Document and Entity Information
Document and Entity Information - USD ($) | 4 Months Ended | 12 Months Ended | |
Apr. 21, 2023 | Dec. 31, 2023 | Mar. 31, 2024 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Entity Central Index Key | 0001771514 | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2023 | ||
Document Fiscal Year Focus | 2023 | ||
Document Fiscal Period Focus | FY | ||
Document Transition Report | false | ||
Entity File Number | 000-56543 | ||
Entity Registrant Name | EXCHANGERIGHT INCOME FUND | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Incorporation, State or Country Code | MD | ||
Entity Tax Identification Number | 36-7729360 | ||
Entity Address, Address Line One | 1055 E. Colorado Blvd | ||
Entity Address, Address Line Two | Suite 310 | ||
Entity Address, City or Town | Pasadena | ||
Entity Address, State or Province | CA | ||
Entity Address, Postal Zip Code | 91106 | ||
City Area Code | 855 | ||
Local Phone Number | 317-4448 | ||
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 | true | ||
Entity Ex Transition Period | false | ||
ICFR Auditor Attestation Flag | false | ||
Document Financial Statement Error Correction [Flag] | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 0 | ||
Documents Incorporated by Reference | DOCUMENTS INCORPORATED BY REFERENCE NONE | ||
Auditor Name | BAKER TILLY US, LLP | GRANT THORNTON LLP | |
Auditor Firm ID | 248 | 23 | |
Auditor Location | Irvine, California | New York, New York | |
Class A Common Stock | |||
Document Information [Line Items] | |||
Title of 12(g) Security | Class A Common Shares, $0.01 par value per share | ||
Entity Common Stock, Shares Outstanding | 10,199,216 | ||
Class I Common Stock | |||
Document Information [Line Items] | |||
Title of 12(g) Security | Class I Common Shares, $0.01 par value per share | ||
Entity Common Stock, Shares Outstanding | 5,644,258 | ||
Class S Common Stock | |||
Document Information [Line Items] | |||
Title of 12(g) Security | Class S Common Shares, $0.01 par value per share |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Real estate: | ||
Land | $ 209,073,000 | $ 195,295,000 |
Buildings and improvements | 893,225,000 | 828,454,000 |
Real estate investment property, at cost, total | 1,102,298,000 | 1,023,749,000 |
Less accumulated depreciation | (62,243,000) | (34,663,000) |
Real estate, net | 1,040,055,000 | 989,086,000 |
Intangible lease assets, net | 68,616,000 | 76,387,000 |
RSLCA notes receivable from affiliates | 22,251,000 | 26,723,000 |
Restricted cash | 12,275,000 | 14,206,000 |
Cash and cash equivalents | 7,053,000 | 22,439,000 |
Receivables | 8,990,000 | 7,187,000 |
Notes receivable from affiliates | 6,017,000 | 6,007,000 |
Right-of-use asset | 4,652,000 | 4,609,000 |
Other assets | 1,095,000 | 1,712,000 |
Due from affiliates | $ 536,000 | $ 54,000 |
Other Receivable, after Allowance for Credit Loss, Related Party, Type [Extensible Enumeration] | srt:AffiliatedEntityMember | srt:AffiliatedEntityMember |
TOTAL ASSETS | $ 1,171,540,000 | $ 1,148,410,000 |
LIABILITIES AND EQUITY | ||
Long Term Debt | 589,962,000 | 497,067,000 |
Revolving credit facilities | 73,311,000 | |
Intangible lease liabilities, net | 24,595,000 | 25,337,000 |
Accounts payable, accrued expenses and other liabilities | 10,083,000 | 9,214,000 |
Right-of-use liability | 4,977,000 | 4,772,000 |
Pending trade deposits | 1,386,000 | 6,446,000 |
Distributions payable | 3,452,000 | $ 3,189,000 |
Due to affiliates | $ 43,000 | |
Other Liability, Related Party, Type [Extensible Enumeration] | srt:AffiliatedEntityMember | srt:AffiliatedEntityMember |
Total liabilities | $ 634,498,000 | $ 619,336,000 |
Commitments and Contingencies | ||
Equity: | ||
Additional paid-in capital | 408,358,000 | 371,459,000 |
Cumulative distributions in excess of net income | (58,448,000) | (30,761,000) |
Accumulated other comprehensive (loss) | (360,000) | |
Total shareholders' equity | 349,708,000 | 340,843,000 |
Noncontrolling interests attributable to operating partnership | 187,334,000 | 188,231,000 |
Total equity | 537,042,000 | 529,074,000 |
TOTAL LIABILITIES AND EQUITY | 1,171,540,000 | 1,148,410,000 |
Class A Common Shares | ||
Equity: | ||
Common Stock | 100,000 | 93,000 |
Class I Common Shares | ||
Equity: | ||
Common Stock | 58,000 | 52,000 |
Class S Common Shares | ||
Equity: | ||
Common Stock |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2023 | Dec. 31, 2022 |
Class A Common Shares | ||
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 79,873,720 | 77,425,099 |
Common stock, shares, issued | 10,017,613 | 9,268,108 |
Common stock, shares, outstanding | 10,017,613 | 9,268,108 |
Class I Common Shares | ||
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 79,873,720 | 77,425,099 |
Common stock, shares, issued | 5,768,982 | 5,193,941 |
Common stock, shares, outstanding | 5,768,982 | 5,193,941 |
Class S Common Shares | ||
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 79,873,720 | 77,425,099 |
Common stock, shares, issued | 0 | 0 |
Common stock, shares, outstanding | 0 | 0 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive (Loss) Income - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Revenues | ||
Rental revenue | $ 78,206,000 | $ 57,376,000 |
Interest income on notes receivable from affiliate | 4,431,000 | 9,006,000 |
Other | 62,000 | 85,000 |
Total revenues | 82,699,000 | 66,467,000 |
Operating Expenses | ||
Property operating expenses | 10,255,000 | 7,369,000 |
Management fees to affiliates | 2,082,000 | 2,082,000 |
General and administrative expenses | 1,818,000 | 997,000 |
Depreciation and amortization | 41,134,000 | 30,483,000 |
Total operating expenses | 55,289,000 | 40,931,000 |
Income from Operations | 27,410,000 | 25,536,000 |
Other Income and (Expense) | ||
Interest expense | (29,154,000) | (20,614,000) |
Interest income | 66,000 | |
Total other income (expense) | (29,088,000) | (20,614,000) |
Net (loss) income | (1,678,000) | 4,922,000 |
Net loss (income) attributable to noncontrolling interests | 562,000 | (1,361,000) |
Net (loss) income attributable to common shareholders | $ (1,116,000) | $ 3,561,000 |
Net (loss) income per common share attributable to common shareholders, basic | $ (0.07) | $ 0.28 |
Net (loss) income per common share attributable to common shareholders, diluted | $ (0.07) | $ 0.28 |
Weighted average number of common shares outstanding, basic | 15,288,881 | 12,908,540 |
Weighted average number of common shares outstanding, diluted | 15,288,881 | 12,908,540 |
Other comprehensive income (loss): | ||
Net (loss) income | $ (1,678,000) | $ 4,922,000 |
Other comprehensive (loss) - unrealized (loss) on change in fair value of cash flow hedges | (544,000) | |
Comprehensive (loss) income | (2,222,000) | 4,922,000 |
Comprehensive loss (income) attributable to noncontrolling interests | 746,000 | (1,361,000) |
Comprehensive (loss) income attributable to common shareholders | $ (1,476,000) | $ 3,561,000 |
Consolidated Statements of Equi
Consolidated Statements of Equity - USD ($) | Total | Common Shares Class A | Common Shares Class I | Additional Paid-In Capital | Cumulative Distributions in Excess of Net Income | Accumulated Other Comprehensive Income (Loss) | Total Shareholders' Equity | Noncontrolling Interest Attributable to Operating Partnership |
Beginning balance at Dec. 31, 2021 | $ 315,891,000 | $ 66,000 | $ 38,000 | $ 260,732,000 | $ (11,909,000) | $ 248,927,000 | $ 66,964,000 | |
Beginning balance, shares at Dec. 31, 2021 | 6,550,707 | 3,813,690 | ||||||
Net (loss) income | 4,922,000 | 3,561,000 | 3,561,000 | 1,361,000 | ||||
Issuance of common shares | 118,956,000 | $ 28,000 | $ 14,000 | 118,914,000 | 118,956,000 | |||
Issuance of common shares, shares | 2,779,632 | 1,402,635 | ||||||
Redemption of common shares | (3,689,000) | $ (1,000) | $ (1,000) | (3,687,000) | (3,689,000) | |||
Redemption of common shares, shares | (62,231) | (74,039) | ||||||
Issuance of OP Units | 141,749,000 | 141,749,000 | ||||||
Conversion of OP Units to common shares | $ 1,000 | 1,425,000 | 1,426,000 | (1,426,000) | ||||
Conversion of OP Units to common shares, shares | 51,655 | |||||||
Redemption of OP Units | (8,190,000) | (8,190,000) | ||||||
Offering costs | (9,604,000) | (5,925,000) | (5,925,000) | (3,679,000) | ||||
Distributions | (30,961,000) | (22,413,000) | (22,413,000) | (8,548,000) | ||||
Ending balance at Dec. 31, 2022 | 529,074,000 | $ 93,000 | $ 52,000 | 371,459,000 | (30,761,000) | 340,843,000 | 188,231,000 | |
Ending balance, shares at Dec. 31, 2022 | 9,268,108 | 5,193,941 | ||||||
Net (loss) income | (1,678,000) | (1,116,000) | (1,116,000) | (562,000) | ||||
Unrealized gain (loss) on change in fair value of cash flow hedges | (544,000) | $ (360,000) | (360,000) | (184,000) | ||||
Issuance of common shares | 46,345,000 | $ 8,000 | $ 7,000 | 46,330,000 | 46,345,000 | |||
Issuance of common shares, shares | 871,154 | 742,538 | ||||||
Issuance of common shares under DRIP, Shares | 10,653 | 10,922 | ||||||
Issuance of common shares under DRIP | 578,000 | 578,000 | 578,000 | |||||
Redemption of common shares | (12,402,000) | $ (1,000) | $ (3,000) | (12,398,000) | (12,402,000) | |||
Redemption of common shares, shares | (132,302) | (344,266) | ||||||
Issuance of OP Units | 18,238,000 | 18,238,000 | ||||||
Conversion of OP Units to common shares | $ 2,000 | 4,369,000 | 4,371,000 | (4,371,000) | ||||
Conversion of OP Units to common shares, shares | 165,847 | |||||||
Offering costs | (2,614,000) | (1,980,000) | (1,980,000) | (634,000) | ||||
Distributions | (39,955,000) | (26,571,000) | (26,571,000) | (13,384,000) | ||||
Ending balance at Dec. 31, 2023 | $ 537,042,000 | $ 100,000 | $ 58,000 | $ 408,358,000 | $ (58,448,000) | $ (360,000) | $ 349,708,000 | $ 187,334,000 |
Ending balance, shares at Dec. 31, 2023 | 10,017,613 | 5,768,982 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net (loss) income | $ (1,678,000) | $ 4,922,000 |
Adjustments to reconcile net (loss) income to net cash provided by operating activities: | ||
Depreciation and amortization | 41,134,000 | 30,483,000 |
Amortization of deferred rent receivables/liabilities, net | (1,013,000) | (764,000) |
Amortization of above/below-market lease intangibles, net | (2,415,000) | (2,090,000) |
Amortization of assumed below/above-market debt, net | 3,201,000 | 1,030,000 |
Amortization of lease incentives | 229,000 | 206,000 |
Amortization of deferred financing costs | 427,000 | 501,000 |
Amortization of deferred ground rent | 161,000 | 163,000 |
Changes in assets and liabilities, net of assets acquired and liabilities assumed: | ||
Receivables | (791,000) | (1,863,000) |
Other assets | 156,000 | (522,000) |
Due from affiliates | (482,000) | 100,000 |
Accounts payable, accrued expenses and other liabilities | 337,000 | 3,986,000 |
Due to affiliates | 43,000 | (49,000) |
Net cash provided by operating activities | 39,309,000 | 36,103,000 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Acquisitions of real estate | (24,643,000) | (111,392,000) |
Improvements of real estate | (930,000) | (555,000) |
Advances on notes receivable from affiliated parties | (10,000) | (6,007,000) |
Advances on RSLCA notes receivable from affiliated party | (116,663,000) | (155,566,000) |
Net cash used in investing activities | (21,111,000) | (71,687,000) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Proceeds from issuance of Class A and Class I common shares | 39,898,000 | 109,468,000 |
Offering costs from issuance of Class A and Class I common shares | (1,980,000) | (5,925,000) |
Repurchases of Class A and Class I common shares | (12,402,000) | (3,689,000) |
Proceeds from issuance of noncontrolling interests | 374,000 | |
Offering costs from issuance of noncontrolling interests | (634,000) | (3,761,000) |
Redemption of noncontrolling interests | (8,108,000) | |
Proceeds from pending trade deposits | 1,386,000 | 6,446,000 |
Proceeds from mortgage loans payable | 65,430,000 | |
Repayments of mortgage loans payable | (14,380,000) | (475,000) |
Proceeds from revolving credit facilities borrowings | 22,500,000 | |
Repayments of revolving credit facilities | (73,311,000) | (36,249,000) |
Payments of financing costs | (781,000) | (357,000) |
Class A and Class I common shares distributions | (25,913,000) | (21,816,000) |
Noncontrolling interests distributions | (13,202,000) | (7,864,000) |
Net cash (used in) provided by financing activities | (35,515,000) | 50,170,000 |
Net (decrease) increase in cash, cash equivalents and restricted cash | (17,317,000) | 14,586,000 |
Cash, cash equivalents and restricted cash at beginning of year | 36,645,000 | 22,059,000 |
Cash, cash equivalents and restricted cash at end of year | 19,328,000 | 36,645,000 |
Reconciliation to consolidated balance sheets: | ||
Cash and cash equivalents | 7,053,000 | 22,439,000 |
Restricted cash | 12,275,000 | 14,206,000 |
Cash, cash equivalents and restricted cash at end of year | 19,328,000 | 36,645,000 |
Supplemental disclosures of cash flow information: | ||
Cash paid for interest | 25,489,000 | 18,049,000 |
Supplemental disclosures of non-cash investing and financing activities: | ||
Distributions payable | 3,452,000 | 3,189,000 |
Distributions reinvested into Class A and Class I common shares | 578,000 | |
Conversion of OP Units to Class I common shares | 4,371,000 | 1,426,000 |
Assumption of loans payable in conjunction with the acquisition of real estate | 43,522,000 | 286,519,000 |
Issuance of noncontrolling interest in conjunction with the acquisition of real estate | 17,855,000 | 141,749,000 |
RSLCA Notes | ||
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Repayments on RSLCA notes receivable from affiliated party | $ 121,135,000 | $ 201,833,000 |
Business and Organization
Business and Organization | 12 Months Ended |
Dec. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Business and Organization | Note 1. Busines s and Organization ExchangeRight Income Fund, doing business as ExchangeRight Essential Income REIT, a Maryland statutory trust (the “Trust” or the “Company”), is a self-administered real estate company, formed on January 11, 2019, focusing on investing in single-tenant, primarily investment-grade net-leased real estate. The Company, through its operating partnership, ExchangeRight Income Fund Operating Partnership, LP, a Delaware limited partnership of which the Company is the sole general partner (the "Operating Partnership") owned 352 properties in 34 states (collectively, the “Trust Properties”) as of December 31, 2023. The Trust Properties are occupied by 36 different primarily national investment-grade necessity-based retail tenants and are additionally diversified by industry, geographic region and lease term. Unless the context requires otherwise, references to (i) the “Company” or th e “General Partner” refer to ExchangeRight Income Fund, d/b/a ExchangeRight Essential Income REIT, together with its subsidiaries, including ExchangeRight Income Fund Operating Partnership, LP, a Delaware limited partnership of which the Company is the sole general partner, together with its subsidiaries, (ii) “Operating Partnership” or the “Partnership” refers to ExchangeRight Income Fund Operating Partnership, LP, together with its subsidiaries, (iii) “Trustee” refers to a related party, ExchangeRight Income Fund Trustee, LLC, a Delaware limited liability company, which is the sole trustee of the Company, (iv) “ExchangeRight” or “Sponsor” refers to ExchangeRight Real Estate, LLC, a California limited liability company, which is the Company’s sponsor and the sole member and manager of the Trustee, together with its subsidiaries, (v) “ExchangeRight Income Fund GP, LLC” refers to a wholly-owned subsidiary of ExchangeRight which owns 600,000 of the Company’s Class I common shares and holds a special limited partnership interest in the Operating Partnership, which entitles ExchangeRight Income Fund GP, LLC to receive a promote interest in the profits of the Operating Partnership in accordance with the distribution waterfall set forth in the Operating Partnership’s limited partnership agreement, (vi) “Advisor” or “Advisors” refers to any person or persons, if any, appointed, employed or contracted with by the General Partner and responsible for directing or performing the day-to-day business affairs of the General Partner, including any person to whom the Advisor hereafter subcontracts substantially all of such functions, and (vii) “Advisory Agreement” refers to the agreement among the Partnership, the General Partner and any Advisor, pursuant to which any such Advisor will direct or perform the day-to-day business affairs of the General Partner and the Partnership. The Company has elected and is qualified to be taxed as a real estate investment trust (“REIT”) for United States of America (“U.S.”) federal income tax purposes beginning with the taxable year ended December 31, 2019. The Company is the sole general partner and a limited partner of the Operating Partnership which was formed on January 9, 2019. Substantially all of the Company’s business is conducted through the Operating Partnership. The Trust Properties are owned and controlled by the Company and are managed by ExchangeRight Net-Leased Property Management, LLC (the “Property Manager”) and ExchangeRight Net-Leased Asset Management, LLC (the “Asset Manager”), which are both wholly-owned subsidiaries of ExchangeRight, pursuant to executed property management and asset management agreements with each respective entity. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Note 2. Summary of Significant Accounting Policies Basis of Presentation The accompanying consolidated financial statements have been prepared in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”). In the opinion of management, all adjustments necessary for fair presentation (including normal recurring accruals) have been included. Principles of Consolidation The consolidated financial statements include the accounts of the Company, the Operating Partnership, its subsidiaries and any single member limited liability companies or other entities which are consolidated in accordance with GAAP. The Company consolidates variable interest entities (“VIEs”) when it is the primary beneficiary. Generally, a VIE is an entity with one or more of the following characteristics: (1) the total equity investment at risk is not sufficient to permit the entity to finance its activities without additional subordinated financial support, (2) as a group, the holders of the equity investment at risk (a) lack the power through voting or similar rights to make decisions about the entity’s activities that significantly impact the entity’s performance, (b) have no obligation to absorb the expected losses of the entity, or (c) have no right to receive the expected residual returns of the entity, or (3) the equity investors have voting rights that are not proportional to their economic interests, and substantially all of the entity’s activities either involve, or are conducted on behalf of, an investor that has disproportionately fewer voting rights. A VIE is required to be consolidated by its primary beneficiary. The primary beneficiary of a VIE has (1) the power to direct the activities that most significantly impact the entity’s economic performance, and (2) the obligation to absorb losses of the VIE or the right to receive benefits from the VIE that could be significant to the VIE. Significant judgments related to these determinations include estimates about the current values, performance of real estate held by these VIEs, and general market conditions. Use of Estimates The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The Company’s most significant assumptions and estimates relate to the useful lives of real estate assets, real estate impairment assessments and allocation of fair value of purchase consideration. These estimates are based on historical experience and other assumptions which management believes are reasonable. The Company evaluates its estimates on an ongoing basis and makes revisions to these estimates and related disclosures as experience develops or new information becomes known. Actual results could differ from those estimates. Investment in Real Estate Real estate assets are stated at cost, less accumulated depreciation and amortization. The Company evaluates each acquisition transaction to determine whether the acquired asset meets the definition of a business and therefore accounted for as a business combination or if the acquisition transaction should be accounted for as an asset acquisition. Under Accounting Standards Update (“ASU”) 2017-01, “Business Combinations (Topic 805): Clarifying the Definition of a Business” (“ASU 2017-01”), an acquisition does not qualify as a business when substantially all of the fair value is concentrated in a single identifiable asset or group of similar identifiable assets or the acquisition does not include a substantive process in the form of an acquired workforce or an acquired contract that cannot be replaced without significant cost, effort or delay. Transaction costs related to acquisitions that qualify as asset acquisitions are capitalized as part of the cost basis of the acquired assets, while transaction costs for acquisitions that are deemed to be acquisitions of a business are expensed as incurred. The Company allocates the purchase price of acquired properties accounted for as asset acquisitions to tangible and identifiable intangible assets or liabilities based on their relative fair values. Tangible assets may include land, buildings, site improvements and tenant improvements. Intangible assets include the value of in-place leases and above-market leases and intangible liabilities include below-market leases. The fair value of the tangible assets of an acquired property with an in-place operating lease is determined by valuing the property as if it were vacant, and the “as-if-vacant” value is then allocated to the tangible assets based on the relative fair value of the tangible assets. The fair value of in-place leases is determined by considering estimates of carrying costs during the expected lease-up periods, current market conditions as well as costs to execute similar leases based on the specific characteristics of each tenant’s lease. The Company estimates the cost to execute leases with terms similar to the remaining lease terms of the in-place leases, including tenant improvements, leasing commissions, legal and other related expenses. The values of acquired above-market and below-market leases are recorded based on the present values (using discount rates which reflect the risks associated with the leases acquired) of the differences between the contractual amounts to be received and management’s estimate of market lease rates, measured over the terms of the respective leases that management deemed appropriate at the time of the acquisitions. Such valuations include consideration of the noncancelable terms of the respective leases as well as any applicable renewal periods. The fair values associated with below-market rental renewal options are determined based on the Company’s experience and the relevant facts and circumstances that existed at the time of the acquisitions. The values of the above-market and below-market leases are amortized over the term of the respective leases, including certain renewal options (as applicable), as an adjustment to rental revenue on the Company’s consolidated statements of operations and comprehensive income. The value of other intangible assets (including leasing commissions, tenant improvements, etc.) is amortized to expense over the applicable terms of the respective leases. If a lease were to be terminated prior to its stated expiration or not renewed, all unamortized amounts relating to that lease would be recognized in operations at that time. In making estimates of fair values for purposes of allocating purchase price, the Company utilizes a number of sources and also considers information and other factors including market conditions, the industry that the tenant operates in, characteristics of the real estate; e.g., location, size, demographics, value and comparative rental rates; tenant credit profile and the importance of the location of the real estate to the operations of the tenant’s business. Additionally, the Company considers information obtained about each property as a result of its pre-acquisition due diligence, marketing and leasing activities in estimating the relative fair value of the tangible and intangible assets and liabilities acquired. The Company’s methodology for measuring and allocating the fair value of real estate acquisitions includes both observable market data (categorized as level 2 on the three-level valuation hierarchy of Accounting Standards Codification (“ASC”) Topic 820, Fair Value Measurement), and unobservable inputs that reflect the Company’s own internal assumptions (categorized as level 3 under ASC Topic 820). Given the significance of the unobservable inputs the Company believes the allocations of fair value of real estate acquisitions should be categorized as level 3 under ASC Topic 820. Management reviews each real estate investment for impairment whenever events or circumstances indicate that the carrying value of a real estate investment may not be recoverable. The review of recoverability of real estate investments held for use is based on an estimate of the future cash flows that are expected to result from the real estate investment’s use and eventual disposition. These cash flows consider factors such as expected future operating income, trends and prospects, as well as the effects of leasing demand, capital expenditures, competition and other factors. If an impairment event exists due to the projected inability to recover the carrying value of a real estate investment, an impairment loss is recorded to the extent that the carrying value exceeds estimated fair value. No impairments were recorded during the years ended December 31, 2023 and 2022, respectively. Depreciation and amortization are computed using the straight-line method over the estimated useful lives of the assets. The Company considers the period of future benefit of each respective asset to determine its appropriate useful life. The estimated useful lives of the Company’s real estate assets by class are generally as follows: Description Depreciable life Buildings 39 years Building and site improvements Ranging from 5 to 28 years Tenant improvements Shorter of the term of the related lease or useful life Intangible lease assets and liabilities Term of the related lease Expenditures for improvements that substantially extend the useful lives of the assets are capitalized. Expenditures for maintenance, repairs and betterments that do not substantially prolong the normal useful life of an asset are charged to operations as incurred. Real Estate Held for Sale The Company follows the guidance for reporting discontinued operations, whereby a disposal of an individual property or group of properties is required to be reported in “discontinued operations” only if the disposal represents a strategic shift that has, or will have, a major effect on the Company’s operations and financial results. The results of operations for those properties not meeting such criteria are reported in “continuing operations” in the consolidated statements of operations and comprehensive income. The carrying values of the assets and liabilities of properties determined to be held for sale, principally the net book values of the real estate and the related mortgage loans payable expected to be assumed by the buyers, are reclassified as “held for sale” on the Company’s consolidated balance sheets at the time such determinations are made, on a prospective basis only. The Company, when applicable, conducts a continuing review of the values for all properties “held for sale” based on final sales prices and sales contracts entered into. Impairment charges/reversals, if applicable, are based on a comparison of the carrying values of the properties with either (1) actual sales prices less costs to sell for properties sold, or contract amounts for properties in the process of being sold, (2) estimated sales prices, less costs to sell, based on discounted cash flow analyses, if no contract amounts are being negotiated, or (3) with respect to land parcels, estimated sales prices, less costs to sell, based on comparable sales completed in the selected market areas. Prior to the Company’s determination to dispose of properties, which are subsequently reclassified to “held for sale”, the Company would perform recoverability analyses based on the estimated undiscounted cash flows that would be expected to result from the real estate investments’ use and eventual disposal. The projected undiscounted cash flows of each property would reflect that the carrying value of each real estate investment would be recovered. The Company had no real estate held for sale as of December 31, 2023 and 2022, respectively. Cash, Cash Equivalents and Restricted Cash Cash and cash equivalents consist of cash in banks and short-term investments with original maturities when purchased of less than ninety days. The Company did no t have any cash equivalents as of December 31, 2023 and 2022, respectively. The terms of mortgage loans payable may require the Company to deposit certain replacement and other reserves with its lenders. Restricted cash was $ 12.3 million and $ 14.2 million as of December 31, 2023 and 2022, respectively, and represents funds held in reserve by lenders to cover real estate taxes, insurance, repairs, tenant improvements and leasing commissions of the underlying properties collateralized by the respective loan. Fair Value Measurements The accounting guidance for fair value measurement establishes a fair value hierarchy that prioritizes observable and unobservable inputs used to measure fair value into three levels: • Level 1 – Inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets. • Level 2 – Inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument. • Level 3 – Inputs to the valuation methodology are unobservable and significant to the fair value measurement. The fair value hierarchy gives the highest priority to Level 1 inputs and the lowest priority to Level 3 inputs. In determining fair value, the Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible while also considering counterparty credit risk in the assessment of fair value. Derivative Financial Instruments The Company occasionally utilizes derivative financial instruments, principally interest rate swaps, to manage its exposure to fluctuations in interest rates. The Company has established policies and procedures for risk assessment, and the approval, reporting and monitoring of derivative financial instruments. Derivative financial instruments must be effective in reducing the Company’s interest rate risk exposure in order to qualify for hedge accounting. When the terms of an underlying transaction are modified, or when the underlying hedged item ceases to exist, all changes in the fair value of the instrument are marked-to-market with changes in value included in net (loss) income for each period until the derivative financial instrument matures or is settled. Any derivative financial instrument used for risk management that does not meet the hedging criteria is marked-to-market with the changes in value included in net income. The Company has not entered into, and does not plan to enter into, derivative financial instruments for trading or speculative purposes. The use of interest rate swap agreements carries risks, including the risk that the counterparties to these agreements are not able to perform. To mitigate this risk, the Company enters into interest rate swap agreements with counterparties with high credit ratings and with major financial institutions with which the Company may also have other financial relationships. The Company does not currently anticipate that the counterparty to the Company’s interest rate swap agreement will fail to meet its obligation. The Company, through the Operating Partnership, entered into a five-year swap agreement on February 8, 2023 and as of December 31, 2023, there was no event of default related to the Company's interest rate swap agreement. Revenue Recognition and Receivables Management has determined that predominantly all of the Company’s leases with its various tenants are operating leases (excluding the sales-type leases disclosed in Note 3. Investment in Real Estate below). The Company recognizes minimum rent, including rental abatements, lease incentives and contractual fixed increases attributable to operating leases on a straight-line basis over the term of the related leases when collectability is reasonably assured. Deferred rent receivable was $ 2.4 million and $ 1.4 million as of December 31, 2023 and, 2022, respectively, and represents rent earned in excess of rent received as a result of straight-lining rents over the terms of the leases, and is included in receivables on the accompanying consolidated balance sheets. Deferred rent liability represents rent received in excess of rent earned as a result of straight-lining rents over the terms of the leases. These amounts were de minimis for the years ended December 31, 2023 and 2022 and are included in accounts payable, accrued expenses and other liabilities on the accompanying consolidated balance sheets. The Company records property o perating expense reimbursements due from tenants for common area maintenance, real estate taxes and other recoverable costs in the period the related expenses are incurred. The Company continually assesses the collectability of receivables related to our tenants and real estate operations. In evaluating collectability, the Company considers the tenant's payment history, the financial condition of the tenant, current macroeconomic trends, and other factors as deemed necessary. The collectability of the aforementioned receivables shall be adjusted through an allowance for doubtful accounts which would be included in revenue on the consolidated statements of operations. As of December 31, 2023 and 2022, the Company’s allowance for doubtful accounts totaled $ 0.0 million and $ 0.0 million, respectively, which had no effect on assets on the Company’s consolidated balance sheets . A limited number of operating leases contain contingent rent provisions under which tenants are required to pay, as additional rent, a percentage of their sales in excess of a specified amount. The Company defers recognition of contingent rental income until those specified sales targets are met. The Company recorded no contingent rent during 2023 or 2022. Revenues also may include items such as lease termination fees, which tend to fluctuate more than rents from year to year. Termination fees are fees that the Company has agreed to accept in consideration for permitting certain tenants to terminate their lease prior to the contractual expiration. The Company recognizes lease termination income when the following conditions are met: (1) the lease termination agreement has been executed, (2) the lease termination fee is determinable, (3) all the Company’s landlord services pursuant to the terminated lease have been rendered, and (4) collectability of the lease termination fee is assured. $ 0.5 million and $ 0.4 million have been recorded as lease terminations during 2023 or 2022, respectively, and are included in rental revenues on the accompanying consolidated statements of operations and comprehensive income. If the lease provides for tenant improvements, the Company determines whether the tenant improvements, for accounting purposes, are owned by the tenant or by the Company. When the Company is the owner of the tenant improvements, the tenant is typically not considered to have taken physical possession or have control of the physical use of the leased asset until the tenant improvements are substantially completed. When the tenant is the owner of the tenant improvements, any tenant improvement allowance that is funded is treated as a lease incentive and amortized as a reduction of revenue over the lease term. Tenant improvement ownership is determined based on various factors including, but not limited to: • whether the lease stipulates how a tenant improvement allowance may be spent; • whether the amount of a tenant improvement allowance is in excess of market rates; • whether the tenant or landlord retains legal title to the improvements at the end of the lease term; • whether the tenant improvements are unique to the tenant or general-purpose in nature; and • whether the tenant improvements are expected to have any residual value at the end of the lease. Pending Trade Deposits Pending trade deposits were $ 1.4 million and $ 6.4 million as of December 31, 2023 and 2022, respectively, and represents funds received by the Company from investors for future purchases of Class A and Class I common shares. Shares are issued by the Company upon the investment being accepted by the Company. Right-of-Use Assets and Liabilities The Company is the lessee under a ground lease. In accordance with the lease accounting standard, the Company recorded a right-of-use asset and related liability for this ground lease of the date of acquisition in December 2021. As of December 31, 2023, the remaining lease term, including options which were deemed probable to be exercised, was approximately 67 years and the discount rate used to calculate the Company’s lease liability was 7.1 %. Rent expense under the ground lease was $ 0.4 million and $ 0.4 million for the years ended December 31, 2023 and 2022, respective ly. The following table represent a reconciliation of the Company’s undiscounted future minimum lease payments for its ground lease agreement applicable to right-of-use liabilities as of December 31, 2023: 2024 $ 285,000 2025 285,000 2026 285,000 2027 285,000 2028 285,000 Thereafter 28,745,000 Total undiscounted future minimum lease payments 30,170,000 Future minimum lease payments, discount ( 25,193,000 ) Right-of-use liability $ 4,977,000 Deferred Financing Costs Financing costs related to the issuance of the Company’s long-term debt are deferred and amortized as an increase to interest expense over the term of the related debt instrument using the straight-line method, which approximates the effective interest method. The carrying value of the deferred financing costs related to mortgage loans payable was $ 1.1 million and $ 0.5 million, which was net of accumulated amortization of $ 0.4 million and $ 0.2 million as of December 31, 2023 and 2022 respectively, and was recorded as a direct deduction to the related debt on the consolidated balance sheets. The carrying value of the deferred financing costs related to revolving credit facilities was $ 0.0 million and $ 0.2 million, which was net of accumulated amortization of $ 0.8 million and $ 0.6 million as of December 31, 2023 and 2022 respectively, and was recorded within other assets on the consolidated balance sheets. Amortization of deferred financing costs was $ 0.4 million and $ 0.5 million for 2023 and 2022, respectively, and is included in interest expense on the accompanying consolidated statements of operations and comprehensive income. Noncontrolling Interests The Company presents noncontrolling interests, which repres ents OP Units, and classifies such interests as a component of equity, separate from the Company’s shareholders’ equity. Noncontrolling interests were created as part of contribution and merger agreements with former 1031-exchangeable portfolios that were previously managed by the Sponsor on behalf of investors and recognized at fair value as of the date of the merger transaction. The holders of OP Units have the right to exchange their OP Units for the same number of shares of the Company’s Class I common shares. Segment Information The Company’s primary business is the ownership and operation of net-lease properties occupied primarily by investment-grade tenants. The Company reviews operating and financial information for each property on an individual basis and, accordingly, each property represents an individual operating segment. The Company evaluates financial performance using property operating income, which consists of rental income and other property income, less operating expenses. No individual property constitutes more than 10% of the Company’s revenues or property operating income, and the Company has no operations outside of the United States of America. Therefore, the Company has aggregated its properties into one reportable segment as the properties share similar long-term economic characteristics and have other similarities including the fact that they are operated using consistent business strategies. Income Taxes The Company has elected and is qualified to be taxed as a REIT, as it complies with the related provisions under the Internal Revenue Code of 1986, as amended. Accordingly, the Company generally is not and will not be subject to U.S. federal income tax to the extent of its distributions to shareholders and as long as certain asset, income and share ownership tests are met. To qualify as a REIT, the Company must annually distribute at least 90 % of its REIT taxable income to its shareholders and meet certain other requirements. Under certain circumstances, federal income and excise taxes may be due on its undistributed taxable income. The Company may also be subject to certain state, local and franchise taxes. If the Company fails to meet these requirements, it will be subject to U.S. federal income tax, which could have a material adverse impact on its results of operations and amounts available for distributions to its shareholders. Application of tax laws and regulations to various types of transactions is susceptible to varying interpretations. Therefore, amounts reported in the financial statements could be changed at a later date upon final determination by the taxing authorities. No such examinations by taxing authorities are presently in process. The Company provides for uncertain tax positions based upon management’s assessment of whether a tax benefit is more likely than not to be sustained upon examination by tax authorities. Management is required to determine whether a tax position is more likely than not to be sustained upon examination by tax authorities, including resolution of any related appeals or litigation processes, based on the technical merits of the position. Because assumptions are used in determining whether a tax benefit is more likely than not to be sustained upon examination by tax authorities, actual results may differ from the Company’s estimates under different assumptions or conditions. Reclassifications Certain reclassifications of prior period amounts have been made in the consolidated statement of cash flow in order to conform to the current presentation, which includes the bifurcation of proceeds and issuance cost from the issuance of Class A and Class I common shares into separate individual line items. Accounting Pronouncements In April 2020, the Financial Accounting Standards Board (the “FASB”) issued a question-and-answer document (the “Lease Modification Q&A”) focused on the application of lease accounting guidance to lease concessions provided as a result of a novel strain of coronavirus (“COVID-19”). Under existing lease guidance, the Company would have to determine, on a lease by lease basis, if a lease concession was the result of a new arrangement reached with the tenant (treated with the lease modification accounting framework) or if a lease concession was under the enforceable rights and obligations within the existing lease agreement (precluded from applying the lease modification accounting framework). The Lease Modification Q&A clarifies that entities may elect to not evaluate whether lease-related relief that lessors provide to mitigate the economic effects of COVID-19 on lessees is a lease modification under ASC 842 - Leases. Instead, an entity that elects not to evaluate whether a concession directly related to COVID-19 is a modification can then elect whether to apply the modification guidance (i.e. assume the relief was always contemplated by the contract or assume the relief was not contemplated by the contract). Both lessees and lessors may make this election. The Company evaluated its election on a disaggregated basis, with such election applied consistently to leases with similar characteristics and similar circumstances. The Company provided no lease concessions to tenants during 2023 and 2022, respectively. In August 2023, the FASB issued ASU 2023-05 “Business Combinations-Joint Venture Formations (Subtopic 805-60)” (“ASU 2023-05”). ASU 2023-05 addresses the accounting for contributions made to a joint venture, upon formation, in a joint venture’s separate financial statements. To reduce diversity in practice and provide decision-useful information to a joint venture’s investors, ASU 2023-05 will require that a joint venture apply a new basis of accounting upon formation at fair value. ASU 2023-05 does not amend the definition of a joint venture (or a corporate joint venture), the accounting by an equity method investor for its investment in a joint venture, or the accounting by a joint venture for contributions received after its formation. This standard is effective prospectively for all joint venture formations with a formation date on or after January 1, 2025. The adoption of ASU 2023-05 is not expected to have a material impact on the Company’s consolidated financial statements. |
Investments In Real Estate
Investments In Real Estate | 12 Months Ended |
Dec. 31, 2023 | |
