v3.26.1
Leases (Tables)
6 Months Ended
Jun. 30, 2026
Leases [Abstract]  
Summary of Disaggregation of Lease Income The following table provides a disaggregation of lease income recognized as either fixed or variable lease income for the six months ended June 30, 2026 and 2025:

 

 

2026

 

 

2025

 

Rental income



 

 



 

Fixed and in-substance fixed lease income

 

3,727,461

 

 

 

4,440,824

 

Variable lease income

 

588,649

 

 

 

438,768

 

Other related lease income, net:

 

 

 

 

 

Amortization of above- and below-market leases, net

 

(3,786

)

 

 

(115,760

)

Straight line rent, net

 

(32,671

)

 

 

29,370

 

Total Rental income

 

4,279,653

 

 

 

4,793,202

 

Summary of Concentration of Risk Percentage of Tenants

For the six months ended June 30, 2026 and 2025, the following tenants each accounted for more than 10% of our rental revenue as indicated below:

 

 

2026

 

2025

General Services Administration - Norfolk, VA, Manteo, NC & Vacaville, CA

20%

 

16%

Dollar General - multiple locations

15%

 

13%

Pre-K - San Antonio, TX

13%

 

10%

Kohl's - Tucson, AZ

12%

 

10%

exp U.S. Services - Maitland, FL

N/A

 

10%

PRA Holdings, Inc. - Norfolk, VA

11%

 

N/A

Summary of Future Minimum Rental Payments Due to the Company

The following table presents future minimum rental cash payments due to the Company over the next five calendar years and thereafter as of June 30:

 

 

As of June 30,

 

 

2026

 

2026 (6 months remaining)

$

3,525,302

 

2027

 

6,764,716

 

2028

 

5,564,013

 

2029

 

4,371,829

 

2030

 

2,541,260

 

Thereafter

 

19,289,919

 

 

$

42,057,039

 

Summary of Future Minimum Rental Cash Payments Due and Undiscounted Future Cash Flows

The following table summarizes the undiscounted future cash flows for subsequent years ending December 31 attributable to the lease liability as of June 30, 2026 and provides a reconciliation to the lease liability included in the accompanying Consolidated Balance Sheets as of June 30, 2026.

 

 

As of June 30,

 

 

2026

 

2026 (6 months remaining)

 

122,556

 

2027

 

245,111

 

2028

 

245,111

 

2029

 

257,839

 

2030

 

258,996

 

Thereafter

 

21,058,698

 

Total undiscounted liability

$

22,188,311

 

Present value discount

 

(15,645,856

)

Lease liability

$

6,542,455

 

Discount rate

 

4.58

%

Term Remaining

58 years