Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2023 | Aug. 09, 2023 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2023 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q2 | |
Entity Registrant Name | Cantor Fitzgerald Income Trust, Inc. | |
Entity Central Index Key | 0001666244 | |
Current Fiscal Year End Date | --12-31 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Shell Company | false | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity File Number | 000-56043 | |
Entity Incorporation State Country Code | MD | |
Entity Tax Identification Number | 81-1310268 | |
Entity Address Address Line1 | 110 E. 59th Street | |
Entity Address City Or Town | New York | |
Entity Address State Or Province | NY | |
Entity Address Postal Zip Code | 10022 | |
City Area Code | 212 | |
Local Phone Number | 938-5000 | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Class AX [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 3,983,299 | |
Class IX [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 1,221,463 | |
Class TX [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 300,212 | |
Class I [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 8,029,630 | |
Class T [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 1,480,821 | |
Class D [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 673,825 | |
Class S [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 7,037 |
Consolidated Balance Sheets (Un
Consolidated Balance Sheets (Unaudited) - USD ($) | Jun. 30, 2023 | Dec. 31, 2022 |
Assets | ||
Investment in real estate, net of accumulated depreciation of $50,370,581 and $38,540,964, respectively | $ 951,659,323 | $ 922,493,164 |
Cash and cash equivalents | 34,292,465 | 27,642,348 |
Restricted cash | 9,504,230 | 10,891,073 |
Investments in real estate-related assets | 30,396,654 | 30,622,470 |
Intangible assets, net of accumulated amortization of $29,303,500 and $23,812,044, respectively | 80,643,713 | 85,131,169 |
Operating lease right-of-use asset | 16,340,479 | 16,383,138 |
Derivative assets, at fair value | 8,513,739 | 9,020,255 |
Prepaid expenses and other assets | 11,824,653 | 9,925,732 |
Deferred rent receivable | $ 10,457,475 | 9,251,165 |
Due from related parties | $ 576,257 | |
Other Receivable, after Allowance for Credit Loss, Related and Nonrelated Party Status [Extensible Enumeration] | Related Party [Member] | Related Party [Member] |
Total assets | $ 1,153,632,731 | $ 1,121,936,771 |
Liabilities | ||
Loans payable, net of deferred financing costs of $4,919,781 and $4,927,048, respectively | 498,348,653 | 461,841,386 |
Intangible liabilities, net of accumulated amortization of $4,905,808 and $3,914,404, respectively | 20,280,504 | 21,271,908 |
Operating lease liability | 16,340,479 | 16,383,138 |
Distributions payable | 1,981,595 | 6,849,076 |
Due to Related Parties | $ 5,319,299 | $ 6,496,398 |
Other Liability, Related and Nonrelated Party Status [Extensible Enumeration] | Related Party [Member] | Related Party [Member] |
Restricted reserves | $ 7,331,071 | $ 7,850,305 |
Deferred revenue | 1,645,015 | 1,233,788 |
Accrued interest payable | 1,751,653 | 1,649,465 |
Accounts payable and accrued expenses | 5,402,449 | 3,031,670 |
Total liabilities | 558,400,718 | 526,607,134 |
Commitments and contingencies (Note 12) | 0 | 0 |
Stockholders' equity | ||
Preferred stock, $0.01 par value per share, 50,000,000 shares authorized, and 0 issued and outstanding at each June 30, 2023 and December 31, 2022 | ||
Additional paid-in capital | 397,659,773 | 389,390,600 |
Retained earnings/accumulated deficit and cumulative distributions | (73,009,812) | (55,143,655) |
Accumulated other comprehensive income/(loss) | 851,374 | 902,026 |
