’s accounting, finance, and treasury strategies, including risk management. In addition, Mr. Winn leads our cybersecurity risk oversight and the development and enhancement of internal controls designed to prevent, detect, address, and mitigate the risk of cyber incidents. Our management will report
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	The Board holds oversight responsibility over our strategy and risk management, including material risks related to cybersecurity threats.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	Our management will report
Cybersecurity Risk Role of Management [Text Block]	Our management, represented by our Chief Financial Officer, Brent Winn, leads our cybersecurity risk assessment and management processes and oversees their implementation and maintenance. Mr. Winn is an experienced compliance and risk management professional and has served as Chief Financial Officer since September 2020. Mr. Winn currently oversees key functions for our company’s accounting, finance, and treasury strategies, including risk management. In addition, Mr. Winn leads our cybersecurity risk oversight and the development and enhancement of internal controls designed to prevent, detect, address, and mitigate the risk of cyber incidents. Our management will report
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	Chief Financial Officer
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	Mr. Winn is an experienced compliance and risk management professional and has served as Chief Financial Officer since September 2020.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	Our cybersecurity efforts are managed through third-party service providers and third-party software providers who will notify Mr. Winn of a significant cybersecurity incident report that details the nature of the incident, the measures taken to mitigate its impact, and the steps implemented to remediate the situation. We receive periodic summary reports from our providers that outline emerging threats, trends, and the overall effectiveness of our current cybersecurity controls. These processes ensure that Mr. Winn remains actively informed and engaged in overseeing the prevention, detection, mitigation, and remediation of cybersecurity incidents. ​
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2024
Summary of Significant Accounting Policies
Investment Properties	Investment Properties The Company has adopted ASU 2017-01, Business Combinations (Topic 805) Accounting Standards Codification (“ASC”) 805 mandates that “an acquiring entity shall allocate the cost of an acquired entity to the assets acquired and liabilities assumed based on their estimated fair values at date of acquisition.” ASC 805 results in an allocation of acquisition costs to both tangible and intangible assets associated with income producing real estate. Tangible assets include land, buildings, site improvements, tenant improvements and furniture, fixtures and equipment, while intangible assets include the value of in-place leases, lease origination costs (leasing commissions and tenant improvements), legal and marketing costs and leasehold assets and liabilities (above or below market leases), among others. The Company uses independent, third-party consultants to assist management with its ASC 805 evaluations. The Company determines fair value based on accepted valuation methodologies including the cost, market, and income capitalization approaches. The purchase price is allocated to the tangible and intangible assets identified in the evaluation. The Company records depreciation on buildings and improvements utilizing the straight-line method over the estimated useful life of the asset, generally 4 to 42 years. The Company reviews depreciable lives of investment properties periodically and makes adjustments to reflect a shorter economic life, when necessary. Capitalized leasing commissions and tenant improvements incurred and paid by the Company subsequent to the acquisition of the investment property are amortized utilizing the straight-line method over the term of the related lease. Amounts allocated to buildings are depreciated over the estimated remaining life of the acquired building or related improvements. Acquisition and closing costs are capitalized as part of each tangible asset on a pro rata basis. Improvements and major repairs and maintenance are capitalized when the repair and maintenance substantially extend the useful life, increase capacity or improve the efficiency of the asset. All other repair and maintenance costs are expensed as incurred.
Assets Held for Sale	Assets Held for Sale The Company may decide to sell properties that are held as investment properties. The accounting treatment for the disposal of long-lived assets is covered by ASC 360. Under this guidance, the Company records the assets associated with these properties, and any associated mortgages payable, as held for sale when management has committed to a plan to sell the assets, actively seeks a buyer for the assets, and the consummation of the sale is considered probable and is expected within one year. Delays in the time required to complete a sale do not preclude a long-lived asset from continuing to be classified as held for sale beyond the initial one-year period if the delay is caused by events or circumstances beyond an entity’s control and there is sufficient evidence that the entity remains committed to a qualifying plan to sell the long-lived asset. Properties classified as held for sale are reported at the lower of their carrying value or their fair value, less estimated costs to sell. When the carrying value exceeds the fair value, less estimated costs to sell, an impairment charge is recognized. The Company determines fair value based on the three-level valuation hierarchy for fair value measurement. Level 1 inputs are quoted prices in active markets for identical assets or liabilities. Level 2 inputs are quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets in markets that are not active; and inputs other than quoted prices. Level 3 inputs are unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. During November 2023, the Company committed to a plan to sell an asset group associated with the Hanover Square Shopping Center Property that included the land, site improvements, building, and building improvements. As a result, as of December 1, 2023, the Company reclassified these assets, and the related mortgage payable, net, for the Hanover Square Shopping Center Property as assets held for sale and liabilities associated with assets held for sale, respectively. Under ASC 360, depreciation of assets held for sale is discontinued, so no further depreciation or amortization was recorded subsequent to December 1, 2023. The Company believed that the fair value, less estimated costs to sell, exceeded the Company’s carrying cost, so the Company did not record any impairment of assets held for sale related to the Hanover Square Shopping Center Property for any periods, including the three months ended March 31, 2024 and the year ended December 31, 2023, the periods during which the Hanover Square Shopping Center Property was classified as assets held for sale. The Company sold the Hanover Square Shopping Center on March 13, 2024. ​
Intangible Assets and Liabilities, net	Intangible Assets and Liabilities, net The Company determines, through the ASC 805 evaluation, the above and below market lease intangibles upon acquiring a property. Intangible assets (or liabilities) such as above or below-market leases and in-place lease value are recorded at fair value and are amortized as an adjustment to rental revenue or amortization expense, as appropriate, over the remaining terms of the underlying leases. The Company amortizes amounts allocated to tenant improvements, in-place lease assets and other lease-related intangibles over the remaining life of the underlying leases. The analysis is conducted on a lease-by-lease basis. Details of the deferred costs, net of amortization, arising from the Company’s purchases of its retail center properties and flex center properties are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2024 2023 Intangible Assets, net ​ ​ ​ ​ ​ ​ Leasing commissions ​ $ 760,175 ​ $ 912,040 Legal and marketing costs ​ 68,721 ​ 104,791 Above market leases ​ 66,056 ​ 106,907 Net leasehold asset ​ 1,292,780 ​ 1,592,808 ​ ​ $ 2,187,732 ​ $ 2,716,546 ​ ​ ​ ​ ​ ​ ​ Intangible Liabilities, net ​ ​ ​ ​ Below market leases ​ $ (1,420,364) ​ $ (1,865,310) ​ Capitalized above-market lease values are amortized as a reduction of rental income over the remaining terms of the respective leases. Capitalized below-market lease values are amortized as an increase to rental income over the remaining terms of the respective leases. Adjustments to rental revenue related to the above and below market leases during the year ended December 31, 2024 and 2023, respectively, were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, ​ 2024 2023 Amortization of above market leases ​ $ (40,850) ​ $ (93,696) Amortization of below market leases ​ 296,211 ​ 368,803 ​ ​ $ 255,361 ​ $ 275,107 ​ Amortization of lease origination costs, leases in place and legal and marketing costs represent a component of depreciation and amortization expense. Amortization related to these intangible assets during years ended December 31, 2024 and 2023, respectively, were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, ​ 2024 2023 Leasing commissions ​ $ 176,345 ​ $ 216,362 Legal and marketing costs ​ 37,439 ​ 59,841 Net leasehold asset ​ 402,500 ​ 614,145 ​ ​ $ 616,284 ​ $ 890,348 ​ As of December 31, 2024 and 2023, the Company’s accumulated amortization of lease origination costs, leases in place and legal and marketing costs totaled $2,149,522 and $2,204,404, respectively. During the years ended December 31, 2024 and 2023, the Company wrote off $626,739 and $842,492, respectively, in accumulated amortization related to fully amortized intangible assets and $44,427 and $41,501, respectively, in accumulated amortization related to the write off of intangible assets related to the early terminated leases, discussed below. Future amortization of above and below market leases, lease origination costs, leases in place, legal and marketing costs and tenant relationships is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2025 2026 2027 2028 2029 2030-2041 Total Intangible Assets ​ ​ ​ ​ ​ ​ ​ Leasing commissions ​ $ 150,476 ​ $ 112,124 ​ $ 93,206 ​ $ 71,781 ​ $ 58,991 ​ $ 273,597 ​ $ 760,175 Legal and marketing costs ​ 24,088 ​ 13,473 ​ 8,230 ​ 5,518 ​ 3,963 ​ 13,449 ​ 68,721 Above market leases ​ 21,292 ​ 15,629 ​ 14,543 ​ 10,114 ​ 4,478 ​ — ​ 66,056 Net leasehold asset ​ 311,275 ​ 216,104 ​ 169,780 ​ 121,572 ​ 100,309 ​ 373,740 ​ 1,292,780 ​ ​ $ 507,131 ​ $ 357,330 ​ $ 285,759 ​ $ 208,985 ​ $ 167,741 ​ $ 660,786 ​ $ 2,187,732 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Intangible Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Below market leases ​ $ (201,505) ​ $ (166,932) ​ $ (150,023) ​ $ (128,012) ​ $ (125,708) ​ $ (648,184) ​ $ (1,420,364)
Impairment	Impairment ​ The Company reviews its investment properties for impairment on a property-by-property basis whenever events or changes in circumstances indicate that the carrying value of investment properties may not be recoverable, but at least annually. These circumstances include, but are not limited to, declines in the property’s cash flows, occupancy and fair market value. The Company measures any impairment of investment property when the estimated undiscounted cash flows plus its residual value, is less than the carrying value of the property. To the extent impairment has occurred, the Company charges against income the excess of the carrying value of the property over its estimated fair value. The Company estimates fair value using unobservable data such as projected future operating income, estimated capitalization rates, or multiples, leasing prospects and local market information. The Company may decide to sell properties that are held for use and the sale prices of these properties may differ from their carrying values. The Company did not record any impairment adjustments to its investment properties resulting from events or changes in circumstances during the years ended December 31, 2024 and 2023, that would result in the projected value of the Company’s investment properties being below their carrying value. However, tenant defaults and early lease terminations can also result in the recognition of impairment. As a result of certain tenant-specific events during the years ended December 31, 2024 and 2023, the Company recorded a loss on impairment of $182 and $90,221, respectively, resulting from the events described below. In addition, during the year ended December 31, 2024, a tenant in the Company’s Lancer Center Property defaulted on its lease. As a result, the Company determined that certain tangible assets (capitalized tenant improvements), intangible assets (leases in place, leasing commissions and legal and marketing costs), and intangible liabilities (below market lease liability) associated with the tenant’s lease should be written off. The net book value of the below market lease intangible liability was greater than the combined net book value of the remaining assets associated with the tenant’s lease, which resulted in a net gain on extinguishment of lease liabilities totaling $34,792, which is included in other income reported on the Company’s consolidated statement of operations for the year ended December 31, 2024. No such net gain on extinguishment of lease liabilities was recorded during the year ended December 31, 2023. Investment Properties During the year ended December 31, 2024, a tenant in the Company’s Salisbury Marketplace Property notified the Company that it was abandoning its premises and the Company agreed to allow the tenant to terminate its lease early. The Company determined that the carrying value of capitalized leasing commissions associated with this lease which was recorded as a component of investment properties on the Company’s consolidated balance sheets should be written off and recorded a loss on impairment of $182 for the year ended December 31, 2024. This amount is included in the loss on impairment reported on the Company’s consolidated statement of operations for the year ended December 31, 2024. for the year ended December 31, 2023. These amounts are included in the loss on impairment reported on the Company’s consolidated statement of operations for the year ended December 31, 2023. ​ Intangible Assets The Company also reviews its intangible assets for impairment whenever events or changes in circumstances indicate that the carrying value of its intangible assets may not be recoverable, but at least annually. During the year ended December 31, 2023, the Company determined that the carrying value of certain intangible assets associated with the three leases on which tenants Unbilled Rent The Company also reviews the unbilled rent asset recorded on the Company’s consolidated balance sheets for impairment to determine if any amounts may not be recoverable. During the year ended December 31, 2023, the Company recorded a loss on impairment of $12,380 related to previously recognized straight-line rent related to the four tenants who terminated their lease early. These amounts are included in the loss on impairment reported on the Company’s consolidated statement of operations for the year ended December 31, 2023. No such loss on impairment arising from unbilled rent was recorded for the year ended December 31, 2024.
Conditional Asset Retirement Obligation	Conditional Asset Retirement Obligation A conditional asset retirement obligation represents a legal obligation to perform an asset retirement activity in which the timing and/or method of settlement depends on a future event that may or may not be within the Company’s control. Currently, the Company does not have any conditional asset retirement obligations. However, any such obligations identified in the future would result in the Company recording a liability if the fair value of the obligation can be reasonably estimated. Environmental studies conducted at the time the Company acquired its properties did not reveal any material environmental liabilities, and the Company is unaware of any subsequent environmental matters that would have created a material liability. The Company believes that its properties are currently in material compliance with applicable environmental, as well as non-environmental, statutory and regulatory requirements. The Company did not record any conditional asset retirement obligation liabilities during years ended December 31, 2024 and 2023, respectively.
Cash and Cash Equivalents and Restricted Cash	Cash and Cash Equivalents and Restricted Cash The Company considers all highly liquid investments purchased with an original maturity of 90 days or less to be cash and cash equivalents. Cash equivalents are carried at cost, which approximates fair value. Cash equivalents consist primarily of bank operating accounts and money markets. Financial instruments that potentially subject the Company to concentrations of credit risk include its cash and equivalents and its trade accounts receivable. The Company places its cash and cash equivalents and any restricted cash held by the Company on deposit with financial institutions in the United States which are insured by the Federal Deposit Insurance Corporation (“FDIC”) up to $250,000. The Company’s credit loss in the event of failure of these financial institutions’ is represented by the difference between the FDIC limit and the total amounts on deposit. Management monitors the financial institutions credit worthiness in conjunction with balances on deposit to minimize risk. As of December 31, 2024, the Company held four cash accounts at a single financial institution with combined balances that exceeded the FDIC limit by $3,802,408. As of December 31, 2023, the Company held two cash accounts at a single financial institution with combined balances that exceeded the FDIC limit by $1,366,872. Restricted cash represents amounts held by the Company for tenant security deposits, escrow deposits held by lenders for real estate taxes and insurance premiums, and capital reserves held by lenders for investment property capital improvements. Tenant security deposits are restricted cash balances held by the Company to offset potential damages, unpaid rent or other unmet conditions of its tenant leases. As of December 31, 2024 and 2023, the Company reported $245,060 and $260,898, respectively, in security deposits held as restricted cash. Escrow deposits are restricted cash balances held by lenders for real estate taxes and insurance premiums. As of December 31, 2024 and 2023, the Company reported $108,611 and $191,139, respectively, in escrow deposits. Capital reserves are restricted cash balances held by lenders for capital improvements, leasing commissions and tenant improvements. As of December 31, 2024 and 2023, the Company reported $943,044 and $1,122,965, respectively, in capital property reserves. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, Property and Purpose of Reserve ​ 2024 ​ 2023 Ashley Plaza Property – maintenance and leasing cost reserve ​ ​ 337,187 ​ 439,404 Brookfield Center Property – maintenance and leasing cost reserve ​ ​ 95,325 ​ 91,491 Franklin Square Property – leasing costs ​ 510,532 ​ 441,360 Hanover Square Property – operating reserve ​ — ​ 150,710 Total ​ $ 943,044 ​ $ 1,122,965
Share Retirement	Share Retirement ​ ASC 505-30-30-8 provides guidance on accounting for share retirement and establishes two alternative methods for accounting for the purchase price paid in excess of par value. The Company has elected the method by which the excess between par value and the purchase price, including costs and fees, is recorded to additional paid in capital on the Company’s consolidated balance sheets. During the year ended December 31, 2024, the Company repurchased 2,830 Common Shares at a total cost of $32,467, including $62 in fees associated with this repurchase, and at an average price of $11.45 per Common Share (excluding the impact of fees). Of the total repurchase price, $28 was recorded to Common Shares and the difference, $32,439, was recorded to additional paid in capital on the Company’s consolidated balance sheet. No such amounts were recorded during the year ended December 31, 2023.
