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