Real Estate [Abstract] | |
Investments In Real Estate | Note 3. Investments in Real Estate The Company acquires, owns, and manages primarily single-tenant, investment-grade net-leased real estate. The Company owned 352 properties in 34 states as of December 31, 2023. As of December 31, 2023 , the Company’s portfolio was 99.1 % leased and is occupied by 36 different primarily national investment-grade necessity-based retail tenants, and is additionally diversified by industry, geographic region, and lease term. Real estate activity for years ended December 31, 2023 and 2022 is composed of the following: Years ended December 31, 2023 2022 Cost Balance - beginning of year $ 1,023,749,000 $ 532,511,000 Property acquisitions (a) 77,619,000 490,683,000 Improvements 930,000 555,000 Balance - end of year $ 1,102,298,000 $ 1,023,749,000 Accumulated depreciation Balance - beginning of year $ ( 34,663,000 ) $ ( 14,681,000 ) Depreciation expense ( 27,580,000 ) ( 19,982,000 ) Balance - end of year $ ( 62,243,000 ) $ ( 34,663,000 ) Net book value - end of year $ 1,040,055,000 $ 989,086,000 (a) Excludes amounts recorded as intangible lease assets and liabilities in connection with the allocation of the purchase price of acquired properties accounted for as asset acquisitions. Acquisitions On March 31, 2023, the Company acquired a property for cash from an unaffiliated entity not managed by the Sponsor for a total purchase price, including acquisitions costs, of $ 2.3 million. Per the asset management agreement, the Company paid a 1.0 % acquisition fee on this property acquisition totaling $ 22,000 to ExchangeRight (see Note 10. Related and Affiliated Party Transactions for further details regarding acquisition fees). On August 31, 2023, the Company, through the Operating Partnership, acquired 15 properties for a total purchase price of $ 83.8 million via a merger agreement with a DST that had qualified for tax-deferred exchange treatment under Section 1031 of the Internal Revenue Code of 1986, as amended (the “Code”) prior to the merger and was previously managed by the Sponsor on behalf of its investors. There were no acquisition fees related to this portfolio acquisition. In connection with this acquisition, the Company assumed a $ 43.5 million interest-only mortgage loan at a fixed-rate of 4.32 % which matures on July 1, 2028. The Company acquired 186 properties for a total purchase price, including acquisition costs, of $ 539.7 million during 2022. These 186 properties were acquired via merger agreements with ten former 1031-exchangable portfolios that were previously managed by the Sponsor on behalf of investors. The Company assumed the following mortgages in connection with these acquisitions during 2022: Contractual Date Maturity Balance interest of assumption Amortization date at assumption rate 2/9/2022 Interest only 10/1/2024 $ 16,902,000 4.25 % 3/2/2022 Interest only 6/6/2027 32,722,000 3.98 % 4/1/2022 Interest only 6/1/2024 18,008,000 4.71 % 6/24/2022 Interest only 9/1/2027 36,860,000 3.99 % 7/26/2022 Interest only 12/1/2027 33,441,000 4.09 % 8/24/2022 Interest only 1/11/2028 35,840,000 4.05 % 8/31/2022 Interest only 12/1/2025 25,012,000 4.59 % 9/7/2022 Interest only 5/1/2025 25,519,000 4.15 % 9/14/2022 Interest only 4/8/2028 37,795,000 4.27 % 10/27/2022 Interest only 9/6/2025 24,420,000 4.38 % $ 286,519,000 An allocation of the purchase price, including acquisition costs, for these acquisitions are as follows: Years ended December 31, 2023 2022 Land $ 13,778,000 $ 103,883,000 Building and site improvements 62,924,000 376,886,000 Tenant improvements 917,000 9,914,000 Lease in-place intangible assets 6,276,000 43,060,000 Lease above-market intangible assets 14,000 1,600,000 Below-market debt 4,302,000 13,540,000 88,211,000 548,883,000 Liabilities assumed: Lease below-market intangible liabilities ( 2,192,000 ) ( 9,222,000 ) Purchase price (including acquisition costs) $ 86,019,000 $ 539,661,000 Sales-Type Leases The Company, as lessor, has entered into long-term leases with affiliated parties that transfer the rights, title and interest of certain in-line, non-anchor tenants at certain multi-tenant properties the Company has acquired. These leases range from 50 years to 99 years , and all include 10 five-year renewal options. These in-line tenants do not fit within the Company’s investment criteria of being investment-grade necessity-based retail tenants. Simultaneously upon the acquisition of these properties, the Company transferred the rights, title and interest of the in-line tenants for consideration in the form of lump sum payments which equaled the fair value associated with the in-line tenants at their respective properties. The Company has classified these lease transactions as sales-type leases. Additionally, as the lump sum payment totaled the fair value of the in-line tenants at each respective property, and the remaining annual lease payments at each respective property is de minimis, these transactions had no effect on the Company’s consolidated statements of operations and comprehensive income for the years ended December 31, 2023 and 2022, respectively. Revenues Substantially all of the Company’s tenants are subject to net-lease agreements where the tenant is generally responsible for minimum monthly rent and actual property operating expenses incurred, including property taxes, insurance and maintenance. In addition, certain of the Company’s tenants are subject to future rent increases based on fixed amounts or, in limited cases, increases in the consumer price index. In addition, certain leases provide for additional rent calculated as a percentage of the tenants’ gross sales above a specified level. The Company recorded no percentage rent revenue for the years ended December 31, 2023 and 2022. Certain of the Company’s properties are subject to leases under which it retains responsibility for specific costs and expenses of the property. The Company’s leases typically provide the tenant one or more multi-year renewal options to extend their leases, subject to generally the same terms and conditions, including rent increases. All lease-related income is reported as a single line item, rental revenue, in the consolidated statements of operations and comprehensive (loss) income. Rental revenue is comprised of the following: Years ended December 31, 2023 2022 Base rents $ 65,598,000 $ 47,697,000 Tenant reimbursables 8,667,000 6,458,000 Straight-line rent adjustments 1,013,000 764,000 Above/below market lease amortization, net 2,415,000 2,090,000 Lease termination income 513,000 367,000 $ 78,206,000 $ 57,376,000 Annual future contractual base rents pursuant to non-cancellable terms due to be received under operating leases in effect at December 31, 2023 are as follows: 2024 $ 68,130,000 2025 67,158,000 2026 63,883,000 2027 57,540,000 2028 48,064,000 Thereafter 161,422,000 Total $ 466,197,000 Concentration of Credit Risk As of December 31, 2023, the Company’s portfolio is occupied by 36 different primarily national investment-grade necessity-based retail tenants, and is additionally diversified by industry, geographic region, and lease term. The following tenants contributed more than 10% of contractual base rents during years ended December 31, 2023 and 2022: Years ended December 31, Tenant 2023 2022 Dollar General 18.0 % 16.8 % Walgreens 15.5 % 14.8 % |
Notes Receivable
Notes Receivable | 12 Months Ended |
Dec. 31, 2023 | |
Receivables [Abstract] | |
Notes Receivable | Note 4. Notes Receivable RSLCA Notes Receivable From Affiliated Party The Company has invested in a short-term mezzanine loan to ExchangeRight (“ExchangeRight Mezz Loans”) for ExchangeRight’s Delaware Statutory Trust (“DST”) programs under a Revolving Secured Line of Credit Agreement (“RSLCA”). The loan agreement, as amended, matures on April 4, 2027 , with a maximum of $ 250.0 million outstanding at any time, and bears interest at a rate equal to 12.0 % per annum, while outstanding. The Company’s notes receivable are secured by interests in an affiliated party that indirectly owns net-leased necessity-based retail properties similar to the Company’s acquired properties, as well as a pledge agreement and subordination agreement provided by ExchangeRight. As a result, the risk profile of an investment in these notes is intended to be similar to ownership of the Company’s acquired properties while providing liquidity and an enhanced risk-adjusted return over investments with similar liquidity. The Company’s investment in the RSLCA notes receivable are held at amortized cost and totaled $ 22.3 million and $ 26.7 million as of December 31, 2023 and 2022, respectively. Notes Receivable from Affiliated Parties On August 25, 2022, the Company entered into a real estate note as the lender with a two -property net-leased DST managed by ExchangeRight. The real estate note matures on August 25, 2027 , generates interest at a fixed-rate of 6.00 % and requires monthly interest only payments from the borrower. The Company’s receivable under this real estate note totaled $ 3.6 million and $ 3.6 million as of December 31, 2023 and 2022, respectively, and is included in notes receivable from affiliates in the consolidated balance sheets. O n November 18, 2022, the Company entered into a junior unsecured line of credit agreement as the lender with a four property net-leased DST managed by ExchangeRight. The junior unsecured line of credit agreement is for a maximum of $ 2.6 million, matures on November 18, 2027 , generates interest at a fixed-rate of 7.25 % and requires monthly interest only payments from the borrower. The Company’s receivable under this junior unsecured line of credit agreement totaled $ 2.4 million and $ 2.4 million as of December 31, 2023 and 2022, respectively, and is included in notes receivable from affiliates in the consolidated balance sheets. |
Intangible Assets and Liabiliti
Intangible Assets and Liabilities | 12 Months Ended |
Dec. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets and Liabilities | Note 5. Intangible Assets and Liabilities Intangible assets and liabilities consisted of the following: Weighted average Gross carrying Accumulated Net carrying amortization amount amortization amount period (years) In-place leases $ 97,737,000 $ ( 31,463,000 ) $ 66,274,000 7.3 Above-market leases 3,489,000 ( 1,147,000 ) 2,342,000 6.2 Total intangible lease assets, net $ 101,226,000 $ ( 32,610,000 ) $ 68,616,000 Below-market leases $ 32,184,000 $ ( 7,589,000 ) $ 24,595,000 11.0 December 31, 2022 Weighted average Gross carrying Accumulated Net carrying amortization amount amortization amount period (years) In-place leases $ 91,461,000 $ ( 17,920,000 ) $ 73,541,000 7.8 Above-market leases 3,474,000 ( 628,000 ) 2,846,000 6.9 Total intangible lease assets, net $ 94,935,000 $ ( 18,548,000 ) $ 76,387,000 Below-market leases $ 29,991,000 $ ( 4,654,000 ) $ 25,337,000 11.6 The Company records net amortization of above-market and below-market lease intangibles to rental revenue and records amortization of in-place lease assets to depreciation and amortization expense. Amortization of intangible assets and liabilities were as follows: Years ended December 31, 2023 2022 Net adjustment to rental revenue $ 2,415,000 $ 2,090,000 Amortization of in-place leases $ 13,555,000 $ 10,501,000 The estimated future amortization of lease assets to amortization expense and the amortization of above-market and below-market lease intangibles to rental revenu e are as follows: Amortization Rental revenue In-place Above-market Below-market lease assets leases leases Total 2024 $ 12,156,000 $ ( 457,000 ) $ 2,939,000 $ 14,638,000 2025 11,400,000 ( 436,000 ) 2,916,000 13,880,000 2026 10,271,000 ( 398,000 ) 2,854,000 12,727,000 2027 8,452,000 ( 300,000 ) 2,417,000 10,569,000 2028 6,305,000 ( 254,000 ) 2,182,000 8,233,000 Thereafter 17,690,000 ( 497,000 ) 11,287,000 28,480,000 Total $ 66,274,000 $ ( 2,342,000 ) $ 24,595,000 $ 88,527,000 |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Note 6. Fair Value Measurements The carrying amounts of cash and cash equivalents, restricted cash, receivables, certain other assets, accounts payable, accrued expenses and other liabilities approximate their fair value due to their terms and/or short-term nature. The fair value of the Company’s fixed-rate mortgage loans payable and revolving credit facilities, which were determined to be Level 3 within the valuation hierarchy, were estimated using available market information and discounted cash flow analyses based on borrowing rates the Company believes it could obtain with similar terms and maturities. As of December 31, 2023 , the aggregate fair value of the Company’s fixed-rate mortgage loans payable were $ 556.0 million and the aggregate carrying value of the Company’s fixed-rate mortgage loans payable were $ 590.0 million . The Company had no borrowings on its revolving credit facilities as of December 31, 2023 . As of December 31, 2022, the aggregate fair value of the Company’s fixed-rate mortgage loans payable were $ 470.1 million and the aggregate carrying value of the Company’s fixed-rate mortgage loans payable were $ 497.1 million. As of December 31, 2022, the aggregate fair values of the Company’s revolving credit facilities approximated its carrying value. Under GAAP, transactions involving related and affiliated parties cannot be presumed to be carried out on an arm’s length-basis, as the requisite conditions of competitive, free-market dealings may not exist. Therefore, in the opinion of management, the fair value of the RSLCA notes receivable from affiliated party and notes receivable from affiliates cannot be readily estimated, as the transactions are with related and affiliated parties. Other information about related and affiliated party transactions are provided, where applicable, elsewhere in these notes to the consolidated financial statements. Derivative Financial Instrument The Company’s objectives in using interest rate derivatives are to add stability to interest expense and to manage its exposure to interest rate movements. To accomplish this objective, the Company primarily uses interest rate swaps as part of its interest rate risk management strategy. Charges and/or credits relating to the changes in the fair value of the interest rate swaps are made to accumulated other comprehensive income (loss), noncontrolling interests or operations (included in interest expense), as applicable. Over time, the unrealized gains and losses recorded in accumulated other comprehensive income (loss) will be reclassified into earnings as an increase or reduction to interest expense in the same periods in which the hedged interest payments affect earnings. During the next twelve months, the Company estimates that an additional $ 0.1 million will be reclassified as an decrease to interest expense. The Company, through the Operating Partnership, entered into a five-year swap agreement on February 8, 2023 to fix Secured Overnight Financing Rate (“SOFR” ), resulting in an all-in fixed rate of 5.80 % relating to the $ 26.9 million mortgage loan, effective as of February 9, 2023. The Company designated the pay-fixed, receive-floating interest rate swap with the terms described in the table below as of the acquisition date as a cash flow hedge. The swap agreement matures on February 1, 2028 . The derivative instrument qualified as a cash flow hedge for the year ended December 31, 2023. The fair value of the interest rate swap applicable to the mortgage loan payable entered into in February 2023 is included in accounts payable, accrued expenses and other liabilities on the consolidated balance sheet as of December 31, 2023 (see Note 7. Debt , for further detail). The following is a summary of the derivative financial instrument attributes held by the Company at December 31, 2023: Designation/ Notional Fair Maturity Balance sheet Cash flow Derivative Count amount value date location Qualifying Interest rate swap 1 $ 26,900,000 $ ( 544,000 ) Feb 2028 Accounts payable, accrued expenses and other liabilities The valuation of the liability for the Company’s interest rate swap, which is measured on a recurring basis, was determined to be Level 2 within the valuation hierarchy and was based on independent values provided by a financial instrument valuation specialist. Such valuation was determined using widely accepted valuation techniques, including discounted cash flow analyses on the expected cash flows of the derivative. The analysis reflects the contractual term of the swap, including the period to maturity, and user-observable market-based inputs, including interest rate curves (“significant other observable inputs”). The fair value calculation also includes an amount for risk of non-performance using “significant unobservable inputs” such as estimates of current credit spreads to evaluate the likelihood of default. The Company has concluded that, as of December 31, 2023, the fair value associated with the “significant unobservable inputs” relating to the Company’s risk of non-performance was insignificant to the overall fair value of the interest rate swap agreement and, as a result, the relevant inputs for purposes of calculating the fair value of the interest rate swap agreements, in their entirety, were based upon “significant other observable inputs”. |
Debt
Debt | 12 Months Ended |
Dec. 31, 2023 | |
Debt Disclosure [Abstract] | |
Debt | Note 7. Debt Mortgage Loans Payable Mortgage loans payable are secured by the properties on which the debt was placed and were considered nonrecourse debt with limited customary exceptions at the time of loan origination. The Company was in compliance with all of its debt covenants related to its mortgage loans payable as of December 31, 2023 . Fixed-rate mortgage loans payable are composed of the following as of December 31, 2023 and 2022: December 31, 2023 December 31, 2022 Maturity Balance Contractual Balance Contractual Description Amortization date outstanding interest rate outstanding interest rate Fixed-rate mortgage 30 Year Amort 3/1/2024 $ 10,831,000 4.91 % $ 11,019,000 4.91 % Fixed-rate mortgage Interest-only 6/1/2024 18,008,000 4.71 % 18,008,000 4.71 % Fixed-rate mortgage Interest-only 10/1/2024 16,902,000 4.25 % 16,902,000 4.25 % Fixed-rate mortgage Interest-only 2/2/2025 21,550,000 3.97 % 21,550,000 3.97 % Fixed-rate mortgage Interest-only 5/1/2025 25,519,000 4.15 % 25,519,000 4.15 % Fixed-rate mortgage Interest-only 9/2/2025 24,420,000 4.38 % 24,420,000 4.38 % Fixed-rate mortgage Interest-only 12/1/2025 25,012,000 4.59 % 25,012,000 4.59 % Fixed-rate mortgage (a) Interest-only 5/10/2026 24,850,000 4.66 % 24,850,000 4.66 % Fixed-rate mortgage (b) Interest-only 9/1/2026 24,485,000 3.82 % 24,485,000 3.82 % Fixed-rate mortgage (c) Interest-only 12/1/2026 28,110,000 4.06 % 28,110,000 4.06 % Fixed-rate mortgage Interest-only 4/1/2027 31,200,000 4.38 % 31,200,000 4.38 % Fixed-rate mortgage Interest-only 6/6/2027 32,722,000 3.98 % 32,722,000 3.98 % Fixed-rate mortgage Interest-only 9/1/2027 36,860,000 3.99 % 36,860,000 3.99 % Fixed-rate mortgage Interest-only 12/1/2027 33,441,000 4.09 % 33,441,000 4.09 % Fixed-rate mortgage Interest-only 1/11/2028 35,840,000 4.05 % 35,840,000 4.05 % Fixed-rate mortgage Interest-only 2/1/2028 38,530,000 6.12 % - n/a Fixed-rate mortgage (d) Interest-only 2/1/2028 26,900,000 5.80 % - n/a Fixed-rate mortgage Interest-only 4/8/2028 37,795,000 4.27 % 37,795,000 4.27 % Fixed-rate mortgage Interest-only 7/1/2028 43,522,000 4.32 % - 4.32 % Fixed-rate mortgage Interest-only 10/1/2029 30,231,000 3.13 % 30,231,000 3.13 % Fixed-rate mortgage Interest-only 1/1/2031 37,564,000 3.45 % 37,564,000 3.45 % Fixed-rate mortgage 30 Year Amort 2/1/2023 - n/a 6,369,000 4.93 % Fixed-rate mortgage 30 Year Amort 10/1/2023 - n/a 7,823,000 5.54 % 604,292,000 4.32 % (e) 509,720,000 4.13 % (e) Unamortized issuance costs, net ( 1,096,000 ) ( 521,000 ) Unamortized below market debt discount, net ( 13,234,000 ) ( 12,132,000 ) $ 589,962,000 $ 497,067,000 (a) This fixed-rate mortgage became a recourse loan pursuant to its pre-defined loan terms on March 30, 2023. (b) This fixed-rate mortgage became a recourse loan pursuant to its pre-defined loan terms on August 28, 2023. (c) This fixed-rate mortgage became a recourse loan pursuant to its pre-defined loan terms on November 29, 2023. (d) Mortgage bears interest at a variable-rate of 1.70 % in excess of SOFR and concurrent with the closing of the mortgage, the Company entered into an interest rate swap agreement which effectively converted the variable-rate mortgage to a fixed-rate mortgage. Accordingly, this mortgage has been presented as a fixed-rate mortgage. (e) The weighted average effective interest rate on mortgage loans payable was 5.01 % and 4.74 % as of December 31, 2023 and 2022, respectively. On February 1, 2023, the Company entered into a mortgage secured by five properties for $ 38.5 million. The mortgage matures on February 1, 2028 , bears interest at a fixed-rate of 6.12 %, and requires monthly interest only payments. On February 9, 2023, the Company entered into a mortgage for $ 26.9 million. The mortgage matures on February 1, 2028 , bears interest at a variable-rate of 1.70 % in excess of SOFR, and requires monthly interest only payments. The loan is secured by four properties. Additionally, concurrent with the closing of the mortgage, the Company entered into an interest rate swap agreement which effectively converted the variable-rate mortgage to a fixed-rate mortgage of 5.80 % through its maturity. The Company repaid a $ 6.4 million mortgage loan payable by its contractual maturity date of February 1, 2023 . Furthermore, the Company repaid a $ 7.7 million mortgage loan payable in September 2023 which had a contractual maturity date of October 1, 2023 . Revolving Lines of Credit On May 19, 2021, ExchangeRight entered into a secured revolving line of credit in which the Company has access to utilize available capacity under this secured revolving line of credit. The Company is legally responsible for the specific borrowings related to the Company, whereas ExchangeRight is the guarantor on all outstanding borrowings in relation to this secured revolving line of credit. The secured revolving line of credit agreement, as amended in December 2023 , now has a maturity date of December 22, 2026 , with a maximum aggregate amount being borrowed by the Company and ExchangeRight totaling $ 80.0 million outstanding at any time and requires monthly payments. During the year ended December 31, 2023, ExchangeRight borrowed $ 7.3 million under this secured revolving line of credit resulting in $ 72.7 million available for borrowing by the Company and ExchangeRight as of December 31, 2023. The Company had $ 73.3 million outstanding under this revolving line of credit as of December 31, 2022. The Company made repayments totaling $ 73.3 million under borrowing notes within this secured revolving line of credit, which reduced the outstanding balance under this secured revolving credit facility to zero . Repayment terms for each borrowing note within the secured line of credit were as follows: Loan to cost % Repayment terms 80 % Three months interest only followed by a 25-year amortization 75 % Six months interest only followed by a 30-year amortization 70 % or less 12 months interest only followed by a 30-year amortization The interest only period bore interest at a rate equal to the prime less 50 basis points. The amortization principal period required payments at the current interest rate. Additionally, in January 2021, the Company entered into an unsecured revolving line of credit. The unsecured revolving line of credit agreement, as amended in December 2023, has a maturity date of January 15, 2025 , and now bears interest at a rate per annum equal to the prime rate currently in effect with an interest rate floor of 6.00 %, while outstanding ( 8.50 % as of December 31, 2023 ). The unsecured revolving line of credit requires monthly interest only payments, while outstanding. The Company had no outstanding balance under this unsecured revolving line of credit as of December 31, 2023 and 2022, respectively, and was in compliance with the debt covenants related to this unsecured revolving line of credit as of December 31, 2023. Scheduled Principal Payments Scheduled principal payments on mortgage loans payable and revolving credit facilities and the scheduled amortization of unamortized issuance costs and unamortized premium, net, are as follows: Mortgage loans payable Unamortized Unamortized Scheduled Balloon issuance below market debt Year principal payments Total costs, net discount, net Total 2024 $ 31,000 $ 45,710,000 $ 45,741,000 $ ( 226,000 ) $ ( 3,861,000 ) $ 41,654,000 2025 - 96,501,000 96,501,000 ( 226,000 ) ( 3,412,000 ) 92,863,000 2026 - 77,445,000 77,445,000 ( 226,000 ) ( 2,908,000 ) 74,311,000 2027 - 134,223,000 134,223,000 ( 226,000 ) ( 2,546,000 ) 131,451,000 2028 - 182,587,000 182,587,000 ( 89,000 ) ( 507,000 ) 181,991,000 Thereafter - 67,795,000 67,795,000 ( 103,000 ) - 67,692,000 $ 31,000 $ 604,261,000 $ 604,292,000 $ ( 1,096,000 ) $ ( 13,234,000 ) $ 589,962,000 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 8. Commitments and Contingencies Litigation and Regulatory Matters The Company is a party to certain legal actions arising in the normal course of business. Management does not expect there to be adverse consequences from these actions that would be material to the Company’s consolidated financial statements. Environmental Matters Under various federal, state and local laws, ordinances and regulations, an owner or operator of real estate may be required to investigate and clean up hazardous or toxic substances, or petroleum product releases, at its properties. The owner may be liable to governmental entities or to third parties for property damage, and for investigation and cleanup costs incurred by such parties in connection with any contamination. Generally, the Company’s tenants must comply with environmental laws and meet any remediation requirements. In addition, leases typically impose obligations on tenants to indemnify the Company from any compliance costs the Company may incur as a result of environmental conditions on the property caused by the tenant. However, if a lease does not require compliance, or if a tenant fails to or cannot comply, the Company could be forced to pay these costs. Management is unaware of any environmental matters that would have a material impact on the Company’s consolidated financial statements. |
Equity and Noncontrolling Inter
Equity and Noncontrolling Interests | 12 Months Ended |
Dec. 31, 2023 | |
Equity [Abstract] | |
Equity and Noncontrolling Interests | Note 9. Equity and Noncontrolling Interests Common Shares Detail The Company’s common shares consist of Class A Common Shares, Class I Common Shares and Class S Common Shares, which are collectively referred to herein as “common shares.” The Class A, Class I and Class S Common Shares have identical rights and privileges, including identical voting rights, but have different upfront selling commissions and related fees. Each Class A Common Share and Class S Common Share shall automatically and without any action on the part of the shareholder thereof convert into the same number of Class I Common Shares upon a listing of any class of common shares pursuant to our effective registration statement on any securities exchange registered with the Securities and Exchange Commission (the “SEC”) under the Securities Act of 1933, or any merger, consolidation, transfer of all or substantially all of the assets or other business combination of the Company, as a result of which all outstanding common shares are canceled in exchange for the right to receive cash or securities, or a combination thereof. The Company is currently conducting a private placement offering on a continuous basis of up to $ 2.165 billion of common shares (the “Private Offering”). The Trustee may increase the maximum offering amount of the Private Offering as long as it is anticipated to be accretive to the Company’s shareholders, in the Trustee’s sole discretion. A wholly-owned subsidiary of the Sponsor, ExchangeRight Income Fund GP, LLC, owned 600,000 Class I Common Shares as of December 31, 2023 and December 31, 2022, respectively, which were purchased on the same terms as those available to the other investors at acquisition. The following table provides a summary of the Class I, Class A and Class S Common Shares offering price in effect for the years ended December 31, 2023 and 2022: Offering price Effective date Class I Class A Class S January 1, 2022 through January 3, 2022 $ 26.09 $ 27.74 n/a January 4, 2022 through April 3, 2022 $ 26.64 $ 28.33 n/a April 4, 2022 through August 2, 2022 $ 27.82 $ 29.58 $ 28.83 August 3, 2022 through March 31, 2023 $ 28.18 $ 29.96 $ 29.20 April 1, 2023 through April 12, 2023 $ 27.71 $ 29.46 $ 28.72 April 13, 2023 through July 18, 2023 $ 27.74 $ 29.49 $ 28.75 July 19, 2023 through October 18, 2023 $ 27.35 $ 29.08 $ 28.34 October 19, 2023 through December 31, 2023 $ 27.06 $ 28.77 $ 28.04 Common Share Repurchase Program The Company has adopted a share repurchase program whereby, subject to certain limitations, shareholders may request on a quarterly basis that the Company repurchases all or any portion of their shares. Shareholders are eligible to have their shares repurchased b y the Company pursuant to the share repurchase program and the authorization of the Trustee. Holders of shares may request that the Company repurchase shares in an amount not to exceed five percent ( 5.0 %) per fiscal year of the Company’s issued and outstanding shares. The Company may repurchase fewer shares than have been requested in any particular quarter to be repurchased under its share repurchase program, or none at all, at the Company’s full discretion. The Company also has no obligation to repurchase shares if the redemption would violate the applicable restrictions on distributions under Maryland law, which prohibits distributions that would cause the Company to fail to meet statutory tests of solvency. The Trustee may modify, suspend or terminate the share repurchase program if it deems such action to be in the Company’s best interest and the best interest of the Company’s shareholders. During the year ended December 31, 2023 , the Company repurchased 344,266 Class I Common Shares and 132,302 Class A Common Shares totaling $ 12.4 million under the share repurchase program. During the year ended December 31, 2022, the Company repurchased 74,039 Class I Common Shares and 62,231 Class A Common Shares totaling $ 3.7 million under the share repurchase program. All shareholder requests to the Company for repurchases have been honored since the inception of the Company. Dividend Reinvestment and Direct Share Purchase Plan On October 19, 2023, the Trustee approved the Dividend Reinvestment and Direct Share Purchase Plan of the Company (the “DRIP”), which generally permits shareholders of the Company to elect to have some or all of their cash distributions in respect of the shareholder’s Common Shares to be automatically reinvested in additional Common Shares. Any cash dividends attributable to the class of Common Shares owned by participants in the DRIP will be reinvested in Common Shares on behalf of the participant on the business day such dividend would have been paid to such investor. In addition, holders of the Class I common units of limited partnership interest in the Operating Partnership may elect to reinvest their cash distributions from the Operating Partnership and make optional cash purchases of our Class I Common Shares. During the year ended December 31, 2023, the Company issued 6,746 Class I Common Shares and 10,653 Class A Common Shares totaling $ 0.5 million as a result of dividends being reinvested under the DRIP. Furthermore, during the year ended December 31, 2023, the Company issued 4,176 Class I Common Shares totaling $ 0.1 million as a result of holders of Class I common units of limited partnership interest in the Operating Partnership electing to reinvest their cash distributions from the Operating Partnership in to Class I Common Shares. Distributions The amount of distributions payable to the Company’s shareholders is determined by the Trustee and is dependent on a number of factors, including funds available for distribution, the Company’s financial condition, capital expenditure requirements, requirements of Maryland law and annual distribution requirements needed to qualify and maintain the Company’s status as a REIT. The Trustee has authorized, and the Company has declared, distributions through December 31, 2023. The distributions are payable on or around the 15th day following each month end to shareholders of record at the close of business on the last day of the prior month. The following table provides a summary of the monthly distributions declared per share for the years ended December 31, 2023 and 2022: Years ended December 31, 2023 2022 Class A Class I Class A Class I January $ 0.1449 $ 0.1449 $ 0.1445 $ 0.1445 February $ 0.1449 $ 0.1449 $ 0.1445 $ 0.1445 March $ 0.1449 $ 0.1449 $ 0.1445 $ 0.1445 April $ 0.1449 $ 0.1449 $ 0.1449 $ 0.1449 May $ 0.1449 $ 0.1449 $ 0.1449 $ 0.1449 June $ 0.1449 $ 0.1449 $ 0.1449 $ 0.1449 July $ 0.1449 $ 0.1449 $ 0.1449 $ 0.1449 August $ 0.1449 $ 0.1449 $ 0.1449 $ 0.1449 September $ 0.1449 $ 0.1449 $ 0.1449 $ 0.1449 October $ 0.1449 $ 0.1449 $ 0.1449 $ 0.1449 November $ 0.1449 $ 0.1449 $ 0.1449 $ 0.1449 December $ 0.1449 $ 0.1449 $ 0.1449 $ 0.1449 $ 1.7388 $ 1.7388 $ 1.7376 $ 1.7376 Cumulative distributions relating to common shares and Operating Partnership units (“OP Units”) totaling $ 3.5 million and $ 3.2 million were declared but not yet paid as of December 31, 2023 and 2022, and have been included in distributions payable in the accompanying consolidated balance sheet. The unpaid distributions as of December 31, 2023 and 2022 were paid in cash or reinvested in the Company's common shares in January 2024 and 2023, respectively. Noncontrolling Interests The Operating Partnership had 8,038,944 and 7,554,622 OP Units outstanding as of December 31, 2023 and 2022, respectively. The holders of OP Units have the right to cause their OP Units to be redeemed by the Operating Partnership for cash, unless the Company, in its sole discretion, elects to purchase such OP Units in exchange for Class I Common Shares of the Company, issuable on a 1:1 basis , subject to adjustment under certain circumstances. The Company currently intends to elect to pay the redemption price for all OP Units tendered for redemption in the form of Class I Common Shares. During the years ended December 31, 2023 and 2022, 165,847 and 51,655 OP Units, respectively, were exchanged for the same number of Class I Common Shares. On August 31, 2023, the Company, through the Operating Partnership, acquired 15 properties for a total purchase price of $ 83.8 million via a merger agreement with a DST that had qualified for tax-deferred exchange treatment under Section 1031 of the Code prior to the merger and was previously managed by the Sponsor on behalf of investors. There were no acquisition fees related to this portfolio acquisition. In connection with this acquisition, the Operating Partnership issued 649,847 OP Units totaling $ 18.2 million. During the year ended December 31, 2 022, the Company, through the Operating Partnership, acquired 186 properties via merger agreements with ten former DSTs for a total purchase price of $ 539.7 million that had qualified for tax-deferred exchange treatment under Section 1031 of the Code prior to the merger and that were previously managed by the Sponsor on behalf of investors. In connection with these acquisitions, the Operating Partnership (excluding ExchangeRight’s related party activity) issued 5,044,863 OP Units totaling $ 141.7 million. See Note 10. Related and Affiliated Party Transactions for more details regarding ExchangeRight’s ownership activity in the Operating Partnership. |
Related and Affiliated Party Tr
Related and Affiliated Party Transactions | 12 Months Ended |
Dec. 31, 2023 | |
Related Party Transactions [Abstract] | |
Related and Affiliated Party Transactions | Note 10. Related and Affiliated Party Transactions Acquisition Fee The Company acquired a property from an unaffiliated entity not managed by the Sponsor on March 31, 2023. As outlined in the asset management agreement, the Company paid a 1 % acquisition fee on this property acquisition totaling $ 22,000 to ExchangeRight during the quarter ended March 31, 2023. This acquisition fee was included as part of the purchase price consideration for this related acquisition. Organization and Offering Costs The Sponsor incurs certain organization and offering costs in connection with the offering of the common shares and OP Units and the organization of the Company. These costs include, but are not limited to, fees related to special purpose entity formation, legal and accounting fees, marketing expenses and other costs and expenses directly related to the offering and organization of the Company. All of these expenses are paid by the Sponsor or its affiliates. The Sponsor earns an amount equal to 1.00 % of the net transaction price of sales of Class I, A and S Common Shares, which is expected to offset the organizational and offering costs incurred described above. Offering costs of $ 0.6 million and $ 2.6 million were included in total equity for the years ended December 31, 2023 and 2022, respectively, for which the Company was obligated to pay the Sponsor. As of December 31, 2023 , the Company is obligated to pay the Sponsor for organization and offering costs in the amount of $ 20,000 , which are included in due to affiliates in the accompanying consolidated balance sheet. In addition, Class A Common Shares incur broker dealer commissions as an offering cost, a portion of which could be eligible to be earned by an affiliate of the Company. These net commissions totaled $ 1.5 million and $ 4.8 million and were included in total equity for the years ended December 31, 2023 and 2022, respectively. Furthermore, OP Units incur broker dealer commissions as an offering cost, a portion of which could be eligible to be earned by an affiliate of the Company. These net commissions totaled $ 0.5 million and $ 2.3 million which were included in total equity for the years ended December 31, 2023 and 2022, respectively. Class I Common Share and Noncontrolling Interest Ownership Interests ExchangeRight Income Fund GP, LLC, owned 600,000 Class I Common Shares as of December 31, 2023 and 2022, respectively, which were purchased on the same terms as other investors at acquisition. In addition, ExchangeRight has made an investment into OP Units on the same terms offered to OP Unit holders. ExchangeRight owned 77,308 OP Units as of December 31, 2023 and 2022, respectively. ExchangeRight's ownership activity in the Operating Partnership is as follows: Years ended December 31, 2023 2022 OP Units Dollars OP Units Dollars Beginning Balance 77,308 $ 2,010,000 392,308 $ 10,200,000 Purchases - - - - Redemptions - - ( 315,000 ) ( 8,190,000 ) Ending Balance 77,308 $ 2,010,000 77,308 $ 2,010,000 Performance Participation In addition to distributions payable on the 600,000 Class I Common Shares that ExchangeRight Income Fund GP, LLC holds, ExchangeRight Income Fund GP also holds a special limited partnership interest in our Operating Partnership, which entitles it to receive an incentive fee in accordance with the following waterfall: (1) First, 100 % to the holders of OP Units (including OP Units held by the Company, with respect to common shares issued by the Company) until they have received distributions, in cash, equal to a seven percent ( 7.0 %) cumulative, non-compounding annual return on all capital contributions made, or deemed to have been made, to the Operating Partnership; (2) Second, 100 % to the holders of OP Units, pro rata in accordance with their respective capital accounts, until all of the holders of OP Units have received cumulative distributions, in cash, equal to their respective capital contributions made, or deemed to have been made, to the Operating Partnership; and (3) Third, (i) 80 % to the holders of OP Units, pro rata in accordance with their respective capital accounts, and (ii) 20 % to the special limited partner. There was no performance participation earned or paid during the years ended December 31, 2023 and 2022, respectively. Asset Management and Property Management Fees An annual asset management fee is payable by the Operating Partnership to the Asset Manager, pursuant to an asset management agreement between the Asset Manager and the Operating Partnership. The asset management fee is an amount equal to fifteen basis points ( 0.15 %) of the Company’s assets under management. The asset management fee is payable quarterly ( 0.0375 % each quarter) and in arrears. The asset management agreement has an initial term of five years and will automatically renew at the expiration of the initial or any subsequent five-year term for an additional five-year term. An annual property management fee is payable by the Operating Partnership to the Property Manager pursuant to a property management agreement between the Operating Partnership and the Property Manager. The property management fee is equal to 1.10 % of the gross revenues received by the Company from the Trust Properties and any other assets acquired by the Company, but excluding reimbursements relating to real estate taxes, insurance and common area maintenance charges and the fees earned by the Company from the RSLCA and notes receivable from affiliates. The current term of the property management agreement expires on February 28, 2025 , and will automatically renew at the expiration of the term and any subsequent three-year term for an additional three-year term. Asset management and property management fees for the years ended December 31, 2023 and 2022 were as follows: Years ended December 31 2023 2022 Asset management fees $ 1,359,000 (a) $ 1,556,000 Property management fees $ 723,000 $ 526,000 (a) Asset management fees are net of $ 0.4 million in fees waived by the asset manager. Asset management fees and property management fees were paid in full as of December 31, 2023 and 2022, respectively. |
(Loss) Earnings Per Share
(Loss) Earnings Per Share | 12 Months Ended |
Dec. 31, 2023 | |
Earnings Per Share [Abstract] | |
(Loss) Earnings Per Share | Note 11. (Loss) Earnings Per Share Basic (loss) earnings per share (“EPS”) is calculated by dividing net income attributable to the Company’s common shareholders by the weighted average number of common shares outstanding for the period including participating securities, if applicable. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common shares were exercised or converted into common shares and then shared in the earnings of the Company. OP Units are convertible to Class I Common Shares of the Company on a 1-to-1 basis and are allocated income on the same basis as common shares of the Company. Therefore, the result of an assumed conversion of the OP Units would have neither a dilutive nor anti-dilutive effect on earnings per share. Accordingly, basic (loss) EPS is the same as diluted (loss) EPS for the years ended December 31, 2023 and 2022, respectively. The following table provides a reconciliation of the numerator and denominator of the EPS calculations for the years ended December 31, 2023 and 2022, respectively: Years ended December 31, 2023 2022 Numerator Net (loss) income $ ( 1,678,000 ) $ 4,922,000 Net loss (income) attributable to noncontrolling interests 562,000 ( 1,361,000 ) Net (loss) income attributable to common shareholders, basic and diluted $ ( 1,116,000 ) $ 3,561,000 Denominator Weighted average number of common shares outstanding, basic and diluted 15,288,881 12,908,540 Net (loss) income per common share attributable to common shareholders, basic and diluted $ ( 0.07 ) $ 0.28 |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2023 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 12. Subsequent Events Management has evaluated subsequent events through the date the consolidated financial statements were available to be issued. Management has determined that there are no material events that would require adjustment to, or additional disclosure in, the Company’s consolidated financial statements, other than those disclosed throughout this report and below. Common Share Activity The Company issued 295,822 Class A Common Shares and 182,959 Class I Common Shares (excluding the 69,941 OP Units that were exchanged for same number of Class I Common Shares discussed be low) totaling $ 13.4 million i n proceeds from January 1, 2024 through the date of issuance of this report. The Company repurchased 104,203 Class A Common Shares totaling $ 2.7 million and 348,240 Class I Common Shares totaling $ 9.3 million from January 1, 2024 through the date of issuance of this report. Additi onally, 69,941 OP Units were exchanged for the same number of Class I Common Shares from January 1, 2024 through the date of issuance of this report. On January 31, 2024 , the Company declared distributions in the amount of $ 0.1449 per share for each class of its outstanding Common Shares and OP Units. The distributions for each class of Common Shares and OP Units were payable to shareholders of record immediately following the close of business on January 31, 2024 and were settled in cash or the issuance of Class A Common Shares and Class I Common Shares on February 15, 2024 . Additionally, on February 29, 2024 , the Company declared distributions in the amount of $ 0.1449 per share for each class of its outstanding Common Shares and OP Units. The distributions for each class of Common Shares and OP Units were payable to shareholders of record immediately following the close of business on February 29, 2024 and were settled in cash or the issuance of Class A Common Shares and Class I Common Shares on March 15, 2024 . Furthermore, on March 31, 2024 , the Company declared distributions in the amount of $ 0.1449 per share for each class of its outstanding Common Shares and OP Units. The distributions for each class of Common Shares and OP Units are payable to shareholders of record immediately following the close of business on March 31, 2024 and will be settled in cash or the issuance of Class A Common Shares and Class I Common Shares on or around April 15, 2024 . The Company adjusted the offering price of its common shares effective January 24, 2024 as follows: Offering price Effective date Class I Class A Class S January 24, 2024 $ 26.99 $ 28.70 $ 27.97 Debt Activity The Company repaid a $ 10.8 million mortgage loan payable by its contractual maturity date of March 1, 2024 . On January 16, 2024, the Company borrowed $ 15.0 million on its unsecured revolving line of credit, which remains outstanding as of the date of issuance of this report. |