Revenue Recognition	Revenue Recognition Retail, Flex, and Single Tenant Net Lease Property Revenues The Company recognizes minimum rents from its retail center properties, flex center properties and STNL properties on a straight-line basis over the terms of the respective leases which results in an unbilled rent asset being recorded on the consolidated balance sheets. As of December 31, 2024 and 2023, the Company reported $1,114,365 and $1,109,782, respectively, in unbilled rent. The Company’s leases generally require the tenant to reimburse the Company for a substantial portion of its expenses incurred in operating, maintaining, repairing, insuring and managing the shopping center and common areas (collectively defined as Common Area Maintenance or “CAM” expenses). The Company includes these reimbursements, along with other revenue derived from late fees and seasonal events, on the consolidated statements of operations under the captions "Retail center property revenues”, “Flex center property revenues,” and “Single tenant net lease property revenues.” (See Recent Accounting Pronouncements, below.) This significantly reduces the Company’s exposure to increases in costs and operating expenses resulting from inflation or other outside factors. The Company accrues reimbursements from tenants for recoverable portions of all these expenses as revenue in the period the applicable expenditures are incurred. The Company calculates the tenant’s share of operating costs by multiplying the total amount of the operating costs by a fraction, the numerator of which is the total number of square feet being leased by the tenant, and the denominator of which is the average total square footage of all leasable buildings at the property. The Company also receives payments for these reimbursements from substantially all its tenants on a monthly basis throughout the year. The Company recognizes differences between previously estimated recoveries and the estimated final billed amounts in the year in which the amounts become final. During the years ended December 31, 2024 and 2023, the Company recognized $164,239 and $117,767, respectively, in retail center, flex center property and STNL property tenant reimbursement revenues resulting from differences between the estimated final billed amounts and previously estimated recoveries. The Company includes these tenant reimbursement revenues on the consolidated statements of operations under the captions "Retail center property revenues”, “Flex center property revenues”, and “Single tenant net lease property revenues.” ​
Management Restructuring Expenses	Management Restructuring Expenses On July 18, 2023, the Company and the Operating Partnership entered into a Termination Agreement with the Manager, William R. Elliott and Thomas E. Messier, which provided for the immediate termination of the Management Agreement and, among other things, aggregate payments of $1,602,717 in settlement of all amounts payable under the Management Agreement (consisting of a $1,250,000 termination fee and a $352,717 deferred acquisition fee which represented acquisition fees that had been earned during 2022, but deferred under a deferral agreement). For the year ended December 31, 2023, the Company recorded $2,066,521 in management restructuring expenses on its consolidated statement of operations in accordance with ASC 420-10-S99, which included the payment of the $1,250,000 termination fee, $544,077 in legal expenses and $10,437 in other expenses associated with the Board’s Special Committee’s (consisting of the Board’s independent directors) exploration of strategic alternatives, and $262,007 related to the guaranty substitution (see Note 5, Loans Payable). The payment of the deferred acquisition fee was recorded as a reduction in accounts payable and accrued liabilities on the Company’s consolidated balance sheet. No such expenses were recorded for the year ended December 31, 2024.
Rent and other receivables	Rent and other receivables Rent and other receivables include tenant receivables related to base rents and tenant reimbursements. Rent and other receivables do not include receivables attributable to recording rents on a straight-line basis, which are included in unbilled rent, discussed above. The Company determines an allowance for the uncollectible portion of accrued rents and accounts receivable based upon customer credit worthiness (including expected recovery of a claim with respect to any tenants in bankruptcy), historical bad debt levels, and current economic trends. The Company considers a receivable past due once it becomes delinquent per the terms of the lease. A past due receivable triggers certain events such as notices, fees and other allowable and required actions per the lease. As of December 31, 2024 and 2023, the Company’s allowance for uncollectible rent totaled $0 and $13,413, respectively, which are comprised of amounts specifically identified based on management’s review of individual tenants’ outstanding receivables. Management determined that no additional general reserve is considered necessary as of December 31, 2024 and 2023, respectively.
Income Taxes	Income Taxes Beginning with the Company’s taxable year ended December 31, 2017, the REIT has elected to be taxed as a real estate investment trust for federal income tax purposes under Sections 856 through 860 of the Internal Revenue Code and applicable Treasury regulations relating to REIT qualification. In order to maintain this REIT status, the regulations require the Company to distribute at least 90% of its taxable income to stockholders and meet certain other asset and income tests, as well as other requirements. If the Company fails to qualify as a REIT, it will be subject to tax at regular corporate rates for the years in which it fails to qualify. If the Company loses its REIT status it could not elect to be taxed as a REIT for five years unless the Company’s failure to qualify was due to reasonable cause and certain other conditions were satisfied. Management has evaluated the effect of the guidance provided by GAAP on Accounting for Uncertainty of Income Taxes
Use of Estimates	Use of Estimates The Company has made estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and revenues and expenses during the reported period. The Company’s actual results could differ from these estimates.
Noncontrolling Interests	Noncontrolling Interests The ownership interests not held by the REIT are considered noncontrolling interests. There are three elements of noncontrolling interests in the capital structure of the Company. These noncontrolling interests have been reported in equity on the consolidated balance sheets but separate from the Company’s equity. On the consolidated statements of operations, the subsidiaries are reported at the consolidated amount, including both the amount attributable to the Company and noncontrolling interests. The Company’s consolidated statements of changes in stockholders’ equity includes beginning balances, activity for the period and ending balances for stockholders’ equity, noncontrolling interests and total equity. The first noncontrolling interest is in the Hanover Square Property (which consisted of both the Hanover Square Shopping Center and the Hanover Square Outparcel prior to the Company’s acquisition of the noncontrolling owner’s 16% interest) in which the Company owned an 84% tenancy in common interest through its subsidiary and an outside party owned a 16% tenancy in common interest, prior to the Hanover Square Transactions. Prior to the Hanover Square Transactions, the Hanover Square Property’s net income was allocated to the noncontrolling ownership interest based on its 16% ownership. During the year ended December 31, 2024, 16% of the Hanover Square Property’s net income (including the gain on the disposal of the Hanover Square Shopping Center) of $2,837,047 , or $453,928 , $48,209 , $7,714 , The second noncontrolling interest is in the Parkway Property in which the Company owns an 82% tenancy in common interest through its subsidiary and an outside party owns an 18% tenancy in common interest. The Parkway Property's net loss is allocated to the noncontrolling ownership interest based on its 18% ownership. During the year ended December 31, 2024, 18% of the Parkway Property's net loss of $17,965, or $3,234, was allocated to the noncontrolling ownership interest. During the year ended December 31, 2023, 18% of the Parkway Property’s net loss of $47,129, or $8,482, was allocated to the noncontrolling ownership interest. The third noncontrolling ownership interest consists of the common units of the Operating Partnership (the “OP Units”) that are not held by the REIT. In 2017, the members of a selling limited liability company invested $1,175,000 in the Operating Partnership in a 721 exchange, which allows the exchange of interests in real property for units in the operating partnership of a real estate investment trust, for 7,812 OP Units. Additionally, effective on January 1, 2020, 5,865 OP Units were issued in exchange for approximately 3.45% of the noncontrolling owner’s tenant in common interest in the Hampton Inn Property, a property that was previously owned by the Company. On August 31, 2020, a holder of OP Units converted 332 OP Units into shares of the Company’s common stock, $0.01 par value per share (“Common Shares”). On January 18, 2024, the Company issued 19,348 OP Units to Francis P. Kavanaugh, representing a portion of his 2024 compensation. On February 16, 2024, the Company redeemed for cash the 5,865 OP Units that were issued to the Hampton Inn Property noncontrolling owner. On March 27, 2024, the Company issued 208,695 OP Units at a value of $11.50 per unit as consideration for the purchase of the Citibank Property. On May 30, 2024, the Company redeemed 1,330 OP Units for cash. On October 11, 2024, the Company issued 160,000 OP Units in a private placement at a purchase price of $12.50 per unit for total consideration of $2,000,000. The purchaser of the OP Units was Frank Kavanaugh, the Company’s President and Chief Executive Officer and Chairman of the Board, and a related party. As of December 31, 2024 and 2023, there were 392,864 and 13,346 OP Units outstanding, respectively, not held by the REIT. As of December 31, 2024 and December 31, 2023, respectively, 4,820 and 13,346 of the OP Units not held by the REIT were convertible to Common Shares. Outstanding OP Units have been adjusted for the Reverse Stock Split (as defined below). (See Note 7, below). The OP Units not held by the REIT represent 22.60% and 1.19% of the outstanding OP Units as of December 31, 2024 and December 31, 2023, respectively. The noncontrolling interest percentage is calculated at any point in time by dividing the number of OP Units not owned by the Company by the total number of OP Units outstanding. The noncontrolling interest ownership percentage will change as additional Common Shares are issued by the REIT, or additional Operating Partnerships Units are issued or as OP Units are exchanged for Common Shares. During periods when the Operating Partnership’s noncontrolling interest changes, the noncontrolling ownership interest is calculated based on the weighted average Operating Partnership noncontrolling ownership interest during that period. The Operating Partnership’s net income (loss) is allocated to the noncontrolling OP Unit holders based on their ownership interest. During the year ended December 31, 2024, a weighted average of 8.17% of the Operating Partnership’s net income of $3,258,195 , $266,107 , % $109,823 , or $1,307 ,
Reclassifications	Reclassifications ​ Operating Segments ​ Effective January 1, 2024, the Company established STNL properties as a third operating segment. The Ashley Plaza Property consists of three separate parcels including a parcel with the main shopping center building, the East Coast Wings Parcel and the T-Mobile Parcel. Effective for the periods after January 1, 2024, the Company reports revenues from the East Coast Wings Parcel and the T-Mobile Parcel as single tenant net lease property revenues, and expenses associated with these two parcels as single tenant net lease property expenses. For the periods prior to January 1, 2024, the Company has reclassified the revenues and expenses associated with these two parcels that were previously recorded as retail center property revenues and retail center property expenses as single tenant net lease property revenues and single tenant net lease property expenses, respectively. Specifically, for the year ended December 31, 2023, the Company reclassified $226,260, that was previously recorded as retail center property revenues to single tenant net lease property revenues, and $31,175 that was previously recorded as retail center property expenses to single tenant net lease expenses. These reclassifications had no impact on total revenues, total expenses or net income (loss). ​ Outstanding Shares ​ All per share amounts, Common Shares outstanding, OP Units outstanding, and stock-based compensation amounts for all periods presented reflect the Company’s one-for-eight 1-for-8 one-for-ten 1-for-10
Recent Accounting Pronouncements	Recent Accounting Pronouncements Since its initial public offering, the Company elected to be classified as an emerging growth company in its periodic reporting to the SEC, and accordingly followed the private company implementation dates for new accounting pronouncements. Beginning with the year ended December 31, 2023, the Company is no longer classified as an emerging growth company but has retained its classification as a smaller reporting company and therefore follows implementation dates applicable to smaller reporting companies with respect to new accounting pronouncements. In addition, the Company has elected to follow scaled disclosure requirements applicable to smaller reporting companies. Recently Adopted Accounting Pronouncements Debt With Conversion Options In August 2020, the FASB issued ASU 2020-06, Debt - Debt With Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging - Contracts in an Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity. Credit Losses on Financial Instruments In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments Effects of Reference Rate Reform In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting Reference Rate Reform (Topic 848): Deferral of the Sunset of Topic 848 Improvements to Reportable Segment Disclosures ​ In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures ​ Upcoming Accounting Pronouncements ​ General Disclosure Improvements ​ In October 2023, the FASB issued ASU 2023-06, Disclosure Improvements: Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative of gains and losses from derivative instruments in the statement of cash flows, and the tax status of distributions to stockholders. The amendments made to the specific subtopics of the Codification become effective only if and when the SEC removes the related presentation or disclosure requirement from its regulations by June 30, 2027. As a public company, the Company is already subject to the relevant presentation and disclosure requirements under the existing SEC regulations, but management is still evaluating the impact on the Company’s consolidated financial statements. ​ Disaggregation of Income Statement Expenses ​ In November 2024, the FASB issued ASU 2024-03, Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses
Evaluation of the Company's Ability to Continue as a Going Concern	Evaluation of the Company’s Ability to Continue as a Going Concern ​ Under the accounting guidance related to the presentation of financial statements, the Company is required to evaluate, on a quarterly basis, whether or not the entity’s current financial condition, including its sources of liquidity at the date that the consolidated financial statements are issued, will enable the entity to meet its obligations as they come due arising within one year of the date of the issuance of the Company’s consolidated financial statements and to make a determination as to whether or not it is probable, under the application of this accounting guidance, that the entity will be able to continue as a going concern. The Company’s consolidated financial statements have been presented on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. ​ The redemption date of the Company’s mandatorily redeemable preferred stock was February 19, 2025 (the “Mandatory Redemption Date”). On November 25, 2024, the Company redeemed 140,000 shares of the mandatorily redeemable preferred stock (see Note 4, below). The Company used the $2,000,000 proceeds from the private placement of OP Units and $1,500,000 in cash on hand to fund this redemption. On January 10, 2025, the Company redeemed the remaining 60,000 shares of the mandatorily redeemable preferred stock (the “Final Redemption”) (see Note 11, below). The Company used proceeds from the private placement of Common Shares to fund the Final Redemption. After the Final Redemption, and as of the date these consolidated financial statements are available to be issued, no shares of the mandatorily redeemable preferred stock are outstanding. ​ In applying applicable accounting guidance, management considered the Company’s current financial condition and liquidity sources, including current funds available, forecasted future cash flows, the Company’s obligations due over the next twelve months as well as the Company’s recurring business operating expenses. The Company concludes that it is probable that the Company will be able to meet its obligations arising within one year of the date of issuance of these consolidated financial statements within the parameters set forth in the accounting guidance.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2024
Summary of Significant Accounting Policies
Schedule of net intangible assets and liabilities	​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2024 2023 Intangible Assets, net ​ ​ ​ ​ ​ ​ Leasing commissions ​ $ 760,175 ​ $ 912,040 Legal and marketing costs ​ 68,721 ​ 104,791 Above market leases ​ 66,056 ​ 106,907 Net leasehold asset ​ 1,292,780 ​ 1,592,808 ​ ​ $ 2,187,732 ​ $ 2,716,546 ​ ​ ​ ​ ​ ​ ​ Intangible Liabilities, net ​ ​ ​ ​ Below market leases ​ $ (1,420,364) ​ $ (1,865,310)
Schedule of adjustments to rental revenue related to the above and below market leases	​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, ​ 2024 2023 Amortization of above market leases ​ $ (40,850) ​ $ (93,696) Amortization of below market leases ​ 296,211 ​ 368,803 ​ ​ $ 255,361 ​ $ 275,107
Schedule of amortization related to intangible assets	​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, ​ 2024 2023 Leasing commissions ​ $ 176,345 ​ $ 216,362 Legal and marketing costs ​ 37,439 ​ 59,841 Net leasehold asset ​ 402,500 ​ 614,145 ​ ​ $ 616,284 ​ $ 890,348
Schedule of future amortization of above and below market leases	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2025 2026 2027 2028 2029 2030-2041 Total Intangible Assets ​ ​ ​ ​ ​ ​ ​ Leasing commissions ​ $ 150,476 ​ $ 112,124 ​ $ 93,206 ​ $ 71,781 ​ $ 58,991 ​ $ 273,597 ​ $ 760,175 Legal and marketing costs ​ 24,088 ​ 13,473 ​ 8,230 ​ 5,518 ​ 3,963 ​ 13,449 ​ 68,721 Above market leases ​ 21,292 ​ 15,629 ​ 14,543 ​ 10,114 ​ 4,478 ​ — ​ 66,056 Net leasehold asset ​ 311,275 ​ 216,104 ​ 169,780 ​ 121,572 ​ 100,309 ​ 373,740 ​ 1,292,780 ​ ​ $ 507,131 ​ $ 357,330 ​ $ 285,759 ​ $ 208,985 ​ $ 167,741 ​ $ 660,786 ​ $ 2,187,732 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Intangible Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Below market leases ​ $ (201,505) ​ $ (166,932) ​ $ (150,023) ​ $ (128,012) ​ $ (125,708) ​ $ (648,184) ​ $ (1,420,364)
Schedule of property and purpose of reserve	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, Property and Purpose of Reserve ​ 2024 ​ 2023 Ashley Plaza Property – maintenance and leasing cost reserve ​ ​ 337,187 ​ 439,404 Brookfield Center Property – maintenance and leasing cost reserve ​ ​ 95,325 ​ 91,491 Franklin Square Property – leasing costs ​ 510,532 ​ 441,360 Hanover Square Property – operating reserve ​ — ​ 150,710 Total ​ $ 943,044 ​ $ 1,122,965

