The Company’s real estate properties are leased to tenants under operating lease agreements that expire on various dates. The Company recognizes rental revenue on a straight-line basis over the life of the lease, including any rent steps or abatement provisions. Tenants have the option to extend or terminate certain leases at their discretion per the terms of their contract and also have termination options that may result in additional fees due to the Company. In the instance of the Company’s ground leases, the leases are non-cancelable and contain renewal options.

The following table details the components of revenue from leases:


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Fixed lease payments	$	9,443,739	$	6,550,788	$	17,785,679	$	12,569,990
Variable lease payments		1,744,271		1,341,794		3,236,226		2,435,743
Revenue from leases	$	11,188,010	$	7,892,582	$	21,021,905	$	15,005,733

Aggregate minimum annual fixed base rental payments for real estate investments owned by the Company through the non-cancelable leases with terms longer than one year as of June 30, 2026 are as follows:


Year	Future Minimum Rents
2026 (remaining)	$	14,698,167
2027		28,178,520
2028		26,643,471
2029		24,178,157
2030		22,649,752
2031		18,912,521
Thereafter		57,002,618
Total	$	192,263,206

Certain leases provide for additional rental amounts based upon the recovery of actual operating expenses in excess of specified base amounts or contractual increases as defined in the lease agreement. These contractual contingent rentals and rental increases that are not fixed are not included in the table above.

Certain of the Company’s investments in real estate are subject to ground leases in which the Company holds the land rights. The Company’s ground leases are classified as operating leases based on the characteristics of each lease. As of June 30, 2026 and December 31, 2025, the Company had seven ground leases classified as operating leases. Each of the Company’s ground leases were acquired as part of the acquisition of real estate and no incremental costs were incurred for such ground leases.

The percentage of total revenue attributable to tenants accounting for 10% or more of total revenue, and the corresponding percentage of accounts receivable, are as follows:


			Percentage of Total Revenue
			Three Months Ended June 30,		Six Months Ended June 30,
Property	Tenant	Weighted Average Lease Term Remaining	2026	2025	2026	2025
Thurmon Tanner	Tenant 1	7.2	11%	16%	11%	16%
Total		7.2	11%	16%	11%	16%


			Percentage of Total Accounts Receivable
Property	Tenant	Weighted Average Lease Term Remaining	June 30, 2026	December 31, 2025
Thurmon Tanner	Tenant 1	7.2	50%	46%
Total		7.2	50%	46%

The loss of this tenant could have a material adverse effect on the Company’s financial condition and results of operations.