| Investments in Real Estate |
Note 3. Investments in Real Estate Investments in real estate consisted of the following:
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June 30, 2026 |
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December 31, 2025 |
|
Building and improvements |
|
$ |
370,204,747 |
|
|
$ |
305,828,611 |
|
Land and land improvements |
|
|
149,828,827 |
|
|
|
101,414,821 |
|
Furniture, fixtures, and equipment |
|
|
2,659,675 |
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|
|
2,649,516 |
|
Total |
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|
522,693,249 |
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|
|
409,892,948 |
|
Accumulated depreciation |
|
|
(29,160,732 |
) |
|
|
(22,046,198 |
) |
Investments in real estate, net |
|
$ |
493,532,517 |
|
|
$ |
387,846,750 |
|
Acquisitions The following table details the properties acquired during the six months ended June 30, 2026:
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Property Name |
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Property Type |
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Acquisition Date |
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Square Footage |
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|
Purchase Price(1) |
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Vineyard Towne Center |
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Retail |
|
April 21, 2026 |
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|
229,948 |
|
|
$ |
69,467,724 |
|
Copper Point |
|
Medical Office |
|
June 11, 2026 |
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|
93,565 |
|
|
$ |
51,469,561 |
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|
|
|
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|
|
|
|
|
$ |
120,937,285 |
|
(1)Purchase price is inclusive of acquisition-related costs. The following table details the properties acquired during the year ended December 31, 2025:
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Property Name |
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Property Type |
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Acquisition Date |
|
Square Footage |
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|
Purchase Price(1) |
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Independence Square |
|
Retail |
|
March 27, 2025 |
|
|
140,218 |
|
|
$ |
24,677,532 |
|
3200 Washington |
|
Multifamily |
|
July 29, 2025 |
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|
62,727 |
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|
|
37,965,264 |
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85 Exchange |
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Industrial |
|
November 12, 2025 |
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|
198,400 |
|
|
|
37,909,305 |
|
Gold Star Crossing |
|
Retail |
|
December 22, 2025 |
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|
66,682 |
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|
31,542,815 |
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|
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|
|
|
|
|
$ |
132,094,916 |
|
(1)Purchase price is inclusive of acquisition-related costs. The following table summarizes the allocation of the total cost for the properties acquired during the six months ended June 30, 2026 and the year ended December 31, 2025:
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|
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June 30, 2026 |
|
|
December 31, 2025 |
|
Building and building improvements |
|
$ |
63,932,386 |
|
|
$ |
87,015,002 |
|
Land and land improvements |
|
|
48,380,741 |
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|
|
37,505,006 |
|
In place tenant leases |
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|
9,457,797 |
|
|
|
7,731,288 |
|
Leasing commissions |
|
|
3,337,891 |
|
|
|
1,899,615 |
|
Above-market leases |
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|
779,522 |
|
|
|
1,167,912 |
|
Furniture, fixtures and equipment |
|
|
— |
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|
|
957,229 |
|
Legal and marketing |
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|
238,460 |
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|
|
143,233 |
|
Below-market leases |
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|
(5,189,512 |
) |
|
|
(4,324,369 |
) |
Total purchase price⁽¹⁾ |
|
$ |
120,937,285 |
|
|
$ |
132,094,916 |
|
(1)Purchase price is inclusive of acquisition-related costs. |