Investment Properties (Tables)

Investment Properties (Tables)	12 Months Ended
	Dec. 31, 2024
Schedule of investment properties	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ 2024 2023 Land ​ $ 14,733,611 ​ $ 13,720,502 Site improvements ​ 2,668,442 ​ 3,797,755 Buildings and improvements (1) ​ 59,526,896 ​ 58,183,070 Investment properties at cost (2) ​ 76,928,949 ​ 75,701,327 Less accumulated depreciation ​ 12,504,911 ​ 11,123,951 Investment properties, net ​ $ 64,424,038 ​ $ 64,577,376 ​ (1) Includes tenant improvements (both those acquired as part of the acquisition of the properties and those constructed after the properties’ acquisition), capitalized leasing commissions and other capital costs incurred post-acquisition. (2) Excludes intangible assets and liabilities (see Note 2, above, for a discussion of the Company’s accounting treatment of intangible assets), escrow deposits and property reserves.
Schedule of deferred costs, net of depreciation and amortization	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ 2024 2023 Capitalized tenant improvements – acquisition cost allocation, net ​ $ 1,972,830 ​ $ 2,504,953 Capitalized tenant improvements incurred subsequent to acquisition, net ​ ​ 969,020 ​ ​ 898,873 Capitalized tenant improvements considered to be lease incentives ​ 26,681 ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ 2024 ​ 2023 Capitalized leasing commissions, net ​ $ 876,908 $ 759,677
Schedule of assets held for sale and liabilities associated with assets held for sale	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ 2024 ​ 2023 Investment properties, net ​ $ — $ 9,707,154 Total assets held for sale ​ $ — ​ $ 9,707,154 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ 2024 ​ 2023 Mortgages payable, net ​ $ — $ 9,588,888 Total liabilities associated with assets held for sale ​ $ — ​ $ 9,588,888
Schedule of operating results of shopping center properties included in continuing operations	​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, ​ 2024 2023 Revenue ​ ​ ​ ​ ​ ​ Retail center property revenues ​ $ 307,325 ​ $ 1,354,804 Total Revenue ​ 307,325 ​ 1,354,804 ​ ​ ​ ​ ​ ​ ​ Operating Expenses ​ ​ ​ ​ ​ ​ Retail center property operating expenses ​ ​ 92,559 ​ ​ 318,850 Bad debt expense ​ ​ 16,136 ​ ​ — Depreciation and amortization ​ ​ — ​ ​ 280,141 Total Operating Expenses ​ ​ 108,695 ​ ​ 598,991 Gain on disposal of investment properties ​ ​ 2,819,502 ​ ​ — Loss on extinguishment of debt ​ ​ (51,837) ​ ​ — Operating Income ​ ​ 2,966,295 ​ ​ 755,813 Interest expense ​ ​ 129,248 ​ ​ 707,604 Net Income ​ ​ 2,837,047 ​ ​ 48,209 Less: Net income attributable to Hanover Square Property noncontrolling interests ​ ​ 453,928 ​ ​ 7,714 Less: Net income attributable to Operating Partnership noncontrolling interests ​ ​ 190,650 ​ ​ 482 Net Income Attributable to Medalist Common Stockholders ​ ​ 2,192,469 ​ ​ 40,013
2024 Property Acquisitions
Schedule of fair values of assets acquired and liabilities assumed	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ NCI Interest in ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Hanover Square ​ ​ ​ Citibank ​ ​ ​ ​ ​ ​ ​ ​ Outparcel (a) ​ ​ Property ​ ​ ​ Total ​ Fair value of assets acquired: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Investment property ​ $ 100,891 ​ ​ $ 2,298,373 (a) ​ $ 2,399,264 ​ Lease intangibles ​ ​ — ​ ​ ​ 245,837 (b) ​ ​ 245,837 ​ Below market leases ​ ​ — ​ ​ ​ (99,756) (b) ​ ​ (99,756) ​ Fair value of net assets acquired ​ $ 100,891 ​ ​ $ 2,444,454 (c) ​ $ 2,545,345 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Purchase consideration: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Consideration paid with cash ​ $ 100,891 ​ ​ $ 44,454 (d) ​ $ 145,345 ​ Consideration paid with OP Units ​ — ​ ​ 2,400,000 (e) ​ 2,400,000 ​ Total consideration ​ $ 100,891 ​ ​ $ 2,444,454 (f) ​ $ 2,545,345 ​ ​ ​ NCI Interest in Hanover Square Outparcel ​ a. Represents the total acquisition cost of the land acquired. Closing costs were allocated and added to the fair value of the tangible assets acquired. Citibank Property a. Represents the fair value of the investment property acquired which includes land, buildings, site improvements and tenant improvements. The fair value was determined using the market approach, the cost approach, the income approach or a combination thereof. Closing costs were allocated and added to the fair value of the tangible assets acquired. b. Represents the fair value of lease intangibles. Lease intangibles include leasing commissions, leases in place, below market leases and legal and marketing costs associated with replacing existing leases. c. Represents the total fair value of assets and liabilities acquired at closing. d. Represents cash paid for closing costs paid at closing or directly by the Company outside of closing. e. Represents issuance of 208,695 OP Units at $11.50 per Operating Partnership Unit. See Note 7, below. ​ f. Represents the consideration paid for the fair value of the assets and liabilities acquired.

Loans Payable (Tables)

Loans Payable (Tables)	12 Months Ended
	Dec. 31, 2024
Loans Payable
Schedule of mortgages payables, net	The Company’s mortgages payables, net consists of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Monthly ​ Interest ​ ​ ​ December 31, Property Payment Rate Maturity ​ 2024 2023 Franklin Square (a) ​ Interest only 3.808 % December 2031 ​ $ 13,250,000 ​ $ 13,250,000 Ashley Plaza (b) ​ $ 52,795 3.75 % September 2029 ​ 10,460,350 ​ 10,708,557 Brookfield Center (c) ​ $ 22,876 ​ 3.90 % November 2029 ​ ​ 4,476,429 ​ ​ 4,571,410 Parkway Center (d) ​ $ 28,161 ​ Variable ​ November 2031 ​ ​ 4,814,563 ​ ​ 4,870,403 Wells Fargo Mortgage Facility (e) ​ $ 103,438 ​ 4.50 % June 2027 ​ ​ 17,509,420 ​ ​ 17,939,276 Unamortized issuance costs, net ​ ​ ​ ​ ​ ​ ​ ​ ​ (509,700) ​ ​ (566,873) Total mortgages payable, net ​ ​ ​ ​ $ 50,001,062 ​ $ 50,772,773 (a) The mortgage loan for the Franklin Square Property in the principal amount of $13,250,000 has a ten-year term and a maturity date of December 6, 2031. The mortgage loan bears interest at a fixed rate of 3.808% and is interest only until January 6, 2025, at which time the monthly payment will become $61,800 , which includes interest and principal based on a thirty-year amortization schedule. The mortgage loan includes covenants for the Company to maintain a net worth of $ 13,250,000 , excluding the assets and liabilities associated with the Franklin Square Property and for the Company to maintain liquid assets of no less than $1,000,000 . As of December 31, 2024 and 2023, the Company believes that it is compliant with these covenants. The Company has guaranteed the payment and performance of the obligations of the mortgage loan. (b) The mortgage loan for the Ashley Plaza Property bears interest at a fixed rate of 3.75 % and was interest only for the first twelve months. Beginning on October 1, 2020, the monthly payment became $52,795 for the remaining term of the loan, which includes interest at the fixed rate, and principal, based on a thirty-year amortization schedule. Effective on December 26, 2023, the Company assumed certain guaranty obligations under the Ashley Plaza mortgage loan related to the Guaranty Substitution (see below). These obligations include covenants for the Company to maintain a net worth of $11,400,000 , excluding the liabilities associated with the mortgage loan for the Ashley Plaza Property, and for the Company to maintain liquid assets of no less than $1,140,000 . As of December 31, 2024 and 2023, the Company believes that it is compliant with these covenants. (c) The mortgage loan for the Brookfield Property bears interest at a fixed rate of 3.90 % and was interest only for the first twelve months. Beginning on November 1, 2020, the monthly payment became $22,876 for the remaining term of the loan, which includes interest at the fixed rate, and principal, based on a thirty-year amortization schedule. Effective on December 26, 2023, the Company assumed certain guaranty obligations under the Brookfield Property mortgage loan related to the Guaranty Substitution (see below). These obligations include covenants for the Company to maintain a net worth of $4,850,000 , excluding the liabilities associated with the mortgage loan for the Brookfield Property, and for the Company to maintain liquid assets of no less than $485,000 . As of December 31, 2024 and 2023, the Company believes that it is compliant with these covenants. (d) The interest rate for the mortgage loan for the Parkway Property was originally based on ICE LIBOR plus 225 basis points, with a minimum rate of 2.25 %. After the discontinuation of LIBOR on June 30, 2023, the ICE LIBOR index was replaced by Term SOFR, with an adjusted margin of 236.44 basis points. Under the terms of the mortgage, the interest rate payable each month shall not change by greater than 1 % during any six-month period and 2 % during any 12-month period. As of December 31, 2024 and 2023 the rate in effect for the Parkway Property mortgage was 6.92 % and 7.05 %, respectively. The monthly payment, which varies based on the interest rate in effect each month, includes interest at the variable rate, and principal based on a thirty-year amortization schedule. The mortgage loan for the Parkway Property includes a covenant to maintain a debt service coverage ratio of not less than 1.30 to 1.00 on an annual basis . As of December 31, 2024 and 2023, the Company believes that it is compliant with this covenant. (e) On June 13, 2022, the Company entered into a mortgage loan facility with Wells Fargo Bank (the “Wells Fargo Mortgage Facility”) in the principal amount of $ 18,609,500 . The proceeds of this mortgage were used to finance the acquisition of the Salisbury Marketplace Property and to refinance the mortgages payable on the Lancer Center Property and the Greenbrier Business Center Property. On October 2, 2024, the Company and Wells Fargo Bank, National Association, entered into an Amendment to the Wells Fargo Mortgage Facility that added, as cross collateral, the Citibank Property. The Wells Fargo Mortgage Facility bears interest at a fixed rate of 4.50% for a five-year term. The monthly payment, which includes interest at the fixed rate, and principal, based on a twenty-five-year amortization schedule, is $103,438 . The Company has provided an unconditional guaranty of the payment of and performance under the terms of the Wells Fargo Mortgage Facility. The Wells Fargo Mortgage Facility credit agreement includes covenants to maintain a debt service coverage ratio of not less than 1.50 to 1.00 on an annual basis, a combined minimum debt yield of 9.5% on the Salisbury Marketplace Property, the Lancer Center Property, the Greenbrier Business Center Property, and the Citibank Property, and the maintenance of liquid assets of not less than $1,500,000 . As of December 31, 2024 and 2023, the Company believes that it is compliant with these covenants.
Schedule of Company's mortgages payables, net, associated with assets held for sale	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Monthly ​ Interest ​ ​ ​ December 31, Property ​ Payment Rate ​ Maturity ​ 2024 2023 Hanover Square (a) ​ $ 78,098 6.94 % ​ December 2027 ​ $ — ​ $ 9,640,725 Unamortized issuance costs, net ​ ​ ​ ​ — ​ (51,837) Total mortgages payable, net, associated with assets held for sale ​ ​ ​ ​ ​ ​ ​ $ — ​ $ 9,588,888 ​ (a) The mortgage loan for the Hanover Square Shopping Center Property bore interest at a fixed rate of 4.25 % until January 1, 2023, when the interest rate adjusted to a fixed rate of 6.94 %, which was determined by adding 3.00% to the daily average yield on United States Treasury securities adjusted to a constant maturity of five years , as made available by the Federal Reserve Board, with a minimum of 4.25 %. As a result of the interest rate change, as of February 1, 2023, the fixed monthly payment of $56,882 increased to $78,098 which includes interest at the fixed rate, and principal, based on a twenty-five-year amortization schedule. On March 13, 2024, the Company sold the Hanover Square Shopping Center Property and repaid the mortgage loan for the Hanover Square Shopping Center Property.
Schedule of interest expense, including amortization of capitalized issuance costs and payments received from the Company's interest rate protection transactions for the Hampton Inn Property and Clemson Best Western Property	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, 2024 ​ ​ ​ Amortization Interest rate ​ ​ ​ ​ ​ Mortgage ​ of discounts and ​ protection ​ Other ​ ​ ​ ​ Interest ​ capitalized ​ transaction ​ interest ​ ​ ​ ​ Expense ​ issuance costs ​ payments ​ expense ​ Total Franklin Square ​ $ 512,969 $ 28,372 $ — $ — $ 541,341 Hanover Square ​ 129,248 ​ — ​ — ​ — ​ 129,248 Ashley Plaza ​ 403,550 ​ 17,430 ​ — ​ — ​ 420,980 Brookfield Center ​ 179,530 ​ 11,350 ​ — ​ — ​ 190,880 Parkway Center ​ ​ 351,240 ​ ​ 11,027 ​ ​ (116,329) ​ ​ — ​ ​ 245,938 Wells Fargo Mortgage Facility ​ ​ 811,396 ​ ​ 32,300 ​ ​ — ​ ​ — ​ ​ 843,696 Wells Fargo Line of Credit ​ ​ — ​ ​ — ​ ​ — ​ ​ 17,700 ​ ​ 17,700 Amortization and preferred stock dividends on mandatorily redeemable preferred stock ​ ​ — ​ ​ 246,966 ​ ​ — ​ ​ 378,490 ​ ​ 625,456 Other interest ​ ​ — ​ ​ — ​ ​ — ​ ​ 4,560 ​ ​ 4,560 Total interest expense ​ $ 2,387,933 ​ $ 347,445 ​ $ (116,329) ​ $ 400,750 ​ $ 3,019,799 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, 2023 ​ ​ ​ Amortization Interest rate ​ ​ ​ ​ ​ Mortgage ​ of discounts and ​ protection ​ Other ​ ​ ​ ​ Interest ​ capitalized ​ transaction ​ interest ​ ​ ​ ​ Expense ​ issuance costs ​ payments ​ expense ​ Total Franklin Square ​ $ 511,568 ​ $ 28,372 ​ $ — $ — ​ $ 539,940 Hanover Square ​ 695,788 ​ ​ 11,816 ​ ​ — ​ — ​ ​ 707,604 Ashley Plaza ​ 411,012 ​ ​ 17,430 ​ ​ — ​ — ​ ​ 428,442 Brookfield Center ​ 182,714 ​ ​ 11,351 ​ ​ — ​ ​ — ​ ​ 194,065 Parkway Center ​ ​ 233,479 ​ ​ 11,026 ​ ​ (106,117) ​ ​ — ​ ​ 138,388 Wells Fargo Mortgage Facility ​ ​ 828,547 ​ ​ 26,887 ​ ​ — ​ ​ 33,973 ​ ​ 889,407 Amortization and preferred stock dividends on mandatorily redeemable preferred stock ​ ​ — ​ ​ 243,054 ​ ​ — ​ ​ 400,000 ​ ​ 643,054 Total interest expense ​ $ 2,863,108 ​ $ 349,936 ​ $ (106,117) ​ $ 433,973 ​ $ 3,540,900 ​
Schedule of interest accrued and accumulated amortization of capitalized issuance costs	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2024 ​ As of December 31, 2023 ​ ​ ​ Accumulated ​ ​ Accumulated ​ ​ ​ ​ ​ amortization of ​ ​ ​ ​ amortization ​ ​ Accrued ​ capitalized ​ Accrued ​ of capitalized ​ ​ interest ​ issuance costs ​ interest ​ issuance costs Franklin Square ​ $ 43,448 ​ $ 87,480 ​ $ 43,448 ​ $ 59,108 Hanover Square ​ — ​ — ​ 55,755 ​ 71,696 Ashley Plaza ​ — ​ 92,969 ​ 34,580 ​ 75,539 Brookfield Center ​ — ​ 59,594 ​ — ​ 48,244 Parkway Center ​ ​ 27,753 ​ ​ 34,917 ​ ​ 28,614 ​ ​ 23,890 Wells Fargo Mortgage Facility ​ ​ — ​ ​ 72,631 ​ ​ — ​ ​ 40,331 Amortization and accrued preferred stock dividends on mandatorily redeemable preferred stock ​ ​ 21,334 (1) ​ 1,127,339 ​ ​ 70,004 (1) ​ 832,693 Total ​ $ 92,535 ​ $ 1,474,930 ​ $ 232,401 ​ $ 1,151,501 (1) Recorded as accrued interest under accounts payable and accrued liabilities on the Company’s consolidated balance sheets as of December 31, 2024 and 2023, respectively.
Schedule of principal repayments on indebtedness	​ ​ ​ ​ ​ ​ ​ ​ Mortgages Payable 2025 $ 1,088,084 2026 ​ 1,136,018 2027 ​ 17,276,060 2028 ​ 716,832 2029 ​ 13,854,755 Thereafter ​ 16,439,013 Total principal payments and debt maturities ​ ​ 50,510,762 Less unamortized issuance costs ​ (509,700) Net principal payments and debt maturities ​ $ 50,001,062 ​