Schedule III - Real Estate and
Schedule III - Real Estate and Accumulated Depreciation | 12 Months Ended |
Dec. 31, 2023 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract] | |
Real Estate and Accumulated Depreciation | Costs Gross amount at which carried at Initial cost capitalized December 31, 2023 Date of Building and subsequent to Building and Accumulated Location acquisition Debt (a) Land improvements acquisition Land improvements Total (b) depreciation (c) Pleasant Grove, AL 2019 (1) $ 119,000 $ 1,212,000 $ - $ 119,000 $ 1,212,000 $ 1,331,000 $ 175,000 Geismar, LA 2019 (1) 1,224,000 4,112,000 - 1,224,000 4,112,000 5,336,000 517,000 Waterloo, IA 2019 (1) 413,000 975,000 - 413,000 975,000 1,388,000 149,000 San Antonio, TX 2019 (1) 496,000 898,000 - 496,000 898,000 1,394,000 128,000 Pleasant Prairie, WI 2019 (1) 1,319,000 3,735,000 - 1,319,000 3,735,000 5,054,000 489,000 Grafton, WI 2019 (1) 1,196,000 4,448,000 - 1,196,000 4,448,000 5,644,000 569,000 Beaumont, TX 2019 (2) 226,000 856,000 91,000 226,000 947,000 1,173,000 175,000 Beaumont, TX 2019 (1) 456,000 1,002,000 - 456,000 1,002,000 1,458,000 152,000 Chicago, IL 2019 (2) 558,000 1,165,000 14,000 558,000 1,179,000 1,737,000 170,000 Columbus, OH 2019 (2) 518,000 1,040,000 - 518,000 1,040,000 1,558,000 145,000 Commerce City, CO 2019 (2) 671,000 773,000 20,000 671,000 793,000 1,464,000 123,000 Dolton, IL 2019 (1) 963,000 2,795,000 - 963,000 2,795,000 3,758,000 396,000 Houston, TX 2019 (2) 282,000 1,430,000 - 282,000 1,430,000 1,712,000 193,000 Memphis, TN 2019 (2) 579,000 890,000 20,000 579,000 910,000 1,489,000 143,000 Oklahoma City, OK 2019 (2) 340,000 1,073,000 - 340,000 1,073,000 1,413,000 148,000 Shakopee, MN 2019 (1) 5,842,000 16,278,000 - 5,842,000 16,278,000 22,120,000 2,177,000 Allentown, PA 2019 (3) 727,000 1,238,000 - 727,000 1,238,000 1,965,000 197,000 Ceres, CA 2019 (3) 505,000 4,922,000 - 505,000 4,922,000 5,427,000 665,000 Denham Springs, LA 2019 (3) 559,000 1,385,000 - 559,000 1,385,000 1,944,000 218,000 Garner, NC 2019 (3) 846,000 1,744,000 - 846,000 1,744,000 2,590,000 241,000 Harrisburg, PA 2019 (3) 371,000 4,526,000 - 371,000 4,526,000 4,897,000 592,000 Immokalee, Fl 2019 (3) 510,000 1,837,000 - 510,000 1,837,000 2,347,000 238,000 Indianapolis, IN 2019 (3) 713,000 3,787,000 - 713,000 3,787,000 4,500,000 475,000 Indianapolis, IN 2019 (3) 136,000 2,575,000 - 136,000 2,575,000 2,711,000 308,000 McAdoo, PA 2019 (3) 236,000 1,304,000 - 236,000 1,304,000 1,540,000 197,000 New Iberia, LA 2019 (3) 85,000 1,420,000 - 85,000 1,420,000 1,505,000 194,000 North Windham, CT 2019 (3) 677,000 4,628,000 - 677,000 4,628,000 5,305,000 592,000 Terrytown, LA 2019 (3) 539,000 1,258,000 - 539,000 1,258,000 1,797,000 174,000 Vernon, CT 2019 (3) 592,000 1,118,000 - 592,000 1,118,000 1,710,000 166,000 Alorton, IL 2019 (4) 159,000 1,204,000 - 159,000 1,204,000 1,363,000 163,000 Costs Gross amount at which carried at Initial cost capitalized December 31, 2023 Date of Building and subsequent to Building and Accumulated Location acquisition Debt (a) Land improvements acquisition Land improvements Total (b) depreciation (c) Baton Rouge, LA 2019 (4) 410,000 1,232,000 - 410,000 1,232,000 1,642,000 162,000 Belvidere, IL 2019 (4) 277,000 1,036,000 - 277,000 1,036,000 1,313,000 142,000 Cincinnati, OH 2019 (4) 282,000 1,410,000 - 282,000 1,410,000 1,692,000 190,000 Denham Springs, LA 2019 (4) 240,000 1,523,000 - 240,000 1,523,000 1,763,000 189,000 Dupo, IL 2019 (4) 161,000 1,132,000 - 161,000 1,132,000 1,293,000 153,000 Fort Worth, TX 2019 (4) 735,000 5,836,000 - 735,000 5,836,000 6,571,000 662,000 Freeport, IL 2019 (4) 107,000 1,258,000 - 107,000 1,258,000 1,365,000 175,000 Gastonia, NC 2019 (4) 211,000 1,309,000 - 211,000 1,309,000 1,520,000 180,000 Greenville, SC 2019 (4) 206,000 1,317,000 - 206,000 1,317,000 1,523,000 168,000 Hamilton, OH 2019 (4) 340,000 1,647,000 - 340,000 1,647,000 1,987,000 217,000 Hamilton, OH 2019 (4) 1,819,000 11,247,000 - 1,819,000 11,247,000 13,066,000 1,430,000 Hammond, LA 2019 (4) 304,000 1,372,000 - 304,000 1,372,000 1,676,000 175,000 Heath, OH 2019 (4) 304,000 783,000 47,000 304,000 830,000 1,134,000 128,000 Hickory, NC 2019 (4) 298,000 1,320,000 - 298,000 1,320,000 1,618,000 178,000 Hickory, NC 2019 (4) 339,000 1,420,000 - 339,000 1,420,000 1,759,000 188,000 Nashville, TN 2019 (4) 399,000 4,585,000 - 399,000 4,585,000 4,984,000 524,000 Steubenville, OH 2019 (4) 189,000 1,752,000 - 189,000 1,752,000 1,941,000 216,000 Woods Cross, UT 2019 (4) 482,000 4,521,000 - 482,000 4,521,000 5,003,000 559,000 Abilene, TX 2020 - 195,000 1,173,000 - 195,000 1,173,000 1,368,000 122,000 Columbia, SC 2020 - 747,000 789,000 - 747,000 789,000 1,536,000 95,000 Corpus Christi, TX 2020 - 363,000 958,000 - 363,000 958,000 1,321,000 110,000 Edinburg, TX 2020 - 93,000 1,268,000 - 93,000 1,268,000 1,361,000 127,000 Greenville, SC 2020 - 367,000 971,000 - 367,000 971,000 1,338,000 105,000 Laredo, TX 2020 - 264,000 1,434,000 - 264,000 1,434,000 1,698,000 149,000 Mission, TX 2020 - 377,000 1,175,000 - 377,000 1,175,000 1,552,000 120,000 Phoenix, AZ 2020 - 349,000 1,384,000 - 349,000 1,384,000 1,733,000 145,000 Reynoldsburg, OH 2020 - 276,000 877,000 40,000 276,000 917,000 1,193,000 126,000 Arlington, TX 2020 (5) 485,000 655,000 - 485,000 655,000 1,140,000 77,000 Chillicothe, OH 2020 (5) 598,000 2,509,000 25,000 598,000 2,534,000 3,132,000 302,000 Dothan, AL 2020 (5) 273,000 1,178,000 - 273,000 1,178,000 1,451,000 129,000 Fairfield, OH 2020 (5) 483,000 6,232,000 - 483,000 6,232,000 6,715,000 562,000 Franklin, WI 2020 (5) 1,217,000 4,813,000 - 1,217,000 4,813,000 6,030,000 595,000 Costs Gross amount at which carried at Initial cost capitalized December 31, 2023 Date of Building and subsequent to Building and Accumulated Location acquisition Debt (a) Land improvements acquisition Land improvements Total (b) depreciation (c) Gadsden, AL 2020 (5) $ 1,123,000 $ 3,703,000 $ - $ 1,123,000 $ 3,703,000 $ 4,826,000 $ 362,000 Houston, TX 2020 (5) 516,000 1,419,000 - 516,000 1,419,000 1,935,000 134,000 Knoxville, TN 2020 (5) 284,000 1,073,000 - 284,000 1,073,000 1,357,000 120,000 Knoxville, TN 2020 (5) 342,000 1,198,000 - 342,000 1,198,000 1,540,000 131,000 Lafayette, LA 2020 (5) 337,000 1,121,000 - 337,000 1,121,000 1,458,000 117,000 Lafayette, LA 2020 (5) 408,000 984,000 - 408,000 984,000 1,392,000 108,000 Madison, WI 2020 (5) 349,000 1,440,000 - 349,000 1,440,000 1,789,000 145,000 Naples, FL 2020 (5) 440,000 389,000 - 440,000 389,000 829,000 48,000 Panama City, FL 2020 (5) 1,882,000 3,992,000 - 1,882,000 3,992,000 5,874,000 382,000 Plainville, CT 2020 (5) 482,000 1,454,000 - 482,000 1,454,000 1,936,000 160,000 Scott, LA 2020 (5) 282,000 1,032,000 - 282,000 1,032,000 1,314,000 111,000 Sherman, TX 2020 (5) 140,000 943,000 16,000 140,000 959,000 1,099,000 110,000 Shreveport, LA 2020 (5) 192,000 870,000 - 192,000 870,000 1,062,000 93,000 Superior, WI 2020 (5) 418,000 1,117,000 16,000 418,000 1,133,000 1,551,000 127,000 Walbridge, OH 2020 (5) 21,000 1,059,000 - 21,000 1,059,000 1,080,000 118,000 Fort Wayne, IN 2020 (2) 199,000 1,108,000 - 199,000 1,108,000 1,307,000 128,000 Fort Wayne, IN 2020 (2) 1,000,000 6,723,000 - 1,000,000 6,723,000 7,723,000 753,000 Farmington, MI 2020 (2) 1,276,000 8,114,000 - 1,276,000 8,114,000 9,390,000 846,000 Huntsville, AL 2020 (2) 1,901,000 10,502,000 - 1,901,000 10,502,000 12,403,000 956,000 Las Vegas, NV 2020 (2) 2,544,000 7,960,000 - 2,544,000 7,960,000 10,504,000 693,000 Greenville, NC 2020 (2) 2,166,000 5,619,000 - 2,166,000 5,619,000 7,785,000 559,000 Kingston, PA 2021 (6) 353,000 5,877,000 - 353,000 5,877,000 6,230,000 462,000 Birmingham, AL 2021 (7) 211,000 1,370,000 - 211,000 1,370,000 1,581,000 128,000 Birmingham, AL 2021 (7) 158,000 1,237,000 - 158,000 1,237,000 1,395,000 115,000 Chicago, IL 2021 (7) 359,000 819,000 - 359,000 819,000 1,178,000 72,000 Chicago, IL 2021 (7) 1,894,000 5,423,000 - 1,894,000 5,423,000 7,317,000 451,000 Dallas, TX 2021 (7) 687,000 2,468,000 - 687,000 2,468,000 3,155,000 193,000 Eau Claire, WI 2021 (7) 352,000 2,234,000 - 352,000 2,234,000 2,586,000 216,000 El Paso, TX 2021 (7) 404,000 4,476,000 - 404,000 4,476,000 4,880,000 346,000 Huntsville, TX 2021 (7) 141,000 1,515,000 - 141,000 1,515,000 1,656,000 136,000 Costs Gross amount at which carried at Initial cost capitalized December 31, 2023 Date of Building and subsequent to Building and Accumulated Location acquisition Debt (a) Land improvements acquisition Land improvements Total (b) depreciation (c) Huntsville, TX 2021 (7) 144,000 1,468,000 - 144,000 1,468,000 1,612,000 133,000 Iowa City, IA 2021 (7) 770,000 1,030,000 - 770,000 1,030,000 1,800,000 108,000 Laplace, LA 2021 (7) 644,000 3,599,000 - 644,000 3,599,000 4,243,000 323,000 Montgomery, AL 2021 (7) 294,000 5,387,000 - 294,000 5,387,000 5,681,000 441,000 Naperville, IL 2021 (7) 1,564,000 4,474,000 - 1,564,000 4,474,000 6,038,000 389,000 Rockford, IL 2021 (7) 276,000 1,121,000 - 276,000 1,121,000 1,397,000 104,000 Slidell, LA 2021 (7) 469,000 1,919,000 - 469,000 1,919,000 2,388,000 167,000 South Holland, IL 2021 (7) 219,000 1,320,000 - 219,000 1,320,000 1,539,000 126,000 Sumter, SC 2021 (7) 273,000 4,879,000 - 273,000 4,879,000 5,152,000 399,000 Alsip, IL 2021 - 537,000 1,283,000 54,000 537,000 1,337,000 1,874,000 134,000 Anderson, IN 2021 - 264,000 638,000 - 264,000 638,000 902,000 74,000 Cincinnati, OH 2021 - 872,000 753,000 - 872,000 753,000 1,625,000 102,000 Everman, TX 2021 - 404,000 920,000 - 404,000 920,000 1,324,000 99,000 Houston, TX 2021 - 317,000 1,262,000 - 317,000 1,262,000 1,579,000 111,000 Hutchinson, KS 2021 - 239,000 1,068,000 - 239,000 1,068,000 1,307,000 96,000 Lima, OH 2021 - 269,000 1,032,000 - 269,000 1,032,000 1,301,000 109,000 Norton Shores, MI 2021 - 270,000 852,000 - 270,000 852,000 1,122,000 87,000 Phoenix, AZ 2021 - 525,000 1,387,000 26,000 525,000 1,413,000 1,938,000 123,000 Roanoke, VA 2021 - 236,000 1,454,000 - 236,000 1,454,000 1,690,000 124,000 Shreveport, LA 2021 - 372,000 841,000 - 372,000 841,000 1,213,000 93,000 Brook Park, OH 2021 (8) 215,000 483,000 - 215,000 483,000 698,000 79,000 Brook Park, OH 2021 (8) 1,823,000 10,413,000 - 1,823,000 10,413,000 12,236,000 961,000 Cranston, RI 2021 (6) 143,000 1,751,000 - 143,000 1,751,000 1,894,000 160,000 Birmingham, AL 2021 (6) 2,565,000 12,189,000 - 2,565,000 12,189,000 14,754,000 997,000 Atco, NJ 2021 - 184,000 1,191,000 - 184,000 1,191,000 1,375,000 103,000 Palos Heights, IL 2021 (8) 840,000 7,050,000 - 840,000 7,050,000 7,890,000 502,000 Blue Island, IL 2021 (8) 734,000 5,837,000 - 734,000 5,837,000 6,571,000 439,000 Andover, MA 2021 (6) 3,351,000 48,303,000 - 3,351,000 48,303,000 51,654,000 3,122,000 Arlington, TX 2021 (9) 1,110,000 3,666,000 - 1,110,000 3,666,000 4,776,000 229,000 Baton Rouge, LA 2021 (9) 197,000 1,377,000 - 197,000 1,377,000 1,574,000 96,000 Costs Gross amount at which carried at Initial cost capitalized December 31, 2023 Date of Building and subsequent to Building and Accumulated Location acquisition Debt (a) Land improvements acquisition Land improvements Total (b) depreciation (c) Baton Rouge, LA 2021 (9) 168,000 1,033,000 - 168,000 1,033,000 1,201,000 76,000 Bolingbrook, IL 2021 (9) 511,000 6,173,000 - 511,000 6,173,000 6,684,000 384,000 Brunswick, GA 2021 (9) 1,185,000 6,902,000 13,000 1,185,000 6,915,000 8,100,000 475,000 Gadsden, AL 2021 (9) 312,000 1,652,000 - 312,000 1,652,000 1,964,000 111,000 Goshen, IN 2021 (9) 169,000 1,286,000 - 169,000 1,286,000 1,455,000 96,000 Hammond, LA 2021 (9) 366,000 1,334,000 - 366,000 1,334,000 1,700,000 93,000 Independence, MO 2021 (9) 798,000 4,816,000 110,000 798,000 4,926,000 5,724,000 321,000 Indianapolis, IN 2021 (9) 846,000 4,442,000 - 846,000 4,442,000 5,288,000 343,000 Mokena, IL 2021 (9) 788,000 1,426,000 - 788,000 1,426,000 2,214,000 100,000 Norcross, GA 2021 (9) 648,000 1,566,000 - 648,000 1,566,000 2,214,000 109,000 Saint Amant, LA 2021 (9) 452,000 1,292,000 - 452,000 1,292,000 1,744,000 95,000 Skokie, IL 2021 (9) 2,763,000 3,765,000 - 2,763,000 3,765,000 6,528,000 277,000 St. Louis, MO 2021 (9) 501,000 3,798,000 - 501,000 3,798,000 4,299,000 235,000 Sugar Creek, MO 2021 (9) 286,000 1,227,000 181,000 286,000 1,408,000 1,694,000 108,000 Amarillo, TX 2021 (10) 367,000 1,157,000 - 367,000 1,157,000 1,524,000 77,000 Auburn, AL 2021 (10) 757,000 1,147,000 - 757,000 1,147,000 1,904,000 81,000 Birmingham, AL 2021 (10) 332,000 1,348,000 - 332,000 1,348,000 1,680,000 95,000 Braselton, GA 2021 (10) 583,000 2,090,000 - 583,000 2,090,000 2,673,000 133,000 Carpentersville, IL 2021 (10) 478,000 950,000 - 478,000 950,000 1,428,000 65,000 Cincinnati, OH 2021 (10) 224,000 2,055,000 - 224,000 2,055,000 2,279,000 131,000 Cleveland, OH 2021 (10) 104,000 1,439,000 - 104,000 1,439,000 1,543,000 95,000 Columbus, GA 2021 (10) 375,000 1,130,000 - 375,000 1,130,000 1,505,000 83,000 Dallas, TX 2021 (10) 116,000 766,000 - 116,000 766,000 882,000 72,000 Elyria, OH 2021 (10) 234,000 1,297,000 - 234,000 1,297,000 1,531,000 94,000 Kenosha, WI 2021 (10) 463,000 1,323,000 - 463,000 1,323,000 1,786,000 92,000 Lima, OH 2021 (10) 139,000 905,000 - 139,000 905,000 1,044,000 57,000 Palm Harbor, FL 2021 (10) 553,000 1,249,000 13,000 553,000 1,262,000 1,815,000 86,000 Summit, IL 2021 (10) 195,000 780,000 - 195,000 780,000 975,000 72,000 Costs Gross amount at which carried at Initial cost capitalized December 31, 2023 Date of Building and subsequent to Building and Accumulated Location acquisition Debt (a) Land improvements acquisition Land improvements Total (b) depreciation (c) Greenwood, SC 2021 (6) 671,000 4,538,000 - 671,000 4,538,000 5,209,000 369,000 Sevierville, TN 2021 (8) - 15,973,000 - - 15,973,000 15,973,000 1,003,000 Bethany, OK 2022 (11) 207,000 1,469,000 - 207,000 1,469,000 1,676,000 86,000 Beverly Hills, FL 2022 (11) 614,000 4,278,000 - 614,000 4,278,000 4,892,000 244,000 Cleveland, OH 2022 (11) 285,000 1,229,000 - 285,000 1,229,000 1,514,000 76,000 Danville, VA 2022 (11) 228,000 1,583,000 301,000 228,000 1,884,000 2,112,000 102,000 Kansas City, MO 2022 (11) 304,000 1,352,000 - 304,000 1,352,000 1,656,000 87,000 Kansas City, MO 2022 (11) 246,000 1,223,000 - 246,000 1,223,000 1,469,000 78,000 Lake City, FL 2022 (11) 435,000 1,227,000 - 435,000 1,227,000 1,662,000 83,000 Machesney Park, IL 2022 (11) 577,000 1,427,000 - 577,000 1,427,000 2,004,000 90,000 Ocala, FL 2022 (11) 378,000 1,954,000 - 378,000 1,954,000 2,332,000 114,000 Orange Park, FL 2022 (11) 443,000 1,242,000 - 443,000 1,242,000 1,685,000 78,000 Petersburg, VA 2022 (11) 216,000 1,321,000 - 216,000 1,321,000 1,537,000 86,000 Raleigh, NC 2022 (11) 548,000 1,035,000 - 548,000 1,035,000 1,583,000 75,000 Richmond, VA 2022 (11) 352,000 1,016,000 - 352,000 1,016,000 1,368,000 68,000 St. Augustine, FL 2022 (11) 399,000 1,276,000 - 399,000 1,276,000 1,675,000 74,000 Toledo, OH 2022 (11) 142,000 1,353,000 - 142,000 1,353,000 1,495,000 89,000 Tulsa, OK 2022 (11) 341,000 943,000 - 341,000 943,000 1,284,000 71,000 Baton Rouge, LA 2022 (12) 229,000 1,178,000 - 229,000 1,178,000 1,407,000 71,000 Baton Rouge, LA 2022 (12) 101,000 1,134,000 - 101,000 1,134,000 1,235,000 67,000 Baytown, TX 2022 (12) 814,000 3,039,000 - 814,000 3,039,000 3,853,000 168,000 Butler, PA 2022 (12) 338,000 1,418,000 - 338,000 1,418,000 1,756,000 89,000 Evansville, IN 2022 (12) 97,000 1,356,000 - 97,000 1,356,000 1,453,000 82,000 Hammond, IN 2022 (12) 1,311,000 3,366,000 - 1,311,000 3,366,000 4,677,000 202,000 Jermyn, PA 2022 (12) 142,000 1,490,000 - 142,000 1,490,000 1,632,000 90,000 Kuna, ID 2022 (12) 722,000 3,896,000 - 722,000 3,896,000 4,618,000 230,000 Leesport, PA 2022 (12) 399,000 1,117,000 - 399,000 1,117,000 1,516,000 73,000 Mansfield, TX 2022 (12) 1,134,000 6,930,000 - 1,134,000 6,930,000 8,064,000 387,000 Normal, IL 2022 (12) 170,000 1,231,000 - 170,000 1,231,000 1,401,000 75,000 North Ridgeville, OH 2022 (12) 407,000 5,545,000 - 407,000 5,545,000 5,952,000 299,000 Costs Gross amount at which carried at Initial cost capitalized December 31, 2023 Date of Building and subsequent to Building and Accumulated Location acquisition Debt (a) Land improvements acquisition Land improvements Total (b) depreciation (c) Peoria, IL 2022 (12) 399,000 1,397,000 - 399,000 1,397,000 1,796,000 80,000 Royse City, TX 2022 (12) 1,238,000 4,173,000 - 1,238,000 4,173,000 5,411,000 230,000 St. Louis, MO 2022 (12) 196,000 778,000 211,000 196,000 989,000 1,185,000 69,000 St. Louis, MO 2022 (12) 1,950,000 5,005,000 - 1,950,000 5,005,000 6,955,000 271,000 Tampa, FL 2022 (12) 512,000 1,765,000 - 512,000 1,765,000 2,277,000 108,000 Washington, PA 2022 (12) 608,000 1,587,000 - 608,000 1,587,000 2,195,000 96,000 Zion, IL 2022 (12) 428,000 831,000 - 428,000 831,000 1,259,000 71,000 Baton Rouge, LA 2022 (13) 475,000 930,000 - 475,000 930,000 1,405,000 57,000 Bessemer, AL 2022 (13) 1,035,000 4,939,000 - 1,035,000 4,939,000 5,974,000 248,000 Birmingham, AL 2022 (13) 298,000 1,232,000 - 298,000 1,232,000 1,530,000 72,000 Cleveland, OH 2022 (13) 233,000 1,036,000 - 233,000 1,036,000 1,269,000 71,000 Cleveland, OH 2022 (13) 233,000 1,260,000 - 233,000 1,260,000 1,493,000 72,000 Cleveland, OH 2022 (13) 292,000 1,291,000 - 292,000 1,291,000 1,583,000 75,000 Cuyahoga Falls, OH 2022 (13) 377,000 1,059,000 - 377,000 1,059,000 1,436,000 69,000 Davenport, IA 2022 (13) 168,000 1,123,000 - 168,000 1,123,000 1,291,000 67,000 Denham Springs, LA 2022 (13) 652,000 3,204,000 15,000 652,000 3,219,000 3,871,000 179,000 Gulfport, MS 2022 (13) 209,000 1,338,000 - 209,000 1,338,000 1,547,000 77,000 Lafayette, LA 2022 (13) 353,000 800,000 - 353,000 800,000 1,153,000 51,000 Lakeland, FL 2022 (13) 139,000 1,585,000 - 139,000 1,585,000 1,724,000 88,000 Oklahoma City, OK 2022 (13) 484,000 1,181,000 - 484,000 1,181,000 1,665,000 70,000 San Angelo, TX 2022 (13) 125,000 1,103,000 - 125,000 1,103,000 1,228,000 66,000 Tampa, FL 2022 (13) 233,000 1,723,000 - 233,000 1,723,000 1,956,000 98,000 Westwego, LA 2022 (13) 1,166,000 1,460,000 - 1,166,000 1,460,000 2,626,000 91,000 Aiken, SC 2022 (14) 176,000 1,183,000 - 176,000 1,183,000 1,359,000 64,000 Costs Gross amount at which carried at Initial cost capitalized December 31, 2023 Date of Building and subsequent to Building and Accumulated Location acquisition Debt (a) Land improvements acquisition Land improvements Total (b) depreciation (c) Belleville, IL 2022 (14) 226,000 1,175,000 - 226,000 1,175,000 1,401,000 64,000 Blacklick, OH 2022 (14) 2,141,000 2,652,000 - 2,141,000 2,652,000 4,793,000 138,000 Columbia, SC 2022 (14) 194,000 1,292,000 - 194,000 1,292,000 1,486,000 72,000 Columbia, SC 2022 (14) 2,093,000 2,968,000 - 2,093,000 2,968,000 5,061,000 142,000 Conway, SC 2022 (14) 996,000 4,256,000 - 996,000 4,256,000 5,252,000 216,000 Denham Springs, LA 2022 (14) 143,000 1,466,000 - 143,000 1,466,000 1,609,000 71,000 Grafton, WI 2022 (14) 1,000,000 2,602,000 - 1,000,000 2,602,000 3,602,000 149,000 Norton, OH 2022 (14) 187,000 1,365,000 - 187,000 1,365,000 1,552,000 73,000 Staunton, VA 2022 (14) 564,000 4,889,000 - 564,000 4,889,000 5,453,000 233,000 Sun Prairie, WI 2022 (14) 232,000 565,000 - 232,000 565,000 797,000 34,000 Travelers Rest, SC 2022 (14) 284,000 1,012,000 - 284,000 1,012,000 1,296,000 58,000 Walker, LA 2022 (14) 175,000 1,988,000 - 175,000 1,988,000 2,163,000 97,000 Waukesha, WI 2022 (14) 1,342,000 4,990,000 12,000 1,342,000 5,002,000 6,344,000 241,000 West Bend, WI 2022 (14) 2,273,000 15,811,000 - 2,273,000 15,811,000 18,084,000 725,000 Zanesville, OH 2022 (14) 178,000 1,349,000 - 178,000 1,349,000 1,527,000 71,000 Altoona, PA 2022 (15) 203,000 1,402,000 - 203,000 1,402,000 1,605,000 68,000 Baton Rouge, LA 2022 (15) 114,000 1,677,000 - 114,000 1,677,000 1,791,000 75,000 Bethlehem, PA 2022 (15) 492,000 3,400,000 - 492,000 3,400,000 3,892,000 149,000 Chicago, IL 2022 (15) 378,000 1,703,000 - 378,000 1,703,000 2,081,000 74,000 Chicago, IL 2022 (15) 1,478,000 4,104,000 - 1,478,000 4,104,000 5,582,000 178,000 Chicago, IL 2022 (15) 1,107,000 5,724,000 - 1,107,000 5,724,000 6,831,000 236,000 Collinsville, OK 2022 (15) 893,000 3,021,000 - 893,000 3,021,000 3,914,000 149,000 Elizabeth, PA 2022 (15) 345,000 1,448,000 - 345,000 1,448,000 1,793,000 80,000 Fayetteville, NC 2022 (15) 189,000 1,200,000 - 189,000 1,200,000 1,389,000 61,000 Fort Wayne, IN 2022 (15) 2,038,000 4,176,000 237,000 2,038,000 4,413,000 6,451,000 299,000 Jerome, IL 2022 (15) 341,000 2,058,000 - 341,000 2,058,000 2,399,000 97,000 League City, TX 2022 (15) 1,392,000 3,768,000 - 1,392,000 3,768,000 5,160,000 165,000 Meraux, LA 2022 (15) 820,000 3,037,000 - 820,000 3,037,000 3,857,000 150,000 Ocala, FL 2022 (15) 1,600,000 2,038,000 150,000 1,600,000 2,188,000 3,788,000 105,000 Odessa, TX 2022 (15) 104,000 1,316,000 - 104,000 1,316,000 1,420,000 64,000 Panama City, FL 2022 (15) 575,000 1,477,000 - 575,000 1,477,000 2,052,000 74,000 Richmond, IN 2022 (15) 239,000 2,445,000 - 239,000 2,445,000 2,684,000 120,000 Costs Gross amount at which carried at Initial cost capitalized December 31, 2023 Date of Building and subsequent to Building and Accumulated Location acquisition Debt (a) Land improvements acquisition Land improvements Total (b) depreciation (c) Beavercreek, OH 2022 (16) 776,000 1,282,000 - 776,000 1,282,000 2,058,000 61,000 Chicago, IL 2022 (16) 582,000 5,399,000 - 582,000 5,399,000 5,981,000 207,000 El Paso, TX 2022 (16) 396,000 1,766,000 - 396,000 1,766,000 2,162,000 76,000 Fairborn, OH 2022 (16) 315,000 1,492,000 - 315,000 1,492,000 1,807,000 68,000 Franklin, TN 2022 (16) 1,903,000 2,849,000 - 1,903,000 2,849,000 4,752,000 134,000 Gainesville, FL 2022 (16) 1,968,000 3,408,000 - 1,968,000 3,408,000 5,376,000 147,000 Gastonia, NC 2022 (16) 272,000 3,195,000 - 272,000 3,195,000 3,467,000 129,000 Houston, TX 2022 (16) 1,106,000 3,719,000 - 1,106,000 3,719,000 4,825,000 156,000 Johnson City, TN 2022 (16) 241,000 1,253,000 - 241,000 1,253,000 1,494,000 62,000 Lakeland, FL 2022 (16) 481,000 1,544,000 - 481,000 1,544,000 2,025,000 73,000 Lithonia, GA 2022 (16) 465,000 1,900,000 - 465,000 1,900,000 2,365,000 89,000 Mableton, GA 2022 (16) 210,000 1,442,000 - 210,000 1,442,000 1,652,000 70,000 Nashville, TN 2022 (16) 810,000 1,182,000 - 810,000 1,182,000 1,992,000 65,000 Rockford, IL 2022 (16) 1,029,000 1,521,000 - 1,029,000 1,521,000 2,550,000 101,000 Rome, GA 2022 (16) 408,000 2,283,000 - 408,000 2,283,000 2,691,000 106,000 Rosenberg, TX 2022 (16) 115,000 1,415,000 - 115,000 1,415,000 1,530,000 65,000 San Angelo, TX 2022 (16) 515,000 898,000 - 515,000 898,000 1,413,000 45,000 Trotwood, OH 2022 (16) 46,000 1,444,000 - 46,000 1,444,000 1,490,000 68,000 Warner Robins, GA 2022 (16) 2,526,000 4,872,000 - 2,526,000 4,872,000 7,398,000 233,000 Woodstock, IL 2022 (16) 288,000 1,274,000 - 288,000 1,274,000 1,562,000 66,000 Xenia, OH 2022 (16) 457,000 1,826,000 - 457,000 1,826,000 2,283,000 87,000 Bloomington, IL 2022 (17) 353,000 1,371,000 - 353,000 1,371,000 1,724,000 64,000 Cocoa, FL 2022 (17) 501,000 1,440,000 - 501,000 1,440,000 1,941,000 69,000 Dalton, GA 2022 (17) 534,000 1,282,000 - 534,000 1,282,000 1,816,000 61,000 Decatur, IL 2022 (17) 158,000 1,012,000 - 158,000 1,012,000 1,170,000 50,000 Douglasville, GA 2022 (17) 150,000 1,449,000 - 150,000 1,449,000 1,599,000 74,000 Gretna, LA 2022 (17) 576,000 1,389,000 - 576,000 1,389,000 1,965,000 67,000 Las Vegas, NV 2022 (17) 762,000 5,811,000 - 762,000 5,811,000 6,573,000 241,000 Lawrenceville, GA 2022 (17) 1,588,000 5,995,000 13,000 1,588,000 6,008,000 7,596,000 286,000 Lawrenceville, GA 2022 (17) 1,844,000 4,615,000 - 1,844,000 4,615,000 6,459,000 191,000 Costs Gross amount at which carried at Initial cost capitalized December 31, 2023 Date of Building and subsequent to Building and Accumulated Location acquisition Debt (a) Land improvements acquisition Land improvements Total (b) depreciation (c) Mobile, AL 2022 (17) 257,000 1,088,000 - 257,000 1,088,000 1,345,000 49,000 Morton, IL 2022 (17) 237,000 1,434,000 - 237,000 1,434,000 1,671,000 72,000 New Bern, NC 2022 (17) 275,000 1,011,000 - 275,000 1,011,000 1,286,000 50,000 Shreveport, LA 2022 (17) 324,000 1,116,000 - 324,000 1,116,000 1,440,000 55,000 Shreveport, LA 2022 (17) 389,000 1,437,000 - 389,000 1,437,000 1,826,000 65,000 Sumter, SC 2022 (17) 216,000 1,041,000 - 216,000 1,041,000 1,257,000 54,000 Superior, WI 2022 (17) 258,000 1,626,000 - 258,000 1,626,000 1,884,000 72,000 Winston-Salem, NC 2022 (17) 611,000 1,359,000 - 611,000 1,359,000 1,970,000 59,000 Avon, OH 2022 (18) 699,000 836,000 34,000 699,000 870,000 1,569,000 46,000 Boiling Springs, SC 2022 (18) 142,000 1,263,000 - 142,000 1,263,000 1,405,000 57,000 Burlington, NC 2022 (18) 734,000 1,708,000 - 734,000 1,708,000 2,442,000 82,000 Clarksville, TN 2022 (18) 517,000 1,421,000 - 517,000 1,421,000 1,938,000 58,000 Conway, AR 2022 (18) 288,000 1,166,000 - 288,000 1,166,000 1,454,000 52,000 Eau Claire, WI 2022 (18) 316,000 1,398,000 - 316,000 1,398,000 1,714,000 61,000 Fort Smith, AR 2022 (18) 143,000 1,167,000 - 143,000 1,167,000 1,310,000 55,000 Houston, TX 2022 (18) 848,000 3,712,000 - 848,000 3,712,000 4,560,000 138,000 Kenosha, WI 2022 (18) 175,000 1,344,000 - 175,000 1,344,000 1,519,000 70,000 Kenosha, WI 2022 (18) 376,000 1,512,000 - 376,000 1,512,000 1,888,000 67,000 Marion, OH 2022 (18) 132,000 1,217,000 - 132,000 1,217,000 1,349,000 57,000 Mount Joy, PA 2022 (18) 456,000 1,415,000 - 456,000 1,415,000 1,871,000 63,000 Natrona Heights, PA 2022 (18) 440,000 1,485,000 - 440,000 1,485,000 1,925,000 64,000 Pensacola, FL 2022 (18) 743,000 976,000 - 743,000 976,000 1,719,000 49,000 Pine Bluff, AR 2022 (18) 201,000 1,192,000 - 201,000 1,192,000 1,393,000 60,000 Racine, WI 2022 (18) 188,000 1,340,000 - 188,000 1,340,000 1,528,000 60,000 San Antonio, TX 2022 (18) 223,000 1,126,000 19,000 223,000 1,145,000 1,368,000 47,000 Sheffield Lake, OH 2022 (18) 295,000 1,094,000 - 295,000 1,094,000 1,389,000 51,000 Spring Hill, TN 2022 (18) 761,000 1,296,000 - 761,000 1,296,000 2,057,000 55,000 Statesville, NC 2022 (18) 1,731,000 5,285,000 - 1,731,000 5,285,000 7,016,000 243,000 Sumter, SC 2022 (18) 233,000 632,000 - 233,000 632,000 865,000 33,000 Toledo, OH 2022 (18) 94,000 1,423,000 - 94,000 1,423,000 1,517,000 62,000 Costs Gross amount at which carried at Initial cost capitalized December 31, 2023 Date of Building and subsequent to Building and Accumulated Location acquisition Debt (a) Land improvements acquisition Land improvements Total (b) depreciation (c) Amherst, OH 2022 (19) 205,000 1,329,000 - 205,000 1,329,000 1,534,000 62,000 Belpre, OH 2022 (19) 440,000 4,338,000 - 440,000 4,338,000 4,778,000 166,000 Birmingham, AL 2022 (19) 1,337,000 5,893,000 - 1,337,000 5,893,000 7,230,000 266,000 Chesapeake, VA 2022 (19) 1,063,000 3,765,000 - 1,063,000 3,765,000 4,828,000 149,000 Chicago, IL 2022 (19) 746,000 3,680,000 - 746,000 3,680,000 4,426,000 142,000 Crystal Lake, IL 2022 (19) 126,000 1,446,000 - 126,000 1,446,000 1,572,000 64,000 Gillette, WY 2022 (19) 576,000 1,540,000 51,000 576,000 1,591,000 2,167,000 71,000 Hammond, IN 2022 (19) 187,000 2,486,000 - 187,000 2,486,000 2,673,000 100,000 Harvey, LA 2022 (19) 918,000 1,876,000 - 918,000 1,876,000 2,794,000 83,000 Hollywood, MD 2022 (19) 515,000 4,563,000 - 515,000 4,563,000 5,078,000 182,000 Huber Heights, OH 2022 (19) 1,143,000 1,205,000 - 1,143,000 1,205,000 2,348,000 80,000 Knoxville, TN 2022 (19) 566,000 1,098,000 - 566,000 1,098,000 1,664,000 50,000 Louisville, OH 2022 (19) 214,000 1,283,000 - 214,000 1,283,000 1,497,000 62,000 Mandeville, LA 2022 (19) 296,000 1,307,000 - 296,000 1,307,000 1,603,000 55,000 McHenry, IL 2022 (19) 225,000 1,278,000 - 225,000 1,278,000 1,503,000 67,000 Reynoldsburg, OH 2022 (19) 193,000 1,307,000 - 193,000 1,307,000 1,500,000 62,000 Scott, LA 2022 (19) 762,000 3,097,000 17,000 762,000 3,114,000 3,876,000 136,000 Valrico, FL 2022 (19) 1,941,000 2,167,000 - 1,941,000 2,167,000 4,108,000 102,000 Warren, OH 2022 (19) 154,000 1,204,000 - 154,000 1,204,000 1,358,000 57,000 Yorktown, VA 2022 (19) 2,940,000 3,254,000 - 2,940,000 3,254,000 6,194,000 138,000 Alexandria, LA 2022 (20) 131,000 1,117,000 - 131,000 1,117,000 1,248,000 45,000 Beloit, WI 2022 (20) 47,000 1,147,000 - 47,000 1,147,000 1,194,000 44,000 Burleson, TX 2022 (20) 549,000 1,343,000 - 549,000 1,343,000 1,892,000 52,000 Byron, GA 2022 (20) 99,000 1,099,000 - 99,000 1,099,000 1,198,000 48,000 Chalmette, LA 2022 (20) 326,000 930,000 19,000 326,000 949,000 1,275,000 42,000 Chattanooga, TN 2022 (20) 237,000 896,000 - 237,000 896,000 1,133,000 41,000 Greensboro, NC 2022 (20) 344,000 810,000 - 344,000 810,000 1,154,000 39,000 Jacksonville, FL 2022 (20) 472,000 1,017,000 - 472,000 1,017,000 1,489,000 47,000 Jacksonville, NC 2022 (20) 745,000 3,453,000 - 745,000 3,453,000 4,198,000 121,000 Janesville, WI 2022 (20) 187,000 1,286,000 - 187,000 1,286,000 1,473,000 57,000 Costs Gross amount at which carried at Initial cost capitalized December 31, 2023 Date of Building and subsequent to Building and Accumulated Location acquisition Debt (a) Land improvements acquisition Land improvements Total (b) depreciation (c) Johnson City, TN 2022 (20) 258,000 803,000 - 258,000 803,000 1,061,000 36,000 Johnson City, TN 2022 (20) 705,000 2,290,000 - 705,000 2,290,000 2,995,000 97,000 Lubbock, TX 2022 (20) 216,000 1,060,000 - 216,000 1,060,000 1,276,000 49,000 Milwaukee, WI 2022 (20) 373,000 1,466,000 - 373,000 1,466,000 1,839,000 53,000 Myrtle Beach, SC 2022 (20) 417,000 1,065,000 - 417,000 1,065,000 1,482,000 43,000 Ruston, LA 2022 (20) 384,000 1,525,000 - 384,000 1,525,000 1,909,000 62,000 Slidell, LA 2022 (20) 349,000 804,000 - 349,000 804,000 1,153,000 34,000 Spartanburg, SC 2022 (20) 479,000 3,515,000 - 479,000 3,515,000 3,994,000 136,000 Tallahassee, FL 2022 (20) 244,000 1,510,000 - 244,000 1,510,000 1,754,000 66,000 Valdosta, GA 2022 (20) 321,000 1,504,000 - 321,000 1,504,000 1,825,000 62,000 West Haven, UT 2022 (20) 515,000 4,152,000 28,000 515,000 4,180,000 4,695,000 167,000 West Monroe, LA 2022 (20) 367,000 1,461,000 - 367,000 1,461,000 1,828,000 57,000 Fresno, CA 2023 - 230,000 1,927,000 - 230,000 1,927,000 2,157,000 55,000 Baton Rouge, LA 2023 (21) 149,000 1,103,000 - 149,000 1,103,000 1,252,000 15,000 Bedford, TX 2023 (21) 856,000 3,804,000 - 856,000 3,804,000 4,660,000 44,000 Bridge City, LA 2023 (21) 320,000 1,097,000 - 320,000 1,097,000 1,417,000 14,000 DeLand, FL 2023 (21) 400,000 1,484,000 - 400,000 1,484,000 1,884,000 20,000 Egg Harbor Township, NJ 2023 (21) 1,033,000 5,103,000 - 1,033,000 5,103,000 6,136,000 65,000 Franklin, OH 2023 (21) 283,000 1,277,000 - 283,000 1,277,000 1,560,000 17,000 Girard, OH 2023 (21) 252,000 1,638,000 - 252,000 1,638,000 1,890,000 22,000 Glendale, AZ 2023 (21) 1,884,000 9,539,000 - 1,884,000 9,539,000 11,423,000 106,000 Melrose Park, IL 2023 (21) 1,213,000 4,047,000 - 1,213,000 4,047,000 5,260,000 43,000 Novi, MI 2023 (21) 1,374,000 5,717,000 - 1,374,000 5,717,000 7,091,000 64,000 Oxford, MI 2023 (21) 345,000 4,462,000 - 345,000 4,462,000 4,807,000 54,000 Sun Prairie, WI 2023 (21) 2,980,000 9,485,000 - 2,980,000 9,485,000 12,465,000 112,000 Vineland, NJ 2023 (21) 411,000 3,166,000 - 411,000 3,166,000 3,577,000 39,000 Waterford, MI 2023 (21) 481,000 3,881,000 - 481,000 3,881,000 4,362,000 48,000 West Lafayette, IN 2023 (21) 1,567,000 6,111,000 - 1,567,000 6,111,000 7,678,000 67,000 $ 209,073,000 $ 891,432,000 $ 1,793,000 $ 209,073,000 $ 893,225,000 $ 1,102,298,000 $ 62,243,000 (a) Properties are collateralized with debt as follows: Amount (1 ) 30,231,000 (2 ) 37,564,000 (3 ) 21,550,000 (4 ) 24,850,000 (5 ) 24,485,000 (6 ) 38,530,000 (7 ) 28,110,000 (8 ) 26,900,000 (9 ) 31,200,000 (10 ) 10,831,000 (11 ) 16,902,000 (12 ) 32,722,000 (13 ) 18,008,000 (14 ) 36,860,000 (15 ) 33,441,000 (16 ) 35,840,000 (17 ) 25,012,000 (18 ) 25,519,000 (19 ) 37,795,000 (20 ) 24,420,000 (21 ) 43,522,000 $ 604,292,000 (b) At December 31, 2023, the aggregate cost of real estate for federal income tax purposes was $ 999.5 million (unaudited). (c) The life on which depreciation in the latest statement of operations and comprehensive income was calculated was between 5 and 39 years . The changes in real estate and accumulated depreciation for the years ended December 31, 2023 and 2022, respectively, are as follows: Years ended December 31, 2023 2022 Cost Balance - beginning of year $ 1,023,749,000 $ 532,511,000 Property acquisitions (a) 77,619,000 490,683,000 Improvements 930,000 555,000 Balance - end of year $ 1,102,298,000 $ 1,023,749,000 Accumulated depreciation Balance - beginning of year $ ( 34,663,000 ) $ ( 14,681,000 ) Depreciation expense ( 27,580,000 ) ( 19,982,000 ) Balance - end of year $ ( 62,243,000 ) $ ( 34,663,000 ) Net book value - end of year $ 1,040,055,000 $ 989,086,000 (a) Excludes amounts recorded as intangible lease assets and liabilities in connection with the allocation of the purchase price of acquired properties accounted for as asset acquisitions. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying consolidated financial statements have been prepared in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”). In the opinion of management, all adjustments necessary for fair presentation (including normal recurring accruals) have been included. |
Principles of Consolidation | Principles of Consolidation The consolidated financial statements include the accounts of the Company, the Operating Partnership, its subsidiaries and any single member limited liability companies or other entities which are consolidated in accordance with GAAP. The Company consolidates variable interest entities (“VIEs”) when it is the primary beneficiary. Generally, a VIE is an entity with one or more of the following characteristics: (1) the total equity investment at risk is not sufficient to permit the entity to finance its activities without additional subordinated financial support, (2) as a group, the holders of the equity investment at risk (a) lack the power through voting or similar rights to make decisions about the entity’s activities that significantly impact the entity’s performance, (b) have no obligation to absorb the expected losses of the entity, or (c) have no right to receive the expected residual returns of the entity, or (3) the equity investors have voting rights that are not proportional to their economic interests, and substantially all of the entity’s activities either involve, or are conducted on behalf of, an investor that has disproportionately fewer voting rights. A VIE is required to be consolidated by its primary beneficiary. The primary beneficiary of a VIE has (1) the power to direct the activities that most significantly impact the entity’s economic performance, and (2) the obligation to absorb losses of the VIE or the right to receive benefits from the VIE that could be significant to the VIE. Significant judgments related to these determinations include estimates about the current values, performance of real estate held by these VIEs, and general market conditions. |
Use of Estimates | Use of Estimates The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The Company’s most significant assumptions and estimates relate to the useful lives of real estate assets, real estate impairment assessments and allocation of fair value of purchase consideration. These estimates are based on historical experience and other assumptions which management believes are reasonable. The Company evaluates its estimates on an ongoing basis and makes revisions to these estimates and related disclosures as experience develops or new information becomes known. Actual results could differ from those estimates. |
Investment in Real Estate | Investment in Real Estate Real estate assets are stated at cost, less accumulated depreciation and amortization. The Company evaluates each acquisition transaction to determine whether the acquired asset meets the definition of a business and therefore accounted for as a business combination or if the acquisition transaction should be accounted for as an asset acquisition. Under Accounting Standards Update (“ASU”) 2017-01, “Business Combinations (Topic 805): Clarifying the Definition of a Business” (“ASU 2017-01”), an acquisition does not qualify as a business when substantially all of the fair value is concentrated in a single identifiable asset or group of similar identifiable assets or the acquisition does not include a substantive process in the form of an acquired workforce or an acquired contract that cannot be replaced without significant cost, effort or delay. Transaction costs related to acquisitions that qualify as asset acquisitions are capitalized as part of the cost basis of the acquired assets, while transaction costs for acquisitions that are deemed to be acquisitions of a business are expensed as incurred. The Company allocates the purchase price of acquired properties accounted for as asset acquisitions to tangible and identifiable intangible assets or liabilities based on their relative fair values. Tangible assets may include land, buildings, site improvements and tenant improvements. Intangible assets include the value of in-place leases and above-market leases and intangible liabilities include below-market leases. The fair value of the tangible assets of an acquired property with an in-place operating lease is determined by valuing the property as if it were vacant, and the “as-if-vacant” value is then allocated to the tangible assets based on the relative fair value of the tangible assets. The fair value of in-place leases is determined by considering estimates of carrying costs during the expected lease-up periods, current market conditions as well as costs to execute similar leases based on the specific characteristics of each tenant’s lease. The Company estimates the cost to execute leases with terms similar to the remaining lease terms of the in-place leases, including tenant improvements, leasing commissions, legal and other related expenses. The values of acquired above-market and below-market leases are recorded based on the present values (using discount rates which reflect the risks associated with the leases acquired) of the differences between the contractual amounts to be received and management’s estimate of market lease rates, measured over the terms of the respective leases that management deemed appropriate at the time of the acquisitions. Such valuations include consideration of the noncancelable terms of the respective leases as well as any applicable renewal periods. The fair values associated with below-market rental renewal options are determined based on the Company’s experience and the relevant facts and circumstances that existed at the time of the acquisitions. The values of the above-market and below-market leases are amortized over the term of the respective leases, including certain renewal options (as applicable), as an adjustment to rental revenue on the Company’s consolidated statements of operations and comprehensive income. The value of other intangible assets (including leasing commissions, tenant improvements, etc.) is amortized to expense over the applicable terms of the respective leases. If a lease were to be terminated prior to its stated expiration or not renewed, all unamortized amounts relating to that lease would be recognized in operations at that time. In making estimates of fair values for purposes of allocating purchase price, the Company utilizes a number of sources and also considers information and other factors including market conditions, the industry that the tenant operates in, characteristics of the real estate; e.g., location, size, demographics, value and comparative rental rates; tenant credit profile and the importance of the location of the real estate to the operations of the tenant’s business. Additionally, the Company considers information obtained about each property as a result of its pre-acquisition due diligence, marketing and leasing activities in estimating the relative fair value of the tangible and intangible assets and liabilities acquired. The Company’s methodology for measuring and allocating the fair value of real estate acquisitions includes both observable market data (categorized as level 2 on the three-level valuation hierarchy of Accounting Standards Codification (“ASC”) Topic 820, Fair Value Measurement), and unobservable inputs that reflect the Company’s own internal assumptions (categorized as level 3 under ASC Topic 820). Given the significance of the unobservable inputs the Company believes the allocations of fair value of real estate acquisitions should be categorized as level 3 under ASC Topic 820. Management reviews each real estate investment for impairment whenever events or circumstances indicate that the carrying value of a real estate investment may not be recoverable. The review of recoverability of real estate investments held for use is based on an estimate of the future cash flows that are expected to result from the real estate investment’s use and eventual disposition. These cash flows consider factors such as expected future operating income, trends and prospects, as well as the effects of leasing demand, capital expenditures, competition and other factors. If an impairment event exists due to the projected inability to recover the carrying value of a real estate investment, an impairment loss is recorded to the extent that the carrying value exceeds estimated fair value. No impairments were recorded during the years ended December 31, 2023 and 2022, respectively. Depreciation and amortization are computed using the straight-line method over the estimated useful lives of the assets. The Company considers the period of future benefit of each respective asset to determine its appropriate useful life. The estimated useful lives of the Company’s real estate assets by class are generally as follows: Description Depreciable life Buildings 39 years Building and site improvements Ranging from 5 to 28 years Tenant improvements Shorter of the term of the related lease or useful life Intangible lease assets and liabilities Term of the related lease Expenditures for improvements that substantially extend the useful lives of the assets are capitalized. Expenditures for maintenance, repairs and betterments that do not substantially prolong the normal useful life of an asset are charged to operations as incurred. |
Real Estate Held for Sale | Real Estate Held for Sale The Company follows the guidance for reporting discontinued operations, whereby a disposal of an individual property or group of properties is required to be reported in “discontinued operations” only if the disposal represents a strategic shift that has, or will have, a major effect on the Company’s operations and financial results. The results of operations for those properties not meeting such criteria are reported in “continuing operations” in the consolidated statements of operations and comprehensive income. The carrying values of the assets and liabilities of properties determined to be held for sale, principally the net book values of the real estate and the related mortgage loans payable expected to be assumed by the buyers, are reclassified as “held for sale” on the Company’s consolidated balance sheets at the time such determinations are made, on a prospective basis only. The Company, when applicable, conducts a continuing review of the values for all properties “held for sale” based on final sales prices and sales contracts entered into. Impairment charges/reversals, if applicable, are based on a comparison of the carrying values of the properties with either (1) actual sales prices less costs to sell for properties sold, or contract amounts for properties in the process of being sold, (2) estimated sales prices, less costs to sell, based on discounted cash flow analyses, if no contract amounts are being negotiated, or (3) with respect to land parcels, estimated sales prices, less costs to sell, based on comparable sales completed in the selected market areas. Prior to the Company’s determination to dispose of properties, which are subsequently reclassified to “held for sale”, the Company would perform recoverability analyses based on the estimated undiscounted cash flows that would be expected to result from the real estate investments’ use and eventual disposal. The projected undiscounted cash flows of each property would reflect that the carrying value of each real estate investment would be recovered. The Company had no real estate held for sale as of December 31, 2023 and 2022, respectively. |