Total controlling interest | 325,656,412 | 335,301,055 |
Non-controlling interests in subsidiaries | 269,575,601 | 260,028,582 |
Total stockholders' equity | 595,232,013 | 595,329,637 |
Total liabilities and stockholders' equity | 1,153,632,731 | 1,121,936,771 |
Class AX [Member] | ||
Stockholders' equity | ||
Common stock | 38,488 | 38,643 |
Class TX [Member] | ||
Stockholders' equity | ||
Common stock | 4,727 | 7,198 |
Class IX [Member] | ||
Stockholders' equity | ||
Common stock | 12,173 | 12,222 |
Class T [Member] | ||
Stockholders' equity | ||
Common stock | 14,488 | 12,809 |
Class S [Member] | ||
Stockholders' equity | ||
Common stock | 70 | 69 |
Class D [Member] | ||
Stockholders' equity | ||
Common stock | 6,722 | 5,318 |
Class I [Member] | ||
Stockholders' equity | ||
Common stock | $ 78,409 | $ 75,825 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) | Jun. 30, 2023 | Dec. 31, 2022 |
Investment in real estate, accumulated depreciation | $ 50,370,581 | $ 38,540,964 |
Intangible assets, accumulated amortization | 29,303,500 | 23,812,044 |
Loan payable, deferred financing costs | 4,919,781 | 4,927,048 |
Intangible liabilities, accumulated amortization | $ 4,905,808 | $ 3,914,404 |
Preferred stock, par value | $ 0.01 | $ 0.01 |
Preferred stock, authorized shares | 50,000,000 | 50,000,000 |
Preferred stock, issued | 0 | 0 |
Preferred stock, outstanding | 0 | 0 |
Common stock, shares authorized | 400,000,000 | |
Class AX [Member] | ||
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 10,000,000 | 10,000,000 |
Common stock, shares issued | 3,848,788 | 3,864,320 |
Common stock, shares outstanding | 3,848,788 | 3,864,320 |
Class TX [Member] | ||
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 5,000,000 | 5,000,000 |
Common stock, shares issued | 472,743 | 719,803 |
Common stock, shares outstanding | 472,743 | 719,803 |
Class IX [Member] | ||
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 5,000,000 | 5,000,000 |
Common stock, shares issued | 1,217,269 | 1,222,180 |
Common stock, shares outstanding | 1,217,269 | 1,222,180 |
Class T [Member] | ||
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 1,448,824 | 1,280,789 |
Common stock, shares outstanding | 1,448,824 | 1,280,789 |
Class S [Member] | ||
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 20,000,000 | 20,000,000 |
Common stock, shares issued | 7,014 | 6,910 |
Common stock, shares outstanding | 7,014 | 6,910 |
Class D [Member] | ||
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 60,000,000 | 60,000,000 |
Common stock, shares issued | 672,160 | 531,864 |
Common stock, shares outstanding | 672,160 | 531,864 |
Class I [Member] | ||
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 200,000,000 | 200,000,000 |
Common stock, shares issued | 7,840,877 | 7,582,500 |
Common stock, shares outstanding | 7,840,877 | 7,582,500 |
Consolidated Statements of Oper
Consolidated Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Revenues: | ||||
Rental revenues | $ 17,331,507 | $ 15,501,095 | $ 34,350,474 | $ 27,814,428 |
Preferred return income | 244,393 | 241,111 | 486,100 | 479,572 |
Income from mezzanine loan investment | 260,748 | 257,245 | 518,438 | 511,472 |
Other property operating revenues | 4,804,130 | 1,413,279 | 8,557,339 | 2,761,859 |
Total revenues | 22,640,778 | 17,412,730 | 43,912,351 | 31,567,331 |
Operating expenses (income): | ||||
General and administrative expenses | 64,581 | 344,496 | 4,959,092 | 4,411,490 |
Depreciation and amortization | 8,472,369 | 8,027,154 | 17,209,486 | 14,926,290 |
Management fees | 1,765,866 | 1,325,729 | 3,530,330 | 2,454,943 |
Property operating expenses | 9,142,736 | 4,696,503 | 16,811,429 | 8,448,077 |