Rentals under Operating Leases

Rentals under Operating Leases (Tables)	12 Months Ended
	Dec. 31, 2024
Rentals under Operating Leases
Schedule of future minimum rentals to be received under noncancelable tenant operating leases	Future minimum rents (based on recognizing future rents on the straight-line basis) to be received under noncancelable tenant operating leases for each of the next five years and thereafter, excluding common area maintenance and other expense pass-throughs, as of December 31, 2024 are as follows: ​ ​ ​ ​ ​ 2025 $ 7,289,072 2026 ​ 5,584,338 2027 ​ 4,620,727 2028 ​ 3,851,830 2029 ​ 2,800,262 Thereafter ​ 6,211,875 Total minimum rents ​ $ 30,358,104 ​

Equity (Tables)

Equity (Tables)	12 Months Ended
	Dec. 31, 2024
Equity
Schedule of common stock purchases under Common Stock Repurchase Plan	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Purchase (Trade) Date Shares Purchased Price Per Share Total Cost (1) August 6, 2024 ​ 2,830 ​ $ 11.45 ​ $ 32,467 Total ​ 2,830 ​ $ 11.45 ​ $ 32,467 (1) Total cost before transaction fees.
Schedule of income (loss) per common share	​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ 2024 2023 ​ ​ ​ ​ Basic and diluted shares outstanding ​ ​ ​ ​ ​ ​ Weighted average Common Shares – basic ​ ​ 1,127,768 ​ 1,109,574 Effect of conversion of Operating Partnership Units ​ ​ 4,820 ​ 13,346 Weighted average Common Shares – diluted ​ ​ 1,132,588 ​ 1,122,920 ​ ​ ​ ​ ​ ​ ​ Calculation of loss per share – basic and diluted ​ ​ ​ ​ ​ Net loss attributable to common stockholders ​ ​ ​ ​ $ (4,571,279) Weighted average Common Shares – basic and diluted ​ ​ ​ ​ 1,109,574 Loss per share – basic and diluted ​ ​ ​ ​ $ (4.12) ​ ​ ​ ​ ​ ​ ​ Calculation of earnings per share – basic ​ ​ ​ ​ ​ ​ Net income attributable to common stockholders ​ $ 27,524 ​ ​ ​ Weighted average Common Shares – basic ​ 1,127,768 ​ ​ ​ Earnings per share – basic ​ $ 0.024 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Calculation of earnings per share – diluted ​ ​ ​ ​ ​ ​ Net income attributable to common stockholders ​ $ 27,524 ​ ​ ​ Weighted average Common Shares – diluted ​ 1,132,588 ​ ​ ​ Earnings per share – diluted ​ $ 0.024 ​ ​ ​ ​
Schedule of dividends and distributions to common shareholders and noncontrolling interests	​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ 2024 2023 Common stockholders (dividends) ​ $ 189,894 ​ $ 354,394 Hanover Square Property noncontrolling interest (distributions) ​ 516,596 ​ 16,000 Parkway Property noncontrolling interest (distributions) ​ 35,100 ​ 9,000 Operating Partnership Unit holders (distributions) ​ 45,437 ​ 4,271 Total dividends and distributions ​ $ 787,027 ​ $ 383,665 ​

Segment Information (Tables)

Segment Information (Tables)	12 Months Ended
	Dec. 31, 2024
Segment Information
Schedule of property operating revenues, operating expenses and interest expenses by Operating segment	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, ​ ​ Retail center properties Flex center properties ​ STNL properties ​ Total ​ 2024 2023 ​ 2024 2023 2024 2023 2024 2023 Revenues ​ $ 6,385,226 ​ $ 7,308,936 ​ $ 2,704,683 ​ $ 2,372,914 ​ $ 293,111 ​ $ 206,072 ​ $ 9,383,020 ​ $ 9,887,922 Operating expenses ​ 1,621,898 ​ ​ 1,882,524 ​ ​ 697,864 ​ ​ 686,818 ​ ​ 31,977 ​ ​ 31,175 ​ 2,351,739 ​ 2,600,517 Mortgage interest expense (1) ​ ​ 1,620,518 ​ ​ 2,205,267 ​ ​ 767,415 ​ ​ 657,841 ​ ​ — ​ ​ — ​ 2,387,933 ​ 2,863,108 Net operating income ​ $ 3,142,810 ​ $ 3,221,145 ​ $ 1,239,404 ​ $ 1,028,255 ​ $ 261,134 ​ $ 174,897 ​ $ 4,643,348 ​ $ 4,424,297 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Reconciliation to net income (loss) from operations (2) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Plus: Non-cash revenues (3) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 352,107 ​ $ 384,904 Plus: Gain on disposal of investment properties ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2,819,502 ​ ​ — Less: Bad debt expense ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 39,910 ​ ​ 63,282 Less: Share based compensation expenses ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 277,500 ​ ​ — Less: Legal, accounting and other professional fees ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 1,170,270 ​ ​ 1,390,941 Less: Corporate general and administrative expenses ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 968,435 ​ ​ 484,345 Less: Management restructuring expenses ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ — ​ ​ 2,066,521 Less: Loss on impairment ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 182 ​ ​ 90,221 Less: Depreciation and amortization ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 3,915,483 ​ ​ 4,574,163 Less: Non-mortgage interest expense (4) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 631,866 ​ ​ 677,792 Less: Loss on redemption of mandatorily redeemable preferred stock ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 47,680 ​ ​ — Less: Loss on extinguishment of debt ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 51,837 ​ ​ — Net income (loss) from operations ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 711,794 ​ $ (4,538,064) (1) Mortgage interest expense only. For a reconciliation to interest expense as reported on the Company’s consolidated statement of operations, see Note 5, above. (2) Certain expenses that are not allocated to individual segments which are either reviewed at the corporate level or which are not included in segment-level profitability measures used by the CODM are added to or subtracted from net operating income measure used by the CODM to reconcile this measure to net income (loss) from operations on the Company’s consolidated statement of operations for the years ending December 31, 2024 and 2023. (3) Non-cash revenues include adjustments for straight line rent revenue and amortization of above and below market lease and tenant inducements, all of which are not included in segment-level profitability measures used by the CODM. (4) Non-mortgage interest expense includes dividends paid and amortization of issuance costs and discounts on the Company’s mandatorily redeemable preferred stock and recorded as interest expense (see note 4, above), amortization of issuance costs related to the Company’s mortgages, and other interest expense, all of which are not allocated to individual segments. For a reconciliation to interest expense as reported on the Company’s consolidated statement of operations, see Note 5, above.
Schedule of operating revenues, operating expenses and interest expense by operating segment	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, ​ ​ Retail center properties Flex center properties ​ STNL properties ​ Total ​ 2024 2023 ​ 2024 2023 2024 2023 2024 2023 Total assets ​ $ 48,905,311 ​ $ 60,638,985 ​ $ 19,385,358 ​ $ 20,284,230 ​ $ 2,535,189 ​ $ — ​ $ 70,825,858 ​ $ 80,923,215 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Reconciliation to total assets on consolidated balance sheet ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Plus: Assets held by operating partnership ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 48,430 ​ $ 7,220 Plus: Assets held by parent company ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 4,223,414 ​ ​ 1,815,581 Total assets recorded ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 75,097,702 ​ $ 82,746,016 ​

Organization and Basis of Pre_2

Organization and Basis of Presentation and Consolidations (Details)	Mar. 26, 2024	Mar. 25, 2024	Dec. 31, 2024 ft² a property	Mar. 28, 2024 a ft²	Mar. 13, 2024 a ft²	Dec. 31, 2023
Organization And Basis Of Presentation And Consolidation [Line Items]
Number of properties owned | property			10
Area of building				4,350
Hanover Square Property
Organization And Basis Of Presentation And Consolidation [Line Items]
Percentage by parent			84%
Ownership percentage by noncontrolling owners			16%			16%
Parkway Property
Organization And Basis Of Presentation And Consolidation [Line Items]
Percentage by parent			82%
Ownership percentage by noncontrolling owners			18%			18%
Retail center properties
Organization And Basis Of Presentation And Consolidation [Line Items]
Number of properties owned | property			4
Flex center property
Organization And Basis Of Presentation And Consolidation [Line Items]
Number of properties owned | property			3
Single tenant net lease property
Organization And Basis Of Presentation And Consolidation [Line Items]
Number of properties owned | property			3
Undeveloped properties
Organization And Basis Of Presentation And Consolidation [Line Items]
Number of undeveloped properties owned | property			3
Greenbrier Business Center Property | Flex center property
Organization And Basis Of Presentation And Consolidation [Line Items]
Area of building			89,280
Lancer Center Shopping Center | Retail center properties
Organization And Basis Of Presentation And Consolidation [Line Items]
Area of building			181,590
Franklin Square Property | Retail center properties
Organization And Basis Of Presentation And Consolidation [Line Items]
Area of building			134,239
Hanover Square Property | Retail center properties
Organization And Basis Of Presentation And Consolidation [Line Items]
Area of building					73,440
Hanover Square Property | Retail center properties | Hanover Square Property
Organization And Basis Of Presentation And Consolidation [Line Items]
Percentage by parent					84%
Ownership percentage by noncontrolling owners			16%		16%
Hanover Square Outparcel
Organization And Basis Of Presentation And Consolidation [Line Items]
Ownership percentage		16%
Hanover Square Outparcel | Retail center properties
Organization And Basis Of Presentation And Consolidation [Line Items]
Area of land | a					0.86
Ownership percentage	16%	16%
Hanover Square Outparcel | Undeveloped properties
Organization And Basis Of Presentation And Consolidation [Line Items]
Area of land | a			0.86
Citibank Property
Organization And Basis Of Presentation And Consolidation [Line Items]
Area of land | a				0.45
Citibank Property | Single tenant net lease property
Organization And Basis Of Presentation And Consolidation [Line Items]
Area of building			4,350
Area of land | a			0.45
East Coast Wings Property | Single tenant net lease property
Organization And Basis Of Presentation And Consolidation [Line Items]
Area of building			5,000
Area of land | a			0.89
T-Mobile Property | Single tenant net lease property
Organization And Basis Of Presentation And Consolidation [Line Items]
Area of building			3,000
Area of land | a			0.78
Lancer Outparcel | Undeveloped properties
Organization And Basis Of Presentation And Consolidation [Line Items]
Area of land | a			1.8
Salisbury Outparcel | Undeveloped properties
Organization And Basis Of Presentation And Consolidation [Line Items]
Area of land | a			1.2
Ashley Plaza Property | Retail center properties
Organization And Basis Of Presentation And Consolidation [Line Items]
Area of building			156,012
Brookfield Center Property | Flex center property
Organization And Basis Of Presentation And Consolidation [Line Items]
Area of building			64,880
Parkway Property | Flex center property
Organization And Basis Of Presentation And Consolidation [Line Items]
Area of building			64,109
Parkway Property | Flex center property | Parkway Property
Organization And Basis Of Presentation And Consolidation [Line Items]
Percentage by parent			82%
Ownership percentage by noncontrolling owners			18%
Salisbury Marketplace Property | Retail center properties
Organization And Basis Of Presentation And Consolidation [Line Items]
Area of building			79,732

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Investment Properties (Details) - Buildings and improvements	Dec. 31, 2024
Maximum
Real Estate [Line Items]
Estimated useful life of asset	42 years
Minimum
Real Estate [Line Items]
Estimated useful life of asset	4 years

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Intangible Assets and Liabilities, net - Net of amortization, arising purchases of retail center properties and flex center properties (Details) - USD ($)	Dec. 31, 2024	Dec. 31, 2023
Intangible Assets, net
Intangible assets, net	$ 2,187,732	$ 2,716,546
Intangible Liabilities, net
Below market leases	(1,420,364)	(1,865,310)
Leasing commissions
Intangible Assets, net
Intangible assets, net	760,175	912,040
Legal and marketing costs
Intangible Assets, net
Intangible assets, net	68,721	104,791
Above market leases
Intangible Assets, net
Intangible assets, net	66,056	106,907
Net leasehold asset
Intangible Assets, net
Intangible assets, net	$ 1,292,780	$ 1,592,808

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Intangible Assets and Liabilities, net - Rental Revenue Related to Above and Below Market Leases (Details) - USD ($)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Amortization of intangible assets	$ (616,284)	$ (890,348)
Amortization of below market leases	296,211	368,803
Amortization of above and below market leases	255,361	275,107
Above market leases
Finite-Lived Intangible Assets [Line Items]
Amortization of intangible assets	$ (40,850)	$ (93,696)

Summary of Significant Accoun_7

Summary of Significant Accounting Policies - Intangible Assets and Liabilities, net - Related to Intangible Assets (Details) - USD ($)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Amortization of intangible assets	$ 616,284	$ 890,348
Leasing commissions
Finite-Lived Intangible Assets [Line Items]
Amortization of intangible assets	176,345	216,362
Legal and marketing costs
Finite-Lived Intangible Assets [Line Items]
Amortization of intangible assets	37,439	59,841
Net leasehold asset
Finite-Lived Intangible Assets [Line Items]
Amortization of intangible assets	$ 402,500	$ 614,145

Summary of Significant Accoun_8

Summary of Significant Accounting Policies - Intangible Assets and Liabilities, net (Details) - USD ($)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Summary of Significant Accounting Policies
Accumulated amortization of lease origination costs, leases in place and legal and marketing costs	$ 2,149,522	$ 2,204,404
Write off of fully amortized intangible assets	626,739	842,492
Write Off amortization of tenant defaults	$ 44,427	$ 41,501

Summary of Significant Accoun_9

Summary of Significant Accounting Policies - Intangible Assets and Liabilities, net - Future Amortization of Above and Below Market Leases (Details) - USD ($)	Dec. 31, 2024	Dec. 31, 2023
Intangible Assets, net
2025	$ 507,131
2026	357,330
2027	285,759
2028	208,985
2029	167,741
2030 - 2041	660,786
Intangible assets, net	2,187,732	$ 2,716,546
Intangible Liabilities, net
2025	(201,505)
2026	(166,932)
2027	(150,023)
2028	(128,012)
2029	(125,708)
2030 - 2041	(648,184)
Below market leases	(1,420,364)	(1,865,310)
Leasing commissions
Intangible Assets, net
2025	150,476
2026	112,124
2027	93,206
2028	71,781
2029	58,991
2030 - 2041	273,597
Intangible assets, net	760,175	912,040
Legal and marketing costs
Intangible Assets, net
2025	24,088
2026	13,473
2027	8,230
2028	5,518
2029	3,963
2030 - 2041	13,449
Intangible assets, net	68,721	104,791
Above market leases
Intangible Assets, net
2025	21,292
2026	15,629
2027	14,543
2028	10,114
2029	4,478
Intangible assets, net	66,056	106,907
Net leasehold asset
Intangible Assets, net
2025	311,275
2026	216,104
2027	169,780
2028	121,572
2029	100,309
2030 - 2041	373,740
Intangible assets, net	$ 1,292,780	$ 1,592,808

Summary of Significant Accou_10

Summary of Significant Accounting Policies - Impairment (Details)	12 Months Ended
	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($) tenant
Accounting Policies [Line Items]
Loss on impairment	$ 182	$ 90,221
Gain on extinguishment of lease liability	34,792
Number tenants defaulted | tenant		3
Intangible assets, net	2,187,732	$ 2,716,546
Impairment, Intangible Asset, Finite-Lived, Statement of Income or Comprehensive Income [Extensible Enumeration]		Loss on impairment
Loss on impairment - intangible assets	0	$ 26,898
Loss on impairment	0	12,380
Net leasehold asset
Accounting Policies [Line Items]
Intangible assets, net	1,292,780	1,592,808
Lancer Center Property
Accounting Policies [Line Items]
Gain on extinguishment of lease liability	$ 34,792	0
Tenant that terminated its lease early
Accounting Policies [Line Items]
Loss on impairment of investment properties		16,733
Loss on impairment - intangible assets		21,220
Tenant that defaulted on its lease
Accounting Policies [Line Items]
Loss on impairment of investment properties		$ 12,990

Summary of Significant Accou_11

Summary of Significant Accounting Policies - Cash and Cash Equivalents and Restricted Cash (Details) - USD ($)	Dec. 31, 2024	Dec. 31, 2023
Restricted Cash and Cash Equivalents Items [Line Items]
Exceeded the FDIC limit	$ 3,802,408	$ 1,366,872
Security deposits	245,060	260,898
Escrow deposits	108,611	191,139
Capital property reserves	943,044	$ 1,122,965
FDIC Limit | UNITED STATES
Restricted Cash and Cash Equivalents Items [Line Items]
FDIC Limit, per account	$ 250,000