Cash, Cash Equivalents and Restricted Cash | Cash, Cash Equivalents and Restricted Cash Cash and cash equivalents consist of cash in banks and short-term investments with original maturities when purchased of less than ninety days. The Company did no t have any cash equivalents as of December 31, 2023 and 2022, respectively. The terms of mortgage loans payable may require the Company to deposit certain replacement and other reserves with its lenders. Restricted cash was $ 12.3 million and $ 14.2 million as of December 31, 2023 and 2022, respectively, and represents funds held in reserve by lenders to cover real estate taxes, insurance, repairs, tenant improvements and leasing commissions of the underlying properties collateralized by the respective loan. |
Fair Value Measurements | Fair Value Measurements The accounting guidance for fair value measurement establishes a fair value hierarchy that prioritizes observable and unobservable inputs used to measure fair value into three levels: • Level 1 – Inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets. • Level 2 – Inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument. • Level 3 – Inputs to the valuation methodology are unobservable and significant to the fair value measurement. The fair value hierarchy gives the highest priority to Level 1 inputs and the lowest priority to Level 3 inputs. In determining fair value, the Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible while also considering counterparty credit risk in the assessment of fair value. |
Derivative Financial Instruments | Derivative Financial Instruments The Company occasionally utilizes derivative financial instruments, principally interest rate swaps, to manage its exposure to fluctuations in interest rates. The Company has established policies and procedures for risk assessment, and the approval, reporting and monitoring of derivative financial instruments. Derivative financial instruments must be effective in reducing the Company’s interest rate risk exposure in order to qualify for hedge accounting. When the terms of an underlying transaction are modified, or when the underlying hedged item ceases to exist, all changes in the fair value of the instrument are marked-to-market with changes in value included in net (loss) income for each period until the derivative financial instrument matures or is settled. Any derivative financial instrument used for risk management that does not meet the hedging criteria is marked-to-market with the changes in value included in net income. The Company has not entered into, and does not plan to enter into, derivative financial instruments for trading or speculative purposes. The use of interest rate swap agreements carries risks, including the risk that the counterparties to these agreements are not able to perform. To mitigate this risk, the Company enters into interest rate swap agreements with counterparties with high credit ratings and with major financial institutions with which the Company may also have other financial relationships. The Company does not currently anticipate that the counterparty to the Company’s interest rate swap agreement will fail to meet its obligation. The Company, through the Operating Partnership, entered into a five-year swap agreement on February 8, 2023 and as of December 31, 2023, there was no event of default related to the Company's interest rate swap agreement. |
Revenue Recognition and Receivables | Revenue Recognition and Receivables Management has determined that predominantly all of the Company’s leases with its various tenants are operating leases (excluding the sales-type leases disclosed in Note 3. Investment in Real Estate below). The Company recognizes minimum rent, including rental abatements, lease incentives and contractual fixed increases attributable to operating leases on a straight-line basis over the term of the related leases when collectability is reasonably assured. Deferred rent receivable was $ 2.4 million and $ 1.4 million as of December 31, 2023 and, 2022, respectively, and represents rent earned in excess of rent received as a result of straight-lining rents over the terms of the leases, and is included in receivables on the accompanying consolidated balance sheets. Deferred rent liability represents rent received in excess of rent earned as a result of straight-lining rents over the terms of the leases. These amounts were de minimis for the years ended December 31, 2023 and 2022 and are included in accounts payable, accrued expenses and other liabilities on the accompanying consolidated balance sheets. The Company records property o perating expense reimbursements due from tenants for common area maintenance, real estate taxes and other recoverable costs in the period the related expenses are incurred. The Company continually assesses the collectability of receivables related to our tenants and real estate operations. In evaluating collectability, the Company considers the tenant's payment history, the financial condition of the tenant, current macroeconomic trends, and other factors as deemed necessary. The collectability of the aforementioned receivables shall be adjusted through an allowance for doubtful accounts which would be included in revenue on the consolidated statements of operations. As of December 31, 2023 and 2022, the Company’s allowance for doubtful accounts totaled $ 0.0 million and $ 0.0 million, respectively, which had no effect on assets on the Company’s consolidated balance sheets . A limited number of operating leases contain contingent rent provisions under which tenants are required to pay, as additional rent, a percentage of their sales in excess of a specified amount. The Company defers recognition of contingent rental income until those specified sales targets are met. The Company recorded no contingent rent during 2023 or 2022. Revenues also may include items such as lease termination fees, which tend to fluctuate more than rents from year to year. Termination fees are fees that the Company has agreed to accept in consideration for permitting certain tenants to terminate their lease prior to the contractual expiration. The Company recognizes lease termination income when the following conditions are met: (1) the lease termination agreement has been executed, (2) the lease termination fee is determinable, (3) all the Company’s landlord services pursuant to the terminated lease have been rendered, and (4) collectability of the lease termination fee is assured. $ 0.5 million and $ 0.4 million have been recorded as lease terminations during 2023 or 2022, respectively, and are included in rental revenues on the accompanying consolidated statements of operations and comprehensive income. If the lease provides for tenant improvements, the Company determines whether the tenant improvements, for accounting purposes, are owned by the tenant or by the Company. When the Company is the owner of the tenant improvements, the tenant is typically not considered to have taken physical possession or have control of the physical use of the leased asset until the tenant improvements are substantially completed. When the tenant is the owner of the tenant improvements, any tenant improvement allowance that is funded is treated as a lease incentive and amortized as a reduction of revenue over the lease term. Tenant improvement ownership is determined based on various factors including, but not limited to: • whether the lease stipulates how a tenant improvement allowance may be spent; • whether the amount of a tenant improvement allowance is in excess of market rates; • whether the tenant or landlord retains legal title to the improvements at the end of the lease term; • whether the tenant improvements are unique to the tenant or general-purpose in nature; and • whether the tenant improvements are expected to have any residual value at the end of the lease. |
Pending Trade Deposits | Pending Trade Deposits Pending trade deposits were $ 1.4 million and $ 6.4 million as of December 31, 2023 and 2022, respectively, and represents funds received by the Company from investors for future purchases of Class A and Class I common shares. Shares are issued by the Company upon the investment being accepted by the Company. |
Right-of-Use Assets and Liabilities | Right-of-Use Assets and Liabilities The Company is the lessee under a ground lease. In accordance with the lease accounting standard, the Company recorded a right-of-use asset and related liability for this ground lease of the date of acquisition in December 2021. As of December 31, 2023, the remaining lease term, including options which were deemed probable to be exercised, was approximately 67 years and the discount rate used to calculate the Company’s lease liability was 7.1 %. Rent expense under the ground lease was $ 0.4 million and $ 0.4 million for the years ended December 31, 2023 and 2022, respective ly. The following table represent a reconciliation of the Company’s undiscounted future minimum lease payments for its ground lease agreement applicable to right-of-use liabilities as of December 31, 2023: 2024 $ 285,000 2025 285,000 2026 285,000 2027 285,000 2028 285,000 Thereafter 28,745,000 Total undiscounted future minimum lease payments 30,170,000 Future minimum lease payments, discount ( 25,193,000 ) Right-of-use liability $ 4,977,000 |
Deferred Financing Costs | Deferred Financing Costs Financing costs related to the issuance of the Company’s long-term debt are deferred and amortized as an increase to interest expense over the term of the related debt instrument using the straight-line method, which approximates the effective interest method. The carrying value of the deferred financing costs related to mortgage loans payable was $ 1.1 million and $ 0.5 million, which was net of accumulated amortization of $ 0.4 million and $ 0.2 million as of December 31, 2023 and 2022 respectively, and was recorded as a direct deduction to the related debt on the consolidated balance sheets. The carrying value of the deferred financing costs related to revolving credit facilities was $ 0.0 million and $ 0.2 million, which was net of accumulated amortization of $ 0.8 million and $ 0.6 million as of December 31, 2023 and 2022 respectively, and was recorded within other assets on the consolidated balance sheets. Amortization of deferred financing costs was $ 0.4 million and $ 0.5 million for 2023 and 2022, respectively, and is included in interest expense on the accompanying consolidated statements of operations and comprehensive income. |
Noncontrolling Interests | Noncontrolling Interests The Company presents noncontrolling interests, which repres ents OP Units, and classifies such interests as a component of equity, separate from the Company’s shareholders’ equity. Noncontrolling interests were created as part of contribution and merger agreements with former 1031-exchangeable portfolios that were previously managed by the Sponsor on behalf of investors and recognized at fair value as of the date of the merger transaction. The holders of OP Units have the right to exchange their OP Units for the same number of shares of the Company’s Class I common shares. |
Segment Information | Segment Information The Company’s primary business is the ownership and operation of net-lease properties occupied primarily by investment-grade tenants. The Company reviews operating and financial information for each property on an individual basis and, accordingly, each property represents an individual operating segment. The Company evaluates financial performance using property operating income, which consists of rental income and other property income, less operating expenses. No individual property constitutes more than 10% of the Company’s revenues or property operating income, and the Company has no operations outside of the United States of America. Therefore, the Company has aggregated its properties into one reportable segment as the properties share similar long-term economic characteristics and have other similarities including the fact that they are operated using consistent business strategies. |
Income Taxes | Income Taxes The Company has elected and is qualified to be taxed as a REIT, as it complies with the related provisions under the Internal Revenue Code of 1986, as amended. Accordingly, the Company generally is not and will not be subject to U.S. federal income tax to the extent of its distributions to shareholders and as long as certain asset, income and share ownership tests are met. To qualify as a REIT, the Company must annually distribute at least 90 % of its REIT taxable income to its shareholders and meet certain other requirements. Under certain circumstances, federal income and excise taxes may be due on its undistributed taxable income. The Company may also be subject to certain state, local and franchise taxes. If the Company fails to meet these requirements, it will be subject to U.S. federal income tax, which could have a material adverse impact on its results of operations and amounts available for distributions to its shareholders. Application of tax laws and regulations to various types of transactions is susceptible to varying interpretations. Therefore, amounts reported in the financial statements could be changed at a later date upon final determination by the taxing authorities. No such examinations by taxing authorities are presently in process. The Company provides for uncertain tax positions based upon management’s assessment of whether a tax benefit is more likely than not to be sustained upon examination by tax authorities. Management is required to determine whether a tax position is more likely than not to be sustained upon examination by tax authorities, including resolution of any related appeals or litigation processes, based on the technical merits of the position. Because assumptions are used in determining whether a tax benefit is more likely than not to be sustained upon examination by tax authorities, actual results may differ from the Company’s estimates under different assumptions or conditions. |
Reclassifications | Reclassifications Certain reclassifications of prior period amounts have been made in the consolidated statement of cash flow in order to conform to the current presentation, which includes the bifurcation of proceeds and issuance cost from the issuance of Class A and Class I common shares into separate individual line items. |
Accounting Pronouncements | Accounting Pronouncements In April 2020, the Financial Accounting Standards Board (the “FASB”) issued a question-and-answer document (the “Lease Modification Q&A”) focused on the application of lease accounting guidance to lease concessions provided as a result of a novel strain of coronavirus (“COVID-19”). Under existing lease guidance, the Company would have to determine, on a lease by lease basis, if a lease concession was the result of a new arrangement reached with the tenant (treated with the lease modification accounting framework) or if a lease concession was under the enforceable rights and obligations within the existing lease agreement (precluded from applying the lease modification accounting framework). The Lease Modification Q&A clarifies that entities may elect to not evaluate whether lease-related relief that lessors provide to mitigate the economic effects of COVID-19 on lessees is a lease modification under ASC 842 - Leases. Instead, an entity that elects not to evaluate whether a concession directly related to COVID-19 is a modification can then elect whether to apply the modification guidance (i.e. assume the relief was always contemplated by the contract or assume the relief was not contemplated by the contract). Both lessees and lessors may make this election. The Company evaluated its election on a disaggregated basis, with such election applied consistently to leases with similar characteristics and similar circumstances. The Company provided no lease concessions to tenants during 2023 and 2022, respectively. In August 2023, the FASB issued ASU 2023-05 “Business Combinations-Joint Venture Formations (Subtopic 805-60)” (“ASU 2023-05”). ASU 2023-05 addresses the accounting for contributions made to a joint venture, upon formation, in a joint venture’s separate financial statements. To reduce diversity in practice and provide decision-useful information to a joint venture’s investors, ASU 2023-05 will require that a joint venture apply a new basis of accounting upon formation at fair value. ASU 2023-05 does not amend the definition of a joint venture (or a corporate joint venture), the accounting by an equity method investor for its investment in a joint venture, or the accounting by a joint venture for contributions received after its formation. This standard is effective prospectively for all joint venture formations with a formation date on or after January 1, 2025. The adoption of ASU 2023-05 is not expected to have a material impact on the Company’s consolidated financial statements. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Estimated Useful Lives of Real Estate Assets by Class | The estimated useful lives of the Company’s real estate assets by class are generally as follows: Description Depreciable life Buildings 39 years Building and site improvements Ranging from 5 to 28 years Tenant improvements Shorter of the term of the related lease or useful life Intangible lease assets and liabilities Term of the related lease |
Reconciliation of Undiscounted Future Minimum Lease Payments | The following table represent a reconciliation of the Company’s undiscounted future minimum lease payments for its ground lease agreement applicable to right-of-use liabilities as of December 31, 2023: 2024 $ 285,000 2025 285,000 2026 285,000 2027 285,000 2028 285,000 Thereafter 28,745,000 Total undiscounted future minimum lease payments 30,170,000 Future minimum lease payments, discount ( 25,193,000 ) Right-of-use liability $ 4,977,000 |
Investments In Real Estate (Tab
Investments In Real Estate (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Real Estate [Abstract] | |
Summary of Real Estate Activity | Real estate activity for years ended December 31, 2023 and 2022 is composed of the following: Years ended December 31, 2023 2022 Cost Balance - beginning of year $ 1,023,749,000 $ 532,511,000 Property acquisitions (a) 77,619,000 490,683,000 Improvements 930,000 555,000 Balance - end of year $ 1,102,298,000 $ 1,023,749,000 Accumulated depreciation Balance - beginning of year $ ( 34,663,000 ) $ ( 14,681,000 ) Depreciation expense ( 27,580,000 ) ( 19,982,000 ) Balance - end of year $ ( 62,243,000 ) $ ( 34,663,000 ) Net book value - end of year $ 1,040,055,000 $ 989,086,000 (a) Excludes amounts recorded as intangible lease assets and liabilities in connection with the allocation of the purchase price of acquired properties accounted for as asset acquisitions. |
Schedule of Mortgages in Connection With Acquisitions | The Company assumed the following mortgages in connection with these acquisitions during 2022: Contractual Date Maturity Balance interest of assumption Amortization date at assumption rate 2/9/2022 Interest only 10/1/2024 $ 16,902,000 4.25 % 3/2/2022 Interest only 6/6/2027 32,722,000 3.98 % 4/1/2022 Interest only 6/1/2024 18,008,000 4.71 % 6/24/2022 Interest only 9/1/2027 36,860,000 3.99 % 7/26/2022 Interest only 12/1/2027 33,441,000 4.09 % 8/24/2022 Interest only 1/11/2028 35,840,000 4.05 % 8/31/2022 Interest only 12/1/2025 25,012,000 4.59 % 9/7/2022 Interest only 5/1/2025 25,519,000 4.15 % 9/14/2022 Interest only 4/8/2028 37,795,000 4.27 % 10/27/2022 Interest only 9/6/2025 24,420,000 4.38 % $ 286,519,000 |
Summary of Allocation of Purchase Price | An allocation of the purchase price, including acquisition costs, for these acquisitions are as follows: Years ended December 31, 2023 2022 Land $ 13,778,000 $ 103,883,000 Building and site improvements 62,924,000 376,886,000 Tenant improvements 917,000 9,914,000 Lease in-place intangible assets 6,276,000 43,060,000 Lease above-market intangible assets 14,000 1,600,000 Below-market debt 4,302,000 13,540,000 88,211,000 548,883,000 Liabilities assumed: Lease below-market intangible liabilities ( 2,192,000 ) ( 9,222,000 ) Purchase price (including acquisition costs) $ 86,019,000 $ 539,661,000 |
Schedule of Rental Revenue | Rental revenue is comprised of the following: Years ended December 31, 2023 2022 Base rents $ 65,598,000 $ 47,697,000 Tenant reimbursables 8,667,000 6,458,000 Straight-line rent adjustments 1,013,000 764,000 Above/below market lease amortization, net 2,415,000 2,090,000 Lease termination income 513,000 367,000 $ 78,206,000 $ 57,376,000 |
Schedule of Annual Future Contractual Base Rents Pursuant to Non-cancellable Terms Due to Be Received | Annual future contractual base rents pursuant to non-cancellable terms due to be received under operating leases in effect at December 31, 2023 are as follows: 2024 $ 68,130,000 2025 67,158,000 2026 63,883,000 2027 57,540,000 2028 48,064,000 Thereafter 161,422,000 Total $ 466,197,000 |
Schedule of Percentage of Contractual Base Rents | The following tenants contributed more than 10% of contractual base rents during years ended December 31, 2023 and 2022: Years ended December 31, Tenant 2023 2022 Dollar General 18.0 % 16.8 % Walgreens 15.5 % 14.8 % |
Intangible Assets and Liabili_2
Intangible Assets and Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Intangible Assets and Liabilities | Intangible assets and liabilities consisted of the following: Weighted average Gross carrying Accumulated Net carrying amortization amount amortization amount period (years) In-place leases $ 97,737,000 $ ( 31,463,000 ) $ 66,274,000 7.3 Above-market leases 3,489,000 ( 1,147,000 ) 2,342,000 6.2 Total intangible lease assets, net $ 101,226,000 $ ( 32,610,000 ) $ 68,616,000 Below-market leases $ 32,184,000 $ ( 7,589,000 ) $ 24,595,000 11.0 December 31, 2022 Weighted average Gross carrying Accumulated Net carrying amortization amount amortization amount period (years) In-place leases $ 91,461,000 $ ( 17,920,000 ) $ 73,541,000 7.8 Above-market leases 3,474,000 ( 628,000 ) 2,846,000 6.9 Total intangible lease assets, net $ 94,935,000 $ ( 18,548,000 ) $ 76,387,000 Below-market leases $ 29,991,000 $ ( 4,654,000 ) $ 25,337,000 11.6 |
Schedule of Amortization of Intangible Assets and Liability | Amortization of intangible assets and liabilities were as follows: Years ended December 31, 2023 2022 Net adjustment to rental revenue $ 2,415,000 $ 2,090,000 Amortization of in-place leases $ 13,555,000 $ 10,501,000 |
Schedule of Finite-Lived Intangible future amortization of lease assets to amortization expense of above-market and below-market lease intangibles to rental revenue | The estimated future amortization of lease assets to amortization expense and the amortization of above-market and below-market lease intangibles to rental revenu e are as follows: Amortization Rental revenue In-place Above-market Below-market lease assets leases leases Total 2024 $ 12,156,000 $ ( 457,000 ) $ 2,939,000 $ 14,638,000 2025 11,400,000 ( 436,000 ) 2,916,000 13,880,000 2026 10,271,000 ( 398,000 ) 2,854,000 12,727,000 2027 8,452,000 ( 300,000 ) 2,417,000 10,569,000 2028 6,305,000 ( 254,000 ) 2,182,000 8,233,000 Thereafter 17,690,000 ( 497,000 ) 11,287,000 28,480,000 Total $ 66,274,000 $ ( 2,342,000 ) $ 24,595,000 $ 88,527,000 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Derivative Instrument Detail [Abstract] | |
Summary of Derivative Financial Instrument | The following is a summary of the derivative financial instrument attributes held by the Company at December 31, 2023: Designation/ Notional Fair Maturity Balance sheet Cash flow Derivative Count amount value date location Qualifying Interest rate swap 1 $ 26,900,000 $ ( 544,000 ) Feb 2028 Accounts payable, accrued expenses and other liabilities |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Debt Disclosure [Abstract] | |
Schedule of Fixed-rate Mortgage Loans Payable | Fixed-rate mortgage loans payable are composed of the following as of December 31, 2023 and 2022: December 31, 2023 December 31, 2022 Maturity Balance Contractual Balance Contractual Description Amortization date outstanding interest rate outstanding interest rate Fixed-rate mortgage 30 Year Amort 3/1/2024 $ 10,831,000 4.91 % $ 11,019,000 4.91 % Fixed-rate mortgage Interest-only 6/1/2024 18,008,000 4.71 % 18,008,000 4.71 % Fixed-rate mortgage Interest-only 10/1/2024 16,902,000 4.25 % 16,902,000 4.25 % Fixed-rate mortgage Interest-only 2/2/2025 21,550,000 3.97 % 21,550,000 3.97 % Fixed-rate mortgage Interest-only 5/1/2025 25,519,000 4.15 % 25,519,000 4.15 % Fixed-rate mortgage Interest-only 9/2/2025 24,420,000 4.38 % 24,420,000 4.38 % Fixed-rate mortgage Interest-only 12/1/2025 25,012,000 4.59 % 25,012,000 4.59 % Fixed-rate mortgage (a) Interest-only 5/10/2026 24,850,000 4.66 % 24,850,000 4.66 % Fixed-rate mortgage (b) Interest-only 9/1/2026 24,485,000 3.82 % 24,485,000 3.82 % Fixed-rate mortgage (c) Interest-only 12/1/2026 28,110,000 4.06 % 28,110,000 4.06 % Fixed-rate mortgage Interest-only 4/1/2027 31,200,000 4.38 % 31,200,000 4.38 % Fixed-rate mortgage Interest-only 6/6/2027 32,722,000 3.98 % 32,722,000 3.98 % Fixed-rate mortgage Interest-only 9/1/2027 36,860,000 3.99 % 36,860,000 3.99 % Fixed-rate mortgage Interest-only 12/1/2027 33,441,000 4.09 % 33,441,000 4.09 % Fixed-rate mortgage Interest-only 1/11/2028 35,840,000 4.05 % 35,840,000 4.05 % Fixed-rate mortgage Interest-only 2/1/2028 38,530,000 6.12 % - n/a Fixed-rate mortgage (d) Interest-only 2/1/2028 26,900,000 5.80 % - n/a Fixed-rate mortgage Interest-only 4/8/2028 37,795,000 4.27 % 37,795,000 4.27 % Fixed-rate mortgage Interest-only 7/1/2028 43,522,000 4.32 % - 4.32 % Fixed-rate mortgage Interest-only 10/1/2029 30,231,000 3.13 % 30,231,000 3.13 % Fixed-rate mortgage Interest-only 1/1/2031 37,564,000 3.45 % 37,564,000 3.45 % Fixed-rate mortgage 30 Year Amort 2/1/2023 - n/a 6,369,000 4.93 % Fixed-rate mortgage 30 Year Amort 10/1/2023 - n/a 7,823,000 5.54 % 604,292,000 4.32 % (e) 509,720,000 4.13 % (e) Unamortized issuance costs, net ( 1,096,000 ) ( 521,000 ) Unamortized below market debt discount, net ( 13,234,000 ) ( 12,132,000 ) $ 589,962,000 $ 497,067,000 (a) This fixed-rate mortgage became a recourse loan pursuant to its pre-defined loan terms on March 30, 2023. (b) This fixed-rate mortgage became a recourse loan pursuant to its pre-defined loan terms on August 28, 2023. (c) This fixed-rate mortgage became a recourse loan pursuant to its pre-defined loan terms on November 29, 2023. (d) Mortgage bears interest at a variable-rate of 1.70 % in excess of SOFR and concurrent with the closing of the mortgage, the Company entered into an interest rate swap agreement which effectively converted the variable-rate mortgage to a fixed-rate mortgage. Accordingly, this mortgage has been presented as a fixed-rate mortgage. (e) The weighted average effective interest rate on mortgage loans payable was 5.01 % and 4.74 % as of December 31, 2023 and 2022, respectively. |
Schedule of Repayment Terms for Each Borrowing Note Within the Secured Line of Credit | Repayment terms for each borrowing note within the secured line of credit were as follows: Loan to cost % Repayment terms 80 % Three months interest only followed by a 25-year amortization 75 % Six months interest only followed by a 30-year amortization 70 % or less 12 months interest only followed by a 30-year amortization |
Summary of Scheduled Principal Payments on Mortgage Loans Payable and Revolving Credit Facilities and Amortization of Unamortized Issuance Costs and Unamortized Premium, Net | Scheduled Principal Payments Scheduled principal payments on mortgage loans payable and revolving credit facilities and the scheduled amortization of unamortized issuance costs and unamortized premium, net, are as follows: Mortgage loans payable Unamortized Unamortized Scheduled Balloon issuance below market debt Year principal payments Total costs, net discount, net Total 2024 $ 31,000 $ 45,710,000 $ 45,741,000 $ ( 226,000 ) $ ( 3,861,000 ) $ 41,654,000 2025 - 96,501,000 96,501,000 ( 226,000 ) ( 3,412,000 ) 92,863,000 2026 - 77,445,000 77,445,000 ( 226,000 ) ( 2,908,000 ) 74,311,000 2027 - 134,223,000 134,223,000 ( 226,000 ) ( 2,546,000 ) 131,451,000 2028 - 182,587,000 182,587,000 ( 89,000 ) ( 507,000 ) 181,991,000 Thereafter - 67,795,000 67,795,000 ( 103,000 ) - 67,692,000 $ 31,000 $ 604,261,000 $ 604,292,000 $ ( 1,096,000 ) $ ( 13,234,000 ) $ 589,962,000 |
Equity and Noncontrolling Int_2
Equity and Noncontrolling Interests (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Equity [Abstract] | |
Summary of Shares Offering Price | The following table provides a summary of the Class I, Class A and Class S Common Shares offering price in effect for the years ended December 31, 2023 and 2022: Offering price Effective date Class I Class A Class S January 1, 2022 through January 3, 2022 $ 26.09 $ 27.74 n/a January 4, 2022 through April 3, 2022 $ 26.64 $ 28.33 n/a April 4, 2022 through August 2, 2022 $ 27.82 $ 29.58 $ 28.83 August 3, 2022 through March 31, 2023 $ 28.18 $ 29.96 $ 29.20 April 1, 2023 through April 12, 2023 $ 27.71 $ 29.46 $ 28.72 April 13, 2023 through July 18, 2023 $ 27.74 $ 29.49 $ 28.75 July 19, 2023 through October 18, 2023 $ 27.35 $ 29.08 $ 28.34 October 19, 2023 through December 31, 2023 $ 27.06 $ 28.77 $ 28.04 |
Summary of Monthly Distributions Declared Per Share | The following table provides a summary of the monthly distributions declared per share for the years ended December 31, 2023 and 2022: Years ended December 31, 2023 2022 Class A Class I Class A Class I January $ 0.1449 $ 0.1449 $ 0.1445 $ 0.1445 February $ 0.1449 $ 0.1449 $ 0.1445 $ 0.1445 March $ 0.1449 $ 0.1449 $ 0.1445 $ 0.1445 April $ 0.1449 $ 0.1449 $ 0.1449 $ 0.1449 May $ 0.1449 $ 0.1449 $ 0.1449 $ 0.1449 June $ 0.1449 $ 0.1449 $ 0.1449 $ 0.1449 July $ 0.1449 $ 0.1449 $ 0.1449 $ 0.1449 August $ 0.1449 $ 0.1449 $ 0.1449 $ 0.1449 September $ 0.1449 $ 0.1449 $ 0.1449 $ 0.1449 October $ 0.1449 $ 0.1449 $ 0.1449 $ 0.1449 November $ 0.1449 $ 0.1449 $ 0.1449 $ 0.1449 December $ 0.1449 $ 0.1449 $ 0.1449 $ 0.1449 $ 1.7388 $ 1.7388 $ 1.7376 $ 1.7376 |
Related and Affiliated Party _2
Related and Affiliated Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Related Party Transactions [Abstract] | |
Summary of Exchange Right's Ownership Activity Operating Partnership | ExchangeRight's ownership activity in the Operating Partnership is as follows: Years ended December 31, 2023 2022 OP Units Dollars OP Units Dollars Beginning Balance 77,308 $ 2,010,000 392,308 $ 10,200,000 Purchases - - - - Redemptions - - ( 315,000 ) ( 8,190,000 ) Ending Balance 77,308 $ 2,010,000 77,308 $ 2,010,000 |
Summary of Asset Management and Property Management Fees | Asset management and property management fees for the years ended December 31, 2023 and 2022 were as follows: Years ended December 31 2023 2022 Asset management fees $ 1,359,000 (a) $ 1,556,000 Property management fees $ 723,000 $ 526,000 |
(Loss) Earnings Per Share (Tabl
(Loss) Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Earnings Per Share [Abstract] | |
Schedule of Reconciliation of Numerator and Denominator of EPS Calculations | The following table provides a reconciliation of the numerator and denominator of the EPS calculations for the years ended December 31, 2023 and 2022, respectively: Years ended December 31, 2023 2022 Numerator Net (loss) income $ ( 1,678,000 ) $ 4,922,000 Net loss (income) attributable to noncontrolling interests 562,000 ( 1,361,000 ) Net (loss) income attributable to common shareholders, basic and diluted $ ( 1,116,000 ) $ 3,561,000 Denominator Weighted average number of common shares outstanding, basic and diluted 15,288,881 12,908,540 Net (loss) income per common share attributable to common shareholders, basic and diluted $ ( 0.07 ) $ 0.28 |
Subsequent Events (Tables)
Subsequent Events (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Subsequent Events [Abstract] | |
Schedule of Offering Price of its Common Shares | The Company adjusted the offering price of its common shares effective January 24, 2024 as follows: Offering price Effective date Class I Class A Class S January 24, 2024 $ 26.99 $ 28.70 $ 27.97 |
Business and Organization - Add
Business and Organization - Additional Information (Details) | 12 Months Ended |
Dec. 31, 2023 USD ($) Tenant State Property | |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |
Number of owned properties | Property | 352 |
Number of states in which properties are owned | State | 34 |
Number of national primary retail tenants | Tenant | 36 |
Class I Common Shares | ExchangeRight Income Fund GP, LLC | |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |
Wholly-owned subsidiary shares value | $ | $ 600,000 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Additional Information (Details) | 12 Months Ended | |
Dec. 31, 2023 USD ($) Segment Country | Dec. 31, 2022 USD ($) | |
Summary of Significant Accounting Policies [Line Items] | ||
Impairments | $ 0 | $ 0 |
Real estate held for sale | 0 | 0 |
Cash equivalents | 0 | 0 |
Restricted cash | 12,275,000 | 14,206,000 |
Deferred rent receivable | 2,400,000 | 1,400,000 |
Contingent rent | 0 | 0 |
Lease termination fee | 500,000 | 400,000 |
Pending trade deposits | $ 1,386,000 | 6,446,000 |
Remaining lease term | 67 years | |
Discount rate | 7.10% | |
Rent expense under ground lease | $ 400,000 | 400,000 |
Carrying value of deferred financing costs | 1,096,000 | 521,000 |
Amortization of deferred financing costs | $ 427,000 | 501,000 |
Number of reportable segment | Segment | 1 | |
Lease concessions to tenants | $ 0 | 0 |
Allowance for doubtful accounts | $ 0 | 0 |
SWAP | ||
Summary of Significant Accounting Policies [Line Items] | ||
Swap agreement | 5 years | |
Outside of United States of America | ||
Summary of Significant Accounting Policies [Line Items] | ||
Number of countries in which entity operates | Country | 0 | |
Interest Expense | ||
Summary of Significant Accounting Policies [Line Items] | ||
Amortization of deferred financing costs | $ 400,000 | 500,000 |
Minimum | ||
Summary of Significant Accounting Policies [Line Items] | ||
Percentage of REIT taxable income distributed to shareholders | 90% | |
Mortgage Loans Payable | ||
Summary of Significant Accounting Policies [Line Items] | ||
Carrying value of deferred financing costs | $ 1,100,000 | 500,000 |
Net of accumulated amortization | 400,000 | 200,000 |
Revolving Credit Facilities | ||
Summary of Significant Accounting Policies [Line Items] | ||
Carrying value of deferred financing costs | 0 | 200,000 |
Net of accumulated amortization | $ 800,000 | $ 600,000 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Estimated Useful Lives of Real Estate Assets by Class (Details) | 12 Months Ended |
Dec. 31, 2023 | |
Minimum | |
Real Estate [Line Items] | |
Depreciable life | 5 years |
Maximum | |
Real Estate [Line Items] | |
Depreciable life | 39 years |
Buildings | |
Real Estate [Line Items] | |
Depreciable life | 39 years |
Building and Site Improvements | Minimum | |
Real Estate [Line Items] | |
Depreciable life | 5 years |
Building and Site Improvements | Maximum | |
Real Estate [Line Items] | |
Depreciable life | 28 years |
Tenant Improvements | |
Real Estate [Line Items] | |
Depreciable Life | Shorter of the term of the related lease or useful life |
Intangible Lease Assets and Liabilities | |
Real Estate [Line Items] | |
Depreciable Life | Term of the related lease |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies - Reconciliation of Undiscounted Future Minimum Lease Payments (Details) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Accounting Policies [Abstract] | ||
2024 | $ 285,000 | |
2025 | 285,000 | |
2026 | 285,000 | |
2027 | 285,000 | |
2028 | 285,000 | |
Thereafter | 28,745,000 | |
Total undiscounted future minimum lease payments | 30,170,000 | |
Future minimum lease payments, discount | (25,193,000) | |
Right-of-use liability | $ 4,977,000 | $ 4,772,000 |
Investments In Real Estate - Ad
Investments In Real Estate - Additional Information (Details) | 3 Months Ended | 12 Months Ended | |||||
Aug. 31, 2023 USD ($) Property | Mar. 31, 2023 USD ($) | Mar. 31, 2023 USD ($) | Dec. 31, 2023 USD ($) State Tenant Property | Dec. 31, 2022 USD ($) Property | Feb. 09, 2023 USD ($) | Feb. 01, 2023 USD ($) | |
Real Estate [Line Items] | |||||||
Number of owned properties | Property | 352 | ||||||
Number of properties acquired | Property | 15 | ||||||
Mortgage loans payable amount | $ 604,292,000 | $ 509,720,000 | $ 26,900,000 | $ 38,500,000 | |||
Interest at a fixed-rate | 5.80% | 6.12% | |||||
Number of states in which properties are owned | State | 34 | ||||||
Percentage of company's portfolio leased | 99.10% | ||||||
Number of retail tenants | Tenant | 36 | ||||||
Property acquisition fees income | $ 22,000 | ||||||
Renewal options | 5 years | ||||||
Minimum | |||||||
Real Estate [Line Items] | |||||||
Leases range | 50 years | ||||||
Maximum | |||||||
Real Estate [Line Items] | |||||||
Leases range | 99 years | ||||||
Property Acquisition | |||||||
Real Estate [Line Items] | |||||||
Number of properties acquired | Property | 186 | ||||||
Total purchase price | $ 83,800,000 | ||||||
Acquisition fees | 0 | ||||||
Mortgage loans payable amount | $ 43,500,000 | ||||||
Interest at a fixed-rate | 4.32% | ||||||
Unaffiliated Entity | |||||||
Real Estate [Line Items] | |||||||
Purchase price (including acquisition costs) | $ 2,300,000 | $ 2,300,000 | $ 539,700,000 | ||||
Percentage of acquisition fee | 1% | ||||||
Property acquisition fees income | $ 22,000 |
Investments In Real Estate - Su
Investments In Real Estate - Summary of Real Estate Activity (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | ||
Real Estate [Line Items] | |||
Real Estate Cost, Balance - beginning of year | $ 1,023,749,000 | $ 532,511,000 | |
Real Estate Cost, Property acquisitions | [1] | 77,619,000 | 490,683,000 |
Real Estate Cost, Improvements | 930,000 | 555,000 | |
Real Estate Cost, Balance - end of year | 1,102,298,000 | 1,023,749,000 | |
Real Estate Accumulated Depreciation, Balance - beginning of year | (34,663,000) | (14,681,000) | |
Real Estate, Depreciation expense | (27,580,000) | (19,982,000) | |
Real Estate Accumulated Depreciation, Balance - end of year | (62,243,000) | (34,663,000) | |
Net book value - end of year | $ 1,040,055,000 | $ 989,086,000 | |
[1] Excludes amounts recorded as intangible lease assets and liabilities in connection with the allocation of the purchase price of acquired properties accounted for as asset acquisitions. |
Investments in Real Estate - Sc
Investments in Real Estate - Schedule of Mortgages in Connection With Acquisitions (Details) - Property Acquisition | 12 Months Ended |
Dec. 31, 2022 USD ($) | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |
Balance at assumption | $ 286,519,000 |
Mortgage at 4.25% Interest Rate | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |
Date of assumption | Feb. 09, 2022 |
Amortization | Interest only |
Maturity date | Oct. 01, 2024 |
Balance at assumption | $ 16,902,000 |
Contractual interest rate | 4.25% |
Mortgage at 3.98% Interest Rate | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |
Date of assumption | Mar. 02, 2022 |
Amortization | Interest only |
Maturity date | Jun. 06, 2027 |
Balance at assumption | $ 32,722,000 |
Contractual interest rate | 3.98% |
Mortgage at 4.71% Interest Rate | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |
Date of assumption | Apr. 01, 2022 |
Amortization | Interest only |
Maturity date | Jun. 01, 2024 |
Balance at assumption | $ 18,008,000 |
Contractual interest rate | 4.71% |
Mortgage at 3.99% Interest Rate | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |
Date of assumption | Jun. 24, 2022 |
Amortization | Interest only |
Maturity date | Sep. 01, 2027 |
Balance at assumption | $ 36,860,000 |
Contractual interest rate | 3.99% |
Mortgage at 4.09% Interest Rate | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |
Date of assumption | Jul. 26, 2022 |
Amortization | Interest only |
Maturity date | Dec. 01, 2027 |
Balance at assumption | $ 33,441,000 |
Contractual interest rate | 4.09% |
Mortgage at 4.05% Interest Rate | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |
Date of assumption | Aug. 24, 2022 |
Amortization | Interest only |
Maturity date | Jan. 11, 2028 |
Balance at assumption | $ 35,840,000 |
Contractual interest rate | 4.05% |
Mortgage at 4.59% Interest Rate | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |
Date of assumption | Aug. 31, 2022 |
Amortization | Interest only |
Maturity date | Dec. 01, 2025 |
Balance at assumption | $ 25,012,000 |
Contractual interest rate | 4.59% |
Mortgage at 4.15% Interest Rate | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |
Date of assumption | Sep. 07, 2022 |
Amortization | Interest only |
Maturity date | May 01, 2025 |
Balance at assumption | $ 25,519,000 |
Contractual interest rate | 4.15% |
Mortgage at 4.27% Interest Rate | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |
Date of assumption | Sep. 14, 2022 |
Amortization | Interest only |
Maturity date | Apr. 08, 2028 |
Balance at assumption | $ 37,795,000 |
Contractual interest rate | 4.27% |
Mortgage at 4.38% Interest Rate | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |
Date of assumption | Oct. 27, 2022 |
Amortization | Interest only |
Maturity date | Sep. 06, 2025 |
Balance at assumption | $ 24,420,000 |
Contractual interest rate | 4.38% |
Investments In Real Estate - _2
Investments In Real Estate - Summary of Allocation of Purchase Price (Details) - Unaffiliated Entity - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Real Estate [Line Items] | ||
Land | $ 13,778,000 | $ 103,883,000 |
Building and site improvements | 62,924,000 | 376,886,000 |
Tenant improvements | 917,000 | 9,914,000 |
Below-market debt | 4,302,000 | 13,540,000 |
Purchase price, Assets, Total | 88,211,000 | 548,883,000 |
Lease below-market intangible liabilities | (2,192,000) | (9,222,000) |
Purchase price (including acquisition costs) | 86,019,000 | 539,661,000 |
Lease In-place | ||
Real Estate [Line Items] | ||
Intangible assets | 6,276,000 | 43,060,000 |
Lease Above - Market | ||
Real Estate [Line Items] | ||
Intangible assets | $ 14,000 | $ 1,600,000 |
Investments in Real Estate - _3
Investments in Real Estate - Schedule of Rental Revenue (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Real Estate [Abstract] | ||
Base rents | $ 65,598,000 | $ 47,697,000 |
Tenant reimbursables | 8,667,000 | 6,458,000 |
Straight-line rent adjustments | 1,013,000 | 764,000 |
Above/below market lease amortization, net | 2,415,000 | 2,090,000 |
Lease termination income | 513,000 | 367,000 |
Rental revenue | $ 78,206,000 | $ 57,376,000 |
Investments in Real Estate - _4
Investments in Real Estate - Schedule of Annual Future Contractual Base Rents Pursuant to Non-cancellable Terms Due to Be Received (Details) | Dec. 31, 2023 USD ($) |
Lessor, Operating Lease, Payment to be Received, Fiscal Year Maturity [Abstract] | |
2024 | $ 68,130,000 |
2025 | 67,158,000 |
2026 | 63,883,000 |
2027 | 57,540,000 |
2028 | 48,064,000 |
Thereafter | 161,422,000 |
Total | $ 466,197,000 |
Investments in Real Estate - _5
Investments in Real Estate - Schedule of Percentage of Contractual Base Rents (Details) - Customer Concentration Risk - Contractual Base Rents | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Dollar General | ||
Real Estate [Line Items] | ||
Concentration risk percentage | 18% | 16.80% |
Walgreens | ||
Real Estate [Line Items] | ||
Concentration risk percentage | 15.50% | 14.80% |
Notes Receivable - Additional I
Notes Receivable - Additional Information (Details) | 12 Months Ended | |||
Nov. 18, 2022 USD ($) Property | Aug. 25, 2022 Property | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
RSLCA notes receivable from affiliates | $ 22,251,000 | $ 26,723,000 | ||
Notes receivable from affiliates | $ 6,017,000 | 6,007,000 | ||
Related Affiliated Party | RSLCA Notes | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Notes receivable maturity date | Apr. 04, 2027 | |||
Notes receivable bears fixed interest rate | 12% | |||
Notes receivable maximum outstanding amount | $ 250,000,000 | |||
RSLCA notes receivable from affiliates | 22,300,000 | 26,700,000 | ||
Related Affiliated Party | Real Estate Note | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Notes receivable maturity date | Aug. 25, 2027 | |||
Notes receivable bears fixed interest rate | 6% | |||
Notes receivable from affiliates | 3,600,000 | 3,600,000 | ||
Number of property on net leased | Property | 2 | |||
Related Affiliated Party | Junior Unsecured Line Of Credit Agreement | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Notes receivable maturity date | Nov. 18, 2027 | |||
Notes receivable bears fixed interest rate | 7.25% | |||
Notes receivable maximum outstanding amount | $ 2,600,000 | |||
Notes receivable from affiliates | $ 2,400,000 | $ 2,400,000 | ||
Number of property on net leased | Property | 4 |
Intangible Assets and Liabili_3
Intangible Assets and Liabilities - Schedule of Intangible Assets and Liabilities (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Finite-Lived Intangible Assets [Line Items] | ||
Intangible lease assets, Gross carrying amount | $ 101,226,000 | $ 94,935,000 |
Intangible lease assets, Accumulated amortization | (32,610,000) | (18,548,000) |
Intangible lease assets, Net carrying amount | 68,616,000 | 76,387,000 |
In-Place Leases [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible lease assets, Gross carrying amount | 97,737,000 | 91,461,000 |
Intangible lease assets, Accumulated amortization | (31,463,000) | (17,920,000) |
Intangible lease assets, Net carrying amount | $ 66,274,000 | $ 73,541,000 |
Intangible lease assets, Weighted average amortization period (years) | 7 years 3 months 18 days | 7 years 9 months 18 days |
