Significant Accounting Policies (Tables)
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12 Months Ended |
Dec. 31, 2023 |
Significant Accounting Policies |
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Schedule of CECL allowance |
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Provision for |
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credit losses on |
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loans – pre- |
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Provision for credit |
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Adoption as of January 1, 2023 |
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adoption |
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losses related to loans |
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Balance as of December 31, 2023 |
Mortgages receivable |
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$ |
1,921,447 |
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$ |
105,000 |
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$ |
5,496,713 |
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$ |
7,523,160 |
Interest receivable |
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|
26,127 |
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— |
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|
93,962 |
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|
120,089 |
Due from borrower |
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19,900 |
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— |
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(5,563) |
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14,337 |
Unfunded commitments |
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|
522,100 |
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— |
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(13,500) |
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|
508,600 |
Total CECL allowance |
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$ |
2,489,574 |
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$ |
105,000 |
|
$ |
5,571,612 |
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$ |
8,166,186 |
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Schedule of Property and Equipment |
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Year ended December 31, 2023 |
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Cost |
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Accumulated Depreciation |
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Property and Equipment, Net |
Building |
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$ |
2,541,214 |
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$ |
(50,694) |
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2,490,520 |
Land |
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|
262,631 |
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— |
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262,613 |
Furniture and fixtures |
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|
319,898 |
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(68,891) |
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251,098 |
Computer hardware and software |
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352,573 |
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(227,687) |
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124,886 |
Vehicles |
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305,980 |
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(61,612) |
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244,368 |
Total Property and Equipment, Net |
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$ |
3,782,369 |
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$ |
(408,884) |
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3,373,485 |
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Year ended December 31, 2022 |
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Cost |
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Accumulated Depreciation |
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Property and Equipment, Net |
Building |
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$ |
1,165,063 |
|
$ |
(103,169) |
|
1,061,894 |
Land |
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|
199,789 |
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— |
|
199,789 |
Furniture and fixtures |
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|
174,957 |
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(63,272) |
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111,685 |
Computer hardware and software |
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|
209,106 |
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(159,370) |
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49,736 |
Vehicles |
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|
470,081 |
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(42,780) |
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427,301 |
Construction in progress |
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|
2,271,316 |
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— |
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2,271,316 |
Total Property and Equipment, Net |
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$ |
4,490,312 |
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$ |
(368,591) |
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4,121,721 |
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Summary of allocation for the acquisition of assets |
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Amount |
Land |
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$ |
3,956,786 |
Building |
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|
4,935,714 |
Site improvements |
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|
359,249 |
Tenant improvements |
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|
1,182,842 |
Below market lease intangible |
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(664,737) |
Lease in-place intangible (included in other assets) |
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|
568,460 |
Deferred leasing costs (included in other assets) |
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|
386,923 |
Total |
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$ |
10,725,237 |
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Summary of estimated annual amortization of acquired below-market leases |
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Years Ending December 31, |
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Amount |
2024 |
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$ |
66,474 |
2025 |
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|
66,474 |
2026 |
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|
66,474 |
2027 |
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|
66,474 |
2028 |
|
|
66,474 |
Thereafter |
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|
332,367 |
Total |
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$ |
664,737 |
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Summary of estimated annual amortization of acquired in-place lease intangible |
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Years Ending December 31, |
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Amount |
2024 |
|
$ |
56,846 |
2025 |
|
|
56,846 |
2026 |
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|
56,846 |
2027 |
|
|
56,846 |
2028 |
|
|
56,846 |
Thereafter |
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|
284,230 |
Total |
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$ |
568,460 |
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Summary of estimated annual amortization of deferred leasing costs |
Years Ending December 31, |
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Amount |
2024 |
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$ |
38,692 |
2025 |
|
|
38,692 |
2026 |
|
|
38,692 |
2027 |
|
|
38,692 |
2028 |
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|
38,692 |
Thereafter |
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193,463 |
Total |
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$ |
386,923 |
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