Summary of Significant Accou_12

Summary of Significant Accounting Policies - Cash and Cash Equivalents and Restricted Cash - Property and Purpose of Reserves (Details) - USD ($)	Dec. 31, 2024	Dec. 31, 2023
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Capital property reserves	$ 943,044	$ 1,122,965
Ashley Plaza Property | Maintenance and leasing cost reserve
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Capital property reserves	337,187	439,404
Brookfield Center Property. | Maintenance and leasing cost reserve
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Capital property reserves	95,325	91,491
Franklin Square Property | Leasing costs
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Capital property reserves	$ 510,532	441,360
Hanover Square Property | Operating reserve
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Capital property reserves		$ 150,710

Summary of Significant Accou_13

Summary of Significant Accounting Policies - Share Retirement (Details) - USD ($)		12 Months Ended
	Aug. 06, 2024	Dec. 31, 2024	Dec. 31, 2023
Common stock repurchases (in shares)	2,830	2,830
Average price of repurchased shares	$ 11.45	$ 11.45
Common stock repurchases	$ 32,467	$ 32,467
Common Stock
Common stock repurchases (in shares)		2,830
Cost of re-purchased common stock		$ 32,467
Expenses from stock repurchase plan		$ 62
Average price of repurchased shares		$ 11.45
Common stock repurchases		$ 28	$ 0
Additional Paid in Capital
Common stock repurchases		$ 32,439

Summary of Significant Accou_14

Summary of Significant Accounting Policies - Revenue Recognition (Details) - USD ($)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Summary of Significant Accounting Policies
Unbilled rent	$ 1,114,365	$ 1,109,782
Revenue recognized from the reimbursement of common area maintenance expense	164,239	117,767
Lease termination fee income recognized	$ 0	$ 10,966

Summary of Significant Accou_15

Summary of Significant Accounting Policies - Management Restructuring Expenses (Details) - USD ($)		12 Months Ended
	Jul. 18, 2023	Dec. 31, 2024	Dec. 31, 2023
Accounting Policies [Line Items]
Management restructuring expenses		$ 0	$ 2,066,521
Termination fees			1,250,000
Legal expense			544,077
Other expenses			10,437
Lender fees			$ 262,007
Medalist Fund Manager, Inc. | Termination agreement | Related Party
Accounting Policies [Line Items]
Amounts payable related to termination of the Management Agreement	$ 1,602,717
Termination fee payable	1,250,000
Acquisition fee accrued	$ 352,717

Summary of Significant Accou_16

Summary of Significant Accounting Policies - Rent and other receivables (Details) - USD ($)	Dec. 31, 2024	Dec. 31, 2023
Summary of Significant Accounting Policies
Allowance for uncollectible tenant receivables	$ 0	$ 13,413

Summary of Significant Accou_17

Summary of Significant Accounting Policies - Income Taxes (Details)	12 Months Ended
	Dec. 31, 2024
Summary of Significant Accounting Policies
Percentage of taxable income required to be distributed to shareholders	90%

Summary of Significant Accou_18

Summary of Significant Accounting Policies - Noncontrolling Interests (Details)									12 Months Ended
	Oct. 11, 2024 USD ($) $ / shares shares	May 30, 2024 shares	Mar. 28, 2024 $ / shares shares	Mar. 27, 2024 $ / shares shares	Feb. 16, 2024 shares	Jan. 18, 2024 shares	Aug. 31, 2020 $ / shares shares	Jan. 01, 2020 USD ($) shares	Dec. 31, 2024 USD ($) shares	Dec. 31, 2023 USD ($) shares	Dec. 31, 2017 USD ($) item	Jul. 02, 2024 $ / shares	Jul. 01, 2024 $ / shares	Mar. 13, 2024
Accounting Policies [Line Items]
Net Income									$ 744,325	$ (4,573,354)
Noncontrolling Operating Partnership Units | item											7,812
Tenant in common interest exchanged, operating partnership units issued (in shares) | shares								5,865
Issuance of operating partnership interests in exchange for 3.45 percent of the noncontrolling interest in the Hampton Inn Property								$ 3.45
Number of Operating Partnership units into shares of Common Stock | shares							332
Common stock, par value per share (in dollars per share) | $ / shares							$ 0.01					$ 0.01	$ 0.02
Non-controlling operating partnership units issued for compensation services | shares						19,348
Number of units sold in private placement | shares	160,000
Purchase price | $ / shares	$ 12.5
Partners' Capital Account, Private Placement of Units	$ 2,000,000
Operating Partnership units outstanding | shares									392,864	13,346
Partnership units, convertible into common shares | shares									4,820	13,346
Noncontrolling Limited Partner
Accounting Policies [Line Items]
Redemption of operating partnership units | shares		1,330			5,865
Related Party
Accounting Policies [Line Items]
Number of units sold in private placement | shares	160,000
Purchase price | $ / shares	$ 12.5
Partners' Capital Account, Private Placement of Units	$ 2,000,000
Hanover Square Property
Accounting Policies [Line Items]
Net Income									$ 2,837,047	$ 48,209
Noncontrolling Interests | Hanover Square Property
Accounting Policies [Line Items]
Net Income									453,928	7,714
Noncontrolling Interests | Parkway Property
Accounting Policies [Line Items]
Net Income									(3,234)	(8,482)
Noncontrolling Interests | Operating Partnership
Accounting Policies [Line Items]
Net Income									266,107	(1,307)
Hanover Square Property
Accounting Policies [Line Items]
Net Income									2,837,047	48,209
Parkway Property
Accounting Policies [Line Items]
Net Income									(17,965)	47,129
Operating Partnership
Accounting Policies [Line Items]
Net Income									(3,258,195)	(109,823)
Operating Partnership | Related Party
Accounting Policies [Line Items]
Investment of non-controlling owner											$ 1,175,000
Operating Partnership | Noncontrolling Interests
Accounting Policies [Line Items]
Net Income									$ (266,107)	$ (1,307)
Percentage Of Outstanding Operating Partnership Units									22.60%	1.19%
Weighted average of net income (loss) allocated to noncontrolling unit holders									8.17	0.0119
Citibank Property
Accounting Policies [Line Items]
Number of operating partnership units issued | shares			208,695	208,695
Price per unit of operating partnership units issued | $ / shares			$ 11.5	$ 11.5
Hanover Square Property
Accounting Policies [Line Items]
Ownership percentage by noncontrolling owners									16%	16%
Ownership percentage									84%
Hanover Square Property | Retail center properties | Hanover Square Property
Accounting Policies [Line Items]
Ownership percentage by noncontrolling owners									16%					16%
Ownership percentage														84%
Parkway Property
Accounting Policies [Line Items]
Ownership percentage by noncontrolling owners									18%	18%
Ownership percentage									82%
Parkway Property | Noncontrolling Interests
Accounting Policies [Line Items]
Net Income									$ (3,234)	$ 8,482

Summary of Significant Accou_19

Summary of Significant Accounting Policies - Reclassifications - Operating Segments (Details)		12 Months Ended
	Jan. 01, 2024 item	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Accounting Policies [Line Items]
Revenues		$ 9,735,127	$ 10,272,826
Single tenant net lease property
Accounting Policies [Line Items]
Number of parcels | item	2
Revenues		359,894	226,260
Net lease expenses		31,977	31,175
Retail center properties
Accounting Policies [Line Items]
Revenues		6,624,734	7,541,914
Net lease expenses		$ 1,621,898	1,882,524
Retail center properties | Previously Reported
Accounting Policies [Line Items]
Revenues			226,260
Net lease expenses			$ 31,175
Ashley Plaza Property
Accounting Policies [Line Items]
Number of parcels | item	3

Summary of Significant Accou_20

Summary of Significant Accounting Policies - Reclassifications - Outstanding Shares (Details)	Jul. 02, 2024	Jul. 02, 2023	May 03, 2023
Reverse Stock Split 2023 [Member]
Accounting Policies [Line Items]
Conversion ratio			0.125
Reverse Stock Split 2024
Accounting Policies [Line Items]
Conversion ratio	0.1	0.1	1
Forward Stock Split [Member]
Accounting Policies [Line Items]
Conversion ratio	5	5

Summary of Significant Accou_21

Summary of Significant Accounting Policies - Evaluation of the Company's Ability to Continue as a Going Concern (Details) - USD ($)	Nov. 25, 2024	Oct. 11, 2024	Jan. 11, 2025	Jan. 10, 2025	Dec. 31, 2024	Dec. 31, 2023
Accounting Policies [Line Items]
Partners' Capital Account, Private Placement of Units		$ 2,000,000
Mandatorily redeemable preferred stock, net					$ 1,488,221	$ 4,693,575
Mandatorily redeemable preferred stock.
Accounting Policies [Line Items]
Shares subject to mandatory redemption settlement terms number of shares redeemable	140,000
Partners' Capital Account, Private Placement of Units	$ 2,000,000
Cash used to fund redemption	$ 1,500,000
Mandatorily redeemable preferred stock | Subsequent event
Accounting Policies [Line Items]
Shares subject to mandatory redemption settlement terms number of shares redeemable				60,000
Mandatorily redeemable preferred stock, net			$ 0

Investment Properties - Investm

Investment Properties - Investment Properties (Details) - USD ($)	Dec. 31, 2024	Dec. 31, 2023
Real Estate [Line Items]
Investment properties at cost	$ 76,928,949	$ 75,701,327
Less accumulated depreciation	12,504,911	11,123,951
Investment properties, net	64,424,038	64,577,376
Land
Real Estate [Line Items]
Investment properties at cost	14,733,611	13,720,502
Site improvements
Real Estate [Line Items]
Investment properties at cost	2,668,442	3,797,755
Buildings and improvements
Real Estate [Line Items]
Investment properties at cost	$ 59,526,896	$ 58,183,070

Investment Properties - Deferre

Investment Properties - Deferred costs, net of depreciation (Details) - USD ($)	Dec. 31, 2024	Dec. 31, 2023
Capitalized leasing commissions, net	$ 876,908	$ 759,677
Capitalized tenant improvements - acquisition cost allocation, net
Capitalized tenant improvements, net	1,972,830	2,504,953
Capitalized tenant improvements incurred subsequent to acquisition, net
Capitalized tenant improvements, net	969,020	$ 898,873
Capitalized tenant improvements considered to be lease incentives
Capitalized tenant improvements, net	$ 26,681

Investment Properties - Assets

Investment Properties - Assets held for sale and liabilities associated with assets held for sale (Details)	Dec. 31, 2023 USD ($)
Long Lived Assets Held-for-sale [Line Items]
Total assets held for sale	$ 9,707,154
Total liabilities associated with assets held for sale	9,588,888
Mortgages payable, net
Long Lived Assets Held-for-sale [Line Items]
Total liabilities associated with assets held for sale	9,588,888
Investment properties, net
Long Lived Assets Held-for-sale [Line Items]
Total assets held for sale	$ 9,707,154

Investment Properties - Sale of

Investment Properties - Sale of investment property (Details) - USD ($)		12 Months Ended
	Mar. 13, 2024	Dec. 31, 2024	Dec. 31, 2023
Real Estate [Line Items]
Gain on disposal of investment property		$ 2,819,502
Revenue
Total Revenue		9,735,127	$ 10,272,826
Operating Expenses
Bad debt expense		39,910	63,282
Depreciation and amortization		3,915,483	4,574,163
Total Operating Expenses		8,723,519	11,269,990
Gain on disposal of investment properties		2,819,502
Loss on extinguishment of debt		(51,837)
Operating Income		3,731,593	(997,164)
Interest expense		3,019,799	3,540,900
Net Income		744,325	(4,573,354)
Less: Net income attributable to Operating Partnership noncontrolling interests		266,107	(1,307)
Net Income (Loss) Attributable to Medalist Common Stockholders		27,524	(4,571,279)
Hanover Square Property
Real Estate [Line Items]
Proceeds from sale of property	$ 13,000,000
Credits for repairs	85,000
Gain on disposal of investment property	2,819,502	2,819,502
Revenue
Total Revenue		307,325	1,354,804
Operating Expenses
Bad debt expense		16,136
Depreciation and amortization			280,141
Total Operating Expenses		108,695	598,991
Gain on disposal of investment properties	$ 2,819,502	2,819,502
Loss on extinguishment of debt		(51,837)	0
Operating Income		2,966,295	755,813
Interest expense		129,248	707,604
Net Income		2,837,047	48,209
Less: Net income attributable to Hanover Square Property noncontrolling interests		453,928	7,714
Less: Net income attributable to Operating Partnership noncontrolling interests		190,650	482
Net Income (Loss) Attributable to Medalist Common Stockholders		2,192,469	40,013
Retail center property
Revenue
Total Revenue		6,624,734	7,541,914
Operating Expenses
Operating expenses		1,621,898	1,882,524
Retail center property | Hanover Square Property
Revenue
Total Revenue		307,325	1,354,804
Operating Expenses
Operating expenses		$ 92,559	$ 318,850

Investment Properties - 2024 Ac

Investment Properties - 2024 Acquisition (Details)				12 Months Ended
	Mar. 28, 2024 USD ($) a ft² $ / shares shares	Mar. 27, 2024 $ / shares shares	Mar. 25, 2024 USD ($)	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Real Estate [Line Items]
Investment property				$ 64,424,038	$ 64,577,376
Purchase consideration:
Area Of Building | ft²	4,350
2024 Property Acquisitions
Real Estate [Line Items]
Investment property				2,399,264
Lease intangibles				245,837
Below market leases				(99,756)
Fair value of net assets acquired				2,545,345
Purchase consideration:
Consideration paid with cash				145,345
Consideration paid with OP units				2,400,000
Total consideration				$ 2,545,345
Citibank Property
Real Estate [Line Items]
Investment property	$ 2,298,373
Lease intangibles	245,837
Below market leases	(99,756)
Fair value of net assets acquired	2,444,454
Purchase consideration:
Consideration paid with cash	44,454
Consideration paid with OP units	2,400,000
Total consideration	2,444,454
Acquisition and closing costs	$ 44,454
Area of Land | a	0.45
Percentage of property leased	100%
Purchase price paid	$ 2,400,000
Number of operating partnership units issued | shares	208,695	208,695
Price per unit of operating partnership units issued | $ / shares	$ 11.5	$ 11.5
Hanover Square Outparcel
Real Estate [Line Items]
Investment property			$ 100,891
Fair value of net assets acquired			100,891
Purchase consideration:
Consideration paid with cash			100,891
Total consideration			$ 100,891
Ownership percentage			16%
Consideration paid with cash			$ 98,411
Acquisition and closing costs			$ 2,480

Investment Properties - Additio

Investment Properties - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Real Estate [Line Items]
Depreciation expense	$ 3,299,199	$ 3,683,815
Capitalized tenant improvements written off	96,182	21,646
Capitalized tenant improvements	344,313	828,676
Depreciation on capitalized leasing commissions	199,465	152,661
Amortization of tenant inducements	2,964	0
Capitalized lease incentives	29,645	0
Capitalized leasing commissions	316,878	432,613
Capitalized leasing commissions, write off	182	8,078
Investment property
Real Estate [Line Items]
Depreciation expense	3,299,199	3,683,815
Capitalized tenant improvements - acquisition cost allocation, net
Real Estate [Line Items]
Depreciation on capitalized tenant improvements	483,152	651,935
Tenant improvements due to acquisitions		0
Capitalized tenant improvements - acquisition cost allocation, net | Citibank Property
Real Estate [Line Items]
Tenant improvements due to acquisitions	47,211
Capitalized tenant improvements incurred subsequent to acquisition, net
Real Estate [Line Items]
Depreciation on capitalized tenant improvements	$ 274,166	$ 184,161

Mandatorily Redeemable Prefer_2

Mandatorily Redeemable Preferred Stock (Details) - USD ($)				12 Months Ended
	Jan. 10, 2025	Nov. 25, 2024	Feb. 19, 2020	Dec. 31, 2024	Dec. 31, 2023	Dec. 13, 2024	Dec. 10, 2024
Financial Instruments Subject to Mandatory Redemption by Settlement Terms [Line Items]
Price Per Share						$ 12.5
Legal Fees					$ 544,077
Loss on redemption of mandatorily redeemable preferred stock				$ (47,680)
Mandatorily redeemable preferred stock.
Financial Instruments Subject to Mandatory Redemption by Settlement Terms [Line Items]
Preferred stock issuances (shares)			200,000
Preferred Stock, dividend rate (as a percent)			8%	8%
Price Per Share			$ 23
Gross proceeds			$ 4,600,000
Net proceeds of the redeemable preferred stock			$ 3,860,882
Discount on stock issued (in dollars per share)			$ 2
Discount on stock issued			$ 400,000
Discount on stock issued, amortization period			5 years
Legal Fees			$ 739,118
Amortization of the discount and deferred financing costs				$ 246,966	243,054
Accumulated amortization of the discount and deferred financing costs				1,127,339	832,693
Number of shares redeemed		140,000
Redemption price per share		$ 25
Accrued dividends per share		$ 0.05
Payments for redemption of preferred stock and accrued dividends		$ 3,500,000
Loss on redemption of mandatorily redeemable preferred stock		47,680
Mandatorily redeemable preferred stock, outstanding							60,000
Accrued but unpaid dividends		$ 27,160		$ 21,334	$ 70,004
Subsequent event | Mandatorily redeemable preferred stock.
Financial Instruments Subject to Mandatory Redemption by Settlement Terms [Line Items]
Number of shares redeemed	60,000
Redemption price per share	$ 25
Accrued dividends per share	$ 0.44
Payments for redemption of preferred stock and accrued dividends	$ 1,526,500

