v3.25.2
Equity Interest in Unconsolidated Investments
 6 Months Ended
Jun. 30, 2025
Equity Method Investments and Joint Ventures [Abstract]  
Equity Interest in Unconsolidated Investments Equity Interest in Unconsolidated Investments
As of June 30, 2025 and December 31, 2024, the Company owned equity interests in two joint ventures that own real estate properties. The Company accounts for its interest in these investments using the equity method of accounting because the Company does not have a controlling financial interest in these entities.
The following table presents a summary of the Company’s equity interest in unconsolidated investments as of:
June 30, 2025December 31, 2024
EntityCo-ownerBeneficial Ownership Interest Carrying ValueBeneficial Ownership Interest Carrying Value
SF - Dallas Industrial, LLCAffiliate80.0%$32,833,082 80.0%$33,618,816 
610 Walnut Investors LLCThird party30.9%1,889,666 33.6%2,672,380 
$34,722,748 $36,291,196 
The following table presents a summary of equity income of and distributions received from the Company’s equity interest in unconsolidated investments:
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Loss from equity interest in unconsolidated investments$(760,495)$(963,371)$(1,568,448)$(2,150,550)
Distributions received from unconsolidated investments$— $— $— $106,115 
The following tables present estimated combined summarized financial information of the Company’s equity interest in the joint ventures. Amounts provided are the total amounts attributable to the joint ventures and do not represent the Company’s proportionate share:
June 30, 2025December 31, 2024
Net investments in real estate$109,268,226 $111,358,643 
Other assets9,426,845 9,938,437 
Total assets118,695,071 121,297,080 
Mortgage loan payable77,500,668 77,405,608 
Other liabilities3,610,175 4,246,486 
Total liabilities81,110,843 81,652,094 
Members’ capital$37,584,228 $39,644,986 
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Revenues$1,503,441 $1,673,189 $3,135,668 $3,388,934 
Operating expenses(542,945)(827,465)(1,308,474)(1,458,609)
Depreciation and amortization expense(1,089,180)(1,242,984)(2,216,165)(2,806,897)
Interest expense(1,452,040)(1,568,548)(2,883,547)(3,105,604)
Net loss$(1,580,724)$(1,965,808)$(3,272,518)$(3,982,176)