Above-Market Leases [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible lease assets, Gross carrying amount | $ 3,489,000 | $ 3,474,000 |
Intangible lease assets, Accumulated amortization | (1,147,000) | (628,000) |
Intangible lease assets, Net carrying amount | $ 2,342,000 | $ 2,846,000 |
Intangible lease assets, Weighted average amortization period (years) | 6 years 2 months 12 days | 6 years 10 months 24 days |
Below-Market Leases [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible lease liabilities, Gross carrying amount | $ 32,184,000 | $ 29,991,000 |
Intangible lease liabilities, Accumulated amortization | (7,589,000) | (4,654,000) |
Intangible lease liabilities, Net carrying amount | $ 24,595,000 | $ 25,337,000 |
Intangible lease liabilities, Weighted average amortization period (years) | 11 years | 11 years 7 months 6 days |
Intangible Assets and Liabili_4
Intangible Assets and Liabilities - Schedule of Amortization of Intangible Assets and Liability (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Net adjustment to rental revenue | $ 2,415,000 | $ 2,090,000 |
Amortization of in-place leases | $ 13,555,000 | $ 10,501,000 |
Intangible Assets and Liabili_5
Intangible Assets and Liabilities - Schedule of Finite-Lived Intangible future amortization of lease assets to amortization expense of above-market and below-market lease intangibles to rental revenue (Details) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | ||
Intangible lease assets, Net carrying amount | $ 68,616,000 | $ 76,387,000 |
Finite Lived Intangible Assets Net Adjustment To Rental Revenue Fiscal Year Maturity [Abstract] | ||
2024 | (457,000) | |
2025 | (436,000) | |
2026 | (398,000) | |
2027 | (300,000) | |
2028 | (254,000) | |
Thereafter | (497,000) | |
Total | (2,342,000) | |
Below Market Lease, Net, Amortization Income, Fiscal Year Maturity [Abstract] | ||
2024 | 2,939,000 | |
2025 | 2,916,000 | |
2026 | 2,854,000 | |
2027 | 2,417,000 | |
2028 | 2,182,000 | |
Thereafter | 11,287,000 | |
Total | 24,595,000 | |
Finite Lived Intangible Assets Amortization Expense Net of Above And Below Market Leases [Abstract] | ||
2024 | 14,638,000 | |
2025 | 13,880,000 | |
2026 | 12,727,000 | |
2027 | 10,569,000 | |
2028 | 8,233,000 | |
Thereafter | 28,480,000 | |
Total | 88,527,000 | |
In-Place Leases [Member] | ||
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | ||
2024 | 12,156,000 | |
2025 | 11,400,000 | |
2026 | 10,271,000 | |
2027 | 8,452,000 | |
2028 | 6,305,000 | |
Thereafter | 17,690,000 | |
Intangible lease assets, Net carrying amount | $ 66,274,000 | $ 73,541,000 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Details) - USD ($) | 1 Months Ended | 12 Months Ended | ||||
Feb. 09, 2023 | Feb. 01, 2023 | Sep. 30, 2023 | Dec. 31, 2024 | Dec. 31, 2023 | Dec. 31, 2022 | |
Debt Instrument [Line Items] | ||||||
Mortgage loans payable, Fair value | $ 556,000,000 | $ 470,100,000 | ||||
Mortgage loans payable, Carrying value | 589,962,000 | 497,067,000 | ||||
Line of credit facility, Outstanding balance | 0 | |||||
Interest at a fixed-rate | 5.80% | 6.12% | ||||
Mortgage loans payable amount | $ 26,900,000 | $ 38,500,000 | $ 604,292,000 | $ 509,720,000 | ||
Mortgage maturity date | Feb. 01, 2028 | Feb. 01, 2028 | Oct. 01, 2023 | Feb. 01, 2023 | ||
Forecast | ||||||
Debt Instrument [Line Items] | ||||||
Increase (decrease) in interest expense | $ 100,000 | |||||
SOFR | ||||||
Debt Instrument [Line Items] | ||||||
Interest at a fixed-rate | 5.80% |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of Derivative Financial Instrument (Details) - Interest Rate Swap [Member] | 12 Months Ended |
Dec. 31, 2023 USD ($) Derivative | |
Derivatives, Fair Value [Line Items] | |
Count | Derivative | 1 |
Notional amount | $ 26,900,000 |
Fair value | $ 544,000 |
Maturity date | 2028-02 |
Derivative Liability, Statement of Financial Position [Extensible Enumeration] | Other Assets |
Debt - Schedule of Fixed-rate M
Debt - Schedule of Fixed-rate Mortgage Loans Payable (Details) - USD ($) | 1 Months Ended | 12 Months Ended | |||
Feb. 09, 2023 | Feb. 01, 2023 | Sep. 30, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | |
Debt Instrument [Line Items] | |||||
Maturity date | Feb. 01, 2028 | Feb. 01, 2028 | Oct. 01, 2023 | Feb. 01, 2023 | |
Balance outstanding | $ 26,900,000 | $ 38,500,000 | $ 604,292,000 | $ 509,720,000 | |
Contractual interest rate | 5.80% | 6.12% | |||
Contractual weighted average interest rate | 4.32% | 4.13% | |||
Unamortized issuance costs, net | $ (1,096,000) | $ (521,000) | |||
Unamortized below market debt discount, net | (13,234,000) | (12,132,000) | |||
Total mortgage loans payable | $ 589,962,000 | 497,067,000 | |||
Fixed-rate Mortgage Loans Payable at 4.91% Interest Rate | |||||
Debt Instrument [Line Items] | |||||
Amortization period | 30 years | ||||
Maturity date | Mar. 01, 2024 | ||||
Balance outstanding | $ 10,831,000 | $ 11,019,000 | |||
Contractual interest rate | 4.91% | 4.91% | |||
Fixed-rate Mortgage Loans Payable at 4.71% Interest Rate | |||||
Debt Instrument [Line Items] | |||||
Amortization | Interest-only | ||||
Maturity date | Jun. 01, 2024 | ||||
Balance outstanding | $ 18,008,000 | $ 18,008,000 | |||
Contractual interest rate | 4.71% | 4.71% | |||
Fixed-rate Mortgage Loans Payable at 4.25% Interest Rate | |||||
Debt Instrument [Line Items] | |||||
Amortization | Interest-only | ||||
Maturity date | Oct. 01, 2024 | ||||
Balance outstanding | $ 16,902,000 | $ 16,902,000 | |||
Contractual interest rate | 4.25% | 4.25% | |||
Fixed-rate Mortgage Loans Payable at 3.97% Interest Rate | |||||
Debt Instrument [Line Items] | |||||
Amortization | Interest-only | ||||
Maturity date | Feb. 02, 2025 | ||||
Balance outstanding | $ 21,550,000 | $ 21,550,000 | |||
Contractual interest rate | 3.97% | 3.97% | |||
Fixed-rate Mortgage Loans Payable at 4.15% Interest Rate | |||||
Debt Instrument [Line Items] | |||||
Amortization | Interest-only | ||||
Maturity date | May 01, 2025 | ||||
Balance outstanding | $ 25,519,000 | $ 25,519,000 | |||
Contractual interest rate | 4.15% | 4.15% | |||
Fixed-rate Mortgage Loans Payable at 4.38% Interest Rate | |||||
Debt Instrument [Line Items] | |||||
Amortization | Interest-only | ||||
Maturity date | Sep. 02, 2025 | ||||
Balance outstanding | $ 24,420,000 | $ 24,420,000 | |||
Contractual interest rate | 4.38% | 4.38% | |||
Fixed-rate Mortgage Loans Payable at 4.59% Interest Rate | |||||
Debt Instrument [Line Items] | |||||
Amortization | Interest-only | ||||
Maturity date | Dec. 01, 2025 | ||||
Balance outstanding | $ 25,012,000 | $ 25,012,000 | |||
Contractual interest rate | 4.59% | 4.59% | |||
Fixed-rate Mortgage Loans Payable at 4.66% Interest Rate | |||||
Debt Instrument [Line Items] | |||||
Amortization | Interest-only | ||||
Maturity date | May 10, 2026 | ||||
Balance outstanding | $ 24,850,000 | $ 24,850,000 | |||
Contractual interest rate | 4.66% | 4.66% | |||
Fixed-rate Mortgage Loans Payable at 3.82% Interest Rate | |||||
Debt Instrument [Line Items] | |||||
Amortization | Interest-only | ||||
Maturity date | Sep. 01, 2026 | ||||
Balance outstanding | $ 24,485,000 | $ 24,485,000 | |||
Contractual interest rate | 3.82% | 3.82% | |||
Fixed-rate Mortgage Loans Payable at 4.06% Interest Rate | |||||
Debt Instrument [Line Items] | |||||
Amortization | Interest-only | ||||
Maturity date | Dec. 01, 2026 | ||||
Balance outstanding | $ 28,110,000 | $ 28,110,000 | |||
Contractual interest rate | 4.06% | 4.06% | |||
Fixed-rate Mortgage Loans Payable at 4.38% Interest Rate | |||||
Debt Instrument [Line Items] | |||||
Amortization | Interest-only | ||||
Maturity date | Apr. 01, 2027 | ||||
Balance outstanding | $ 31,200,000 | $ 31,200,000 | |||
Contractual interest rate | 4.38% | 4.38% | |||
Fixed-rate Mortgage Loans Payable at 3.98% Interest Rate | |||||
Debt Instrument [Line Items] | |||||
Amortization | Interest-only | ||||
Maturity date | Jun. 06, 2027 | ||||
Balance outstanding | $ 32,722,000 | $ 32,722,000 | |||
Contractual interest rate | 3.98% | 3.98% | |||
Fixed-rate Mortgage Loans Payable at 3.99% Interest Rate | |||||
Debt Instrument [Line Items] | |||||
Amortization | Interest-only | ||||
Maturity date | Sep. 01, 2027 | ||||
Balance outstanding | $ 36,860,000 | $ 36,860,000 | |||
Contractual interest rate | 3.99% | 3.99% | |||
Fixed-rate Mortgage Loans Payable at 4.09% Interest Rate | |||||
Debt Instrument [Line Items] | |||||
Amortization | Interest-only | ||||
Maturity date | Dec. 01, 2027 | ||||
Balance outstanding | $ 33,441,000 | $ 33,441,000 | |||
Contractual interest rate | 4.09% | 4.09% | |||
Fixed-rate Mortgage Loans Payable at 4.05% Interest Rate | |||||
Debt Instrument [Line Items] | |||||
Amortization | Interest-only | ||||
Maturity date | Jan. 11, 2028 | ||||
Balance outstanding | $ 35,840,000 | $ 35,840,000 | |||
Contractual interest rate | 4.05% | 4.05% | |||
Fixed-rate Mortgage Loans Payable at 6.12% Interest Rate | |||||
Debt Instrument [Line Items] | |||||
Amortization | Interest-only | ||||
Maturity date | Feb. 01, 2028 | ||||
Balance outstanding | $ 38,530,000 | ||||
Contractual interest rate | 6.12% | ||||
Fixed-rate Mortgage Loans Payable at 5.80% Interest Rate | |||||
Debt Instrument [Line Items] | |||||
Amortization | Interest-only | ||||
Maturity date | Feb. 01, 2028 | ||||
Balance outstanding | $ 26,900,000 | ||||
Contractual interest rate | 5.80% | ||||
Fixed-rate Mortgage Loans Payable at 4.27% Interest Rate | |||||
Debt Instrument [Line Items] | |||||
Amortization | Interest-only | ||||
Maturity date | Apr. 08, 2028 | ||||
Balance outstanding | $ 37,795,000 | $ 37,795,000 | |||
Contractual interest rate | 4.27% | 4.27% | |||
Fixed-rate Mortgage Loans Payable at 4.32% Interest Rate | |||||
Debt Instrument [Line Items] | |||||
Amortization | Interest-only | ||||
Maturity date | Jul. 01, 2028 | ||||
Balance outstanding | $ 43,522,000 | ||||
Contractual interest rate | 4.32% | 4.32% | |||
Fixed-rate Mortgage Loans Payable at 3.13% Interest Rate | |||||
Debt Instrument [Line Items] | |||||
Amortization | Interest-only | ||||
Maturity date | Oct. 01, 2029 | ||||
Balance outstanding | $ 30,231,000 | $ 30,231,000 | |||
Contractual interest rate | 3.13% | 3.13% | |||
Fixed-rate Mortgage Loans Payable at 3.45% Interest Rate | |||||
Debt Instrument [Line Items] | |||||
Amortization | Interest-only | ||||
Maturity date | Jan. 01, 2031 | ||||
Balance outstanding | $ 37,564,000 | $ 37,564,000 | |||
Contractual interest rate | 3.45% | 3.45% | |||
Fixed-rate Mortgage Loans Payable at 4.93% Interest Rate | |||||
Debt Instrument [Line Items] | |||||
Amortization period | 30 years | ||||
Maturity date | Feb. 01, 2023 | ||||
Balance outstanding | $ 6,369,000 | ||||
Contractual interest rate | 4.93% | ||||
Fixed-rate Mortgage Loans Payable at 5.54% Interest Rate | |||||
Debt Instrument [Line Items] | |||||
Amortization period | 30 years | ||||
Maturity date | Oct. 01, 2023 | ||||
Balance outstanding | $ 7,823,000 | ||||
Contractual interest rate | 5.54% |
Debt - Schedule of Fixed-rate_2
Debt - Schedule of Fixed-rate Mortgage Loans Payable (Parenthetical) (Details) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Fixed-rate Mortgage | SOFR | ||
Debt Instrument [Line Items] | ||
Interest at variable-rate | 1.70% | |
Mortgage Loans Payable | ||
Debt Instrument [Line Items] | ||
Weighted average effective interest rate | 5.01% | 4.74% |
Debt - Additional Information (
Debt - Additional Information (Details) | 1 Months Ended | 12 Months Ended | |||
Feb. 09, 2023 USD ($) Property | Feb. 01, 2023 USD ($) Property | Sep. 30, 2023 USD ($) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | |
Debt Instrument [Line Items] | |||||
Number of mortgage properties | Property | 4 | 5 | |||
Mortgage loans payable amount | $ 26,900,000 | $ 38,500,000 | $ 604,292,000 | $ 509,720,000 | |
Mortgage maturity date | Feb. 01, 2028 | Feb. 01, 2028 | Oct. 01, 2023 | Feb. 01, 2023 | |
Interest at a fixed-rate | 5.80% | 6.12% | |||
Frequency of periodic payment | monthly | monthly | |||
Long Term Debt | $ 589,962,000 | 497,067,000 | |||
Repayments of mortgage loan payable | $ 6,400,000 | $ 7,700,000 | |||
Outstanding balance | $ 0 | ||||
SOFR | |||||
Debt Instrument [Line Items] | |||||
Interest at a fixed-rate | 5.80% | ||||
Interest rate on the mortgage debt | 1.70% | ||||
Secured Revolving Line Of Credit | |||||
Debt Instrument [Line Items] | |||||
Mortgage maturity date | Dec. 22, 2026 | ||||
Frequency of periodic payment | monthly | ||||
Maximum amount of revolving line of credit | $ 80,000,000 | ||||
Borrowing capacity | 72,700,000 | ||||
Repayments of revolving line of credit | 73,300,000 | ||||
Outstanding balance | $ 0 | 73,300,000 | |||
Secured Revolving Line Of Credit | Prime Rate | |||||
Debt Instrument [Line Items] | |||||
Interest at variable-rate | 50% | ||||
Secured Revolving Line Of Credit | Related Party | |||||
Debt Instrument [Line Items] | |||||
Secured revolving line of credit | $ 7,300,000 | ||||
Unsecured Revolving Line Of Credit | |||||
Debt Instrument [Line Items] | |||||
Mortgage maturity date | Jan. 15, 2025 | ||||
Interest at effective percentage, outstanding | 8.50% | ||||
Revolving line of credit frequency of payment description | The unsecured revolving line of credit requires monthly interest only payments, while outstanding. | ||||
Outstanding balance | $ 0 | $ 0 | |||
Unsecured Revolving Line Of Credit | Prime Rate | |||||
Debt Instrument [Line Items] | |||||
Interest at variable-rate | 6% |
Debt - Schedule of Repayment Te
Debt - Schedule of Repayment Terms for Each Borrowing Note Within the Secured Line of Credit (Details) | 12 Months Ended | ||
Feb. 09, 2023 | Feb. 01, 2023 | Dec. 31, 2023 | |
Debt Instrument [Line Items] | |||
Frequency of periodic payment | monthly | monthly | |
Secured Line of Credit | Repayment Term One | |||
Debt Instrument [Line Items] | |||
Loan to cost % | 80% | ||
Repayment terms | Three months interest only followed by a 25-year amortization | ||
Frequency of periodic payment | Three months | ||
Amortization period | 25 years | ||
Secured Line of Credit | Repayment Term Two | |||
Debt Instrument [Line Items] | |||
Loan to cost % | 75% | ||
Repayment terms | Six months interest only followed by a 30-year amortization | ||
Frequency of periodic payment | Six months | ||
Amortization period | 30 years | ||
Secured Line of Credit | Repayment Term Three | |||
Debt Instrument [Line Items] | |||
Loan to cost % | 70% | ||
Repayment terms | 12 months interest only followed by a 30-year amortization | ||
Frequency of periodic payment | 12 months | ||
Amortization period | 30 years |
Debt - Summary of Scheduled Pri
Debt - Summary of Scheduled Principal Payments on Mortgage Loans Payable and Revolving Credit Facilities and Amortization of Unamortized Issuance Costs and Unamortized Premium, Net (Details) - USD ($) | Dec. 31, 2023 | Feb. 09, 2023 | Feb. 01, 2023 | Dec. 31, 2022 |
Debt Instrument [Line Items] | ||||
Total | $ 604,292,000 | $ 26,900,000 | $ 38,500,000 | $ 509,720,000 |
Unamortized issuance costs, net, 2024 | (226,000) | |||
Unamortized issuance costs, net, 2025 | (226,000) | |||
Unamortized issuance costs, net, 2026 | (226,000) | |||
Unamortized issuance costs, net, 2027 | (226,000) | |||
Unamortized issuance costs, net, 2028 | (89,000) | |||
Unamortized issuance costs, net, Thereafter | (103,000) | |||
Unamortized issuance costs, net, Total | (1,096,000) | (521,000) | ||
Unamortized below market debt discount, net, 2024 | (3,861,000) | |||
Unamortized below market debt discount, net, 2025 | (3,412,000) | |||
Unamortized below market debt discount, net, 2026 | (2,908,000) | |||
Unamortized below market debt discount, net, 2027 | (2,546,000) | |||
Unamortized below market debt discount, net, 2028 | (507,000) | |||
Unamortized below market debt discount, net, Total | (13,234,000) | (12,132,000) | ||
2024 | 41,654,000 | |||
2025 | 92,863,000 | |||
2026 | 74,311,000 | |||
2027 | 131,451,000 | |||
2028 | 181,991,000 | |||
Thereafter | 67,692,000 | |||
Total mortgage loans payable | 589,962,000 | 497,067,000 | ||
Mortgage Loans Payable | ||||
Debt Instrument [Line Items] | ||||
Scheduled principal, 2024 | 31,000 | |||
Scheduled principal, Total | 31,000 | |||
Balloon payments, 2024 | 45,710,000 | |||
Balloon payments, 2025 | 96,501,000 | |||
Balloon payments, 2026 | 77,445,000 | |||
Balloon payments, 2027 | 134,223,000 | |||
Balloon payments, 2028 | 182,587,000 | |||
Balloon payments, Thereafter | 67,795,000 | |||
Balloon payments, Total | 604,261,000 | |||
2024 | 45,741,000 | |||
2025 | 96,501,000 | |||
2026 | 77,445,000 | |||
2027 | 134,223,000 | |||
2028 | 182,587,000 | |||
Thereafter | 67,795,000 | |||
Total | 604,292,000 | |||
Unamortized issuance costs, net, Total | $ (1,100,000) | $ (500,000) |
Equity and Noncontrolling Int_3
Equity and Noncontrolling Interests - Additional Information (Details) | 12 Months Ended | ||
Aug. 31, 2023 USD ($) Property shares | Dec. 31, 2023 USD ($) Property shares | Dec. 31, 2022 USD ($) Property shares | |
Class of Stock [Line Items] | |||
Percentage of share repurchase plan | 5% | ||
Outstanding balance | $ | $ 187,334,000 | $ 188,231,000 | |
Number of properties acquired | Property | 15 | ||
Property Acquisition | |||
Class of Stock [Line Items] | |||
Number of properties acquired | Property | 186 | ||
Total purchase price | $ | $ 83,800,000 | ||
Common Stock | Private Placement Offering | |||
Class of Stock [Line Items] | |||
Common shares | 2,165,000,000 | ||
Common Stock | Distribution | OP Units | |||
Class of Stock [Line Items] | |||
Cumulative distributions | $ | $ 3,500,000 | $ 3,200,000 | |
Noncontrolling Interests | |||
Class of Stock [Line Items] | |||
Number of properties acquired | Property | 15 | 186 | |
OP Units totaling | $ | $ 18,200,000 | $ 141,700,000 | |
Noncontrolling Interests | Property Acquisition | |||
Class of Stock [Line Items] | |||
Total purchase price | $ | 83,800,000 | $ 539,700,000 | |
Acquisition fees | $ | $ 0 | ||
Noncontrolling Interests | OP Units | |||
Class of Stock [Line Items] | |||
Shares issued | 649,847 | 5,044,863 | |
Noncontrolling Interests | ExchangeRight Income Fund GP, LLC | |||
Class of Stock [Line Items] | |||
Outstanding balance | 8,038,944 | 7,554,622 | |
Class I | |||
Class of Stock [Line Items] | |||
Outstanding balance | 5,768,982 | 5,193,941 | |
Shares issued | 5,768,982 | 5,193,941 | |
Class I | Dividend Reinvestment and Direct Share Purchase Plan | |||
Class of Stock [Line Items] | |||
Shares issued | 6,746 | ||
Dividends reinvested | $ | $ 500,000 | ||
Class I | Dividend Reinvestment and Direct Share Purchase Plan | Limited Partnership Interest | |||
Class of Stock [Line Items] | |||
Shares issued | 4,176 | ||
Dividends reinvested | $ | $ 100,000 | ||
Class I | Common Stock | |||
Class of Stock [Line Items] | |||
Total shares | 344,266 | 74,039 | |
Redeemed value | $ | $ 0 | ||
Conversion basis | 1-to-1 basis | ||
Class I | Common Stock | OP Units | |||
Class of Stock [Line Items] | |||
Exchange of shares | 165,847 | 51,655 | |
Class I | Common Stock | ExchangeRight Income Fund GP, LLC | |||
Class of Stock [Line Items] | |||
Wholly-owned subsidiary shares | 600,000 | 600,000 | |
Class I | Noncontrolling Interests | |||
Class of Stock [Line Items] | |||
Conversion basis | 1:1 basis | ||
Class A | |||
Class of Stock [Line Items] | |||
Outstanding balance | 10,017,613 | 9,268,108 | |
Shares issued | 10,017,613 | 9,268,108 | |
Class A | Dividend Reinvestment and Direct Share Purchase Plan | |||
Class of Stock [Line Items] | |||
Shares issued | 10,653 | ||
Class A | Common Stock | |||
Class of Stock [Line Items] | |||
Total shares | 132,302 | 62,231 | |
Class S | |||
Class of Stock [Line Items] | |||
Outstanding balance | 0 | 0 | |
Shares issued | 0 | 0 | |
Class I and A | Common Stock | |||
Class of Stock [Line Items] | |||
Redeemed value | $ | $ 12,400,000 | $ 3,700,000 |
Equity and Noncontrolling Int_4
Equity and Noncontrolling Interests - Summary of Shares Offering Price (Details) - Common Stock - $ / shares | Dec. 31, 2023 | Oct. 18, 2023 | Jul. 18, 2023 | Apr. 12, 2023 | Mar. 31, 2023 | Aug. 02, 2022 | Apr. 03, 2022 | Jan. 03, 2022 |
Class I | ||||||||
Class of Stock [Line Items] | ||||||||
Offering price | $ 27.06 | $ 27.35 | $ 27.74 | $ 27.71 | $ 28.18 | $ 27.82 | $ 26.64 | $ 26.09 |
Class A | ||||||||
Class of Stock [Line Items] | ||||||||
Offering price | 28.77 | 29.08 | 29.49 | 29.46 | 29.96 | 29.58 | $ 28.33 | $ 27.74 |
Class S | ||||||||
Class of Stock [Line Items] | ||||||||
Offering price | $ 28.04 | $ 28.34 | $ 28.75 | $ 28.72 | $ 29.2 | $ 28.83 |
Equity and Noncontrolling Int_5
Equity and Noncontrolling Interests - Summary of Monthly Distributions Declared Per Share (Details) - Distribution - Common Stock - $ / shares | 1 Months Ended | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2023 | Nov. 30, 2023 | Oct. 31, 2023 | Sep. 30, 2023 | Aug. 31, 2023 | Jul. 31, 2023 | Jun. 30, 2023 | May 31, 2023 | Apr. 30, 2023 | Mar. 31, 2023 | Feb. 28, 2023 | Jan. 31, 2023 | Dec. 31, 2022 | Nov. 30, 2022 | Oct. 31, 2022 | Sep. 30, 2022 | Aug. 31, 2022 | Jul. 31, 2022 | Jun. 30, 2022 | May 31, 2022 | Apr. 30, 2022 | Mar. 31, 2022 | Feb. 28, 2022 | Jan. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | |
Class A | ||||||||||||||||||||||||||
Distribution Made to Limited Partner [Line Items] | ||||||||||||||||||||||||||
Monthly distributions declared per share | $ 0.1449 | $ 0.1449 | $ 0.1449 | $ 0.1449 | $ 0.1449 | $ 0.1449 | $ 0.1449 | $ 0.1449 | $ 0.1449 | $ 0.1449 | $ 0.1449 | $ 0.1449 | $ 0.1449 | $ 0.1449 | $ 0.1449 | $ 0.1449 | $ 0.1449 | $ 0.1449 | $ 0.1449 | $ 0.1449 | $ 0.1449 | $ 0.1445 | $ 0.1445 | $ 0.1445 | $ 1.7388 | $ 1.7376 |
Class I | ||||||||||||||||||||||||||
Distribution Made to Limited Partner [Line Items] | ||||||||||||||||||||||||||
Monthly distributions declared per share | $ 0.1449 | $ 0.1449 | $ 0.1449 | $ 0.1449 | $ 0.1449 | $ 0.1449 | $ 0.1449 | $ 0.1449 | $ 0.1449 | $ 0.1449 | $ 0.1449 | $ 0.1449 | $ 0.1449 | $ 0.1449 | $ 0.1449 | $ 0.1449 | $ 0.1449 | $ 0.1449 | $ 0.1449 | $ 0.1449 | $ 0.1449 | $ 0.1445 | $ 0.1445 | $ 0.1445 | $ 1.7388 | $ 1.7376 |
Related and Affiliated Party _3
Related and Affiliated Party Transactions - Additional Information (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Related Party Transaction [Line Items] | ||||
Percentage of acquisition fee | 1% | |||
Property acquisition fees income | $ 22,000 | |||
Offering costs | $ 600,000 | $ 2,600,000 | ||
Organization and offering costs payable | 20,000 | |||
Investment owned | $ 2,010,000 | $ 2,010,000 | $ 10,200,000 | |
Investment owned, shares | 77,308 | 77,308 | 392,308 | |
Percentage of holders of OP units, one | 100% | |||
Percentage of equal to cumulative non-compounding annual return | 7% | |||
Percentage of holders of OP units, two | 100% | |||
Percentage of holders of OP units, three | 80% | |||
Percentage of special limited partner | 20% | |||
Performance participation earned or paid | $ 0 | $ 0 | ||
Percentage of asset management fee is equal to Trust's assets | 0.15% | |||
Percentage of asset management fee is payable quarterly | 0.0375% | |||
Asset management agreement, initial term | 5 years | |||
Asset management agreement, renew term, description | The asset management agreement has an initial term of five years and will automatically renew at the expiration of the initial or any subsequent five-year term for an additional five-year term. | |||
Asset management agreement, renew term | 5 years | |||
Percentage of property management fee is equal to gross revenues | 1.10% | |||
Property management agreement expires date | Feb. 28, 2025 | |||
Property management agreement, renew term | 3 years | |||
Property management agreement, renew term, description | The current term of the property management agreement expires on February 28, 2025, and will automatically renew at the expiration of the term and any subsequent three-year term for an additional three-year term. | |||
Class I, A and S common share | ||||
Related Party Transaction [Line Items] | ||||
Percentage of sponsor earns equal to net transaction price of sales | 1% | |||
Class A Common Shares | ||||
Related Party Transaction [Line Items] | ||||
Net commissions, offering costs | $ 1,500,000 | 4,800,000 | ||
Class A Common Shares | OP Units | ||||
Related Party Transaction [Line Items] | ||||
Net commissions, offering costs | $ 500,000 | $ 2,300,000 | ||
Class I Common Shares | ||||
Related Party Transaction [Line Items] | ||||
Investment owned, shares | 600,000 | 600,000 | ||
Distributions payable | 600,000 |
Related and Affiliated Party _4
Related and Affiliated Party Transactions - Summary of Exchange Right's Ownership Activity Operating Partnership (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Schedule of Investments [Line Items] | ||
Investment owned, shares | 77,308 | 392,308 |
Investment owned | $ 2,010,000 | $ 10,200,000 |
Operating partnership in redemptions, shares | 0 | (315,000) |
Operating partnership in redemptions, amount | $ 0 | $ (8,190,000) |
Investment owned, shares | 77,308 | 77,308 |
Investment owned | $ 2,010,000 | $ 2,010,000 |
Related and Affiliated Party _5
Related and Affiliated Party Transactions - Summary of Asset Management and Property Management Fees (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Related Party Transaction [Line Items] | ||
Asset management fees | $ 1,359,000 | $ 1,556,000 |
Property management fees | $ 723,000 | $ 526,000 |
Related and Affiliated Party _6
Related and Affiliated Party Transactions - Summary of Asset Management and Property Management Fees (Parenthetical) (Details) $ in Millions | Dec. 31, 2023 USD ($) |
Related Party Transaction [Line Items] | |
Asset management fees waived off | $ 0.4 |
(Loss) Earnings Per Share - Add
(Loss) Earnings Per Share - Additional Information (Details) | 12 Months Ended |
Dec. 31, 2023 | |
Class I | Common Stock | |
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | |
Conversion basis | 1-to-1 basis |
(Loss) Earnings Per Share - Sch
(Loss) Earnings Per Share - Schedule of Reconciliation of Numerator and Denominator of EPS Calculations (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Numerator | ||
Net (loss) income | $ (1,678,000) | $ 4,922,000 |
Net loss (income) attributable to noncontrolling interests | 562,000 | (1,361,000) |
Net (loss) income attributable to common shareholders, basic | (1,116,000) | 3,561,000 |
Net (loss) income attributable to common shareholders, diluted | $ (1,116,000) | $ 3,561,000 |
Denominator: | ||
Weighted average number of common shares outstanding, basic | 15,288,881 | 12,908,540 |
Weighted average number of common shares outstanding, diluted | 15,288,881 | 12,908,540 |
Net (loss) income per common share attributable to common shareholders, basic | $ (0.07) | $ 0.28 |
Net (loss) income per common share attributable to common shareholders, diluted | $ (0.07) | $ 0.28 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Details) - USD ($) | 1 Months Ended | 12 Months Ended | |||||||||
Mar. 31, 2024 | Mar. 01, 2024 | Feb. 29, 2024 | Jan. 31, 2024 | Jan. 16, 2024 | Jan. 01, 2024 | Feb. 09, 2023 | Feb. 01, 2023 | Sep. 30, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | |
Subsequent Event [Line Items] | |||||||||||
Proceeds from issuance of common shares | $ 39,898,000 | $ 109,468,000 | |||||||||
Repayments of mortgage loan payable | $ 6,400,000 | $ 7,700,000 | |||||||||
Maturity date | Feb. 01, 2028 | Feb. 01, 2028 | Oct. 01, 2023 | Feb. 01, 2023 | |||||||
Borrowed amount | $ 22,500,000 | ||||||||||
Subsequent Event | |||||||||||
Subsequent Event [Line Items] | |||||||||||
Proceeds from issuance of common shares | $ 13,400,000 | ||||||||||
Repayments of mortgage loan payable | $ 10,800,000 | ||||||||||
Maturity date | Mar. 01, 2024 | ||||||||||
Unsecured Revolving Line Of Credit | |||||||||||
Subsequent Event [Line Items] | |||||||||||
Maturity date | Jan. 15, 2025 | ||||||||||
Unsecured Revolving Line Of Credit | Subsequent Event | |||||||||||
Subsequent Event [Line Items] | |||||||||||
Borrowed amount | $ 15,000,000 | ||||||||||
Class A Common Shares | |||||||||||
Subsequent Event [Line Items] | |||||||||||
Common stock, shares, issued | 10,017,613 | 9,268,108 | |||||||||
Class I Common Shares | |||||||||||
Subsequent Event [Line Items] | |||||||||||
Common stock, shares, issued | 5,768,982 | 5,193,941 | |||||||||
Class I Common Shares | OP Units | Subsequent Event | |||||||||||
Subsequent Event [Line Items] | |||||||||||
Exchange of shares | 69,941 | ||||||||||
Common Shares | Class A Common Shares | |||||||||||
Subsequent Event [Line Items] | |||||||||||
Total shares | 132,302 | 62,231 | |||||||||
Common Shares | Class A Common Shares | Subsequent Event | |||||||||||
Subsequent Event [Line Items] | |||||||||||
Common stock, shares, issued | 295,822 | ||||||||||
Total shares | 104,203 | ||||||||||
Redeemed value | $ 2,700,000 | ||||||||||
Common Shares | Class I Common Shares | |||||||||||
Subsequent Event [Line Items] | |||||||||||
Total shares | 344,266 | 74,039 | |||||||||
Redeemed value | $ 0 | ||||||||||
Common Shares | Class I Common Shares | Subsequent Event | |||||||||||
Subsequent Event [Line Items] | |||||||||||
Common stock, shares, issued | 182,959 | ||||||||||
Total shares | 348,240 | ||||||||||
Redeemed value | $ 9,300,000 | ||||||||||
Common Shares | Class I Common Shares | OP Units | |||||||||||
Subsequent Event [Line Items] | |||||||||||
Exchange of shares | 165,847 | 51,655 | |||||||||
Common Shares | Class I Common Shares | OP Units | Subsequent Event | |||||||||||
Subsequent Event [Line Items] | |||||||||||
Exchange of shares | 69,941 | ||||||||||
Common Shares | Class A Common Shares and Class I Common Shares | OP Units | Subsequent Event | |||||||||||
Subsequent Event [Line Items] | |||||||||||
Distribution declared per share | $ 0.1449 | $ 0.1449 | $ 0.1449 | ||||||||
Distribution declaration date | Mar. 31, 2024 | Feb. 29, 2024 | Jan. 31, 2024 | ||||||||
Distribution record date | Mar. 31, 2024 | Feb. 29, 2024 | Jan. 31, 2024 | ||||||||
Distribution date | Apr. 15, 2024 | Mar. 15, 2024 | Feb. 15, 2024 |
Subsequent Events - Schedule of
Subsequent Events - Schedule of Offering Price of its Common Shares (Details) - Common Stock - $ / shares | Jan. 24, 2024 | Dec. 31, 2023 | Oct. 18, 2023 | Jul. 18, 2023 | Apr. 12, 2023 | Mar. 31, 2023 | Aug. 02, 2022 | Apr. 03, 2022 | Jan. 03, 2022 |
Class A Common Stock | |||||||||
Subsequent Event [Line Items] | |||||||||
Offering price | $ 28.77 | $ 29.08 | $ 29.49 | $ 29.46 | $ 29.96 | $ 29.58 | $ 28.33 | $ 27.74 | |
Class I Common Stock | |||||||||
Subsequent Event [Line Items] | |||||||||
Offering price | 27.06 | 27.35 | 27.74 | 27.71 | 28.18 | 27.82 | $ 26.64 | $ 26.09 | |
Class S Common Stock | |||||||||
Subsequent Event [Line Items] | |||||||||
Offering price | $ 28.04 | $ 28.34 | $ 28.75 | $ 28.72 | $ 29.2 | $ 28.83 | |||
Subsequent Event | Class A Common Stock | |||||||||
Subsequent Event [Line Items] | |||||||||
Offering price | $ 28.7 | ||||||||
Subsequent Event | Class I Common Stock | |||||||||
Subsequent Event [Line Items] | |||||||||
Offering price | 26.99 | ||||||||
Subsequent Event | Class S Common Stock | |||||||||
Subsequent Event [Line Items] | |||||||||
Offering price | $ 27.97 |
Schedule III - Real Estate an_2
Schedule III - Real Estate and Accumulated Depreciation (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Initial cost, Land | $ 209,073,000 | ||
Initial cost, Building and improvements | 891,432,000 | ||
Costs capitalized subsequent to acquisition | 1,793,000 | ||
Gross amount at which carried at close of period, Land | 209,073,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 893,225,000 | ||
Gross amount at which carried at close of period, Total | 1,102,298,000 | $ 1,023,749,000 | $ 532,511,000 |
Accumulated depreciation | $ 62,243,000 | $ 34,663,000 | $ 14,681,000 |
Pleasant Grove, AL | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2019 | ||
Initial cost, Land | $ 119,000 | ||
Initial cost, Building and improvements | 1,212,000 | ||
Gross amount at which carried at close of period, Land | 119,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 1,212,000 | ||
Gross amount at which carried at close of period, Total | 1,331,000 | ||
Accumulated depreciation | $ 175,000 | ||
Geismar, LA | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2019 | ||
Initial cost, Land | $ 1,224,000 | ||
Initial cost, Building and improvements | 4,112,000 | ||
Gross amount at which carried at close of period, Land | 1,224,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 4,112,000 | ||
Gross amount at which carried at close of period, Total | 5,336,000 | ||
Accumulated depreciation | $ 517,000 | ||
Waterloo, IA | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2019 | ||
Initial cost, Land | $ 413,000 | ||
Initial cost, Building and improvements | 975,000 | ||
Gross amount at which carried at close of period, Land | 413,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 975,000 | ||
Gross amount at which carried at close of period, Total | 1,388,000 | ||
Accumulated depreciation | $ 149,000 | ||
San Antonio, TX | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2019 | ||
Initial cost, Land | $ 496,000 | ||
Initial cost, Building and improvements | 898,000 | ||
Gross amount at which carried at close of period, Land | 496,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 898,000 | ||
Gross amount at which carried at close of period, Total | 1,394,000 | ||
Accumulated depreciation | $ 128,000 | ||
Pleasant Prairie, WI | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2019 | ||
Initial cost, Land | $ 1,319,000 | ||
Initial cost, Building and improvements | 3,735,000 | ||
Gross amount at which carried at close of period, Land | 1,319,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 3,735,000 | ||
Gross amount at which carried at close of period, Total | 5,054,000 | ||
Accumulated depreciation | $ 489,000 | ||
Grafton, WI | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2019 | ||
Initial cost, Land | $ 1,196,000 | ||
Initial cost, Building and improvements | 4,448,000 | ||
Gross amount at which carried at close of period, Land | 1,196,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 4,448,000 | ||
Gross amount at which carried at close of period, Total | 5,644,000 | ||
Accumulated depreciation | $ 569,000 | ||
Beaumont, TX | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2019 | ||
Initial cost, Land | $ 226,000 | ||
Initial cost, Building and improvements | 856,000 | ||
Costs capitalized subsequent to acquisition | 91,000 | ||
Gross amount at which carried at close of period, Land | 226,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 947,000 | ||
Gross amount at which carried at close of period, Total | 1,173,000 | ||
Accumulated depreciation | $ 175,000 | ||
Beaumont, TX | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2019 | ||
Initial cost, Land | $ 456,000 | ||
Initial cost, Building and improvements | 1,002,000 | ||
Gross amount at which carried at close of period, Land | 456,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 1,002,000 | ||
Gross amount at which carried at close of period, Total | 1,458,000 | ||
Accumulated depreciation | $ 152,000 | ||
Chicago, IL | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2019 | ||
Initial cost, Land | $ 558,000 | ||
Initial cost, Building and improvements | 1,165,000 | ||
Costs capitalized subsequent to acquisition | 14,000 | ||
Gross amount at which carried at close of period, Land | 558,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 1,179,000 | ||
Gross amount at which carried at close of period, Total | 1,737,000 | ||
Accumulated depreciation | $ 170,000 | ||
Columbus, OH | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2019 | ||
Initial cost, Land | $ 518,000 | ||
Initial cost, Building and improvements | 1,040,000 | ||
Gross amount at which carried at close of period, Land | 518,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 1,040,000 | ||
Gross amount at which carried at close of period, Total | 1,558,000 | ||
Accumulated depreciation | $ 145,000 | ||
Commerce City, CO | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2019 | ||
Initial cost, Land | $ 671,000 | ||
Initial cost, Building and improvements | 773,000 | ||
Costs capitalized subsequent to acquisition | 20,000 | ||
Gross amount at which carried at close of period, Land | 671,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 793,000 | ||
Gross amount at which carried at close of period, Total | 1,464,000 | ||
Accumulated depreciation | $ 123,000 | ||
Dolton, IL | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2019 | ||
Initial cost, Land | $ 963,000 | ||
Initial cost, Building and improvements | 2,795,000 | ||
Gross amount at which carried at close of period, Land | 963,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 2,795,000 | ||
Gross amount at which carried at close of period, Total | 3,758,000 | ||
Accumulated depreciation | $ 396,000 | ||
Houston, TX | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2019 | ||
Initial cost, Land | $ 282,000 | ||
Initial cost, Building and improvements | 1,430,000 | ||
Gross amount at which carried at close of period, Land | 282,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 1,430,000 | ||
Gross amount at which carried at close of period, Total | 1,712,000 | ||
Accumulated depreciation | $ 193,000 | ||
Memphis, TN | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2019 | ||
Initial cost, Land | $ 579,000 | ||
Initial cost, Building and improvements | 890,000 | ||
Costs capitalized subsequent to acquisition | 20,000 | ||
Gross amount at which carried at close of period, Land | 579,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 910,000 | ||
Gross amount at which carried at close of period, Total | 1,489,000 | ||
Accumulated depreciation | $ 143,000 | ||
Oklahoma City, OK | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2019 | ||
Initial cost, Land | $ 340,000 | ||
Initial cost, Building and improvements | 1,073,000 | ||
Gross amount at which carried at close of period, Land | 340,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 1,073,000 | ||
Gross amount at which carried at close of period, Total | 1,413,000 | ||
Accumulated depreciation | $ 148,000 | ||
Shakopee, MN | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2019 | ||
Initial cost, Land | $ 5,842,000 | ||
Initial cost, Building and improvements | 16,278,000 | ||
Gross amount at which carried at close of period, Land | 5,842,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 16,278,000 | ||
Gross amount at which carried at close of period, Total | 22,120,000 | ||
Accumulated depreciation | $ 2,177,000 | ||
Allentown, PA | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2019 | ||
Initial cost, Land | $ 727,000 | ||
Initial cost, Building and improvements | 1,238,000 | ||
Gross amount at which carried at close of period, Land | 727,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 1,238,000 | ||
Gross amount at which carried at close of period, Total | 1,965,000 | ||
Accumulated depreciation | $ 197,000 | ||
Ceres, CA | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2019 | ||
Initial cost, Land | $ 505,000 | ||
Initial cost, Building and improvements | 4,922,000 | ||
Gross amount at which carried at close of period, Land | 505,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 4,922,000 | ||
Gross amount at which carried at close of period, Total | 5,427,000 | ||
Accumulated depreciation | $ 665,000 | ||
Denham Springs, LA | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2019 | ||
Initial cost, Land | $ 559,000 | ||
Initial cost, Building and improvements | 1,385,000 | ||
Gross amount at which carried at close of period, Land | 559,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 1,385,000 | ||
Gross amount at which carried at close of period, Total | 1,944,000 | ||
Accumulated depreciation | $ 218,000 | ||
Garner, NC | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2019 | ||
Initial cost, Land | $ 846,000 | ||
Initial cost, Building and improvements | 1,744,000 | ||
Gross amount at which carried at close of period, Land | 846,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 1,744,000 | ||
Gross amount at which carried at close of period, Total | 2,590,000 | ||
Accumulated depreciation | $ 241,000 | ||
Harrisburg, PA | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2019 | ||
Initial cost, Land | $ 371,000 | ||
Initial cost, Building and improvements | 4,526,000 | ||
Gross amount at which carried at close of period, Land | 371,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 4,526,000 | ||
Gross amount at which carried at close of period, Total | 4,897,000 | ||
Accumulated depreciation | $ 592,000 | ||
Immokalee, Fl | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2019 | ||
Initial cost, Land | $ 510,000 | ||
Initial cost, Building and improvements | 1,837,000 | ||
Gross amount at which carried at close of period, Land | 510,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 1,837,000 | ||
Gross amount at which carried at close of period, Total | 2,347,000 | ||
Accumulated depreciation | $ 238,000 | ||
Indianapolis, IN | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2019 | ||
Initial cost, Land | $ 713,000 | ||
Initial cost, Building and improvements | 3,787,000 | ||
Gross amount at which carried at close of period, Land | 713,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 3,787,000 | ||
Gross amount at which carried at close of period, Total | 4,500,000 | ||
Accumulated depreciation | $ 475,000 | ||
Indianapolis, IN | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2019 | ||
Initial cost, Land | $ 136,000 | ||
Initial cost, Building and improvements | 2,575,000 | ||
Gross amount at which carried at close of period, Land | 136,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 2,575,000 | ||
Gross amount at which carried at close of period, Total | 2,711,000 | ||
Accumulated depreciation | $ 308,000 | ||
McAdoo, PA | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2019 | ||
Initial cost, Land | $ 236,000 | ||
Initial cost, Building and improvements | 1,304,000 | ||
Gross amount at which carried at close of period, Land | 236,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 1,304,000 | ||
Gross amount at which carried at close of period, Total | 1,540,000 | ||
Accumulated depreciation | $ 197,000 | ||
New Iberia, LA | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2019 | ||
Initial cost, Land | $ 85,000 | ||
Initial cost, Building and improvements | 1,420,000 | ||
Gross amount at which carried at close of period, Land | 85,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 1,420,000 | ||
Gross amount at which carried at close of period, Total | 1,505,000 | ||
Accumulated depreciation | $ 194,000 | ||
North Windham, CT | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2019 | ||
Initial cost, Land | $ 677,000 | ||
Initial cost, Building and improvements | 4,628,000 | ||
Gross amount at which carried at close of period, Land | 677,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 4,628,000 | ||
Gross amount at which carried at close of period, Total | 5,305,000 | ||
Accumulated depreciation | $ 592,000 | ||
Terrytown, LA | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2019 | ||
Initial cost, Land | $ 539,000 | ||
Initial cost, Building and improvements | 1,258,000 | ||
Gross amount at which carried at close of period, Land | 539,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 1,258,000 | ||
Gross amount at which carried at close of period, Total | 1,797,000 | ||
Accumulated depreciation | $ 174,000 | ||
Vernon, CT | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2019 | ||
Initial cost, Land | $ 592,000 | ||
Initial cost, Building and improvements | 1,118,000 | ||
Gross amount at which carried at close of period, Land | 592,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 1,118,000 | ||
Gross amount at which carried at close of period, Total | 1,710,000 | ||
Accumulated depreciation | $ 166,000 | ||
Alorton, IL | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2019 | ||
Initial cost, Land | $ 159,000 | ||
Initial cost, Building and improvements | 1,204,000 | ||
Gross amount at which carried at close of period, Land | 159,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 1,204,000 | ||
Gross amount at which carried at close of period, Total | 1,363,000 | ||
Accumulated depreciation | $ 163,000 | ||
Baton Rouge, LA | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2019 | ||
Initial cost, Land | $ 410,000 | ||
Initial cost, Building and improvements | 1,232,000 | ||
Gross amount at which carried at close of period, Land | 410,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 1,232,000 | ||
Gross amount at which carried at close of period, Total | 1,642,000 | ||
Accumulated depreciation | $ 162,000 | ||
Belvidere, IL | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2019 | ||
Initial cost, Land | $ 277,000 | ||
Initial cost, Building and improvements | 1,036,000 | ||
Gross amount at which carried at close of period, Land | 277,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 1,036,000 | ||
Gross amount at which carried at close of period, Total | 1,313,000 | ||
Accumulated depreciation | $ 142,000 | ||
Cincinnati, OH | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2019 | ||
Initial cost, Land | $ 282,000 | ||
Initial cost, Building and improvements | 1,410,000 | ||
Gross amount at which carried at close of period, Land | 282,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 1,410,000 | ||
Gross amount at which carried at close of period, Total | 1,692,000 | ||
Accumulated depreciation | $ 190,000 | ||
Denham Springs, LA | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2019 | ||
Initial cost, Land | $ 240,000 | ||