Total operating expenses | 19,445,552 | 14,393,882 | 42,510,337 | 30,240,800 |
Other income (expense): | ||||
Income/(loss) from investments in real estate-related assets | 41,134 | (57,381) | 49,482 | (426,848) |
Interest income | 303,984 | 7,769 | 579,897 | 11,365 |
Interest expense | (5,261,122) | (4,095,697) | (10,401,545) | (6,908,024) |
Total other income (expense) | (4,916,004) | (4,145,309) | (9,772,166) | (7,323,507) |
Net income (loss) | (1,720,778) | (1,126,461) | (8,370,152) | (5,996,976) |
Net income (loss) attributable to non-controlling interest | (929,486) | (982,458) | (2,204,019) | (2,197,601) |
Net income (loss) attributable to common stockholders | $ (791,292) | $ (144,003) | $ (6,166,133) | $ (3,799,375) |
Weighted average shares outstanding, basic | 15,823,458 | 12,723,862 | 15,754,656 | 11,745,861 |
Weighted average shares outstanding,diluted | 15,823,458 | 12,723,862 | 15,754,656 | 11,745,861 |
Net income (loss) per common share - basic | $ (0.05) | $ (0.01) | $ (0.39) | $ (0.32) |
Net income (loss) per common share - diluted | $ (0.05) | $ (0.01) | $ (0.39) | $ (0.32) |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income (loss) | $ (1,720,778) | $ (1,126,461) | $ (8,370,152) | $ (5,996,976) |
Other comprehensive income (loss) | ||||
Unrealized gain (loss) on derivative instruments | 1,116,247 | 2,646,889 | (506,517) | 6,514,522 |
Comprehensive income (loss) | (604,531) | 1,520,428 | (8,876,669) | 517,546 |
Amounts attributable to noncontrolling interests | ||||
Net income (loss) | (929,486) | (982,458) | (2,204,019) | (2,197,601) |
Unrealized gain (loss) on derivative instruments | 1,004,623 | 2,382,200 | (455,865) | 5,863,070 |
Comprehensive income (loss) attributable to noncontrolling interests | 75,137 | 1,399,742 | (2,659,884) | 3,665,469 |
Comprehensive income (loss) attributable to common stockholders | $ (679,668) | $ 120,686 | $ (6,216,785) | $ (3,147,923) |
Consolidated Statements of Chan
Consolidated Statements of Changes in Equity (Unaudited) - USD ($) | Total | Additional Paid-In Capital [Member] | Retained Earnings/Accumulated Deficit and Cumulative Distributions [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Noncontrolling Interest [Member] | Class AX [Member] | Class AX [Member] Common Stock [Member] | Class TX [Member] | Class TX [Member] Common Stock [Member] | Class IX [Member] | Class IX [Member] Common Stock [Member] | Class I [Member] | Class I [Member] Common Stock [Member] | Class T [Member] | Class T [Member] Common Stock [Member] | Class D [Member] | Class D [Member] Common Stock [Member] | Class S [Member] | Class S [Member] Common Stock [Member] |
Beginning balance at Dec. 31, 2021 | $ 353,941,593 | $ 238,954,331 | $ (30,111,852) | $ (15,771) | $ 145,019,828 | $ 34,412 | $ 13,191 | $ 12,030 | $ 27,073 | $ 5,551 | $ 2,756 | $ 44 | |||||||
Beginning balance, shares at Dec. 31, 2021 | 3,441,219 | 1,319,066 | 1,203,025 | 2,707,306 | 555,074 | 275,596 | 4,362 | ||||||||||||
Common stock | 50,014,163 | 49,994,745 | $ 1,807 | $ (1,808) | $ 16,531 | $ 1,851 | $ 1,037 | ||||||||||||
Common stock, shares | 180,600 | (180,740) | 1,653,108 | 185,212 | 103,726 | ||||||||||||||
Common stock repurchased | (1,784,426) | (1,783,734) | $ (475) | $ (143) | $ (10) | $ (12) | $ (52) | ||||||||||||
Common stock repurchased, shares | (47,476) | (14,299) | (1,000) | (1,227) | (5,154) | ||||||||||||||
Distribution reinvestment | 1,146,214 | 1,145,760 | $ 191 | $ 66 | $ 65 | $ 102 | $ 15 | $ 15 | |||||||||||
Distribution reinvestment, shares | 19,135 | 6,561 | 6,467 | 10,167 | 1,467 | 1,460 | 1 | ||||||||||||
Offering costs, commissions and fees | (500,907) | (500,907) | |||||||||||||||||