Loans Payable - Mortgages Payab

Loans Payable - Mortgages Payables, Net (Details) - USD ($)		12 Months Ended
	Oct. 02, 2024	Dec. 31, 2024	Dec. 31, 2023
Loans Payable
Less unamortized issuance costs		$ (509,700)	$ (566,873)
Mortgages Payable
Loans Payable
Less unamortized issuance costs		(509,700)
Net principal payments and debt maturities		50,001,062	50,772,773
Franklin Square Property
Loans Payable
Mortgages payable		$ 13,250,000	$ 13,250,000
Franklin Square Property | Mortgages Payable
Loans Payable
Monthly Payment		Interest only
Interest Rate		3.808%
Maturity		2031-12	2031-12
Ashley Plaza Property
Loans Payable
Mortgages payable		$ 10,460,350	$ 10,708,557
Ashley Plaza Property | Mortgages Payable
Loans Payable
Monthly Payment		$ 52,795
Interest Rate		3.75%
Maturity		2029-09	2029-09
Brookfield Center Property.
Loans Payable
Mortgages payable		$ 4,476,429	$ 4,571,410
Brookfield Center Property. | Mortgages Payable
Loans Payable
Monthly Payment		$ 22,876
Interest Rate		3.90%
Maturity		2029-11	2029-11
Parkway Property
Loans Payable
Maturity		2031-11	2031-11
Mortgages payable		$ 4,814,563	$ 4,870,403
Parkway Property | Mortgages Payable
Loans Payable
Monthly Payment		28,161
Wells Fargo Mortgage Facility
Loans Payable
Mortgages payable		$ 17,509,420	$ 17,939,276
Wells Fargo Mortgage Facility | Mortgages Payable
Loans Payable
Monthly Payment		103,438
Monthly Payment	$ 103,438
Interest Rate		4.50%
Maturity		2027-06	2027-06

Loans Payable - Additional Info

Loans Payable - Additional Information (Details) - USD ($)							1 Months Ended	12 Months Ended
	Oct. 02, 2024	Jun. 05, 2024	Feb. 01, 2023	Jan. 31, 2023	Jan. 01, 2023	Oct. 28, 2021	Jun. 30, 2023	Dec. 31, 2024	Dec. 31, 2023	Jun. 13, 2022
Debt Instrument [Line Items]
Consent fee								$ 0
Loss on extinguishment of debt								(51,837)
Unamortized issuance costs, net								509,700	$ 566,873
Mortgages Payable
Debt Instrument [Line Items]
Mortgages payables								50,001,062	$ 50,772,773
Unamortized issuance costs, net								$ 509,700
Wells Fargo Line of Credit
Debt Instrument [Line Items]
Interest Rate								4.33%	5.35%
Basis spread on variable rate	3.10%	2.25%
Parkway Property | Interest Rate Protection Transaction
Debt Instrument [Line Items]
Description of interest rate						capped at 5.25% if USD 1-Month ICE LIBOR exceeds 3%
Fair value of derivative								$ 117,390	$ 173,715
Parkway Property | Interest Rate Protection Transaction | ICE LIBOR
Debt Instrument [Line Items]
Description of interest rate								4.33% and 5.35%
Parkway Property | Mortgages Payable
Debt Instrument [Line Items]
Maximum allowed change in interest payable each month during any 6 month period								1%
Maximum allowed change in interest payable each month during any 12 month period								2%
Effective interest rate								6.92%	7.05%
Debt service coverage ratio								not less than 1.30 to 1.00 on an annual basis
Amortization schedule of the mortgage loan								30 years
Parkway Property | Mortgages Payable | ICE LIBOR | Minimum
Debt Instrument [Line Items]
Interest Rate								2.25%
Parkway Property | Mortgages Payable | Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Basis spread on variable rate							2.3644%
Franklin Square Property
Debt Instrument [Line Items]
Consent fee									$ 132,500
Refinance with new mortgage payable								$ 13,250,000	13,250,000
Franklin Square Property | Mortgages Payable
Debt Instrument [Line Items]
Interest Rate								3.808%
Term of loan								10 years
Net worth to be maintained by the entity (excluding mortgaged property's assets and liabilities)								$ 13,250,000
Principal Amount								$ 13,250,000
Amortization schedule of the mortgage loan								30 years
Minimum liquid assets to be maintained								$ 1,000,000
Franklin Square Property | Mortgages Payable | Monthly payments till January 6, 2025
Debt Instrument [Line Items]
Interest Rate								3.808%
Franklin Square Property | Mortgages Payable | Monthly payments after January 6, 2025
Debt Instrument [Line Items]
Fixed monthly payment including principal and interest								$ 61,800
Hanover Square Property
Debt Instrument [Line Items]
Loss on extinguishment of debt								$ (51,837)	$ 0
Hanover Square Property | Mortgages Payable
Debt Instrument [Line Items]
Interest Rate					6.94%				4.25%
Term of loan					5 years
Fixed monthly payment including principal and interest			$ 78,098	$ 56,882
Amortization schedule of the mortgage loan			25 years
Hanover Square Property | Mortgages Payable | US Treasury Securities Interest Rate
Debt Instrument [Line Items]
Basis spread on variable rate					3%
Hanover Square Property | Mortgages Payable | US Treasury Securities Interest Rate | Minimum
Debt Instrument [Line Items]
Interest Rate					4.25%
Hanover Square Property | Mortgages payable, net, associated with assets held for sale
Debt Instrument [Line Items]
Interest Rate								6.94%
Refinance with new mortgage payable									$ 9,640,725
Fixed monthly payment including principal and interest								$ 78,098
Unamortized issuance costs, net									51,837
Ashley Plaza Property
Debt Instrument [Line Items]
Refinance with new mortgage payable								$ 10,460,350	10,708,557
Ashley Plaza Property | Mortgages Payable
Debt Instrument [Line Items]
Interest Rate								3.75%
Fixed monthly payment including principal and interest								$ 52,795
Net worth to be maintained by the entity (excluding mortgaged property's assets and liabilities)								$ 11,400,000
Amortization schedule of the mortgage loan								30 years
Minimum liquid assets to be maintained								$ 1,140,000
Brookfield Center Property.
Debt Instrument [Line Items]
Refinance with new mortgage payable								$ 4,476,429	4,571,410
Brookfield Center Property. | Mortgages Payable
Debt Instrument [Line Items]
Interest Rate								3.90%
Fixed monthly payment including principal and interest								$ 22,876
Net worth to be maintained by the entity (excluding mortgaged property's assets and liabilities)								$ 4,850,000
Amortization schedule of the mortgage loan								30 years
Minimum liquid assets to be maintained								$ 485,000
Parkway Property
Debt Instrument [Line Items]
Refinance with new mortgage payable								4,814,563	$ 4,870,403
Parkway Property | Interest Rate Protection Transaction | ICE LIBOR
Debt Instrument [Line Items]
Interest rate exposure cap							3%
Parkway Property | Interest Rate Protection Transaction | Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Interest rate exposure cap									3%
Parkway Property | Mortgages Payable
Debt Instrument [Line Items]
Fixed monthly payment including principal and interest								$ 28,161
Parkway Property | Mortgages Payable | ICE LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate								2.25%
Wells Fargo Mortgage Facility
Debt Instrument [Line Items]
Debt service coverage ratio	not less than 1.50 to 1.00
Refinance with new mortgage payable								$ 17,509,420	$ 17,939,276
Wells Fargo Mortgage Facility | Mortgages Payable
Debt Instrument [Line Items]
Maturity period	5 years
Interest Rate								4.50%
Fixed monthly payment including principal and interest	$ 103,438
Principal Amount										$ 18,609,500
Minimum debt yield	9.50%
Amortization schedule of the mortgage loan	25 years
Minimum liquid assets to be maintained	$ 1,500,000
Wells Fargo Mortgage Facility | Wells Fargo Line of Credit
Debt Instrument [Line Items]
Effective interest rate	4.50%

Loans Payable - Mortgages pay_2

Loans Payable - Mortgages payable, net, associated with assets held for sale (Details) - USD ($)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Loans Payable
Unamortized issuance costs, net	$ (509,700)	$ (566,873)
Total mortgages payable, net, associated with assets held for sale		9,588,888
Mortgages payable, net, associated with assets held for sale
Loans Payable
Total mortgages payable, net, associated with assets held for sale		9,588,888
Mortgages payable, net, associated with assets held for sale | Hanover Square Property
Loans Payable
Monthly Payment	$ 78,098
Interest Rate	6.94%
Mortgages payable		9,640,725
Unamortized issuance costs, net		(51,837)
Total mortgages payable, net, associated with assets held for sale		$ 9,588,888

Loans Payable - Wells Fargo Lin

Loans Payable - Wells Fargo Line of Credit (Details) - USD ($)	Oct. 02, 2024	Jun. 05, 2024	Dec. 31, 2024	Oct. 01, 2024	Dec. 31, 2023	Jun. 13, 2022
Loans Payable
Line of credit, short term, net					$ 1,000,000
Short-term notes payable, outstanding					1,000,000
Wells Fargo Line of Credit
Loans Payable
Line of credit, maximum borrowing capacity	$ 4,000,000			$ 1,500,000		$ 1,500,000
Line of credit, short term, net			$ 0		$ 1,000,000
Basis spread on variable rate	3.10%	2.25%
Investment, Variable Interest Rate, Type [Extensible Enumeration]	us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember
Interest Rate			4.33%		5.35%
Short-term notes payable, outstanding			$ 0		$ 1,000,000

Loans Payable - Interest expens

Loans Payable - Interest expense (Details) - USD ($)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Mortgage Interest Expense	$ 2,387,933	$ 2,863,108
Amortization of discounts and capitalized issuance costs	347,445	349,936
Interest rate protection transaction payments	(116,329)	(106,117)
Other interest expense	400,750	433,973
Total interest expense	3,019,799	3,540,900
Wells Fargo Line of Credit
Debt Instrument [Line Items]
Other interest expense	17,700
Total interest expense	17,700
Amortization and preferred stock dividends on mandatorily redeemable preferred stock
Debt Instrument [Line Items]
Amortization of discounts and capitalized issuance costs	246,966	243,054
Other interest expense	378,490	400,000
Total interest expense	625,456	643,054
Other interest
Debt Instrument [Line Items]
Other interest expense	4,560
Total interest expense	4,560
Franklin Square Property
Debt Instrument [Line Items]
Mortgage Interest Expense	512,969	511,568
Amortization of discounts and capitalized issuance costs	28,372	28,372
Total interest expense	541,341	539,940
Hanover Square Property
Debt Instrument [Line Items]
Mortgage Interest Expense	129,248	695,788
Amortization of discounts and capitalized issuance costs		11,816
Total interest expense	129,248	707,604
Ashley Plaza Property
Debt Instrument [Line Items]
Mortgage Interest Expense	403,550	411,012
Amortization of discounts and capitalized issuance costs	17,430	17,430
Total interest expense	420,980	428,442
Brookfield Center Property.
Debt Instrument [Line Items]
Mortgage Interest Expense	179,530	182,714
Amortization of discounts and capitalized issuance costs	11,350	11,351
Total interest expense	190,880	194,065
Parkway Center
Debt Instrument [Line Items]
Mortgage Interest Expense	351,240	233,479
Amortization of discounts and capitalized issuance costs	11,027	11,026
Interest rate protection transaction payments	(116,329)	(106,117)
Total interest expense	245,938	138,388
Wells Fargo Mortgage Facility
Debt Instrument [Line Items]
Mortgage Interest Expense	811,396	828,547
Amortization of discounts and capitalized issuance costs	32,300	26,887
Other interest expense		33,973
Total interest expense	$ 843,696	$ 889,407

Loans Payable - Interest accrue

Loans Payable - Interest accrued and accumulated amortization of capitalized issuance costs (Details) - USD ($)	Dec. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Accrued interest	$ 92,535	$ 232,401
Accumulated amortization of capitalized issuance costs	1,474,930	1,151,501
Amortization and preferred stock dividends on mandatorily redeemable preferred stock
Debt Instrument [Line Items]
Accrued interest	21,334	70,004
Accumulated amortization of capitalized issuance costs	1,127,339	832,693
Franklin Square Property
Debt Instrument [Line Items]
Accrued interest	43,448	43,448
Accumulated amortization of capitalized issuance costs	87,480	59,108
Hanover Square Property
Debt Instrument [Line Items]
Accrued interest		55,755
Accumulated amortization of capitalized issuance costs		71,696
Ashley Plaza Property
Debt Instrument [Line Items]
Accrued interest		34,580
Accumulated amortization of capitalized issuance costs	92,969	75,539
Brookfield Center Property.
Debt Instrument [Line Items]
Accumulated amortization of capitalized issuance costs	59,594	48,244
Parkway Center
Debt Instrument [Line Items]
Accrued interest	27,753	28,614
Accumulated amortization of capitalized issuance costs	34,917	23,890
Wells Fargo Mortgage Facility
Debt Instrument [Line Items]
Accumulated amortization of capitalized issuance costs	$ 72,631	$ 40,331

Loans Payable - Principal Repay

Loans Payable - Principal Repayments on Indebtedness (Details) - USD ($)	Dec. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Less unamortized issuance costs	$ (509,700)	$ (566,873)
Mortgages Payable
Debt Instrument [Line Items]
2025	1,088,084
2026	1,136,018
2027	17,276,060
2028	716,832
2028	13,854,755
Thereafter	16,439,013
Total principal payments and debt maturities	50,510,762
Less unamortized issuance costs	(509,700)
Net principal payments and debt maturities	$ 50,001,062	$ 50,772,773

Rentals under Operating Lease_2

Rentals under Operating Leases (Details)	Dec. 31, 2024 USD ($)
Future minimum rents to be received under operating leases
2025	$ 7,289,072
2026	5,584,338
2027	4,620,727
2028	3,851,830
2029	2,800,262
Thereafter	6,211,875
Total minimum rents	$ 30,358,104

Equity - Additional Information

Equity - Additional Information (Details) - $ / shares							12 Months Ended
	Oct. 25, 2024	Jul. 26, 2024	Apr. 25, 2024	Feb. 06, 2024	Apr. 28, 2023	Jan. 27, 2023	Dec. 31, 2024	Dec. 31, 2023	Jul. 02, 2024	Jul. 01, 2024	Aug. 31, 2020
Equity [Line Items]
Shares authorized							1,000,000,000
Common stock, shares authorized							750,000,000
Preferred stock, shares authorized							250,000,000
Preferred stock, par value per share (in dollars per share)							$ 0.01
Common stock, par value per share (in dollars per share)									$ 0.01	$ 0.02	$ 0.01
Common stock, shares, outstanding							1,345,260	1,109,405	1,118,090	2,236,631
Units outstanding							1,738,124	1,122,751
Dividends paid per common share (in dollars per share)	$ 0.06	$ 0.05	$ 0.04	$ 0.02	$ 0.16	$ 0.16	$ 0.17	$ 0.32
General Partner
Equity [Line Items]
Units outstanding							1,345,260	1,109,405
Noncontrolling Limited Partner
Equity [Line Items]
Common unit to common share conversion ratio							1	1
Operating Partnership Units eligible for conversion							4,820	13,346
Units outstanding							392,864	13,346
Operating Partnership
Equity [Line Items]
Common unit to common share conversion ratio							1
Operating Partnership | General Partner
Equity [Line Items]
Ownership percentage							77.40%	98.81%

Equity - Private Placement of C

Equity - Private Placement of Common Shares (Details)	Dec. 13, 2024 $ / shares shares
Equity
Number of common shares issued and sold | shares	230,000
Price Per Share | $ / shares	$ 12.5

