Investments in Real Estate (Tables)
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6 Months Ended |
Jun. 30, 2026 |
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| Investments in Real Estate [Abstract] |
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| Schedule of 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 |
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Building and improvements |
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$ |
370,204,747 |
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$ |
305,828,611 |
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Land and land improvements |
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|
149,828,827 |
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|
|
101,414,821 |
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Furniture, fixtures, and equipment |
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|
2,659,675 |
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|
|
2,649,516 |
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Total |
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522,693,249 |
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|
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409,892,948 |
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Accumulated depreciation |
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(29,160,732 |
) |
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(22,046,198 |
) |
Investments in real estate, net |
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$ |
493,532,517 |
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|
$ |
387,846,750 |
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| Schedule of Asset Acquisition Properties Acquired |
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 |
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April 21, 2026 |
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229,948 |
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$ |
69,467,724 |
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Copper Point |
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Medical Office |
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June 11, 2026 |
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93,565 |
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$ |
51,469,561 |
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$ |
120,937,285 |
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(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 |
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Square Footage |
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Purchase Price(1) |
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Independence Square |
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Retail |
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March 27, 2025 |
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140,218 |
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$ |
24,677,532 |
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3200 Washington |
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Multifamily |
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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 |
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November 12, 2025 |
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198,400 |
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37,909,305 |
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Gold Star Crossing |
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Retail |
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December 22, 2025 |
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66,682 |
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31,542,815 |
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$ |
132,094,916 |
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(1)Purchase price is inclusive of acquisition-related costs.
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| Schedule of Asset Acquisition, Cost for the Properties Acquired |
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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June 30, 2026 |
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December 31, 2025 |
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Building and building improvements |
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$ |
63,932,386 |
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$ |
87,015,002 |
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Land and land improvements |
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48,380,741 |
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37,505,006 |
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In place tenant leases |
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9,457,797 |
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7,731,288 |
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Leasing commissions |
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|
3,337,891 |
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|
1,899,615 |
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Above-market leases |
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|
779,522 |
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|
1,167,912 |
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Furniture, fixtures and equipment |
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— |
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|
957,229 |
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Legal and marketing |
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|
238,460 |
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|
143,233 |
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Below-market leases |
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(5,189,512 |
) |
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(4,324,369 |
) |
Total purchase price⁽¹⁾ |
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$ |
120,937,285 |
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|
$ |
132,094,916 |
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(1)Purchase price is inclusive of acquisition-related costs.
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