Net income (loss) | (4,870,515) | (3,655,372) | (1,215,143) | ||||||||||||||||
Distributions declared on common stock | (4,004,633) | (4,004,633) | |||||||||||||||||
Designated derivatives, fair value adjustments | 3,867,633 | 386,763 | 3,480,870 | ||||||||||||||||
Acquired or syndicated ownership interests or Acquired non-controlling interest | 3,191,427 | 3,191,427 | |||||||||||||||||
Non-controlling interests | (7,885,953) | (7,885,953) | |||||||||||||||||
Ending balance at Mar. 31, 2022 | 393,114,596 | 291,001,622 | (37,771,857) | 370,992 | 139,399,602 | $ 35,935 | $ 11,306 | $ 12,095 | $ 43,696 | $ 7,405 | $ 3,756 | $ 44 | |||||||
Ending balance, shares at Mar. 31, 2022 | 3,593,478 | 1,130,588 | 1,209,492 | 4,369,581 | 740,526 | 375,628 | 4,363 | ||||||||||||
Beginning balance at Dec. 31, 2021 | 353,941,593 | 238,954,331 | (30,111,852) | (15,771) | 145,019,828 | $ 34,412 | $ 13,191 | $ 12,030 | $ 27,073 | $ 5,551 | $ 2,756 | $ 44 | |||||||
Beginning balance, shares at Dec. 31, 2021 | 3,441,219 | 1,319,066 | 1,203,025 | 2,707,306 | 555,074 | 275,596 | 4,362 | ||||||||||||
Common stock repurchased | $ (3,083,912) | ||||||||||||||||||
Common stock repurchased, shares | (118,541) | ||||||||||||||||||
Ending balance at Jun. 30, 2022 | $ 497,075,284 | 339,130,305 | (42,711,342) | 635,681 | 199,887,839 | $ 37,000 | $ 10,098 | $ 12,143 | $ 60,221 | $ 9,119 | $ 4,153 | $ 67 | |||||||
Ending balance, shares at Jun. 30, 2022 | 3,699,980 | 1,009,828 | 1,214,308 | 6,022,057 | 911,890 | 415,253 | 6,738 | ||||||||||||
Beginning balance at Dec. 31, 2021 | $ 353,941,593 | 238,954,331 | (30,111,852) | (15,771) | 145,019,828 | $ 34,412 | $ 13,191 | $ 12,030 | $ 27,073 | $ 5,551 | $ 2,756 | $ 44 | |||||||
Beginning balance, shares at Dec. 31, 2021 | 3,441,219 | 1,319,066 | 1,203,025 | 2,707,306 | 555,074 | 275,596 | 4,362 | ||||||||||||
Common stock, shares | 15,200,186 | 3,856,140 | 719,803 | 1,222,180 | 7,582,500 | 1,280,789 | 531,864 | 6,910 | |||||||||||
Ending balance at Dec. 31, 2022 | $ 595,329,637 | 389,390,600 | (55,143,655) | 902,026 | 260,028,582 | $ 38,643 | $ 7,198 | $ 12,222 | $ 75,825 | $ 12,809 | $ 5,318 | $ 69 | |||||||
Ending balance, shares at Dec. 31, 2022 | 3,864,320 | 3,864,320 | 719,803 | 719,803 | 1,222,180 | 1,222,180 | 7,582,500 | 7,582,500 | 1,280,789 | 1,280,789 | 531,864 | 531,864 | 6,910 | 6,910 | |||||
Beginning balance at Mar. 31, 2022 | 393,114,596 | 291,001,622 | (37,771,857) | 370,992 | 139,399,602 | $ 35,935 | $ 11,306 | $ 12,095 | $ 43,696 | $ 7,405 | $ 3,756 | $ 44 | |||||||
Beginning balance, shares at Mar. 31, 2022 | 3,593,478 | 1,130,588 | 1,209,492 | 4,369,581 | 740,526 | 375,628 | 4,363 | ||||||||||||
Common stock | 48,644,890 | 48,626,353 | $ 1,108 | $ (1,109) | $ 16,390 | $ 1,737 | $ 388 | $ 23 | |||||||||||
Common stock, shares | 110,803 | (110,888) | 1,638,929 | 173,607 | 38,744 | 2,374 | |||||||||||||
Common stock repurchased | $ (1,299,486) | (1,298,992) | $ (244) | $ (154) | $ (16) | $ (30) | $ (43) | $ (7) | |||||||||||
Common stock repurchased, shares | (49,384) | (24,365) | (15,358) | (1,646) | (2,997) | (4,280) | (738) | ||||||||||||
Distribution reinvestment | $ 1,359,316 | 1,358,795 | $ 201 | $ 55 | $ 64 | $ 165 | $ 20 | $ 16 | |||||||||||
Distribution reinvestment, shares | 20,064 | 5,486 | 6,462 | 16,544 | 2,037 | 1,619 | 1 | ||||||||||||
Offering costs, commissions and fees | (557,473) | (557,473) | |||||||||||||||||
Net income (loss) | (1,126,461) | (144,003) | (982,458) | ||||||||||||||||
Distributions declared on common stock | (4,795,482) | (4,795,482) | |||||||||||||||||
Designated derivatives, fair value adjustments | 2,646,889 | 264,689 | 2,382,200 | ||||||||||||||||