Equity - Reverse and Forward St

Equity - Reverse and Forward Stock Split (Details)	Jul. 02, 2024 $ / shares shares	Jul. 02, 2023	May 03, 2023	Dec. 31, 2024 shares	Jul. 01, 2024 $ / shares shares	Dec. 31, 2023 shares	Aug. 31, 2020 $ / shares
Equity [Line Items]
Common stock, shares, outstanding	1,118,090			1,345,260	2,236,631	1,109,405
Retire fractional shares resulting from reverse stock split (Shares)	225
Common stock, par value per share (in dollars per share) | $ / shares	$ 0.01				$ 0.02		$ 0.01
Reverse Stock Split 2023
Equity [Line Items]
Conversion ratio			0.125
Stock Splits
Equity [Line Items]
Common stock, shares, outstanding	1,118,315
Reverse Stock Split 2024
Equity [Line Items]
Conversion ratio	0.1	0.1	1
Fractional shares issued	0
Common stock, par value per share (in dollars per share) | $ / shares	$ 0.1				0.01
Forward Stock Split
Equity [Line Items]
Conversion ratio	5	5
Common stock, par value per share (in dollars per share) | $ / shares	$ 0.02				$ 0.1

Equity - Common Stock Repurchas

Equity - Common Stock Repurchase Plan (Details) - USD ($)			1 Months Ended		12 Months Ended
	Nov. 18, 2024	Aug. 06, 2024	Mar. 31, 2024	Jan. 31, 2022	Dec. 31, 2024	Dec. 31, 2021	Jul. 02, 2024	Jul. 01, 2024	Oct. 31, 2023	Aug. 31, 2020
Equity [Line Items]
Average price of repurchased shares		$ 11.45			$ 11.45
Shares Purchased		2,830			2,830
Common stock, par value per share (in dollars per share)							$ 0.01	$ 0.02		$ 0.01
Total Cost		$ 32,467			$ 32,467
Common Stock Repurchase Plan
Equity [Line Items]
Number of common shares approved to repurchase			35,265			31,250			100,000
Maximum price per share under stock repurchase plan	$ 12.3		$ 12			$ 76.8
Average price of repurchased shares				$ 16.61	$ 11.45
Shares Purchased				16,755	2,830
Common stock, par value per share (in dollars per share)					$ 0.01
Total Cost					$ 32,467

Equity - 2018 Equity Incentive

Equity - 2018 Equity Incentive Plan (Details) - 2018 Equity Incentive Plan			12 Months Ended
	Jan. 18, 2024 USD ($) director item shares	Aug. 23, 2018 shares	Dec. 31, 2023 shares	Dec. 31, 2024 shares
Equity [Line Items]
Percentage of fully diluted shares of common shares		8%
Fair value of grants | $	$ 277,500
Percent incremental common shares reserved				8%
Number of shares issued			0
Number of shares available for issuance under the plan			30,706	2,447
Consultants
Equity [Line Items]
Number of shares granted	1,273
Number of consultants | item	1
Minimum
Equity [Line Items]
Number of shares authorized		15,000
Independent directors
Equity [Line Items]
Number of shares granted	7,637
Number of directors who received grants | director	5
President and Chief Executive Officer
Equity [Line Items]
Operating partnership units issued	19,348

Equity - Income (Loss) Per Comm

Equity - Income (Loss) Per Common Share (Details) - USD ($)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Basic and diluted shares outstanding
Weighted average Common Shares - basic	1,127,768	1,109,574
Effect of conversion of Operating Partnership Units	4,820	13,346
Weighted average Common Shares - diluted	1,132,588	1,122,920
Calculation of income (loss) per share - basic and diluted
Net Income (Loss)	$ 27,524	$ (4,571,279)
Weighted average Common Shares - basic	1,127,768	1,109,574
Weighted average Common Shares - diluted	1,132,588	1,109,574
Earnings (loss) per share - basic	$ 0.024	$ (4.12)
Earnings (loss) per share - diluted	$ 0.024	$ (4.12)

Equity - Dividends and Distribu

Equity - Dividends and Distributions to Noncontrolling Interests Paid (Details) - USD ($)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Equity [Line Items]
Common shareholders (dividends)	$ 189,894	$ 354,394
Total dividends and distributions	787,027	383,665
Hanover Square Property
Equity [Line Items]
Noncontrolling interest (distributions)	516,596	16,000
Parkway Property
Equity [Line Items]
Noncontrolling interest (distributions)	35,100	9,000
Operating Partnership Unit holders
Equity [Line Items]
Noncontrolling interest (distributions)	$ 45,437	$ 4,271

Commitments and Contingencies (

Commitments and Contingencies (Details)	12 Months Ended
	Dec. 31, 2024
Commitments and Contingencies
Percentage of total annualized base revenues of properties in the Mid-Atlantic	99%

Related Party Transactions - Pr

Related Party Transactions - Private placement (Details) - USD ($)			12 Months Ended
	Dec. 13, 2024	Oct. 11, 2024	Dec. 31, 2024
Related Party Transaction [Line Items]
Number of units sold in private placement		160,000
Purchase price		$ 12.5
Partners' Capital Account, Private Placement of Units		$ 2,000,000
Common stock issuances (shares)	230,000
Price Per Share	$ 12.5
Proceeds from sales of common stock, net of capitalized offering costs			$ 2,851,977
Related Party
Related Party Transaction [Line Items]
Number of units sold in private placement		160,000
Purchase price		$ 12.5
Partners' Capital Account, Private Placement of Units		$ 2,000,000
Common stock issuances (shares)	230,000
Related Party | Independent Director | Marc Carlson
Related Party Transaction [Line Items]
Common stock issuances (shares)	100,000
Price Per Share	$ 12.5
Proceeds from sales of common stock, net of capitalized offering costs	$ 1,250,000
Related Party | Independent Director | Kory Kramer
Related Party Transaction [Line Items]
Common stock issuances (shares)	100,000
Price Per Share	$ 12.5
Proceeds from sales of common stock, net of capitalized offering costs	$ 1,250,000
Related Party | Chief financial officer
Related Party Transaction [Line Items]
Common stock issuances (shares)	6,000
Price Per Share	$ 12.5
Proceeds from sales of common stock, net of capitalized offering costs	$ 75,000

Related Party Transactions - Me

Related Party Transactions - Medalist Fund Manager Inc (Details)						12 Months Ended
	Jul. 02, 2024	Jul. 18, 2023 USD ($)	Jul. 02, 2023	May 03, 2023	Mar. 19, 2021 $ / shares	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Mar. 10, 2023 $ / shares
Amounts payable to Manager
Incentive fee expenses						$ 0	$ 0
Reverse Stock Split 2024
Amounts payable to Manager
Conversion ratio	0.1		0.1	1
Asset management fees | Related Party | Medalist Fund Manager, Inc.
Amounts payable to Manager
Asset management fee percentage						0.125%
Asset management fees incurred						$ 0	485,897
Asset management fees | Related Party | Medalist Fund Manager, Inc. | Cost of sales | Retail center property
Amounts payable to Manager
Asset management fees incurred						0	196,658
Asset management fees | Related Party | Medalist Fund Manager, Inc. | Cost of sales | Flex center property
Amounts payable to Manager
Asset management fees incurred						0	64,575
Asset management fees | Related Party | Medalist Fund Manager, Inc. | Legal, accounting and other professional fees
Amounts payable to Manager
Asset management fees incurred						$ 0	$ 224,664
Acquisition fees | Related Party | Medalist Fund Manager, Inc.
Amounts payable to Manager
Percentage of acquisition fee						2%
Threshold stock price up to which one half of acquisition fees will defer | $ / shares					$ 80					$ 80
Acquisition fee accrued		$ 352,717
Conversion ratio					0.125
Acquisition fees | Related Party | Medalist Fund Manager, Inc. | Salisbury Marketplace Property
Amounts payable to Manager
Cash payment of acquisition fee								$ 100,762
Acquisition fee accrued								100,762
Asset Acquisition, Consideration Transferred, Transaction Cost								$ 201,524
Acquisition fees | Related Party | Medalist Fund Manager, Inc. | Lancer Center Property, Greenbrier Business Center Property and Parkway Property
Amounts payable to Manager
Cash payment of acquisition fee									$ 251,955
Acquisition fee accrued									251,955
Asset Acquisition, Consideration Transferred, Transaction Cost									$ 503,910
Acquisition fees | Related Party | Medalist Fund Manager, Inc. | Reverse Stock Split 2024
Amounts payable to Manager
Conversion ratio				0.125

Related Party Transactions - Ot

Related Party Transactions - Other Related Parties (Details) - Related Party - USD ($)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
One of the Medalist Fund Manager, Inc. owners | Shockoe Properties, LLC
Related Party Transaction [Line Items]
Ownership percentage by noncontrolling owners	6.32%
Property management fees | Shockoe Properties, LLC
Related Party Transaction [Line Items]
Property management fees	$ 0	$ 304,179
Threshold limit of percentage of asset management fee	up to 3% of the monthly gross revenues
Property management fees | William R. Elliott
Related Party Transaction [Line Items]
Property management fees percentage paid to related party	5%
Consulting Agreement | Gunston Consulting, LLC
Related Party Transaction [Line Items]
Annual salary	$ 150,000
Consulting fees paid	$ 0	$ 105,034

Segment Information - Property

Segment Information - Property Operating Revenues, operating expenses and interest expense by Product Type (Details) - USD ($)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Segment Reporting Information [Line Items]
Revenues	$ 9,735,127	$ 10,272,826
Mortgage Interest Expense	2,387,933	2,863,108
Operating segments
Segment Reporting Information [Line Items]
Revenues	9,383,020	9,887,922
Operating expenses	2,351,739	2,600,517
Mortgage Interest Expense	2,387,933	2,863,108
Net operating income	4,643,348	4,424,297
Operating segments | Retail center property
Segment Reporting Information [Line Items]
Revenues	6,385,226	7,308,936
Operating expenses	1,621,898	1,882,524
Mortgage Interest Expense	1,620,518	2,205,267
Net operating income	3,142,810	3,221,145
Operating segments | Flex center properties
Segment Reporting Information [Line Items]
Revenues	2,704,683	2,372,914
Operating expenses	697,864	686,818
Mortgage Interest Expense	767,415	657,841
Net operating income	1,239,404	1,028,255
Operating segments | STNL properties
Segment Reporting Information [Line Items]
Revenues	293,111	206,072
Operating expenses	31,977	31,175
Net operating income	$ 261,134	$ 174,897

Segment Information - Reconcili

Segment Information - Reconciliation to net income (loss) from operations (Details) - USD ($)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Segment Reporting Information [Line Items]
Gain on disposal of investment property	$ 2,819,502
Bad debt expense	39,910	$ 63,282
Share based compensation expenses	(277,500)
Legal, Accounting And Other Professional Fees	1,170,270	1,390,941
Corporate general and administrative expenses	(968,435)	(484,345)
Management restructuring expenses	0	2,066,521
Loss on impairment	182	90,221
Depreciation and amortization	(3,915,483)	(4,574,163)
Loss on redemption of mandatorily redeemable preferred stock	(47,680)
Loss on extinguishment of debt	51,837
Net Income (Loss) from Operations	711,794	(4,538,064)
Segment Reporting, Reconciling Item, Corporate Nonsegment [Member]
Segment Reporting Information [Line Items]
Non-cash revenues	352,107	384,904
Gain on disposal of investment property	2,819,502
Bad debt expense	39,910	63,282
Share based compensation expenses	277,500
Legal, Accounting And Other Professional Fees	1,170,270	1,390,941
Corporate general and administrative expenses	968,435	484,345
Management restructuring expenses		2,066,521
Loss on impairment	182	90,221
Depreciation and amortization	3,915,483	4,574,163
Non-mortgage interest expense	631,866	$ 677,792
Loss on redemption of mandatorily redeemable preferred stock	47,680
Loss on extinguishment of debt	$ 51,837

Segment Information - Revenues

Segment Information - Revenues and expenses by operating segment (Details) - USD ($)	Dec. 31, 2024	Dec. 31, 2023
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	$ 75,097,702	$ 82,746,016
Operating segments
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	70,825,858	80,923,215
Operating segments | Retail center property
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	48,905,311	60,638,985
Operating segments | Flex center properties
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	19,385,358	20,284,230
Operating segments | STNL properties
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	2,535,189
Material reconciliation
Segment Reporting, Asset Reconciling Item [Line Items]
Assets held by operating partnership	48,430	7,220
Assets held by parent company	$ 4,223,414	$ 1,815,581

Subsequent Events (Details)

Subsequent Events (Details)

12 Months Ended

Feb. 21, 2025 USD ($) $ / shares shares

Jan. 24, 2025 USD ($) $ / shares shares

Jan. 23, 2025 $ / shares

Jan. 15, 2025 director employee $ / shares shares

Jan. 10, 2025 USD ($) $ / shares shares

Nov. 25, 2024 USD ($) $ / shares shares

Oct. 25, 2024 $ / shares

Jul. 26, 2024 $ / shares

Apr. 25, 2024 $ / shares

Mar. 28, 2024 USD ($) shares

Mar. 27, 2024 shares

Feb. 06, 2024 $ / shares

Jan. 18, 2024 director

Apr. 28, 2023 $ / shares

Jan. 27, 2023 $ / shares

Dec. 31, 2024 $ / shares

Dec. 31, 2023 $ / shares

Dec. 10, 2024 shares

Subsequent Event [Line Items]

Common stock dividend paid | $ / shares

$ 0.06

$ 0.05

$ 0.04

$ 0.02

$ 0.16

$ 0.16

$ 0.17

$ 0.32

Independent directors | 2018 Equity Incentive Plan

Subsequent Event [Line Items]

Number of directors who received grants | director

5

Mandatorily Redeemable Preferred Stock Redemption

Subsequent Event [Line Items]

Mandatorily redeemable preferred stock, outstanding

60,000

Number of shares redeemed

140,000

Redemption price per share | $ / shares

$ 25

Accrued dividends per share | $ / shares

$ 0.05

Payments for redemption of preferred stock and accrued dividends | $

$ 3,500,000

Citibank Property

Subsequent Event [Line Items]

Purchase price | $

$ 2,444,454

Acquisition was paid to the related party seller

208,695

208,695

Subsequent event

Subsequent Event [Line Items]

Common stock dividend paid | $ / shares

$ 0.065

Subsequent event | Employee

Subsequent Event [Line Items]

Granted per share | $ / shares

$ 12.03

Subsequent event | Employee | 2018 Equity Incentive Plan

Subsequent Event [Line Items]

Share based compensation (shares)

2,000

Number Of Employees | employee

2

Subsequent event | Employee | President and Chief Executive Officer | 2018 Equity Incentive Plan

Subsequent Event [Line Items]

Share based compensation (shares)

2,000

Subsequent event | Employee | President and Chief Executive Officer | 2018 Equity Incentive Plan | 2025 cash compensation

Subsequent Event [Line Items]

Operating partnership units issued

14,537

Subsequent event | Employee | Chief financial officer | 2025 cash compensation

Subsequent Event [Line Items]

Share based compensation (shares)

6,235

Subsequent event | Employee | Chief financial officer | 2018 Equity Incentive Plan

Subsequent Event [Line Items]

Share based compensation (shares)

2,000

Subsequent event | Independent directors | 2018 Equity Incentive Plan

Subsequent Event [Line Items]

Share based compensation (shares)

6,234

Number of directors who received grants | director

6

Subsequent event | Mandatorily Redeemable Preferred Stock Redemption

Subsequent Event [Line Items]

Number of shares redeemed

60,000

Redemption price per share | $ / shares

$ 25

Accrued dividends per share | $ / shares

$ 0.44

Payments for redemption of preferred stock and accrued dividends | $

$ 1,526,500

Subsequent event | United Rentals Property

Subsequent Event [Line Items]

Purchase price | $

$ 3,145,000

Operating partnerships value per common unit | $ / shares

$ 12.5

Acquisition was paid to the related party seller

251,600

Subsequent event | Buffalo Wild Wings Property

Subsequent Event [Line Items]