Initial cost, Building and improvements | 1,523,000 | ||
Gross amount at which carried at close of period, Land | 240,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 1,523,000 | ||
Gross amount at which carried at close of period, Total | 1,763,000 | ||
Accumulated depreciation | $ 189,000 | ||
Dupo, IL | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2019 | ||
Initial cost, Land | $ 161,000 | ||
Initial cost, Building and improvements | 1,132,000 | ||
Gross amount at which carried at close of period, Land | 161,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 1,132,000 | ||
Gross amount at which carried at close of period, Total | 1,293,000 | ||
Accumulated depreciation | $ 153,000 | ||
Fort Worth, TX | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2019 | ||
Initial cost, Land | $ 735,000 | ||
Initial cost, Building and improvements | 5,836,000 | ||
Gross amount at which carried at close of period, Land | 735,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 5,836,000 | ||
Gross amount at which carried at close of period, Total | 6,571,000 | ||
Accumulated depreciation | $ 662,000 | ||
Freeport, IL | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2019 | ||
Initial cost, Land | $ 107,000 | ||
Initial cost, Building and improvements | 1,258,000 | ||
Gross amount at which carried at close of period, Land | 107,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 1,258,000 | ||
Gross amount at which carried at close of period, Total | 1,365,000 | ||
Accumulated depreciation | $ 175,000 | ||
Gastonia, NC | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2019 | ||
Initial cost, Land | $ 211,000 | ||
Initial cost, Building and improvements | 1,309,000 | ||
Gross amount at which carried at close of period, Land | 211,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 1,309,000 | ||
Gross amount at which carried at close of period, Total | 1,520,000 | ||
Accumulated depreciation | $ 180,000 | ||
Greenville, SC | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2019 | ||
Initial cost, Land | $ 206,000 | ||
Initial cost, Building and improvements | 1,317,000 | ||
Gross amount at which carried at close of period, Land | 206,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 1,317,000 | ||
Gross amount at which carried at close of period, Total | 1,523,000 | ||
Accumulated depreciation | $ 168,000 | ||
Hamilton, OH | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2019 | ||
Initial cost, Land | $ 340,000 | ||
Initial cost, Building and improvements | 1,647,000 | ||
Gross amount at which carried at close of period, Land | 340,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 1,647,000 | ||
Gross amount at which carried at close of period, Total | 1,987,000 | ||
Accumulated depreciation | $ 217,000 | ||
Hamilton, OH | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2019 | ||
Initial cost, Land | $ 1,819,000 | ||
Initial cost, Building and improvements | 11,247,000 | ||
Gross amount at which carried at close of period, Land | 1,819,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 11,247,000 | ||
Gross amount at which carried at close of period, Total | 13,066,000 | ||
Accumulated depreciation | $ 1,430,000 | ||
Hammond, LA | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2019 | ||
Initial cost, Land | $ 304,000 | ||
Initial cost, Building and improvements | 1,372,000 | ||
Gross amount at which carried at close of period, Land | 304,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 1,372,000 | ||
Gross amount at which carried at close of period, Total | 1,676,000 | ||
Accumulated depreciation | $ 175,000 | ||
Heath, OH | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2019 | ||
Initial cost, Land | $ 304,000 | ||
Initial cost, Building and improvements | 783,000 | ||
Costs capitalized subsequent to acquisition | 47,000 | ||
Gross amount at which carried at close of period, Land | 304,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 830,000 | ||
Gross amount at which carried at close of period, Total | 1,134,000 | ||
Accumulated depreciation | $ 128,000 | ||
Hickory, NC | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2019 | ||
Initial cost, Land | $ 298,000 | ||
Initial cost, Building and improvements | 1,320,000 | ||
Gross amount at which carried at close of period, Land | 298,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 1,320,000 | ||
Gross amount at which carried at close of period, Total | 1,618,000 | ||
Accumulated depreciation | $ 178,000 | ||
Hickory, NC | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2019 | ||
Initial cost, Land | $ 339,000 | ||
Initial cost, Building and improvements | 1,420,000 | ||
Gross amount at which carried at close of period, Land | 339,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 1,420,000 | ||
Gross amount at which carried at close of period, Total | 1,759,000 | ||
Accumulated depreciation | $ 188,000 | ||
Nashville, TN | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2019 | ||
Initial cost, Land | $ 399,000 | ||
Initial cost, Building and improvements | 4,585,000 | ||
Gross amount at which carried at close of period, Land | 399,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 4,585,000 | ||
Gross amount at which carried at close of period, Total | 4,984,000 | ||
Accumulated depreciation | $ 524,000 | ||
Steubenville, OH | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2019 | ||
Initial cost, Land | $ 189,000 | ||
Initial cost, Building and improvements | 1,752,000 | ||
Gross amount at which carried at close of period, Land | 189,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 1,752,000 | ||
Gross amount at which carried at close of period, Total | 1,941,000 | ||
Accumulated depreciation | $ 216,000 | ||
Woods Cross, UT | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2019 | ||
Initial cost, Land | $ 482,000 | ||
Initial cost, Building and improvements | 4,521,000 | ||
Gross amount at which carried at close of period, Land | 482,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 4,521,000 | ||
Gross amount at which carried at close of period, Total | 5,003,000 | ||
Accumulated depreciation | $ 559,000 | ||
Abilene, TX | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2020 | ||
Initial cost, Land | $ 195,000 | ||
Initial cost, Building and improvements | 1,173,000 | ||
Gross amount at which carried at close of period, Land | 195,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 1,173,000 | ||
Gross amount at which carried at close of period, Total | 1,368,000 | ||
Accumulated depreciation | $ 122,000 | ||
Columbia, SC | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2020 | ||
Initial cost, Land | $ 747,000 | ||
Initial cost, Building and improvements | 789,000 | ||
Gross amount at which carried at close of period, Land | 747,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 789,000 | ||
Gross amount at which carried at close of period, Total | 1,536,000 | ||
Accumulated depreciation | $ 95,000 | ||
Corpus Christi, TX | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2020 | ||
Initial cost, Land | $ 363,000 | ||
Initial cost, Building and improvements | 958,000 | ||
Gross amount at which carried at close of period, Land | 363,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 958,000 | ||
Gross amount at which carried at close of period, Total | 1,321,000 | ||
Accumulated depreciation | $ 110,000 | ||
Edinburg, TX | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2020 | ||
Initial cost, Land | $ 93,000 | ||
Initial cost, Building and improvements | 1,268,000 | ||
Gross amount at which carried at close of period, Land | 93,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 1,268,000 | ||
Gross amount at which carried at close of period, Total | 1,361,000 | ||
Accumulated depreciation | $ 127,000 | ||
Greenville, SC | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2020 | ||
Initial cost, Land | $ 367,000 | ||
Initial cost, Building and improvements | 971,000 | ||
Gross amount at which carried at close of period, Land | 367,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 971,000 | ||
Gross amount at which carried at close of period, Total | 1,338,000 | ||
Accumulated depreciation | $ 105,000 | ||
Laredo, TX | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2020 | ||
Initial cost, Land | $ 264,000 | ||
Initial cost, Building and improvements | 1,434,000 | ||
Gross amount at which carried at close of period, Land | 264,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 1,434,000 | ||
Gross amount at which carried at close of period, Total | 1,698,000 | ||
Accumulated depreciation | $ 149,000 | ||
Mission, TX | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2020 | ||
Initial cost, Land | $ 377,000 | ||
Initial cost, Building and improvements | 1,175,000 | ||
Gross amount at which carried at close of period, Land | 377,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 1,175,000 | ||
Gross amount at which carried at close of period, Total | 1,552,000 | ||
Accumulated depreciation | $ 120,000 | ||
Phoenix, AZ | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2020 | ||
Initial cost, Land | $ 349,000 | ||
Initial cost, Building and improvements | 1,384,000 | ||
Gross amount at which carried at close of period, Land | 349,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 1,384,000 | ||
Gross amount at which carried at close of period, Total | 1,733,000 | ||
Accumulated depreciation | $ 145,000 | ||
Reynoldsburg, OH | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2020 | ||
Initial cost, Land | $ 276,000 | ||
Initial cost, Building and improvements | 877,000 | ||
Costs capitalized subsequent to acquisition | 40,000 | ||
Gross amount at which carried at close of period, Land | 276,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 917,000 | ||
Gross amount at which carried at close of period, Total | 1,193,000 | ||
Accumulated depreciation | $ 126,000 | ||
Arlington, TX | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2020 | ||
Initial cost, Land | $ 485,000 | ||
Initial cost, Building and improvements | 655,000 | ||
Gross amount at which carried at close of period, Land | 485,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 655,000 | ||
Gross amount at which carried at close of period, Total | 1,140,000 | ||
Accumulated depreciation | $ 77,000 | ||
Chillicothe, OH | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2020 | ||
Initial cost, Land | $ 598,000 | ||
Initial cost, Building and improvements | 2,509,000 | ||
Costs capitalized subsequent to acquisition | 25,000 | ||
Gross amount at which carried at close of period, Land | 598,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 2,534,000 | ||
Gross amount at which carried at close of period, Total | 3,132,000 | ||
Accumulated depreciation | $ 302,000 | ||
Dothan, AL | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2020 | ||
Initial cost, Land | $ 273,000 | ||
Initial cost, Building and improvements | 1,178,000 | ||
Gross amount at which carried at close of period, Land | 273,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 1,178,000 | ||
Gross amount at which carried at close of period, Total | 1,451,000 | ||
Accumulated depreciation | $ 129,000 | ||
Fairfield, OH | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2020 | ||
Initial cost, Land | $ 483,000 | ||
Initial cost, Building and improvements | 6,232,000 | ||
Gross amount at which carried at close of period, Land | 483,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 6,232,000 | ||
Gross amount at which carried at close of period, Total | 6,715,000 | ||
Accumulated depreciation | $ 562,000 | ||
Franklin, WI | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2020 | ||
Initial cost, Land | $ 1,217,000 | ||
Initial cost, Building and improvements | 4,813,000 | ||
Gross amount at which carried at close of period, Land | 1,217,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 4,813,000 | ||
Gross amount at which carried at close of period, Total | 6,030,000 | ||
Accumulated depreciation | $ 595,000 | ||
Gadsden, AL | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2020 | ||
Initial cost, Land | $ 1,123,000 | ||
Initial cost, Building and improvements | 3,703,000 | ||
Gross amount at which carried at close of period, Land | 1,123,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 3,703,000 | ||
Gross amount at which carried at close of period, Total | 4,826,000 | ||
Accumulated depreciation | $ 362,000 | ||
Houston, TX | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2020 | ||
Initial cost, Land | $ 516,000 | ||
Initial cost, Building and improvements | 1,419,000 | ||
Gross amount at which carried at close of period, Land | 516,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 1,419,000 | ||
Gross amount at which carried at close of period, Total | 1,935,000 | ||
Accumulated depreciation | $ 134,000 | ||
Knoxville, TN | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2020 | ||
Initial cost, Land | $ 284,000 | ||
Initial cost, Building and improvements | 1,073,000 | ||
Gross amount at which carried at close of period, Land | 284,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 1,073,000 | ||
Gross amount at which carried at close of period, Total | 1,357,000 | ||
Accumulated depreciation | $ 120,000 | ||
Knoxville, TN | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2020 | ||
Initial cost, Land | $ 342,000 | ||
Initial cost, Building and improvements | 1,198,000 | ||
Gross amount at which carried at close of period, Land | 342,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 1,198,000 | ||
Gross amount at which carried at close of period, Total | 1,540,000 | ||
Accumulated depreciation | $ 131,000 | ||
Lafayette, LA | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2020 | ||
Initial cost, Land | $ 337,000 | ||
Initial cost, Building and improvements | 1,121,000 | ||
Gross amount at which carried at close of period, Land | 337,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 1,121,000 | ||
Gross amount at which carried at close of period, Total | 1,458,000 | ||
Accumulated depreciation | $ 117,000 | ||
Lafayette, LA | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2020 | ||
Initial cost, Land | $ 408,000 | ||
Initial cost, Building and improvements | 984,000 | ||
Gross amount at which carried at close of period, Land | 408,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 984,000 | ||
Gross amount at which carried at close of period, Total | 1,392,000 | ||
Accumulated depreciation | $ 108,000 | ||
Madison, WI | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2020 | ||
Initial cost, Land | $ 349,000 | ||
Initial cost, Building and improvements | 1,440,000 | ||
Gross amount at which carried at close of period, Land | 349,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 1,440,000 | ||
Gross amount at which carried at close of period, Total | 1,789,000 | ||
Accumulated depreciation | $ 145,000 | ||
Naples, FL | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2020 | ||
Initial cost, Land | $ 440,000 | ||
Initial cost, Building and improvements | 389,000 | ||
Gross amount at which carried at close of period, Land | 440,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 389,000 | ||
Gross amount at which carried at close of period, Total | 829,000 | ||
Accumulated depreciation | $ 48,000 | ||
Panama City, FL | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2020 | ||
Initial cost, Land | $ 1,882,000 | ||
Initial cost, Building and improvements | 3,992,000 | ||
Gross amount at which carried at close of period, Land | 1,882,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 3,992,000 | ||
Gross amount at which carried at close of period, Total | 5,874,000 | ||
Accumulated depreciation | $ 382,000 | ||
Plainville, CT | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2020 | ||
Initial cost, Land | $ 482,000 | ||
Initial cost, Building and improvements | 1,454,000 | ||
Gross amount at which carried at close of period, Land | 482,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 1,454,000 | ||
Gross amount at which carried at close of period, Total | 1,936,000 | ||
Accumulated depreciation | $ 160,000 | ||
Scott, LA | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2020 | ||
Initial cost, Land | $ 282,000 | ||
Initial cost, Building and improvements | 1,032,000 | ||
Gross amount at which carried at close of period, Land | 282,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 1,032,000 | ||
Gross amount at which carried at close of period, Total | 1,314,000 | ||
Accumulated depreciation | $ 111,000 | ||
Sherman, TX | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2020 | ||
Initial cost, Land | $ 140,000 | ||
Initial cost, Building and improvements | 943,000 | ||
Costs capitalized subsequent to acquisition | 16,000 | ||
Gross amount at which carried at close of period, Land | 140,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 959,000 | ||
Gross amount at which carried at close of period, Total | 1,099,000 | ||
Accumulated depreciation | $ 110,000 | ||
Shreveport, LA | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2020 | ||
Initial cost, Land | $ 192,000 | ||
Initial cost, Building and improvements | 870,000 | ||
Gross amount at which carried at close of period, Land | 192,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 870,000 | ||
Gross amount at which carried at close of period, Total | 1,062,000 | ||
Accumulated depreciation | $ 93,000 | ||
Superior, WI | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2020 | ||
Initial cost, Land | $ 418,000 | ||
Initial cost, Building and improvements | 1,117,000 | ||
Costs capitalized subsequent to acquisition | 16,000 | ||
Gross amount at which carried at close of period, Land | 418,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 1,133,000 | ||
Gross amount at which carried at close of period, Total | 1,551,000 | ||
Accumulated depreciation | $ 127,000 | ||
Walbridge, OH | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2020 | ||
Initial cost, Land | $ 21,000 | ||
Initial cost, Building and improvements | 1,059,000 | ||
Gross amount at which carried at close of period, Land | 21,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 1,059,000 | ||
Gross amount at which carried at close of period, Total | 1,080,000 | ||
Accumulated depreciation | $ 118,000 | ||
Fort Wayne, IN | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2020 | ||
Initial cost, Land | $ 199,000 | ||
Initial cost, Building and improvements | 1,108,000 | ||
Gross amount at which carried at close of period, Land | 199,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 1,108,000 | ||
Gross amount at which carried at close of period, Total | 1,307,000 | ||
Accumulated depreciation | $ 128,000 | ||
Fort Wayne, IN | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2020 | ||
Initial cost, Land | $ 1,000,000 | ||
Initial cost, Building and improvements | 6,723,000 | ||
Gross amount at which carried at close of period, Land | 1,000,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 6,723,000 | ||
Gross amount at which carried at close of period, Total | 7,723,000 | ||
Accumulated depreciation | $ 753,000 | ||
Farmington, MI | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2020 | ||
Initial cost, Land | $ 1,276,000 | ||
Initial cost, Building and improvements | 8,114,000 | ||
Gross amount at which carried at close of period, Land | 1,276,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 8,114,000 | ||
Gross amount at which carried at close of period, Total | 9,390,000 | ||
Accumulated depreciation | $ 846,000 | ||
Huntsville, AL | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2020 | ||
Initial cost, Land | $ 1,901,000 | ||
Initial cost, Building and improvements | 10,502,000 | ||
Gross amount at which carried at close of period, Land | 1,901,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 10,502,000 | ||
Gross amount at which carried at close of period, Total | 12,403,000 | ||
Accumulated depreciation | $ 956,000 | ||
Las Vegas, NV | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2020 | ||
Initial cost, Land | $ 2,544,000 | ||
Initial cost, Building and improvements | 7,960,000 | ||
Gross amount at which carried at close of period, Land | 2,544,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 7,960,000 | ||
Gross amount at which carried at close of period, Total | 10,504,000 | ||
Accumulated depreciation | $ 693,000 | ||
Greenville, NC | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2020 | ||
Initial cost, Land | $ 2,166,000 | ||
Initial cost, Building and improvements | 5,619,000 | ||
Gross amount at which carried at close of period, Land | 2,166,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 5,619,000 | ||
Gross amount at which carried at close of period, Total | 7,785,000 | ||
Accumulated depreciation | $ 559,000 | ||
Kingston, PA | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2021 | ||
Initial cost, Land | $ 353,000 | ||
Initial cost, Building and improvements | 5,877,000 | ||
Gross amount at which carried at close of period, Land | 353,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 5,877,000 | ||
Gross amount at which carried at close of period, Total | 6,230,000 | ||
Accumulated depreciation | $ 462,000 | ||
Birmingham, AL | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2021 | ||
Initial cost, Land | $ 158,000 | ||
Initial cost, Building and improvements | 1,237,000 | ||
Gross amount at which carried at close of period, Land | 158,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 1,237,000 | ||
Gross amount at which carried at close of period, Total | 1,395,000 | ||
Accumulated depreciation | $ 115,000 | ||
Chicago, IL | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2021 | ||
Initial cost, Land | $ 359,000 | ||
Initial cost, Building and improvements | 819,000 | ||
Gross amount at which carried at close of period, Land | 359,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 819,000 | ||
Gross amount at which carried at close of period, Total | 1,178,000 | ||
Accumulated depreciation | $ 72,000 | ||
Chicago, IL | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2021 | ||
Initial cost, Land | $ 1,894,000 | ||
Initial cost, Building and improvements | 5,423,000 | ||
Gross amount at which carried at close of period, Land | 1,894,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 5,423,000 | ||
Gross amount at which carried at close of period, Total | 7,317,000 | ||
Accumulated depreciation | $ 451,000 | ||
Dallas, TX | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2021 | ||
Initial cost, Land | $ 687,000 | ||
Initial cost, Building and improvements | 2,468,000 | ||
Gross amount at which carried at close of period, Land | 687,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 2,468,000 | ||
Gross amount at which carried at close of period, Total | 3,155,000 | ||
Accumulated depreciation | $ 193,000 | ||
Eau Claire, WI | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2021 | ||
Initial cost, Land | $ 352,000 | ||
Initial cost, Building and improvements | 2,234,000 | ||
Gross amount at which carried at close of period, Land | 352,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 2,234,000 | ||
Gross amount at which carried at close of period, Total | 2,586,000 | ||
Accumulated depreciation | $ 216,000 | ||
El Paso, TX | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2021 | ||
Initial cost, Land | $ 404,000 | ||
Initial cost, Building and improvements | 4,476,000 | ||
Gross amount at which carried at close of period, Land | 404,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 4,476,000 | ||
Gross amount at which carried at close of period, Total | 4,880,000 | ||
Accumulated depreciation | $ 346,000 | ||
Huntsville, TX | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2021 | ||
Initial cost, Land | $ 141,000 | ||
Initial cost, Building and improvements | 1,515,000 | ||
Gross amount at which carried at close of period, Land | 141,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 1,515,000 | ||
Gross amount at which carried at close of period, Total | 1,656,000 | ||
Accumulated depreciation | $ 136,000 | ||
Huntsville, TX | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2021 | ||
Initial cost, Land | $ 144,000 | ||
Initial cost, Building and improvements | 1,468,000 | ||
Gross amount at which carried at close of period, Land | 144,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 1,468,000 | ||
Gross amount at which carried at close of period, Total | 1,612,000 | ||
Accumulated depreciation | $ 133,000 | ||
Iowa City, IA | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2021 | ||
Initial cost, Land | $ 770,000 | ||
Initial cost, Building and improvements | 1,030,000 | ||
Gross amount at which carried at close of period, Land | 770,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 1,030,000 | ||
Gross amount at which carried at close of period, Total | 1,800,000 | ||
Accumulated depreciation | $ 108,000 | ||
Laplace, LA | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2021 | ||
Initial cost, Land | $ 644,000 | ||
Initial cost, Building and improvements | 3,599,000 | ||
Gross amount at which carried at close of period, Land | 644,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 3,599,000 | ||
Gross amount at which carried at close of period, Total | 4,243,000 | ||
Accumulated depreciation | $ 323,000 | ||
Montgomery, AL | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2021 | ||
Initial cost, Land | $ 294,000 | ||
Initial cost, Building and improvements | 5,387,000 | ||
Gross amount at which carried at close of period, Land | 294,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 5,387,000 | ||
Gross amount at which carried at close of period, Total | 5,681,000 | ||
Accumulated depreciation | $ 441,000 | ||
Naperville, IL | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2021 | ||
Initial cost, Land | $ 1,564,000 | ||
Initial cost, Building and improvements | 4,474,000 | ||
Gross amount at which carried at close of period, Land | 1,564,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 4,474,000 | ||
Gross amount at which carried at close of period, Total | 6,038,000 | ||
Accumulated depreciation | $ 389,000 | ||
Rockford, IL | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2021 | ||
Initial cost, Land | $ 276,000 | ||
Initial cost, Building and improvements | 1,121,000 | ||
Gross amount at which carried at close of period, Land | 276,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 1,121,000 | ||
Gross amount at which carried at close of period, Total | 1,397,000 | ||
Accumulated depreciation | $ 104,000 | ||
Slidell, LA | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2021 | ||
Initial cost, Land | $ 469,000 | ||
Initial cost, Building and improvements | 1,919,000 | ||
Gross amount at which carried at close of period, Land | 469,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 1,919,000 | ||
Gross amount at which carried at close of period, Total | 2,388,000 | ||
Accumulated depreciation | $ 167,000 | ||
South Holland, IL | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2021 | ||
Initial cost, Land | $ 219,000 | ||
Initial cost, Building and improvements | 1,320,000 | ||
Gross amount at which carried at close of period, Land | 219,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 1,320,000 | ||
Gross amount at which carried at close of period, Total | 1,539,000 | ||
Accumulated depreciation | $ 126,000 | ||
Sumter, SC | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2021 | ||
Initial cost, Land | $ 273,000 | ||
Initial cost, Building and improvements | 4,879,000 | ||
Gross amount at which carried at close of period, Land | 273,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 4,879,000 | ||
Gross amount at which carried at close of period, Total | 5,152,000 | ||
Accumulated depreciation | $ 399,000 | ||
Alsip, IL | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2021 | ||
Initial cost, Land | $ 537,000 | ||
Initial cost, Building and improvements | 1,283,000 | ||
Costs capitalized subsequent to acquisition | 54,000 | ||
Gross amount at which carried at close of period, Land | 537,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 1,337,000 | ||
Gross amount at which carried at close of period, Total | 1,874,000 | ||
Accumulated depreciation | $ 134,000 | ||
Anderson, IN | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2021 | ||
Initial cost, Land | $ 264,000 | ||
Initial cost, Building and improvements | 638,000 | ||
Gross amount at which carried at close of period, Land | 264,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 638,000 | ||
Gross amount at which carried at close of period, Total | 902,000 | ||
Accumulated depreciation | $ 74,000 | ||
Cincinnati, OH | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2021 | ||
Initial cost, Land | $ 872,000 | ||
Initial cost, Building and improvements | 753,000 | ||
Gross amount at which carried at close of period, Land | 872,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 753,000 | ||
Gross amount at which carried at close of period, Total | 1,625,000 | ||
Accumulated depreciation | $ 102,000 | ||
Everman, TX | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2021 | ||
Initial cost, Land | $ 404,000 | ||
Initial cost, Building and improvements | 920,000 | ||
Gross amount at which carried at close of period, Land | 404,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 920,000 | ||
Gross amount at which carried at close of period, Total | 1,324,000 | ||
Accumulated depreciation | $ 99,000 | ||
Houston, TX | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2021 | ||
Initial cost, Land | $ 317,000 | ||
Initial cost, Building and improvements | 1,262,000 | ||
Gross amount at which carried at close of period, Land | 317,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 1,262,000 | ||
Gross amount at which carried at close of period, Total | 1,579,000 | ||
Accumulated depreciation | $ 111,000 | ||
Hutchinson, KS | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2021 | ||
Initial cost, Land | $ 239,000 | ||
Initial cost, Building and improvements | 1,068,000 | ||
Gross amount at which carried at close of period, Land | 239,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 1,068,000 | ||
Gross amount at which carried at close of period, Total | 1,307,000 | ||
Accumulated depreciation | $ 96,000 | ||
Lima, OH | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2021 | ||
Initial cost, Land | $ 269,000 | ||
Initial cost, Building and improvements | 1,032,000 | ||
Gross amount at which carried at close of period, Land | 269,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 1,032,000 | ||
Gross amount at which carried at close of period, Total | 1,301,000 | ||
Accumulated depreciation | $ 109,000 | ||
Norton Shores, MI | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2021 | ||
Initial cost, Land | $ 270,000 | ||
Initial cost, Building and improvements | 852,000 | ||
Gross amount at which carried at close of period, Land | 270,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 852,000 | ||
Gross amount at which carried at close of period, Total | 1,122,000 | ||
Accumulated depreciation | $ 87,000 | ||
Phoenix, AZ | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2021 | ||
Initial cost, Land | $ 525,000 | ||
Initial cost, Building and improvements | 1,387,000 | ||
Costs capitalized subsequent to acquisition | 26,000 | ||
Gross amount at which carried at close of period, Land | 525,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 1,413,000 | ||
Gross amount at which carried at close of period, Total | 1,938,000 | ||
Accumulated depreciation | $ 123,000 | ||
Roanoke, VA | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2021 | ||
Initial cost, Land | $ 236,000 | ||
Initial cost, Building and improvements | 1,454,000 | ||
Gross amount at which carried at close of period, Land | 236,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 1,454,000 | ||
Gross amount at which carried at close of period, Total | 1,690,000 | ||
Accumulated depreciation | $ 124,000 | ||
Shreveport, LA | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2021 | ||
Initial cost, Land | $ 372,000 | ||
Initial cost, Building and improvements | 841,000 | ||
Gross amount at which carried at close of period, Land | 372,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 841,000 | ||
Gross amount at which carried at close of period, Total | 1,213,000 | ||
Accumulated depreciation | $ 93,000 | ||
Brook Park, OH | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2021 | ||
Initial cost, Land | $ 215,000 | ||
Initial cost, Building and improvements | 483,000 | ||
Gross amount at which carried at close of period, Land | 215,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 483,000 | ||
Gross amount at which carried at close of period, Total | 698,000 | ||
Accumulated depreciation | $ 79,000 | ||
Brook Park, OH | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2021 | ||
Initial cost, Land | $ 1,823,000 | ||
Initial cost, Building and improvements | 10,413,000 | ||
Gross amount at which carried at close of period, Land | 1,823,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 10,413,000 | ||
Gross amount at which carried at close of period, Total | 12,236,000 | ||
Accumulated depreciation | $ 961,000 | ||
Cranston, RI | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2021 | ||
Initial cost, Land | $ 143,000 | ||
Initial cost, Building and improvements | 1,751,000 | ||
Gross amount at which carried at close of period, Land | 143,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 1,751,000 | ||
Gross amount at which carried at close of period, Total | 1,894,000 | ||
Accumulated depreciation | $ 160,000 | ||
Birmingham, AL | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2021 | ||
Initial cost, Land | $ 2,565,000 | ||
Initial cost, Building and improvements | 12,189,000 | ||
Gross amount at which carried at close of period, Land | 2,565,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 12,189,000 | ||
Gross amount at which carried at close of period, Total | 14,754,000 | ||
Accumulated depreciation | $ 997,000 | ||
Atco, NJ | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2021 | ||
Initial cost, Land | $ 184,000 | ||
Initial cost, Building and improvements | 1,191,000 | ||
Gross amount at which carried at close of period, Land | 184,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 1,191,000 | ||
Gross amount at which carried at close of period, Total | 1,375,000 | ||
Accumulated depreciation | $ 103,000 | ||
Palos Heights, IL | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2021 | ||
Initial cost, Land | $ 840,000 | ||
Initial cost, Building and improvements | 7,050,000 | ||
Gross amount at which carried at close of period, Land | 840,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 7,050,000 | ||
Gross amount at which carried at close of period, Total | 7,890,000 | ||
Accumulated depreciation | $ 502,000 | ||
Blue Island, IL | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2021 | ||
Initial cost, Land | $ 734,000 | ||
Initial cost, Building and improvements | 5,837,000 | ||
Gross amount at which carried at close of period, Land | 734,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 5,837,000 | ||
Gross amount at which carried at close of period, Total | 6,571,000 | ||
Accumulated depreciation | $ 439,000 | ||
Andover, MA | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2021 | ||
Initial cost, Land | $ 3,351,000 | ||
Initial cost, Building and improvements | 48,303,000 | ||
Gross amount at which carried at close of period, Land | 3,351,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 48,303,000 | ||
Gross amount at which carried at close of period, Total | 51,654,000 | ||
Accumulated depreciation | $ 3,122,000 | ||
Arlington, TX | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2021 | ||
Initial cost, Land | $ 1,110,000 | ||
Initial cost, Building and improvements | 3,666,000 | ||
Gross amount at which carried at close of period, Land | 1,110,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 3,666,000 | ||
Gross amount at which carried at close of period, Total | 4,776,000 | ||
Accumulated depreciation | $ 229,000 | ||
Baton Rouge, LA | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2021 | ||
Initial cost, Land | $ 197,000 | ||
Initial cost, Building and improvements | 1,377,000 | ||
Gross amount at which carried at close of period, Land | 197,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 1,377,000 | ||
Gross amount at which carried at close of period, Total | 1,574,000 | ||
Accumulated depreciation | $ 96,000 | ||
Baton Rouge, LA | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2021 | ||
Initial cost, Land | $ 168,000 | ||
Initial cost, Building and improvements | 1,033,000 | ||
Gross amount at which carried at close of period, Land | 168,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 1,033,000 | ||
Gross amount at which carried at close of period, Total | 1,201,000 | ||
Accumulated depreciation | $ 76,000 | ||
Bolingbrook, IL | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2021 | ||
Initial cost, Land | $ 511,000 | ||
Initial cost, Building and improvements | 6,173,000 | ||
Gross amount at which carried at close of period, Land | 511,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 6,173,000 | ||
Gross amount at which carried at close of period, Total | 6,684,000 | ||
Accumulated depreciation | $ 384,000 | ||
Brunswick, GA | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2021 | ||
Initial cost, Land | $ 1,185,000 | ||
Initial cost, Building and improvements | 6,902,000 | ||
Costs capitalized subsequent to acquisition | 13,000 | ||
Gross amount at which carried at close of period, Land | 1,185,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 6,915,000 | ||
Gross amount at which carried at close of period, Total | 8,100,000 | ||
Accumulated depreciation | $ 475,000 | ||
Gadsden, AL | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2021 | ||
Initial cost, Land | $ 312,000 | ||
Initial cost, Building and improvements | 1,652,000 | ||
Gross amount at which carried at close of period, Land | 312,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 1,652,000 | ||
Gross amount at which carried at close of period, Total | 1,964,000 | ||
Accumulated depreciation | $ 111,000 | ||
Goshen, IN | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2021 | ||
Initial cost, Land | $ 169,000 | ||
Initial cost, Building and improvements | 1,286,000 | ||
Gross amount at which carried at close of period, Land | 169,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 1,286,000 | ||
Gross amount at which carried at close of period, Total | 1,455,000 | ||
Accumulated depreciation | $ 96,000 | ||
Hammond, LA | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2021 | ||
Initial cost, Land | $ 366,000 | ||
Initial cost, Building and improvements | 1,334,000 | ||
Gross amount at which carried at close of period, Land | 366,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 1,334,000 | ||
Gross amount at which carried at close of period, Total | 1,700,000 | ||
Accumulated depreciation | $ 93,000 | ||
Independence, MO | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2021 | ||
Initial cost, Land | $ 798,000 | ||
Initial cost, Building and improvements | 4,816,000 | ||
Costs capitalized subsequent to acquisition | 110,000 | ||
Gross amount at which carried at close of period, Land | 798,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 4,926,000 | ||
Gross amount at which carried at close of period, Total | 5,724,000 | ||
Accumulated depreciation | $ 321,000 | ||
Indianapolis, IN | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2021 | ||
Initial cost, Land | $ 846,000 | ||
Initial cost, Building and improvements | 4,442,000 | ||
Gross amount at which carried at close of period, Land | 846,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 4,442,000 | ||
Gross amount at which carried at close of period, Total | 5,288,000 | ||
Accumulated depreciation | $ 343,000 | ||
Mokena, IL | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2021 | ||
Initial cost, Land | $ 788,000 | ||
Initial cost, Building and improvements | 1,426,000 | ||
Gross amount at which carried at close of period, Land | 788,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 1,426,000 | ||
Gross amount at which carried at close of period, Total | 2,214,000 | ||
Accumulated depreciation | $ 100,000 | ||
Norcross, GA | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2021 | ||
Initial cost, Land | $ 648,000 | ||
Initial cost, Building and improvements | 1,566,000 | ||
Gross amount at which carried at close of period, Land | 648,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 1,566,000 | ||
Gross amount at which carried at close of period, Total | 2,214,000 | ||
Accumulated depreciation | $ 109,000 | ||
Saint Amant, LA | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2021 | ||
Initial cost, Land | $ 452,000 | ||
Initial cost, Building and improvements | 1,292,000 | ||
Gross amount at which carried at close of period, Land | 452,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 1,292,000 | ||
Gross amount at which carried at close of period, Total | 1,744,000 | ||
Accumulated depreciation | $ 95,000 | ||
Skokie, IL | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2021 | ||
Initial cost, Land | $ 2,763,000 | ||
Initial cost, Building and improvements | 3,765,000 | ||
Gross amount at which carried at close of period, Land | 2,763,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 3,765,000 | ||
Gross amount at which carried at close of period, Total | 6,528,000 | ||
Accumulated depreciation | $ 277,000 | ||
St. Louis, MO | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2021 | ||
Initial cost, Land | $ 501,000 | ||
Initial cost, Building and improvements | 3,798,000 | ||
Gross amount at which carried at close of period, Land | 501,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 3,798,000 | ||
Gross amount at which carried at close of period, Total | 4,299,000 | ||
Accumulated depreciation | $ 235,000 | ||
Sugar Creek, MO | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2021 | ||
Initial cost, Land | $ 286,000 | ||
Initial cost, Building and improvements | 1,227,000 | ||
Costs capitalized subsequent to acquisition | 181,000 | ||
Gross amount at which carried at close of period, Land | 286,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 1,408,000 | ||
Gross amount at which carried at close of period, Total | 1,694,000 | ||
Accumulated depreciation | $ 108,000 | ||
Amarillo, TX | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2021 | ||
Initial cost, Land | $ 367,000 | ||
Initial cost, Building and improvements | 1,157,000 | ||
Gross amount at which carried at close of period, Land | 367,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 1,157,000 | ||
Gross amount at which carried at close of period, Total | 1,524,000 | ||
Accumulated depreciation | $ 77,000 | ||
Auburn, AL | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2021 | ||
Initial cost, Land | $ 757,000 | ||
Initial cost, Building and improvements | 1,147,000 | ||
Gross amount at which carried at close of period, Land | 757,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 1,147,000 | ||
Gross amount at which carried at close of period, Total | 1,904,000 | ||
Accumulated depreciation | $ 81,000 | ||
Birmingham, AL | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2021 | ||
Initial cost, Land | $ 332,000 | ||
Initial cost, Building and improvements | 1,348,000 | ||
Gross amount at which carried at close of period, Land | 332,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 1,348,000 | ||
Gross amount at which carried at close of period, Total | 1,680,000 | ||
Accumulated depreciation | $ 95,000 | ||
Braselton, GA | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2021 | ||
Initial cost, Land | $ 583,000 | ||
Initial cost, Building and improvements | 2,090,000 | ||
Gross amount at which carried at close of period, Land | 583,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 2,090,000 | ||
Gross amount at which carried at close of period, Total | 2,673,000 | ||
Accumulated depreciation | $ 133,000 | ||
Carpentersville, IL | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2021 | ||
Initial cost, Land | $ 478,000 | ||
Initial cost, Building and improvements | 950,000 | ||
Gross amount at which carried at close of period, Land | 478,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 950,000 | ||
Gross amount at which carried at close of period, Total | 1,428,000 | ||
Accumulated depreciation | $ 65,000 | ||
Cincinnati, OH | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2021 | ||
Initial cost, Land | $ 224,000 | ||
Initial cost, Building and improvements | 2,055,000 | ||
Gross amount at which carried at close of period, Land | 224,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 2,055,000 | ||
Gross amount at which carried at close of period, Total | 2,279,000 | ||
Accumulated depreciation | $ 131,000 | ||
Cleveland, OH | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2021 | ||
Initial cost, Land | $ 104,000 | ||
Initial cost, Building and improvements | 1,439,000 | ||
Gross amount at which carried at close of period, Land | 104,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 1,439,000 | ||
Gross amount at which carried at close of period, Total | 1,543,000 | ||
Accumulated depreciation | $ 95,000 | ||
Columbus, GA | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2021 | ||
Initial cost, Land | $ 375,000 | ||
Initial cost, Building and improvements | 1,130,000 | ||
Gross amount at which carried at close of period, Land | 375,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 1,130,000 | ||