Purchase price | $

$ 2,620,000

Operating partnerships value per common unit | $ / shares

$ 12.5

Acquisition was paid to the related party seller

209,600

Schedule III - Real Estate Pr_2

Schedule III - Real Estate Properties and Accumulated Depreciation - Real Estate Properties (Details) - USD ($)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Gross Amount at Which Carried at Close of Period
Total	$ 76,928,949	$ 86,873,181	$ 85,915,860
Accumulated Depreciation	12,504,911	12,588,651	9,400,908
Franklin Square Property
Gross Amount at Which Carried at Close of Period
Total	19,533,782	19,491,196	19,194,564
Accumulated Depreciation	3,981,713	3,546,784	3,115,826
Hanover Square Property
Gross Amount at Which Carried at Close of Period
Total	397,367	11,524,800	11,464,185
Accumulated Depreciation		1,464,699	1,261,870
Ashley Plaza Property
Gross Amount at Which Carried at Close of Period
Total	13,840,198	14,333,547	14,358,787
Accumulated Depreciation	2,407,702	2,578,779	2,024,945
Lancer Center Shopping Center
Gross Amount at Which Carried at Close of Period
Total	10,003,535	10,225,235	10,123,987
Accumulated Depreciation	2,364,654	1,892,862	1,198,668
Greenbrier Business Center Property
Gross Amount at Which Carried at Close of Period
Total	7,184,518	7,156,360	6,939,193
Accumulated Depreciation	885,093	586,717	341,562
Brookfield Center Property.
Gross Amount at Which Carried at Close of Period
Total	6,074,010	6,594,097	6,552,959
Accumulated Depreciation	796,772	1,131,395	847,914
Parkway Center
Gross Amount at Which Carried at Close of Period
Total	7,538,796	7,544,469	7,303,857
Accumulated Depreciation	707,995	$ 496,974	$ 289,623
Citibank
Gross Amount at Which Carried at Close of Period
Total	2,298,373
Accumulated Depreciation	35,106
Retail properties
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	23,710,350
Initial Cost to Company
Land	11,327,258
Building and site improvements	41,873,093
Costs Capitalized Subsequent to Acquisition	3,006,474
Costs Written Off Due to Impairment and Loss on Dispositions	(427,470)
Gross Amount at Which Carried at Close of Period
Fully Amortized Improvements	(1,946,104)
Land	11,327,258
Buildings and Improvements	42,505,994
Total	53,833,252
Accumulated Depreciation	10,079,946
Retail properties | Franklin Square Property | North Carolina
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	13,250,000
Initial Cost to Company
Land	3,343,164
Building and site improvements	15,418,158
Costs Capitalized Subsequent to Acquisition	1,780,459
Costs Written Off Due to Impairment and Loss on Dispositions	(309,435)
Gross Amount at Which Carried at Close of Period
Fully Amortized Improvements	(698,564)
Land	3,343,164
Buildings and Improvements	16,190,618
Total	19,533,782
Accumulated Depreciation	$ 3,981,713
Retail properties | Franklin Square Property | North Carolina | Buildings and Improvements
Gross Amount at Which Carried at Close of Period
Life on Which Depreciation in Latest Income Statements is Computed	38 years
Retail properties | Franklin Square Property | North Carolina | Site Improvements
Gross Amount at Which Carried at Close of Period
Life on Which Depreciation in Latest Income Statements is Computed	13 years
Retail properties | Hanover Square Property | Virginia
Initial Cost to Company
Land	$ 397,367
Gross Amount at Which Carried at Close of Period
Land	397,367
Total	$ 397,367
Retail properties | Hanover Square Property | Virginia | Buildings and Improvements
Gross Amount at Which Carried at Close of Period
Life on Which Depreciation in Latest Income Statements is Computed	39 years
Retail properties | Hanover Square Property | Virginia | Site Improvements
Gross Amount at Which Carried at Close of Period
Life on Which Depreciation in Latest Income Statements is Computed	12 years
Retail properties | Ashley Plaza Property | North Carolina
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 10,460,350
Initial Cost to Company
Land	3,007,721
Building and site improvements	11,191,307
Costs Capitalized Subsequent to Acquisition	451,582
Gross Amount at Which Carried at Close of Period
Fully Amortized Improvements	(810,412)
Land	3,007,721
Buildings and Improvements	10,832,477
Total	13,840,198
Accumulated Depreciation	$ 2,407,702
Retail properties | Ashley Plaza Property | North Carolina | Buildings and Improvements
Gross Amount at Which Carried at Close of Period
Life on Which Depreciation in Latest Income Statements is Computed	26 years 8 months 12 days
Retail properties | Ashley Plaza Property | North Carolina | Site Improvements
Gross Amount at Which Carried at Close of Period
Life on Which Depreciation in Latest Income Statements is Computed	5 years
Retail properties | Lancer Center Shopping Center | South Carolina
Initial Cost to Company
Land	$ 2,195,125
Building and site improvements	7,684,251
Costs Capitalized Subsequent to Acquisition	525,010
Costs Written Off Due to Impairment and Loss on Dispositions	(104,863)
Gross Amount at Which Carried at Close of Period
Fully Amortized Improvements	(295,988)
Land	2,195,125
Buildings and Improvements	7,808,410
Total	10,003,535
Accumulated Depreciation	$ 2,364,654
Retail properties | Lancer Center Shopping Center | South Carolina | Buildings and Improvements
Gross Amount at Which Carried at Close of Period
Life on Which Depreciation in Latest Income Statements is Computed	14 years 2 months 12 days
Retail properties | Lancer Center Shopping Center | South Carolina | Site Improvements
Gross Amount at Which Carried at Close of Period
Life on Which Depreciation in Latest Income Statements is Computed	7 years 6 months
Retail properties | Salisbury Shopping Center | North Carolina
Initial Cost to Company
Land	$ 2,383,881
Building and site improvements	7,579,377
Costs Capitalized Subsequent to Acquisition	249,423
Costs Written Off Due to Impairment and Loss on Dispositions	(13,172)
Gross Amount at Which Carried at Close of Period
Fully Amortized Improvements	(141,139)
Land	2,383,881
Buildings and Improvements	7,674,489
Total	10,058,370
Accumulated Depreciation	$ 1,325,877
Retail properties | Salisbury Shopping Center | North Carolina | Buildings and Improvements
Gross Amount at Which Carried at Close of Period
Life on Which Depreciation in Latest Income Statements is Computed	25 years
Retail properties | Salisbury Shopping Center | North Carolina | Site Improvements
Gross Amount at Which Carried at Close of Period
Life on Which Depreciation in Latest Income Statements is Computed	5 years
Flex property
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 9,290,992
Initial Cost to Company
Land	2,437,663
Building and site improvements	18,143,543
Costs Capitalized Subsequent to Acquisition	953,854
Costs Written Off Due to Impairment and Loss on Dispositions	(21,932)
Gross Amount at Which Carried at Close of Period
Fully Amortized Improvements	(715,804)
Land	2,437,663
Buildings and Improvements	18,359,661
Total	20,797,324
Accumulated Depreciation	2,389,859
Flex property | Greenbrier Business Center Property | Virginia
Initial Cost to Company
Land	1,292,894
Building and site improvements	5,603,909
Costs Capitalized Subsequent to Acquisition	364,434
Costs Written Off Due to Impairment and Loss on Dispositions	(16,733)
Gross Amount at Which Carried at Close of Period
Fully Amortized Improvements	(59,986)
Land	1,292,894
Buildings and Improvements	5,891,624
Total	7,184,518
Accumulated Depreciation	885,092
Flex property | Brookfield Center Property. | South Carolina
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	4,476,429
Initial Cost to Company
Land	714,220
Building and site improvements	5,693,147
Costs Capitalized Subsequent to Acquisition	194,501
Gross Amount at Which Carried at Close of Period
Fully Amortized Improvements	(527,858)
Land	714,220
Buildings and Improvements	5,359,790
Total	6,074,010
Accumulated Depreciation	796,772
Flex property | Parkway Center | Virginia
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	4,814,563
Initial Cost to Company
Land	430,549
Building and site improvements	6,846,487
Costs Capitalized Subsequent to Acquisition	394,920
Costs Written Off Due to Impairment and Loss on Dispositions	(5,199)
Gross Amount at Which Carried at Close of Period
Fully Amortized Improvements	(127,961)
Land	430,549
Buildings and Improvements	7,108,247
Total	7,538,796
Accumulated Depreciation	707,995
Investment properties
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	50,510,762
Initial Cost to Company
Land	14,733,611
Building and site improvements	61,346,319
Costs Capitalized Subsequent to Acquisition	3,960,329
Costs Written Off Due to Impairment and Loss on Dispositions	(449,403)
Gross Amount at Which Carried at Close of Period
Fully Amortized Improvements	(2,661,908)
Land	14,733,611
Buildings and Improvements	62,195,338
Total	76,928,949
Accumulated Depreciation	12,504,911
Investment properties | Wells Fargo Mortgage Facility
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 17,509,420
Investment properties and assets held for sale | Greenbrier Business Center Property | Virginia | Buildings and Improvements
Gross Amount at Which Carried at Close of Period
Life on Which Depreciation in Latest Income Statements is Computed	26 years
Investment properties and assets held for sale | Greenbrier Business Center Property | Virginia | Site Improvements
Gross Amount at Which Carried at Close of Period
Life on Which Depreciation in Latest Income Statements is Computed	10 years
Investment properties and assets held for sale | Brookfield Center Property. | South Carolina | Buildings and Improvements
Gross Amount at Which Carried at Close of Period
Life on Which Depreciation in Latest Income Statements is Computed	40 years
Investment properties and assets held for sale | Brookfield Center Property. | South Carolina | Site Improvements
Gross Amount at Which Carried at Close of Period
Life on Which Depreciation in Latest Income Statements is Computed	4 years 3 months 18 days
Investment properties and assets held for sale | Parkway Center | Virginia | Buildings and Improvements
Gross Amount at Which Carried at Close of Period
Life on Which Depreciation in Latest Income Statements is Computed	42 years
Investment properties and assets held for sale | Parkway Center | Virginia | Site Improvements
Gross Amount at Which Carried at Close of Period
Life on Which Depreciation in Latest Income Statements is Computed	11 years
STNL property
Initial Cost to Company
Land	$ 968,690
Building and site improvements	1,329,683
Gross Amount at Which Carried at Close of Period
Land	968,690
Buildings and Improvements	1,329,683
Total	2,298,373
Accumulated Depreciation	35,106
STNL property | Citibank | Chicago Illinois
Initial Cost to Company
Land	968,690
Building and site improvements	1,329,683
Gross Amount at Which Carried at Close of Period
Land	968,690
Buildings and Improvements	1,329,683
Total	2,298,373
Accumulated Depreciation	$ 35,106
STNL property | Citibank | Chicago Illinois | Buildings and Improvements
Gross Amount at Which Carried at Close of Period
Life on Which Depreciation in Latest Income Statements is Computed	35 years
STNL property | Citibank | Chicago Illinois | Site Improvements
Gross Amount at Which Carried at Close of Period
Life on Which Depreciation in Latest Income Statements is Computed	10 years

Schedule III - Real Estate Pr_3

Schedule III - Real Estate Properties and Accumulated Depreciation - Accumulated Depreciation (Details) - USD ($)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at beginning of period	$ 86,873,181	$ 85,915,860
Acquisitions	2,298,373
Capitalized leasing commissions	316,875	432,613
Capitalized tenant improvements	344,313	828,675
Capitalized tenant improvement - lease incentives	29,645
Building and site improvements	211,561	221,828
Loss on impairment of tangible assets	(182)	(29,723)
Gain on extinguishment of lease liability	(96,182)	(21,646)
Fully depreciated assets	(1,921,203)	(496,072)
Dispositions of investment properties	(11,127,433)
Balance at end of period	76,928,949	86,873,181
Accumulated depreciation
Balance at beginning of period	12,588,651	9,400,908
Additions charged to costs and expenses	3,302,162	3,683,815
Write off accumulated depreciation of property disposed / fully depreciated assets	(3,385,902)	(496,072)
Balance at end of period	12,504,911	12,588,651
Net investments in real estate - end of period	64,424,038	74,284,530
Franklin Square Property
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at beginning of period	19,491,196	19,194,564
Capitalized leasing commissions	125,852	101,408
Capitalized tenant improvements	45,635	343,894
Building and site improvements	73,067	56,892
Fully depreciated assets	(201,968)	(205,562)
Balance at end of period	19,533,782	19,491,196
Accumulated depreciation
Balance at beginning of period	3,546,784	3,115,826
Additions charged to costs and expenses	636,897	636,520
Write off accumulated depreciation of property disposed / fully depreciated assets	(201,968)	(205,562)
Balance at end of period	3,981,713	3,546,784
Net investments in real estate - end of period		15,944,412
Hanover Square Property
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at beginning of period	11,524,800	11,464,185
Capitalized leasing commissions		22,965
Capitalized tenant improvements		90,000
Building and site improvements		16,642
Fully depreciated assets		(68,992)
Dispositions of investment properties	(11,127,433)
Balance at end of period	397,367	11,524,800
Accumulated depreciation
Balance at beginning of period	1,464,699	1,261,870
Additions charged to costs and expenses		271,821
Write off accumulated depreciation of property disposed / fully depreciated assets	(1,464,699)	(68,992)
Balance at end of period		1,464,699
Net investments in real estate - end of period	397,367	10,060,101
Ashley Plaza Property
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at beginning of period	14,333,547	14,358,787
Capitalized leasing commissions	48,206	23,907
Capitalized tenant improvements	135,224
Building and site improvements	70,865	7,489
Fully depreciated assets	(747,644)	(56,636)
Balance at end of period	13,840,198	14,333,547
Accumulated depreciation
Balance at beginning of period	2,578,779	2,024,945
Additions charged to costs and expenses	576,567	610,470
Write off accumulated depreciation of property disposed / fully depreciated assets	(747,644)	(56,636)
Balance at end of period	2,407,702	2,578,779
Net investments in real estate - end of period	11,432,496	11,754,768
Brookfield Center Property.
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at beginning of period	6,594,097	6,552,959
Capitalized leasing commissions		40,295
Capitalized tenant improvements		6,158
Fully depreciated assets	(520,087)	(5,315)
Balance at end of period	6,074,010	6,594,097
Accumulated depreciation
Balance at beginning of period	1,131,395	847,914
Additions charged to costs and expenses	185,464	288,796
Write off accumulated depreciation of property disposed / fully depreciated assets	(520,087)	(5,315)
Balance at end of period	796,772	1,131,395
Net investments in real estate - end of period	5,277,238	5,462,702
Lancer Center Shopping Center
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at beginning of period	10,225,235	10,123,987
Capitalized leasing commissions	47,233	88,982
Capitalized tenant improvements	67,982	44,250
Building and site improvements	5,000	15,225
Gain on extinguishment of lease liability	(96,182)
Fully depreciated assets	(245,733)	(47,209)
Balance at end of period	10,003,535	10,225,235
Accumulated depreciation
Balance at beginning of period	1,892,862	1,198,668
Additions charged to costs and expenses	717,525	741,403
Write off accumulated depreciation of property disposed / fully depreciated assets	(245,733)	(47,209)
Balance at end of period	2,364,654	1,892,862
Net investments in real estate - end of period	7,638,881	8,332,373
Greenbrier Business Center Property
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at beginning of period	7,156,360	6,939,193
Capitalized leasing commissions	38,159	62,842
Capitalized tenant improvements		117,781
Building and site improvements	4,950	88,525
Loss on impairment of tangible assets		(16,733)
Fully depreciated assets	(14,951)	(35,248)
Balance at end of period	7,184,518	7,156,360
Accumulated depreciation
Balance at beginning of period	586,717	341,562
Additions charged to costs and expenses	313,327	280,403
Write off accumulated depreciation of property disposed / fully depreciated assets	(14,951)	(35,248)
Balance at end of period	885,093	586,717
Net investments in real estate - end of period	6,299,425	6,569,643
Parkway Center
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at beginning of period	7,544,469	7,303,857
Capitalized leasing commissions	29,799	52,682
Capitalized tenant improvements		226,592
Building and site improvements	28,212	24,445
Fully depreciated assets	(63,684)	(63,107)
Balance at end of period	7,538,796	7,544,469
Accumulated depreciation
Balance at beginning of period	496,974	289,623
Additions charged to costs and expenses	274,705	270,458
Write off accumulated depreciation of property disposed / fully depreciated assets	(63,684)	(63,107)
Balance at end of period	707,995	496,974
Net investments in real estate - end of period	6,830,801	7,047,495
Salisbury
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at beginning of period	10,003,478	9,978,329
Capitalized leasing commissions	27,626	39,532
Capitalized tenant improvements	95,472
Capitalized tenant improvement - lease incentives	29,645
Building and site improvements	29,467	12,610
Loss on impairment of tangible assets	(182)	(12,990)
Fully depreciated assets	(127,136)	(14,003)
Balance at end of period	10,058,370	10,003,478
Accumulated depreciation
Balance at beginning of period	890,442	320,501
Additions charged to costs and expenses	562,571	583,944
Write off accumulated depreciation of property disposed / fully depreciated assets	(127,136)	(14,003)
Balance at end of period	1,325,877	890,442
Net investments in real estate - end of period	8,732,493	$ 9,113,036
Citibank
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Acquisitions	2,298,373
Balance at end of period	2,298,373
Accumulated depreciation
Additions charged to costs and expenses	35,106
Balance at end of period	35,106
Net investments in real estate - end of period	$ 2,263,267