Gross amount at which carried at close of period, Total | 1,505,000 | ||
Accumulated depreciation | $ 83,000 | ||
Dallas, TX | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2021 | ||
Initial cost, Land | $ 116,000 | ||
Initial cost, Building and improvements | 766,000 | ||
Gross amount at which carried at close of period, Land | 116,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 766,000 | ||
Gross amount at which carried at close of period, Total | 882,000 | ||
Accumulated depreciation | $ 72,000 | ||
Elyria, OH | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2021 | ||
Initial cost, Land | $ 234,000 | ||
Initial cost, Building and improvements | 1,297,000 | ||
Gross amount at which carried at close of period, Land | 234,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 1,297,000 | ||
Gross amount at which carried at close of period, Total | 1,531,000 | ||
Accumulated depreciation | $ 94,000 | ||
Kenosha, WI | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2021 | ||
Initial cost, Land | $ 463,000 | ||
Initial cost, Building and improvements | 1,323,000 | ||
Gross amount at which carried at close of period, Land | 463,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 1,323,000 | ||
Gross amount at which carried at close of period, Total | 1,786,000 | ||
Accumulated depreciation | $ 92,000 | ||
Lima, OH | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2021 | ||
Initial cost, Land | $ 139,000 | ||
Initial cost, Building and improvements | 905,000 | ||
Gross amount at which carried at close of period, Land | 139,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 905,000 | ||
Gross amount at which carried at close of period, Total | 1,044,000 | ||
Accumulated depreciation | $ 57,000 | ||
Palm Harbor, FL | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2021 | ||
Initial cost, Land | $ 553,000 | ||
Initial cost, Building and improvements | 1,249,000 | ||
Costs capitalized subsequent to acquisition | 13,000 | ||
Gross amount at which carried at close of period, Land | 553,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 1,262,000 | ||
Gross amount at which carried at close of period, Total | 1,815,000 | ||
Accumulated depreciation | $ 86,000 | ||
Summit, IL | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2021 | ||
Initial cost, Land | $ 195,000 | ||
Initial cost, Building and improvements | 780,000 | ||
Gross amount at which carried at close of period, Land | 195,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 780,000 | ||
Gross amount at which carried at close of period, Total | 975,000 | ||
Accumulated depreciation | $ 72,000 | ||
Greenwood, SC | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2021 | ||
Initial cost, Land | $ 671,000 | ||
Initial cost, Building and improvements | 4,538,000 | ||
Gross amount at which carried at close of period, Land | 671,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 4,538,000 | ||
Gross amount at which carried at close of period, Total | 5,209,000 | ||
Accumulated depreciation | $ 369,000 | ||
Sevierville, TN | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2021 | ||
Initial cost, Building and improvements | $ 15,973,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 15,973,000 | ||
Gross amount at which carried at close of period, Total | 15,973,000 | ||
Accumulated depreciation | $ 1,003,000 | ||
Bethany, OK | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2022 | ||
Initial cost, Land | $ 207,000 | ||
Initial cost, Building and improvements | 1,469,000 | ||
Gross amount at which carried at close of period, Land | 207,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 1,469,000 | ||
Gross amount at which carried at close of period, Total | 1,676,000 | ||
Accumulated depreciation | $ 86,000 | ||
Beverly Hills, FL | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2022 | ||
Initial cost, Land | $ 614,000 | ||
Initial cost, Building and improvements | 4,278,000 | ||
Gross amount at which carried at close of period, Land | 614,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 4,278,000 | ||
Gross amount at which carried at close of period, Total | 4,892,000 | ||
Accumulated depreciation | $ 244,000 | ||
Cleveland, OH | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2022 | ||
Initial cost, Land | $ 285,000 | ||
Initial cost, Building and improvements | 1,229,000 | ||
Gross amount at which carried at close of period, Land | 285,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 1,229,000 | ||
Gross amount at which carried at close of period, Total | 1,514,000 | ||
Accumulated depreciation | $ 76,000 | ||
Danville, VA | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2022 | ||
Initial cost, Land | $ 228,000 | ||
Initial cost, Building and improvements | 1,583,000 | ||
Costs capitalized subsequent to acquisition | 301,000 | ||
Gross amount at which carried at close of period, Land | 228,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 1,884,000 | ||
Gross amount at which carried at close of period, Total | 2,112,000 | ||
Accumulated depreciation | $ 102,000 | ||
Kansas City, MO | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2022 | ||
Initial cost, Land | $ 304,000 | ||
Initial cost, Building and improvements | 1,352,000 | ||
Gross amount at which carried at close of period, Land | 304,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 1,352,000 | ||
Gross amount at which carried at close of period, Total | 1,656,000 | ||
Accumulated depreciation | $ 87,000 | ||
Kansas City, MO | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2022 | ||
Initial cost, Land | $ 246,000 | ||
Initial cost, Building and improvements | 1,223,000 | ||
Gross amount at which carried at close of period, Land | 246,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 1,223,000 | ||
Gross amount at which carried at close of period, Total | 1,469,000 | ||
Accumulated depreciation | $ 78,000 | ||
Lake City, FL | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2022 | ||
Initial cost, Land | $ 435,000 | ||
Initial cost, Building and improvements | 1,227,000 | ||
Gross amount at which carried at close of period, Land | 435,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 1,227,000 | ||
Gross amount at which carried at close of period, Total | 1,662,000 | ||
Accumulated depreciation | $ 83,000 | ||
Machesney Park, IL | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2022 | ||
Initial cost, Land | $ 577,000 | ||
Initial cost, Building and improvements | 1,427,000 | ||
Gross amount at which carried at close of period, Land | 577,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 1,427,000 | ||
Gross amount at which carried at close of period, Total | 2,004,000 | ||
Accumulated depreciation | $ 90,000 | ||
Ocala, FL | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2022 | ||
Initial cost, Land | $ 378,000 | ||
Initial cost, Building and improvements | 1,954,000 | ||
Gross amount at which carried at close of period, Land | 378,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 1,954,000 | ||
Gross amount at which carried at close of period, Total | 2,332,000 | ||
Accumulated depreciation | $ 114,000 | ||
Orange Park, FL | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2022 | ||
Initial cost, Land | $ 443,000 | ||
Initial cost, Building and improvements | 1,242,000 | ||
Gross amount at which carried at close of period, Land | 443,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 1,242,000 | ||
Gross amount at which carried at close of period, Total | 1,685,000 | ||
Accumulated depreciation | $ 78,000 | ||
Petersburg, VA | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2022 | ||
Initial cost, Land | $ 216,000 | ||
Initial cost, Building and improvements | 1,321,000 | ||
Gross amount at which carried at close of period, Land | 216,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 1,321,000 | ||
Gross amount at which carried at close of period, Total | 1,537,000 | ||
Accumulated depreciation | $ 86,000 | ||
Raleigh, NC | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2022 | ||
Initial cost, Land | $ 548,000 | ||
Initial cost, Building and improvements | 1,035,000 | ||
Gross amount at which carried at close of period, Land | 548,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 1,035,000 | ||
Gross amount at which carried at close of period, Total | 1,583,000 | ||
Accumulated depreciation | $ 75,000 | ||
Richmond, VA | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2022 | ||
Initial cost, Land | $ 352,000 | ||
Initial cost, Building and improvements | 1,016,000 | ||
Gross amount at which carried at close of period, Land | 352,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 1,016,000 | ||
Gross amount at which carried at close of period, Total | 1,368,000 | ||
Accumulated depreciation | $ 68,000 | ||
St. Augustine, FL | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2022 | ||
Initial cost, Land | $ 399,000 | ||
Initial cost, Building and improvements | 1,276,000 | ||
Gross amount at which carried at close of period, Land | 399,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 1,276,000 | ||
Gross amount at which carried at close of period, Total | 1,675,000 | ||
Accumulated depreciation | $ 74,000 | ||
Toledo, OH | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2022 | ||
Initial cost, Land | $ 142,000 | ||
Initial cost, Building and improvements | 1,353,000 | ||
Gross amount at which carried at close of period, Land | 142,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 1,353,000 | ||
Gross amount at which carried at close of period, Total | 1,495,000 | ||
Accumulated depreciation | $ 89,000 | ||
Tulsa, OK | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2022 | ||
Initial cost, Land | $ 341,000 | ||
Initial cost, Building and improvements | 943,000 | ||
Gross amount at which carried at close of period, Land | 341,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 943,000 | ||
Gross amount at which carried at close of period, Total | 1,284,000 | ||
Accumulated depreciation | $ 71,000 | ||
Baton Rouge, LA | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2022 | ||
Initial cost, Land | $ 229,000 | ||
Initial cost, Building and improvements | 1,178,000 | ||
Gross amount at which carried at close of period, Land | 229,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 1,178,000 | ||
Gross amount at which carried at close of period, Total | 1,407,000 | ||
Accumulated depreciation | $ 71,000 | ||
Baton Rouge, LA | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2022 | ||
Initial cost, Land | $ 101,000 | ||
Initial cost, Building and improvements | 1,134,000 | ||
Gross amount at which carried at close of period, Land | 101,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 1,134,000 | ||
Gross amount at which carried at close of period, Total | 1,235,000 | ||
Accumulated depreciation | $ 67,000 | ||
Baytown, TX | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2022 | ||
Initial cost, Land | $ 814,000 | ||
Initial cost, Building and improvements | 3,039,000 | ||
Gross amount at which carried at close of period, Land | 814,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 3,039,000 | ||
Gross amount at which carried at close of period, Total | 3,853,000 | ||
Accumulated depreciation | $ 168,000 | ||
Butler, PA | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2022 | ||
Initial cost, Land | $ 338,000 | ||
Initial cost, Building and improvements | 1,418,000 | ||
Gross amount at which carried at close of period, Land | 338,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 1,418,000 | ||
Gross amount at which carried at close of period, Total | 1,756,000 | ||
Accumulated depreciation | $ 89,000 | ||
Evansville, IN | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2022 | ||
Initial cost, Land | $ 97,000 | ||
Initial cost, Building and improvements | 1,356,000 | ||
Gross amount at which carried at close of period, Land | 97,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 1,356,000 | ||
Gross amount at which carried at close of period, Total | 1,453,000 | ||
Accumulated depreciation | $ 82,000 | ||
Hammond, IN | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2022 | ||
Initial cost, Land | $ 1,311,000 | ||
Initial cost, Building and improvements | 3,366,000 | ||
Gross amount at which carried at close of period, Land | 1,311,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 3,366,000 | ||
Gross amount at which carried at close of period, Total | 4,677,000 | ||
Accumulated depreciation | $ 202,000 | ||
Jermyn, PA | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2022 | ||
Initial cost, Land | $ 142,000 | ||
Initial cost, Building and improvements | 1,490,000 | ||
Gross amount at which carried at close of period, Land | 142,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 1,490,000 | ||
Gross amount at which carried at close of period, Total | 1,632,000 | ||
Accumulated depreciation | $ 90,000 | ||
Kuna, ID | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2022 | ||
Initial cost, Land | $ 722,000 | ||
Initial cost, Building and improvements | 3,896,000 | ||
Gross amount at which carried at close of period, Land | 722,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 3,896,000 | ||
Gross amount at which carried at close of period, Total | 4,618,000 | ||
Accumulated depreciation | $ 230,000 | ||
Leesport, PA | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2022 | ||
Initial cost, Land | $ 399,000 | ||
Initial cost, Building and improvements | 1,117,000 | ||
Gross amount at which carried at close of period, Land | 399,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 1,117,000 | ||
Gross amount at which carried at close of period, Total | 1,516,000 | ||
Accumulated depreciation | $ 73,000 | ||
Mansfield, TX | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2022 | ||
Initial cost, Land | $ 1,134,000 | ||
Initial cost, Building and improvements | 6,930,000 | ||
Gross amount at which carried at close of period, Land | 1,134,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 6,930,000 | ||
Gross amount at which carried at close of period, Total | 8,064,000 | ||
Accumulated depreciation | $ 387,000 | ||
Normal, IL | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2022 | ||
Initial cost, Land | $ 170,000 | ||
Initial cost, Building and improvements | 1,231,000 | ||
Gross amount at which carried at close of period, Land | 170,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 1,231,000 | ||
Gross amount at which carried at close of period, Total | 1,401,000 | ||
Accumulated depreciation | $ 75,000 | ||
North Ridgeville, OH | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2022 | ||
Initial cost, Land | $ 407,000 | ||
Initial cost, Building and improvements | 5,545,000 | ||
Gross amount at which carried at close of period, Land | 407,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 5,545,000 | ||
Gross amount at which carried at close of period, Total | 5,952,000 | ||
Accumulated depreciation | $ 299,000 | ||
Peoria, IL | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2022 | ||
Initial cost, Land | $ 399,000 | ||
Initial cost, Building and improvements | 1,397,000 | ||
Gross amount at which carried at close of period, Land | 399,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 1,397,000 | ||
Gross amount at which carried at close of period, Total | 1,796,000 | ||
Accumulated depreciation | $ 80,000 | ||
Royse City, TX | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2022 | ||
Initial cost, Land | $ 1,238,000 | ||
Initial cost, Building and improvements | 4,173,000 | ||
Gross amount at which carried at close of period, Land | 1,238,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 4,173,000 | ||
Gross amount at which carried at close of period, Total | 5,411,000 | ||
Accumulated depreciation | $ 230,000 | ||
St. Louis, MO | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2022 | ||
Initial cost, Land | $ 196,000 | ||
Initial cost, Building and improvements | 778,000 | ||
Costs capitalized subsequent to acquisition | 211,000 | ||
Gross amount at which carried at close of period, Land | 196,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 989,000 | ||
Gross amount at which carried at close of period, Total | 1,185,000 | ||
Accumulated depreciation | $ 69,000 | ||
St. Louis, MO | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2022 | ||
Initial cost, Land | $ 1,950,000 | ||
Initial cost, Building and improvements | 5,005,000 | ||
Gross amount at which carried at close of period, Land | 1,950,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 5,005,000 | ||
Gross amount at which carried at close of period, Total | 6,955,000 | ||
Accumulated depreciation | $ 271,000 | ||
Tampa, FL | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2022 | ||
Initial cost, Land | $ 512,000 | ||
Initial cost, Building and improvements | 1,765,000 | ||
Gross amount at which carried at close of period, Land | 512,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 1,765,000 | ||
Gross amount at which carried at close of period, Total | 2,277,000 | ||
Accumulated depreciation | $ 108,000 | ||
Washington, PA | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2022 | ||
Initial cost, Land | $ 608,000 | ||
Initial cost, Building and improvements | 1,587,000 | ||
Gross amount at which carried at close of period, Land | 608,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 1,587,000 | ||
Gross amount at which carried at close of period, Total | 2,195,000 | ||
Accumulated depreciation | $ 96,000 | ||
Zion, IL | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2022 | ||
Initial cost, Land | $ 428,000 | ||
Initial cost, Building and improvements | 831,000 | ||
Gross amount at which carried at close of period, Land | 428,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 831,000 | ||
Gross amount at which carried at close of period, Total | 1,259,000 | ||
Accumulated depreciation | $ 71,000 | ||
Baton Rouge, LA | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2022 | ||
Initial cost, Land | $ 475,000 | ||
Initial cost, Building and improvements | 930,000 | ||
Gross amount at which carried at close of period, Land | 475,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 930,000 | ||
Gross amount at which carried at close of period, Total | 1,405,000 | ||
Accumulated depreciation | $ 57,000 | ||
Bessemer, AL | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2022 | ||
Initial cost, Land | $ 1,035,000 | ||
Initial cost, Building and improvements | 4,939,000 | ||
Gross amount at which carried at close of period, Land | 1,035,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 4,939,000 | ||
Gross amount at which carried at close of period, Total | 5,974,000 | ||
Accumulated depreciation | $ 248,000 | ||
Birmingham, AL | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2022 | ||
Initial cost, Land | $ 298,000 | ||
Initial cost, Building and improvements | 1,232,000 | ||
Gross amount at which carried at close of period, Land | 298,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 1,232,000 | ||
Gross amount at which carried at close of period, Total | 1,530,000 | ||
Accumulated depreciation | $ 72,000 | ||
Cleveland, OH | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2022 | ||
Initial cost, Land | $ 233,000 | ||
Initial cost, Building and improvements | 1,036,000 | ||
Gross amount at which carried at close of period, Land | 233,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 1,036,000 | ||
Gross amount at which carried at close of period, Total | 1,269,000 | ||
Accumulated depreciation | $ 71,000 | ||
Cleveland, OH | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2022 | ||
Initial cost, Land | $ 233,000 | ||
Initial cost, Building and improvements | 1,260,000 | ||
Gross amount at which carried at close of period, Land | 233,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 1,260,000 | ||
Gross amount at which carried at close of period, Total | 1,493,000 | ||
Accumulated depreciation | $ 72,000 | ||
Cleveland, OH | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2022 | ||
Initial cost, Land | $ 292,000 | ||
Initial cost, Building and improvements | 1,291,000 | ||
Gross amount at which carried at close of period, Land | 292,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 1,291,000 | ||
Gross amount at which carried at close of period, Total | 1,583,000 | ||
Accumulated depreciation | $ 75,000 | ||
Cuyahoga Falls, OH | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2022 | ||
Initial cost, Land | $ 377,000 | ||
Initial cost, Building and improvements | 1,059,000 | ||
Gross amount at which carried at close of period, Land | 377,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 1,059,000 | ||
Gross amount at which carried at close of period, Total | 1,436,000 | ||
Accumulated depreciation | $ 69,000 | ||
Davenport, IA | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2022 | ||
Initial cost, Land | $ 168,000 | ||
Initial cost, Building and improvements | 1,123,000 | ||
Gross amount at which carried at close of period, Land | 168,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 1,123,000 | ||
Gross amount at which carried at close of period, Total | 1,291,000 | ||
Accumulated depreciation | $ 67,000 | ||
Denham Springs, LA | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2022 | ||
Initial cost, Land | $ 652,000 | ||
Initial cost, Building and improvements | 3,204,000 | ||
Costs capitalized subsequent to acquisition | 15,000 | ||
Gross amount at which carried at close of period, Land | 652,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 3,219,000 | ||
Gross amount at which carried at close of period, Total | 3,871,000 | ||
Accumulated depreciation | $ 179,000 | ||
Gulfport, MS | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2022 | ||
Initial cost, Land | $ 209,000 | ||
Initial cost, Building and improvements | 1,338,000 | ||
Gross amount at which carried at close of period, Land | 209,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 1,338,000 | ||
Gross amount at which carried at close of period, Total | 1,547,000 | ||
Accumulated depreciation | $ 77,000 | ||
Lafayette, LA | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2022 | ||
Initial cost, Land | $ 353,000 | ||
Initial cost, Building and improvements | 800,000 | ||
Gross amount at which carried at close of period, Land | 353,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 800,000 | ||
Gross amount at which carried at close of period, Total | 1,153,000 | ||
Accumulated depreciation | $ 51,000 | ||
Lakeland, FL | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2022 | ||
Initial cost, Land | $ 139,000 | ||
Initial cost, Building and improvements | 1,585,000 | ||
Gross amount at which carried at close of period, Land | 139,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 1,585,000 | ||
Gross amount at which carried at close of period, Total | 1,724,000 | ||
Accumulated depreciation | $ 88,000 | ||
Oklahoma City, OK | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2022 | ||
Initial cost, Land | $ 484,000 | ||
Initial cost, Building and improvements | 1,181,000 | ||
Gross amount at which carried at close of period, Land | 484,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 1,181,000 | ||
Gross amount at which carried at close of period, Total | 1,665,000 | ||
Accumulated depreciation | $ 70,000 | ||
San Angelo, TX | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2022 | ||
Initial cost, Land | $ 125,000 | ||
Initial cost, Building and improvements | 1,103,000 | ||
Gross amount at which carried at close of period, Land | 125,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 1,103,000 | ||
Gross amount at which carried at close of period, Total | 1,228,000 | ||
Accumulated depreciation | $ 66,000 | ||
Tampa, FL | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2022 | ||
Initial cost, Land | $ 233,000 | ||
Initial cost, Building and improvements | 1,723,000 | ||
Gross amount at which carried at close of period, Land | 233,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 1,723,000 | ||
Gross amount at which carried at close of period, Total | 1,956,000 | ||
Accumulated depreciation | $ 98,000 | ||
Westwego, LA | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2022 | ||
Initial cost, Land | $ 1,166,000 | ||
Initial cost, Building and improvements | 1,460,000 | ||
Gross amount at which carried at close of period, Land | 1,166,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 1,460,000 | ||
Gross amount at which carried at close of period, Total | 2,626,000 | ||
Accumulated depreciation | $ 91,000 | ||
Aiken, SC | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2022 | ||
Initial cost, Land | $ 176,000 | ||
Initial cost, Building and improvements | 1,183,000 | ||
Gross amount at which carried at close of period, Land | 176,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 1,183,000 | ||
Gross amount at which carried at close of period, Total | 1,359,000 | ||
Accumulated depreciation | $ 64,000 | ||
Belleville, IL | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2022 | ||
Initial cost, Land | $ 226,000 | ||
Initial cost, Building and improvements | 1,175,000 | ||
Gross amount at which carried at close of period, Land | 226,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 1,175,000 | ||
Gross amount at which carried at close of period, Total | 1,401,000 | ||
Accumulated depreciation | $ 64,000 | ||
Blacklick, OH | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2022 | ||
Initial cost, Land | $ 2,141,000 | ||
Initial cost, Building and improvements | 2,652,000 | ||
Gross amount at which carried at close of period, Land | 2,141,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 2,652,000 | ||
Gross amount at which carried at close of period, Total | 4,793,000 | ||
Accumulated depreciation | $ 138,000 | ||
Columbia, SC | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2022 | ||
Initial cost, Land | $ 194,000 | ||
Initial cost, Building and improvements | 1,292,000 | ||
Gross amount at which carried at close of period, Land | 194,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 1,292,000 | ||
Gross amount at which carried at close of period, Total | 1,486,000 | ||
Accumulated depreciation | $ 72,000 | ||
Columbia, SC | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2022 | ||
Initial cost, Land | $ 2,093,000 | ||
Initial cost, Building and improvements | 2,968,000 | ||
Gross amount at which carried at close of period, Land | 2,093,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 2,968,000 | ||
Gross amount at which carried at close of period, Total | 5,061,000 | ||
Accumulated depreciation | $ 142,000 | ||
Conway, SC | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2022 | ||
Initial cost, Land | $ 996,000 | ||
Initial cost, Building and improvements | 4,256,000 | ||
Gross amount at which carried at close of period, Land | 996,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 4,256,000 | ||
Gross amount at which carried at close of period, Total | 5,252,000 | ||
Accumulated depreciation | $ 216,000 | ||
Denham Springs, LA | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2022 | ||
Initial cost, Land | $ 143,000 | ||
Initial cost, Building and improvements | 1,466,000 | ||
Gross amount at which carried at close of period, Land | 143,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 1,466,000 | ||
Gross amount at which carried at close of period, Total | 1,609,000 | ||
Accumulated depreciation | $ 71,000 | ||
Grafton, WI | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2022 | ||
Initial cost, Land | $ 1,000,000 | ||
Initial cost, Building and improvements | 2,602,000 | ||
Gross amount at which carried at close of period, Land | 1,000,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 2,602,000 | ||
Gross amount at which carried at close of period, Total | 3,602,000 | ||
Accumulated depreciation | $ 149,000 | ||
Norton, OH | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2022 | ||
Initial cost, Land | $ 187,000 | ||
Initial cost, Building and improvements | 1,365,000 | ||
Gross amount at which carried at close of period, Land | 187,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 1,365,000 | ||
Gross amount at which carried at close of period, Total | 1,552,000 | ||
Accumulated depreciation | $ 73,000 | ||
Staunton, VA | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2022 | ||
Initial cost, Land | $ 564,000 | ||
Initial cost, Building and improvements | 4,889,000 | ||
Gross amount at which carried at close of period, Land | 564,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 4,889,000 | ||
Gross amount at which carried at close of period, Total | 5,453,000 | ||
Accumulated depreciation | $ 233,000 | ||
Sun Prairie, WI | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2022 | ||
Initial cost, Land | $ 232,000 | ||
Initial cost, Building and improvements | 565,000 | ||
Gross amount at which carried at close of period, Land | 232,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 565,000 | ||
Gross amount at which carried at close of period, Total | 797,000 | ||
Accumulated depreciation | $ 34,000 | ||
Travelers Rest, SC | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2022 | ||
Initial cost, Land | $ 284,000 | ||
Initial cost, Building and improvements | 1,012,000 | ||
Gross amount at which carried at close of period, Land | 284,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 1,012,000 | ||
Gross amount at which carried at close of period, Total | 1,296,000 | ||
Accumulated depreciation | $ 58,000 | ||
Walker, LA | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2022 | ||
Initial cost, Land | $ 175,000 | ||
Initial cost, Building and improvements | 1,988,000 | ||
Gross amount at which carried at close of period, Land | 175,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 1,988,000 | ||
Gross amount at which carried at close of period, Total | 2,163,000 | ||
Accumulated depreciation | $ 97,000 | ||
Waukesha, WI | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2022 | ||
Initial cost, Land | $ 1,342,000 | ||
Initial cost, Building and improvements | 4,990,000 | ||
Costs capitalized subsequent to acquisition | 12,000 | ||
Gross amount at which carried at close of period, Land | 1,342,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 5,002,000 | ||
Gross amount at which carried at close of period, Total | 6,344,000 | ||
Accumulated depreciation | $ 241,000 | ||
West Bend, WI | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2022 | ||
Initial cost, Land | $ 2,273,000 | ||
Initial cost, Building and improvements | 15,811,000 | ||
Gross amount at which carried at close of period, Land | 2,273,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 15,811,000 | ||
Gross amount at which carried at close of period, Total | 18,084,000 | ||
Accumulated depreciation | $ 725,000 | ||
Zanesville, OH | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2022 | ||
Initial cost, Land | $ 178,000 | ||
Initial cost, Building and improvements | 1,349,000 | ||
Gross amount at which carried at close of period, Land | 178,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 1,349,000 | ||
Gross amount at which carried at close of period, Total | 1,527,000 | ||
Accumulated depreciation | $ 71,000 | ||
Altoona, PA | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2022 | ||
Initial cost, Land | $ 203,000 | ||
Initial cost, Building and improvements | 1,402,000 | ||
Gross amount at which carried at close of period, Land | 203,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 1,402,000 | ||
Gross amount at which carried at close of period, Total | 1,605,000 | ||
Accumulated depreciation | $ 68,000 | ||
Baton Rouge, LA | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2022 | ||
Initial cost, Land | $ 114,000 | ||
Initial cost, Building and improvements | 1,677,000 | ||
Gross amount at which carried at close of period, Land | 114,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 1,677,000 | ||
Gross amount at which carried at close of period, Total | 1,791,000 | ||
Accumulated depreciation | $ 75,000 | ||
Bethlehem, PA | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2022 | ||
Initial cost, Land | $ 492,000 | ||
Initial cost, Building and improvements | 3,400,000 | ||
Gross amount at which carried at close of period, Land | 492,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 3,400,000 | ||
Gross amount at which carried at close of period, Total | 3,892,000 | ||
Accumulated depreciation | $ 149,000 | ||
Chicago, IL | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2022 | ||
Initial cost, Land | $ 378,000 | ||
Initial cost, Building and improvements | 1,703,000 | ||
Gross amount at which carried at close of period, Land | 378,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 1,703,000 | ||
Gross amount at which carried at close of period, Total | 2,081,000 | ||
Accumulated depreciation | $ 74,000 | ||
Chicago, IL | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2022 | ||
Initial cost, Land | $ 1,478,000 | ||
Initial cost, Building and improvements | 4,104,000 | ||
Gross amount at which carried at close of period, Land | 1,478,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 4,104,000 | ||
Gross amount at which carried at close of period, Total | 5,582,000 | ||
Accumulated depreciation | $ 178,000 | ||
Chicago, IL | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2022 | ||
Initial cost, Land | $ 1,107,000 | ||
Initial cost, Building and improvements | 5,724,000 | ||
Gross amount at which carried at close of period, Land | 1,107,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 5,724,000 | ||
Gross amount at which carried at close of period, Total | 6,831,000 | ||
Accumulated depreciation | $ 236,000 | ||
Collinsville, OK | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2022 | ||
Initial cost, Land | $ 893,000 | ||
Initial cost, Building and improvements | 3,021,000 | ||
Gross amount at which carried at close of period, Land | 893,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 3,021,000 | ||
Gross amount at which carried at close of period, Total | 3,914,000 | ||
Accumulated depreciation | $ 149,000 | ||
Elizabeth, PA | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2022 | ||
Initial cost, Land | $ 345,000 | ||
Initial cost, Building and improvements | 1,448,000 | ||
Gross amount at which carried at close of period, Land | 345,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 1,448,000 | ||
Gross amount at which carried at close of period, Total | 1,793,000 | ||
Accumulated depreciation | $ 80,000 | ||
Fayetteville, NC | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2022 | ||
Initial cost, Land | $ 189,000 | ||
Initial cost, Building and improvements | 1,200,000 | ||
Gross amount at which carried at close of period, Land | 189,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 1,200,000 | ||
Gross amount at which carried at close of period, Total | 1,389,000 | ||
Accumulated depreciation | $ 61,000 | ||
Fort Wayne, IN | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2022 | ||
Initial cost, Land | $ 2,038,000 | ||
Initial cost, Building and improvements | 4,176,000 | ||
Costs capitalized subsequent to acquisition | 237,000 | ||
Gross amount at which carried at close of period, Land | 2,038,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 4,413,000 | ||
Gross amount at which carried at close of period, Total | 6,451,000 | ||
Accumulated depreciation | $ 299,000 | ||
Jerome, IL | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2022 | ||
Initial cost, Land | $ 341,000 | ||
Initial cost, Building and improvements | 2,058,000 | ||
Gross amount at which carried at close of period, Land | 341,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 2,058,000 | ||
Gross amount at which carried at close of period, Total | 2,399,000 | ||
Accumulated depreciation | $ 97,000 | ||
League City, TX | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2022 | ||
Initial cost, Land | $ 1,392,000 | ||
Initial cost, Building and improvements | 3,768,000 | ||
Gross amount at which carried at close of period, Land | 1,392,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 3,768,000 | ||
Gross amount at which carried at close of period, Total | 5,160,000 | ||
Accumulated depreciation | $ 165,000 | ||
Meraux, LA | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2022 | ||
Initial cost, Land | $ 820,000 | ||
Initial cost, Building and improvements | 3,037,000 | ||
Gross amount at which carried at close of period, Land | 820,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 3,037,000 | ||
Gross amount at which carried at close of period, Total | 3,857,000 | ||
Accumulated depreciation | $ 150,000 | ||
Ocala, FL | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2022 | ||
Initial cost, Land | $ 1,600,000 | ||
Initial cost, Building and improvements | 2,038,000 | ||
Costs capitalized subsequent to acquisition | 150,000 | ||
Gross amount at which carried at close of period, Land | 1,600,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 2,188,000 | ||
Gross amount at which carried at close of period, Total | 3,788,000 | ||
Accumulated depreciation | $ 105,000 | ||
Odessa, TX | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2022 | ||
Initial cost, Land | $ 104,000 | ||
Initial cost, Building and improvements | 1,316,000 | ||
Gross amount at which carried at close of period, Land | 104,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 1,316,000 | ||
Gross amount at which carried at close of period, Total | 1,420,000 | ||
Accumulated depreciation | $ 64,000 | ||
Panama City, FL | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2022 | ||
Initial cost, Land | $ 575,000 | ||
Initial cost, Building and improvements | 1,477,000 | ||
Gross amount at which carried at close of period, Land | 575,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 1,477,000 | ||
Gross amount at which carried at close of period, Total | 2,052,000 | ||
Accumulated depreciation | $ 74,000 | ||
Richmond, IN | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2022 | ||
Initial cost, Land | $ 239,000 | ||
Initial cost, Building and improvements | 2,445,000 | ||
Gross amount at which carried at close of period, Land | 239,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 2,445,000 | ||
Gross amount at which carried at close of period, Total | 2,684,000 | ||
Accumulated depreciation | $ 120,000 | ||
Beavercreek, OH | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2022 | ||
Initial cost, Land | $ 776,000 | ||
Initial cost, Building and improvements | 1,282,000 | ||
Gross amount at which carried at close of period, Land | 776,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 1,282,000 | ||
Gross amount at which carried at close of period, Total | 2,058,000 | ||
Accumulated depreciation | $ 61,000 | ||
Chicago, IL | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2022 | ||
Initial cost, Land | $ 582,000 | ||
Initial cost, Building and improvements | 5,399,000 | ||
Gross amount at which carried at close of period, Land | 582,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 5,399,000 | ||
Gross amount at which carried at close of period, Total | 5,981,000 | ||
Accumulated depreciation | $ 207,000 | ||
El Paso, TX | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2022 | ||
Initial cost, Land | $ 396,000 | ||
Initial cost, Building and improvements | 1,766,000 | ||
Gross amount at which carried at close of period, Land | 396,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 1,766,000 | ||
Gross amount at which carried at close of period, Total | 2,162,000 | ||
Accumulated depreciation | $ 76,000 | ||
Fairborn, OH | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2022 | ||
Initial cost, Land | $ 315,000 | ||
Initial cost, Building and improvements | 1,492,000 | ||
Gross amount at which carried at close of period, Land | 315,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 1,492,000 | ||
Gross amount at which carried at close of period, Total | 1,807,000 | ||
Accumulated depreciation | $ 68,000 | ||
Franklin, TN | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2022 | ||
Initial cost, Land | $ 1,903,000 | ||
Initial cost, Building and improvements | 2,849,000 | ||
Gross amount at which carried at close of period, Land | 1,903,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 2,849,000 | ||
Gross amount at which carried at close of period, Total | 4,752,000 | ||
Accumulated depreciation | $ 134,000 | ||
Gainesville, FL | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2022 | ||
Initial cost, Land | $ 1,968,000 | ||
Initial cost, Building and improvements | 3,408,000 | ||
Gross amount at which carried at close of period, Land | 1,968,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 3,408,000 | ||
Gross amount at which carried at close of period, Total | 5,376,000 | ||
Accumulated depreciation | $ 147,000 | ||
Gastonia, NC | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2022 | ||
Initial cost, Land | $ 272,000 | ||
Initial cost, Building and improvements | 3,195,000 | ||
Gross amount at which carried at close of period, Land | 272,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 3,195,000 | ||
Gross amount at which carried at close of period, Total | 3,467,000 | ||
Accumulated depreciation | $ 129,000 | ||
Houston, TX | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2022 | ||
Initial cost, Land | $ 1,106,000 | ||
Initial cost, Building and improvements | 3,719,000 | ||
Gross amount at which carried at close of period, Land | 1,106,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 3,719,000 | ||
Gross amount at which carried at close of period, Total | 4,825,000 | ||
Accumulated depreciation | $ 156,000 | ||
Johnson City, TN | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2022 | ||
Initial cost, Land | $ 241,000 | ||
Initial cost, Building and improvements | 1,253,000 | ||
Gross amount at which carried at close of period, Land | 241,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 1,253,000 | ||
Gross amount at which carried at close of period, Total | 1,494,000 | ||
Accumulated depreciation | $ 62,000 | ||
Lakeland, FL | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2022 | ||
Initial cost, Land | $ 481,000 | ||
Initial cost, Building and improvements | 1,544,000 | ||
Gross amount at which carried at close of period, Land | 481,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 1,544,000 | ||
Gross amount at which carried at close of period, Total | 2,025,000 | ||
Accumulated depreciation | $ 73,000 | ||
Lithonia, GA | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2022 | ||
Initial cost, Land | $ 465,000 | ||
Initial cost, Building and improvements | 1,900,000 | ||
Gross amount at which carried at close of period, Land | 465,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 1,900,000 | ||
Gross amount at which carried at close of period, Total | 2,365,000 | ||
Accumulated depreciation | $ 89,000 | ||
Mableton, GA | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2022 | ||
Initial cost, Land | $ 210,000 | ||
Initial cost, Building and improvements | 1,442,000 | ||
Gross amount at which carried at close of period, Land | 210,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 1,442,000 | ||
Gross amount at which carried at close of period, Total | 1,652,000 | ||
Accumulated depreciation | $ 70,000 | ||
Nashville, TN | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2022 | ||
Initial cost, Land | $ 810,000 | ||
Initial cost, Building and improvements | 1,182,000 | ||
Gross amount at which carried at close of period, Land | 810,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 1,182,000 | ||
Gross amount at which carried at close of period, Total | 1,992,000 | ||
Accumulated depreciation | $ 65,000 | ||
Rockford, IL | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2022 | ||
Initial cost, Land | $ 1,029,000 | ||
Initial cost, Building and improvements | 1,521,000 | ||
Gross amount at which carried at close of period, Land | 1,029,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 1,521,000 | ||
Gross amount at which carried at close of period, Total | 2,550,000 | ||
Accumulated depreciation | $ 101,000 | ||
Rome, GA | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2022 | ||
Initial cost, Land | $ 408,000 | ||
Initial cost, Building and improvements | 2,283,000 | ||
Gross amount at which carried at close of period, Land | 408,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 2,283,000 | ||
Gross amount at which carried at close of period, Total | 2,691,000 | ||
Accumulated depreciation | $ 106,000 | ||
Rosenberg, TX | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2022 | ||
Initial cost, Land | $ 115,000 | ||
Initial cost, Building and improvements | 1,415,000 | ||
Gross amount at which carried at close of period, Land | 115,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 1,415,000 | ||
Gross amount at which carried at close of period, Total | 1,530,000 | ||
Accumulated depreciation | $ 65,000 | ||
San Angelo, TX | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2022 | ||
Initial cost, Land | $ 515,000 | ||
Initial cost, Building and improvements | 898,000 | ||
Gross amount at which carried at close of period, Land | 515,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 898,000 | ||
Gross amount at which carried at close of period, Total | 1,413,000 | ||
Accumulated depreciation | $ 45,000 | ||
Trotwood, OH | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2022 | ||
Initial cost, Land | $ 46,000 | ||
Initial cost, Building and improvements | 1,444,000 | ||
Gross amount at which carried at close of period, Land | 46,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 1,444,000 | ||
Gross amount at which carried at close of period, Total | 1,490,000 | ||
Accumulated depreciation | $ 68,000 | ||
Warner Robins, GA | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2022 | ||
Initial cost, Land | $ 2,526,000 | ||
Initial cost, Building and improvements | 4,872,000 | ||
Gross amount at which carried at close of period, Land | 2,526,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 4,872,000 | ||
Gross amount at which carried at close of period, Total | 7,398,000 | ||
Accumulated depreciation | $ 233,000 | ||
Woodstock, IL | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2022 | ||
Initial cost, Land | $ 288,000 | ||
Initial cost, Building and improvements | 1,274,000 | ||
Gross amount at which carried at close of period, Land | 288,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 1,274,000 | ||
Gross amount at which carried at close of period, Total | 1,562,000 | ||
Accumulated depreciation | $ 66,000 | ||
Xenia, OH | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2022 | ||
Initial cost, Land | $ 457,000 | ||
Initial cost, Building and improvements | 1,826,000 | ||
Gross amount at which carried at close of period, Land | 457,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 1,826,000 | ||
Gross amount at which carried at close of period, Total | 2,283,000 | ||
Accumulated depreciation | $ 87,000 | ||
Bloomington, IL | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2022 | ||
Initial cost, Land | $ 353,000 | ||
Initial cost, Building and improvements | 1,371,000 | ||
Gross amount at which carried at close of period, Land | 353,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 1,371,000 | ||
Gross amount at which carried at close of period, Total | 1,724,000 | ||
Accumulated depreciation | $ 64,000 | ||
Cocoa, FL | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2022 | ||
Initial cost, Land | $ 501,000 | ||
Initial cost, Building and improvements | 1,440,000 | ||
Gross amount at which carried at close of period, Land | 501,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 1,440,000 | ||
Gross amount at which carried at close of period, Total | 1,941,000 | ||
Accumulated depreciation | $ 69,000 | ||
Dalton, GA | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2022 | ||
Initial cost, Land | $ 534,000 | ||
Initial cost, Building and improvements | 1,282,000 | ||
Gross amount at which carried at close of period, Land | 534,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 1,282,000 | ||
Gross amount at which carried at close of period, Total | 1,816,000 | ||
Accumulated depreciation | $ 61,000 | ||
Decatur, IL | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2022 | ||
Initial cost, Land | $ 158,000 | ||
Initial cost, Building and improvements | 1,012,000 | ||
Gross amount at which carried at close of period, Land | 158,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 1,012,000 | ||
Gross amount at which carried at close of period, Total | 1,170,000 | ||
Accumulated depreciation | $ 50,000 | ||
Douglasville, GA | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2022 | ||
Initial cost, Land | $ 150,000 | ||
Initial cost, Building and improvements | 1,449,000 | ||
Gross amount at which carried at close of period, Land | 150,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 1,449,000 | ||
Gross amount at which carried at close of period, Total | 1,599,000 | ||
Accumulated depreciation | $ 74,000 | ||
Gretna, LA | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2022 | ||
Initial cost, Land | $ 576,000 | ||
Initial cost, Building and improvements | 1,389,000 | ||
Gross amount at which carried at close of period, Land | 576,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 1,389,000 | ||
Gross amount at which carried at close of period, Total | 1,965,000 | ||
Accumulated depreciation | $ 67,000 | ||
Las Vegas, NV | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2022 | ||
Initial cost, Land | $ 762,000 | ||
Initial cost, Building and improvements | 5,811,000 | ||
Gross amount at which carried at close of period, Land | 762,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 5,811,000 | ||
Gross amount at which carried at close of period, Total | 6,573,000 | ||
Accumulated depreciation | $ 241,000 | ||
Lawrenceville, GA | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2022 | ||
Initial cost, Land | $ 1,588,000 | ||
Initial cost, Building and improvements | 5,995,000 | ||
Costs capitalized subsequent to acquisition | 13,000 | ||
Gross amount at which carried at close of period, Land | 1,588,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 6,008,000 | ||
Gross amount at which carried at close of period, Total | 7,596,000 | ||
Accumulated depreciation | $ 286,000 | ||
Lawrenceville, GA | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2022 | ||
Initial cost, Land | $ 1,844,000 | ||
Initial cost, Building and improvements | 4,615,000 | ||
Gross amount at which carried at close of period, Land | 1,844,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 4,615,000 | ||
Gross amount at which carried at close of period, Total | 6,459,000 | ||
Accumulated depreciation | $ 191,000 | ||
Mobile, AL | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2022 | ||
Initial cost, Land | $ 257,000 | ||
Initial cost, Building and improvements | 1,088,000 | ||
Gross amount at which carried at close of period, Land | 257,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 1,088,000 | ||
Gross amount at which carried at close of period, Total | 1,345,000 | ||
Accumulated depreciation | $ 49,000 | ||
Morton, IL | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2022 | ||
Initial cost, Land | $ 237,000 | ||
Initial cost, Building and improvements | 1,434,000 | ||
Gross amount at which carried at close of period, Land | 237,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 1,434,000 | ||
Gross amount at which carried at close of period, Total | 1,671,000 | ||
Accumulated depreciation | $ 72,000 | ||
New Bern, NC | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2022 | ||
Initial cost, Land | $ 275,000 | ||
Initial cost, Building and improvements | 1,011,000 | ||
Gross amount at which carried at close of period, Land | 275,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 1,011,000 | ||
Gross amount at which carried at close of period, Total | 1,286,000 | ||
Accumulated depreciation | $ 50,000 | ||
Shreveport, LA | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2022 | ||
Initial cost, Land | $ 324,000 | ||
Initial cost, Building and improvements | 1,116,000 | ||
Gross amount at which carried at close of period, Land | 324,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 1,116,000 | ||
Gross amount at which carried at close of period, Total | 1,440,000 | ||
Accumulated depreciation | $ 55,000 | ||
Shreveport, LA | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2022 | ||
Initial cost, Land | $ 389,000 | ||
Initial cost, Building and improvements | 1,437,000 | ||
Gross amount at which carried at close of period, Land | 389,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 1,437,000 | ||
Gross amount at which carried at close of period, Total | 1,826,000 | ||
Accumulated depreciation | $ 65,000 | ||
Sumter, SC | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2022 | ||
Initial cost, Land | $ 216,000 | ||
Initial cost, Building and improvements | 1,041,000 | ||
Gross amount at which carried at close of period, Land | 216,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 1,041,000 | ||
Gross amount at which carried at close of period, Total | 1,257,000 | ||
Accumulated depreciation | $ 54,000 | ||
Superior, WI | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2022 | ||
Initial cost, Land | $ 258,000 | ||
Initial cost, Building and improvements | 1,626,000 | ||
Gross amount at which carried at close of period, Land | 258,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 1,626,000 | ||
Gross amount at which carried at close of period, Total | 1,884,000 | ||
Accumulated depreciation | $ 72,000 | ||
Winston-Salem, NC | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2022 | ||
Initial cost, Land | $ 611,000 | ||
Initial cost, Building and improvements | 1,359,000 | ||
Gross amount at which carried at close of period, Land | 611,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 1,359,000 | ||
Gross amount at which carried at close of period, Total | 1,970,000 | ||
Accumulated depreciation | $ 59,000 | ||
Avon, OH | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2022 | ||
Initial cost, Land | $ 699,000 | ||
Initial cost, Building and improvements | 836,000 | ||
Costs capitalized subsequent to acquisition | 34,000 | ||
Gross amount at which carried at close of period, Land | 699,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 870,000 | ||
Gross amount at which carried at close of period, Total | 1,569,000 | ||
Accumulated depreciation | $ 46,000 | ||
Boiling Springs, SC | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2022 | ||
Initial cost, Land | $ 142,000 | ||
Initial cost, Building and improvements | 1,263,000 | ||
Gross amount at which carried at close of period, Land | 142,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 1,263,000 | ||
Gross amount at which carried at close of period, Total | 1,405,000 | ||
Accumulated depreciation | $ 57,000 | ||
Burlington, NC | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2022 | ||
Initial cost, Land | $ 734,000 | ||
Initial cost, Building and improvements | 1,708,000 | ||
Gross amount at which carried at close of period, Land | 734,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 1,708,000 | ||
Gross amount at which carried at close of period, Total | 2,442,000 | ||
Accumulated depreciation | $ 82,000 | ||
Clarksville, TN | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2022 | ||
Initial cost, Land | $ 517,000 | ||
Initial cost, Building and improvements | 1,421,000 | ||
Gross amount at which carried at close of period, Land | 517,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 1,421,000 | ||
Gross amount at which carried at close of period, Total | 1,938,000 | ||
Accumulated depreciation | $ 58,000 | ||
Conway, AR | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2022 | ||
Initial cost, Land | $ 288,000 | ||
Initial cost, Building and improvements | 1,166,000 | ||
Gross amount at which carried at close of period, Land | 288,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 1,166,000 | ||
Gross amount at which carried at close of period, Total | 1,454,000 | ||
Accumulated depreciation | $ 52,000 | ||
Eau Claire, WI | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2022 | ||
Initial cost, Land | $ 316,000 | ||
Initial cost, Building and improvements | 1,398,000 | ||
Gross amount at which carried at close of period, Land | 316,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 1,398,000 | ||
Gross amount at which carried at close of period, Total | 1,714,000 | ||
Accumulated depreciation | $ 61,000 | ||
Fort Smith, AR | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2022 | ||
Initial cost, Land | $ 143,000 | ||
Initial cost, Building and improvements | 1,167,000 | ||
Gross amount at which carried at close of period, Land | 143,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 1,167,000 | ||
Gross amount at which carried at close of period, Total | 1,310,000 | ||
Accumulated depreciation | $ 55,000 | ||
Houston, TX | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2022 | ||
Initial cost, Land | $ 848,000 | ||
Initial cost, Building and improvements | 3,712,000 | ||
Gross amount at which carried at close of period, Land | 848,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 3,712,000 | ||
Gross amount at which carried at close of period, Total | 4,560,000 | ||
Accumulated depreciation | $ 138,000 | ||
Kenosha, WI | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2022 | ||
Initial cost, Land | $ 175,000 | ||
Initial cost, Building and improvements | 1,344,000 | ||
Gross amount at which carried at close of period, Land | 175,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 1,344,000 | ||
Gross amount at which carried at close of period, Total | 1,519,000 | ||
Accumulated depreciation | $ 70,000 | ||
Kenosha, WI | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2022 | ||
Initial cost, Land | $ 376,000 | ||
Initial cost, Building and improvements | 1,512,000 | ||
Gross amount at which carried at close of period, Land | 376,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 1,512,000 | ||
Gross amount at which carried at close of period, Total | 1,888,000 | ||
Accumulated depreciation | $ 67,000 | ||
Marion, OH | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2022 | ||
Initial cost, Land | $ 132,000 | ||
Initial cost, Building and improvements | 1,217,000 | ||
Gross amount at which carried at close of period, Land | 132,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 1,217,000 | ||
Gross amount at which carried at close of period, Total | 1,349,000 | ||
Accumulated depreciation | $ 57,000 | ||
Mount Joy, PA | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2022 | ||
Initial cost, Land | $ 456,000 | ||
Initial cost, Building and improvements | 1,415,000 | ||
Gross amount at which carried at close of period, Land | 456,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 1,415,000 | ||
Gross amount at which carried at close of period, Total | 1,871,000 | ||
Accumulated depreciation | $ 63,000 | ||
Natrona Heights, PA | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2022 | ||
Initial cost, Land | $ 440,000 | ||
Initial cost, Building and improvements | 1,485,000 | ||
Gross amount at which carried at close of period, Land | 440,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 1,485,000 | ||
Gross amount at which carried at close of period, Total | 1,925,000 | ||
Accumulated depreciation | $ 64,000 | ||
Pensacola, FL | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2022 | ||
Initial cost, Land | $ 743,000 | ||
Initial cost, Building and improvements | 976,000 | ||
Gross amount at which carried at close of period, Land | 743,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 976,000 | ||
Gross amount at which carried at close of period, Total | 1,719,000 | ||
Accumulated depreciation | $ 49,000 | ||
Pine Bluff, AR | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2022 | ||
Initial cost, Land | $ 201,000 | ||
Initial cost, Building and improvements | 1,192,000 | ||
Gross amount at which carried at close of period, Land | 201,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 1,192,000 | ||
Gross amount at which carried at close of period, Total | 1,393,000 | ||
Accumulated depreciation | $ 60,000 | ||
Racine, WI | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2022 | ||
Initial cost, Land | $ 188,000 | ||
Initial cost, Building and improvements | 1,340,000 | ||
Gross amount at which carried at close of period, Land | 188,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 1,340,000 | ||
Gross amount at which carried at close of period, Total | 1,528,000 | ||
Accumulated depreciation | $ 60,000 | ||
San Antonio, TX | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2022 | ||
Initial cost, Land | $ 223,000 | ||
Initial cost, Building and improvements | 1,126,000 | ||
Costs capitalized subsequent to acquisition | 19,000 | ||
Gross amount at which carried at close of period, Land | 223,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 1,145,000 | ||
Gross amount at which carried at close of period, Total | 1,368,000 | ||
Accumulated depreciation | $ 47,000 | ||
Sheffield Lake, OH | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2022 | ||
Initial cost, Land | $ 295,000 | ||
Initial cost, Building and improvements | 1,094,000 | ||
Gross amount at which carried at close of period, Land | 295,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 1,094,000 | ||
Gross amount at which carried at close of period, Total | 1,389,000 | ||
Accumulated depreciation | $ 51,000 | ||
Spring Hill, TN | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2022 | ||
Initial cost, Land | $ 761,000 | ||
Initial cost, Building and improvements | 1,296,000 | ||
Gross amount at which carried at close of period, Land | 761,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 1,296,000 | ||
Gross amount at which carried at close of period, Total | 2,057,000 | ||
Accumulated depreciation | $ 55,000 | ||
Statesville, NC | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2022 | ||
Initial cost, Land | $ 1,731,000 | ||
Initial cost, Building and improvements | 5,285,000 | ||
Gross amount at which carried at close of period, Land | 1,731,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 5,285,000 | ||
Gross amount at which carried at close of period, Total | 7,016,000 | ||
Accumulated depreciation | $ 243,000 | ||
Sumter, SC | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2022 | ||
Initial cost, Land | $ 233,000 | ||
Initial cost, Building and improvements | 632,000 | ||
Gross amount at which carried at close of period, Land | 233,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 632,000 | ||
Gross amount at which carried at close of period, Total | 865,000 | ||
Accumulated depreciation | $ 33,000 | ||
Toledo, OH | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2022 | ||
Initial cost, Land | $ 94,000 | ||
Initial cost, Building and improvements | 1,423,000 | ||
Gross amount at which carried at close of period, Land | 94,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 1,423,000 | ||
Gross amount at which carried at close of period, Total | 1,517,000 | ||
Accumulated depreciation | $ 62,000 | ||
Amherst, OH | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2022 | ||
Initial cost, Land | $ 205,000 | ||
Initial cost, Building and improvements | 1,329,000 | ||
Gross amount at which carried at close of period, Land | 205,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 1,329,000 | ||
Gross amount at which carried at close of period, Total | 1,534,000 | ||
Accumulated depreciation | $ 62,000 | ||
Belpre, OH | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2022 | ||
Initial cost, Land | $ 440,000 | ||
Initial cost, Building and improvements | 4,338,000 | ||
Gross amount at which carried at close of period, Land | 440,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 4,338,000 | ||
Gross amount at which carried at close of period, Total | 4,778,000 | ||
Accumulated depreciation | $ 166,000 | ||
Birmingham, AL [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2021 | ||
Initial cost, Land | $ 211,000 | ||
Initial cost, Building and improvements | 1,370,000 | ||
Gross amount at which carried at close of period, Land | 211,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 1,370,000 | ||
Gross amount at which carried at close of period, Total | 1,581,000 | ||
Accumulated depreciation | $ 128,000 | ||
Birmingham, AL | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2022 | ||
Initial cost, Land | $ 1,337,000 | ||
Initial cost, Building and improvements | 5,893,000 | ||
Gross amount at which carried at close of period, Land | 1,337,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 5,893,000 | ||
Gross amount at which carried at close of period, Total | 7,230,000 | ||
Accumulated depreciation | $ 266,000 | ||
Chesapeake, VA | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2022 | ||
Initial cost, Land | $ 1,063,000 | ||
Initial cost, Building and improvements | 3,765,000 | ||
Gross amount at which carried at close of period, Land | 1,063,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 3,765,000 | ||
Gross amount at which carried at close of period, Total | 4,828,000 | ||
Accumulated depreciation | $ 149,000 | ||
Crystal Lake, IL | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2022 | ||
Initial cost, Land | $ 126,000 | ||
Initial cost, Building and improvements | 1,446,000 | ||
Gross amount at which carried at close of period, Land | 126,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 1,446,000 | ||
Gross amount at which carried at close of period, Total | 1,572,000 | ||
Accumulated depreciation | $ 64,000 | ||
Chicago, IL | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2022 | ||
Initial cost, Land | $ 746,000 | ||
Initial cost, Building and improvements | 3,680,000 | ||
Gross amount at which carried at close of period, Land | 746,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 3,680,000 | ||
Gross amount at which carried at close of period, Total | 4,426,000 | ||
Accumulated depreciation | $ 142,000 | ||
Gillette, WY | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2022 | ||
Initial cost, Land | $ 576,000 | ||
Initial cost, Building and improvements | 1,540,000 | ||
Costs capitalized subsequent to acquisition | 51,000 | ||
Gross amount at which carried at close of period, Land | 576,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 1,591,000 | ||
Gross amount at which carried at close of period, Total | 2,167,000 | ||
Accumulated depreciation | $ 71,000 | ||
Hammond, IN | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2022 | ||
Initial cost, Land | $ 187,000 | ||
Initial cost, Building and improvements | 2,486,000 | ||
Gross amount at which carried at close of period, Land | 187,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 2,486,000 | ||
Gross amount at which carried at close of period, Total | 2,673,000 | ||
Accumulated depreciation | $ 100,000 | ||
Harvey, LA | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2022 | ||
Initial cost, Land | $ 918,000 | ||
Initial cost, Building and improvements | 1,876,000 | ||
Gross amount at which carried at close of period, Land | 918,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 1,876,000 | ||
Gross amount at which carried at close of period, Total | 2,794,000 | ||
Accumulated depreciation | $ 83,000 | ||
Hollywood, MD | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2022 | ||
Initial cost, Land | $ 515,000 | ||
Initial cost, Building and improvements | 4,563,000 | ||
Gross amount at which carried at close of period, Land | 515,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 4,563,000 | ||
Gross amount at which carried at close of period, Total | 5,078,000 | ||
Accumulated depreciation | $ 182,000 | ||
Huber Heights, OH | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2022 | ||
Initial cost, Land | $ 1,143,000 | ||
Initial cost, Building and improvements | 1,205,000 | ||
Gross amount at which carried at close of period, Land | 1,143,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 1,205,000 | ||
Gross amount at which carried at close of period, Total | 2,348,000 | ||
Accumulated depreciation | $ 80,000 | ||
Knoxville, TN | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2022 | ||
Initial cost, Land | $ 566,000 | ||
Initial cost, Building and improvements | 1,098,000 | ||
Gross amount at which carried at close of period, Land | 566,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 1,098,000 | ||
Gross amount at which carried at close of period, Total | 1,664,000 | ||
Accumulated depreciation | $ 50,000 | ||
Louisville, OH | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2022 | ||
Initial cost, Land | $ 214,000 | ||
Initial cost, Building and improvements | 1,283,000 | ||
Gross amount at which carried at close of period, Land | 214,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 1,283,000 | ||
Gross amount at which carried at close of period, Total | 1,497,000 | ||
Accumulated depreciation | $ 62,000 | ||
Mandeville, LA | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2022 | ||
Initial cost, Land | $ 296,000 | ||
Initial cost, Building and improvements | 1,307,000 | ||
Gross amount at which carried at close of period, Land | 296,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 1,307,000 | ||
Gross amount at which carried at close of period, Total | 1,603,000 | ||
Accumulated depreciation | $ 55,000 | ||
McHenry, IL | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2022 | ||
Initial cost, Land | $ 225,000 | ||
Initial cost, Building and improvements | 1,278,000 | ||
Gross amount at which carried at close of period, Land | 225,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 1,278,000 | ||
Gross amount at which carried at close of period, Total | 1,503,000 | ||
Accumulated depreciation | $ 67,000 | ||
Reynoldsburg, OH | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2022 | ||
Initial cost, Land | $ 193,000 | ||
Initial cost, Building and improvements | 1,307,000 | ||
Gross amount at which carried at close of period, Land | 193,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 1,307,000 | ||
Gross amount at which carried at close of period, Total | 1,500,000 | ||
Accumulated depreciation | $ 62,000 | ||
Scott, LA | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2022 | ||
Initial cost, Land | $ 762,000 | ||
Initial cost, Building and improvements | 3,097,000 | ||
Costs capitalized subsequent to acquisition | 17,000 | ||
Gross amount at which carried at close of period, Land | 762,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 3,114,000 | ||
Gross amount at which carried at close of period, Total | 3,876,000 | ||
Accumulated depreciation | $ 136,000 | ||
Valrico, FL | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2022 | ||
Initial cost, Land | $ 1,941,000 | ||
Initial cost, Building and improvements | 2,167,000 | ||
Gross amount at which carried at close of period, Land | 1,941,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 2,167,000 | ||
Gross amount at which carried at close of period, Total | 4,108,000 | ||
Accumulated depreciation | $ 102,000 | ||
Warren, OH | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2022 | ||
Initial cost, Land | $ 154,000 | ||
Initial cost, Building and improvements | 1,204,000 | ||
Gross amount at which carried at close of period, Land | 154,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 1,204,000 | ||
Gross amount at which carried at close of period, Total | 1,358,000 | ||
Accumulated depreciation | $ 57,000 | ||
Yorktown, VA | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2022 | ||
Initial cost, Land | $ 2,940,000 | ||
Initial cost, Building and improvements | 3,254,000 | ||
Gross amount at which carried at close of period, Land | 2,940,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 3,254,000 | ||
Gross amount at which carried at close of period, Total | 6,194,000 | ||
Accumulated depreciation | $ 138,000 | ||
Alexandria, LA | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2022 | ||
Initial cost, Land | $ 131,000 | ||
Initial cost, Building and improvements | 1,117,000 | ||
Gross amount at which carried at close of period, Land | 131,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 1,117,000 | ||
Gross amount at which carried at close of period, Total | 1,248,000 | ||
Accumulated depreciation | $ 45,000 | ||
Beloit, WI | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2022 | ||
Initial cost, Land | $ 47,000 | ||
Initial cost, Building and improvements | 1,147,000 | ||
Gross amount at which carried at close of period, Land | 47,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 1,147,000 | ||
Gross amount at which carried at close of period, Total | 1,194,000 | ||
Accumulated depreciation | $ 44,000 | ||
Burleson, TX | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2022 | ||
Initial cost, Land | $ 549,000 | ||
Initial cost, Building and improvements | 1,343,000 | ||
Gross amount at which carried at close of period, Land | 549,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 1,343,000 | ||
Gross amount at which carried at close of period, Total | 1,892,000 | ||
Accumulated depreciation | $ 52,000 | ||
Byron, GA | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2022 | ||
Initial cost, Land | $ 99,000 | ||
Initial cost, Building and improvements | 1,099,000 | ||
Gross amount at which carried at close of period, Land | 99,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 1,099,000 | ||
Gross amount at which carried at close of period, Total | 1,198,000 | ||
Accumulated depreciation | $ 48,000 | ||
Chalmette, LA | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2022 | ||
Initial cost, Land | $ 326,000 | ||
Initial cost, Building and improvements | 930,000 | ||
Costs capitalized subsequent to acquisition | 19,000 | ||
Gross amount at which carried at close of period, Land | 326,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 949,000 | ||
Gross amount at which carried at close of period, Total | 1,275,000 | ||
Accumulated depreciation | $ 42,000 | ||
Chattanooga, TN | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2022 | ||
Initial cost, Land | $ 237,000 | ||
Initial cost, Building and improvements | 896,000 | ||
Gross amount at which carried at close of period, Land | 237,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 896,000 | ||
Gross amount at which carried at close of period, Total | 1,133,000 | ||
Accumulated depreciation | $ 41,000 | ||
Greensboro, NC | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2022 | ||
Initial cost, Land | $ 344,000 | ||
Initial cost, Building and improvements | 810,000 | ||
Gross amount at which carried at close of period, Land | 344,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 810,000 | ||
Gross amount at which carried at close of period, Total | 1,154,000 | ||
Accumulated depreciation | $ 39,000 | ||
Jacksonville, FL | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2022 | ||
Initial cost, Land | $ 472,000 | ||
Initial cost, Building and improvements | 1,017,000 | ||
Gross amount at which carried at close of period, Land | 472,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 1,017,000 | ||
Gross amount at which carried at close of period, Total | 1,489,000 | ||
Accumulated depreciation | $ 47,000 | ||
Jacksonville, NC | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2022 | ||
Initial cost, Land | $ 745,000 | ||
Initial cost, Building and improvements | 3,453,000 | ||
Gross amount at which carried at close of period, Land | 745,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 3,453,000 | ||
Gross amount at which carried at close of period, Total | 4,198,000 | ||
Accumulated depreciation | $ 121,000 | ||
Janesville, WI | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2022 | ||
Initial cost, Land | $ 187,000 | ||
Initial cost, Building and improvements | 1,286,000 | ||
Gross amount at which carried at close of period, Land | 187,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 1,286,000 | ||
Gross amount at which carried at close of period, Total | 1,473,000 | ||
Accumulated depreciation | $ 57,000 | ||
Johnson City, TN | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2022 | ||
Initial cost, Land | $ 258,000 | ||
Initial cost, Building and improvements | 803,000 | ||
Gross amount at which carried at close of period, Land | 258,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 803,000 | ||
Gross amount at which carried at close of period, Total | 1,061,000 | ||
Accumulated depreciation | $ 36,000 | ||
Johnson City, TN | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2022 | ||
Initial cost, Land | $ 705,000 | ||
Initial cost, Building and improvements | 2,290,000 | ||
Gross amount at which carried at close of period, Land | 705,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 2,290,000 | ||
Gross amount at which carried at close of period, Total | 2,995,000 | ||
Accumulated depreciation | $ 97,000 | ||
Lubbock, TX | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2022 | ||
Initial cost, Land | $ 216,000 | ||
Initial cost, Building and improvements | 1,060,000 | ||
Gross amount at which carried at close of period, Land | 216,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 1,060,000 | ||
Gross amount at which carried at close of period, Total | 1,276,000 | ||
Accumulated depreciation | $ 49,000 | ||
Milwaukee, WI | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2022 | ||
Initial cost, Land | $ 373,000 | ||
Initial cost, Building and improvements | 1,466,000 | ||
Gross amount at which carried at close of period, Land | 373,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 1,466,000 | ||
Gross amount at which carried at close of period, Total | 1,839,000 | ||
Accumulated depreciation | $ 53,000 | ||
Myrtle Beach, SC | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2022 | ||
Initial cost, Land | $ 417,000 | ||
Initial cost, Building and improvements | 1,065,000 | ||
Gross amount at which carried at close of period, Land | 417,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 1,065,000 | ||
Gross amount at which carried at close of period, Total | 1,482,000 | ||
Accumulated depreciation | $ 43,000 | ||
Ruston, LA | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2022 | ||
Initial cost, Land | $ 384,000 | ||
Initial cost, Building and improvements | 1,525,000 | ||
Gross amount at which carried at close of period, Land | 384,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 1,525,000 | ||
Gross amount at which carried at close of period, Total | 1,909,000 | ||
Accumulated depreciation | $ 62,000 | ||
Slidell, LA | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2022 | ||
Initial cost, Land | $ 349,000 | ||
Initial cost, Building and improvements | 804,000 | ||
Gross amount at which carried at close of period, Land | 349,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 804,000 | ||
Gross amount at which carried at close of period, Total | 1,153,000 | ||
Accumulated depreciation | $ 34,000 | ||
Spartanburg, SC | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2022 | ||
Initial cost, Land | $ 479,000 | ||
Initial cost, Building and improvements | 3,515,000 | ||
Gross amount at which carried at close of period, Land | 479,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 3,515,000 | ||
Gross amount at which carried at close of period, Total | 3,994,000 | ||
Accumulated depreciation | $ 136,000 | ||
Tallahassee, FL | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2022 | ||
Initial cost, Land | $ 244,000 | ||
Initial cost, Building and improvements | 1,510,000 | ||
Gross amount at which carried at close of period, Land | 244,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 1,510,000 | ||
Gross amount at which carried at close of period, Total | 1,754,000 | ||
Accumulated depreciation | $ 66,000 | ||
Valdosta, GA | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2022 | ||
Initial cost, Land | $ 321,000 | ||
Initial cost, Building and improvements | 1,504,000 | ||
Gross amount at which carried at close of period, Land | 321,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 1,504,000 | ||
Gross amount at which carried at close of period, Total | 1,825,000 | ||
Accumulated depreciation | $ 62,000 | ||
West Haven, UT | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2022 | ||
Initial cost, Land | $ 515,000 | ||
Initial cost, Building and improvements | 4,152,000 | ||
Costs capitalized subsequent to acquisition | 28,000 | ||
Gross amount at which carried at close of period, Land | 515,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 4,180,000 | ||
Gross amount at which carried at close of period, Total | 4,695,000 | ||
Accumulated depreciation | $ 167,000 | ||
West Monroe, LA | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2022 | ||
Initial cost, Land | $ 367,000 | ||
Initial cost, Building and improvements | 1,461,000 | ||
Gross amount at which carried at close of period, Land | 367,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 1,461,000 | ||
Gross amount at which carried at close of period, Total | 1,828,000 | ||
Accumulated depreciation | $ 57,000 | ||
Fresno, CA | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2023 | ||
Initial cost, Land | $ 230,000 | ||
Initial cost, Building and improvements | 1,927,000 | ||
Gross amount at which carried at close of period, Land | 230,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 1,927,000 | ||
Gross amount at which carried at close of period, Total | 2,157,000 | ||
Accumulated depreciation | $ 55,000 | ||
Baton Rouge, LA | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2023 | ||
Initial cost, Land | $ 149,000 | ||
Initial cost, Building and improvements | 1,103,000 | ||
Gross amount at which carried at close of period, Land | 149,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 1,103,000 | ||
Gross amount at which carried at close of period, Total | 1,252,000 | ||
Accumulated depreciation | $ 15,000 | ||
Bedford, TX | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2023 | ||
Initial cost, Land | $ 856,000 | ||
Initial cost, Building and improvements | 3,804,000 | ||
Gross amount at which carried at close of period, Land | 856,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 3,804,000 | ||
Gross amount at which carried at close of period, Total | 4,660,000 | ||
Accumulated depreciation | $ 44,000 | ||
Bridge City, LA | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2023 | ||
Initial cost, Land | $ 320,000 | ||
Initial cost, Building and improvements | 1,097,000 | ||
Gross amount at which carried at close of period, Land | 320,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 1,097,000 | ||
Gross amount at which carried at close of period, Total | 1,417,000 | ||
Accumulated depreciation | $ 14,000 | ||
DeLand, FL | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2023 | ||
Initial cost, Land | $ 400,000 | ||
Initial cost, Building and improvements | 1,484,000 | ||
Gross amount at which carried at close of period, Land | 400,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 1,484,000 | ||
Gross amount at which carried at close of period, Total | 1,884,000 | ||
Accumulated depreciation | $ 20,000 | ||
Egg Harbor Township, NJ | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2023 | ||
Initial cost, Land | $ 1,033,000 | ||
Initial cost, Building and improvements | 5,103,000 | ||
Gross amount at which carried at close of period, Land | 1,033,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 5,103,000 | ||
Gross amount at which carried at close of period, Total | 6,136,000 | ||
Accumulated depreciation | $ 65,000 | ||
Franklin, OH | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2023 | ||
Initial cost, Land | $ 283,000 | ||
Initial cost, Building and improvements | 1,277,000 | ||
Gross amount at which carried at close of period, Land | 283,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 1,277,000 | ||
Gross amount at which carried at close of period, Total | 1,560,000 | ||
Accumulated depreciation | $ 17,000 | ||
Girard, OH | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2023 | ||
Initial cost, Land | $ 252,000 | ||
Initial cost, Building and improvements | 1,638,000 | ||
Gross amount at which carried at close of period, Land | 252,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 1,638,000 | ||
Gross amount at which carried at close of period, Total | 1,890,000 | ||
Accumulated depreciation | $ 22,000 | ||
Glendale, AZ | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2023 | ||
Initial cost, Land | $ 1,884,000 | ||
Initial cost, Building and improvements | 9,539,000 | ||
Gross amount at which carried at close of period, Land | 1,884,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 9,539,000 | ||
Gross amount at which carried at close of period, Total | 11,423,000 | ||
Accumulated depreciation | $ 106,000 | ||
Melrose Park, IL | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2023 | ||
Initial cost, Land | $ 1,213,000 | ||
Initial cost, Building and improvements | 4,047,000 | ||
Gross amount at which carried at close of period, Land | 1,213,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 4,047,000 | ||
Gross amount at which carried at close of period, Total | 5,260,000 | ||
Accumulated depreciation | $ 43,000 | ||
Novi, MI | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2023 | ||
Initial cost, Land | $ 1,374,000 | ||
Initial cost, Building and improvements | 5,717,000 | ||
Gross amount at which carried at close of period, Land | 1,374,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 5,717,000 | ||
Gross amount at which carried at close of period, Total | 7,091,000 | ||
Accumulated depreciation | $ 64,000 | ||
Oxford, MI | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2023 | ||
Initial cost, Land | $ 345,000 | ||
Initial cost, Building and improvements | 4,462,000 | ||
Gross amount at which carried at close of period, Land | 345,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 4,462,000 | ||
Gross amount at which carried at close of period, Total | 4,807,000 | ||
Accumulated depreciation | $ 54,000 | ||
Sun Prairie, WI | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2023 | ||
Initial cost, Land | $ 2,980,000 | ||
Initial cost, Building and improvements | 9,485,000 | ||
Gross amount at which carried at close of period, Land | 2,980,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 9,485,000 | ||
Gross amount at which carried at close of period, Total | 12,465,000 | ||
Accumulated depreciation | $ 112,000 | ||
Vineland, NJ | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2023 | ||
Initial cost, Land | $ 411,000 | ||
Initial cost, Building and improvements | 3,166,000 | ||
Gross amount at which carried at close of period, Land | 411,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 3,166,000 | ||
Gross amount at which carried at close of period, Total | 3,577,000 | ||
Accumulated depreciation | $ 39,000 | ||
Waterford, MI | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2023 | ||
Initial cost, Land | $ 481,000 | ||
Initial cost, Building and improvements | 3,881,000 | ||
Gross amount at which carried at close of period, Land | 481,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 3,881,000 | ||
Gross amount at which carried at close of period, Total | 4,362,000 | ||
Accumulated depreciation | $ 48,000 | ||
West Lafayette, IN | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of acquisition | 2023 | ||
Initial cost, Land | $ 1,567,000 | ||
Initial cost, Building and improvements | 6,111,000 | ||
Gross amount at which carried at close of period, Land | 1,567,000 | ||
Gross amount at which carried at close of period, Buildings and Improvements | 6,111,000 | ||
Gross amount at which carried at close of period, Total | 7,678,000 | ||
Accumulated depreciation | $ 67,000 |
Schedule III - Real Estate an_3
Schedule III - Real Estate and Accumulated Depreciation (Parenthetical) (Details) | Dec. 31, 2023 USD ($) |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Properties collaterlized with debt | $ 604,292,000 |
Aggregate cost of real estate for federal income tax purpose | $ 999,500,000 |
Minimum | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Depreciable life | 5 years |
Maximum | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Depreciable life | 39 years |
CMBS Debt 1 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Properties collaterlized with debt | $ 30,231,000 |
CMBS Debt 2 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Properties collaterlized with debt | 37,564,000 |
CMBS Debt 3 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Properties collaterlized with debt | 21,550,000 |
CMBS Debt 4 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Properties collaterlized with debt | 24,850,000 |
CMBS Debt 5 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Properties collaterlized with debt | 24,485,000 |
CMBS Debt 6 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Properties collaterlized with debt | 38,530,000 |
CMBS Debt 7 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Properties collaterlized with debt | 28,110,000 |
CMBS Debt 8 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Properties collaterlized with debt | 26,900,000 |
CMBS Debt 9 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Properties collaterlized with debt | 31,200,000 |
CMBS Debt 10 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Properties collaterlized with debt | 10,831,000 |
CMBS Debt 11 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Properties collaterlized with debt | 16,902,000 |
CMBS Debt 12 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Properties collaterlized with debt | 32,722,000 |
CMBS Debt 13 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Properties collaterlized with debt | 18,008,000 |
CMBS Debt 14 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Properties collaterlized with debt | 36,860,000 |
CMBS Debt 15 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Properties collaterlized with debt | 33,441,000 |
CMBS Debt 16 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Properties collaterlized with debt | 35,840,000 |
CMBS Debt 17 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Properties collaterlized with debt | 25,012,000 |
CMBS Debt 18 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Properties collaterlized with debt | 25,519,000 |
CMBS Debt 19 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Properties collaterlized with debt | 37,795,000 |
CMBS Debt 20 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Properties collaterlized with debt | 24,420,000 |
CMBS Debt 21 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Properties collaterlized with debt | $ 43,522,000 |
Schedule III - Schedule of Chan
Schedule III - Schedule of Changes in Real Estate and Accumulated Depreciation (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract] | ||
Cost, Beginning Balance | $ 1,023,749,000 | $ 532,511,000 |
Property acquisitions | 77,619,000 | 490,683,000 |
Improvements | 930,000 | 555,000 |
Cost, Ending Balance | 1,102,298,000 | 1,023,749,000 |
Accumulated Depreciation, Beginning Balance | (34,663,000) | (14,681,000) |
Depreciation expense | (27,580,000) | (19,982,000) |
Accumulated Depreciation, Ending Balance | (62,243,000) | (34,663,000) |
Net book value - end of year | $ 1,040,055,000 | $ 989,086,000 |