Non-controlling interests | 59,088,495 | 59,088,495 | |||||||||||||||||
Ending balance at Jun. 30, 2022 | 497,075,284 | 339,130,305 | (42,711,342) | 635,681 | 199,887,839 | $ 37,000 | $ 10,098 | $ 12,143 | $ 60,221 | $ 9,119 | $ 4,153 | $ 67 | |||||||
Ending balance, shares at Jun. 30, 2022 | 3,699,980 | 1,009,828 | 1,214,308 | 6,022,057 | 911,890 | 415,253 | 6,738 | ||||||||||||
Beginning balance at Dec. 31, 2022 | 595,329,637 | 389,390,600 | (55,143,655) | 902,026 | 260,028,582 | $ 38,643 | $ 7,198 | $ 12,222 | $ 75,825 | $ 12,809 | $ 5,318 | $ 69 | |||||||
Beginning balance, shares at Dec. 31, 2022 | 3,864,320 | 3,864,320 | 719,803 | 719,803 | 1,222,180 | 1,222,180 | 7,582,500 | 7,582,500 | 1,280,789 | 1,280,789 | 531,864 | 531,864 | 6,910 | 6,910 | |||||
Common stock | 26,164,691 | 26,154,932 | $ 1,209 | $ (1,209) | $ 6,917 | $ 1,715 | $ 1,127 | ||||||||||||
Common stock, shares | 120,869 | (120,959) | 691,739 | 171,609 | 112,705 | ||||||||||||||
Common stock repurchased | (11,215,399) | (11,211,168) | $ (1,057) | $ 97 | $ (58) | $ (2,519) | $ (434) | $ (66) | |||||||||||
Common stock repurchased, shares | (105,744) | (9,682) | (5,798) | (251,928) | (43,413) | (6,643) | |||||||||||||
Distribution reinvestment | 1,695,968 | 1,695,335 | $ 200 | $ 31 | $ 61 | $ 275 | $ 43 | $ 23 | |||||||||||
Distribution reinvestment, shares | 20,019 | 3,112 | 6,136 | 27,502 | 4,291 | 2,313 | 20 | ||||||||||||
Offering costs, commissions and fees | (401,701) | (401,701) | |||||||||||||||||
Net income (loss) | (6,649,374) | (5,374,841) | (1,274,533) | ||||||||||||||||
Distributions declared on common stock | (5,802,997) | (5,802,997) | |||||||||||||||||
Designated derivatives, fair value adjustments | (1,622,764) | (162,277) | 1,460,487 | ||||||||||||||||
Non-controlling interests | (3,425,858) | (3,425,858) | |||||||||||||||||
Ending balance at Mar. 31, 2023 | 594,072,203 | 405,627,998 | (66,321,493) | 739,749 | 253,867,704 | $ 38,995 | $ 5,923 | $ 12,225 | $ 80,498 | $ 14,133 | $ 6,402 | $ 69 | |||||||
Ending balance, shares at Mar. 31, 2023 | 3,899,464 | 592,274 | 1,222,518 | 8,049,813 | 1,413,276 | 640,239 | 6,930 | ||||||||||||
Beginning balance at Dec. 31, 2022 | $ 595,329,637 | 389,390,600 | (55,143,655) | 902,026 | 260,028,582 | $ 38,643 | $ 7,198 | $ 12,222 | $ 75,825 | $ 12,809 | $ 5,318 | $ 69 | |||||||
Beginning balance, shares at Dec. 31, 2022 | 3,864,320 | 3,864,320 | 719,803 | 719,803 | 1,222,180 | 1,222,180 | 7,582,500 | 7,582,500 | 1,280,789 | 1,280,789 | 531,864 | 531,864 | 6,910 | 6,910 | |||||
Common stock, shares | 15,499,495 | 3,840,608 | 472,743 | 1,217,269 | 7,840,877 | 1,448,824 | 672,160 | 7,014 | |||||||||||
Common stock repurchased | $ (28,529,560) | ||||||||||||||||||
Common stock repurchased, shares | (1,101,813) | ||||||||||||||||||
Ending balance at Jun. 30, 2023 | $ 595,232,013 | 397,659,773 | (73,009,812) | 851,374 | 269,575,601 | $ 38,488 | $ 4,727 | $ 12,173 | $ 78,409 | $ 14,488 | $ 6,722 | $ 70 | |||||||
Ending balance, shares at Jun. 30, 2023 | 3,848,788 | 3,848,788 | 472,743 | 472,743 | 1,217,269 | 1,217,269 | 7,840,877 | 7,840,877 | 1,448,824 | 1,448,824 | 672,160 | 672,160 | 7,014 | 7,014 | |||||
Beginning balance at Mar. 31, 2023 | 594,072,203 | 405,627,998 | (66,321,493) | 739,749 | 253,867,704 | $ 38,995 | $ 5,923 | $ 12,225 | $ 80,498 | $ 14,133 | $ 6,402 | $ 69 | |||||||
Beginning balance, shares at Mar. 31, 2023 | 3,899,464 | 592,274 | 1,222,518 | 8,049,813 | 1,413,276 | 640,239 | 6,930 | ||||||||||||
Common stock | 7,788,941 | 7,785,979 | $ 1,135 | $ (1,137) | $ 1,787 | $ 728 | $ 439 | $ 10 | |||||||||||
Common stock, shares | 113,548 | (113,661) | 178,724 | 72,838 | 43,822 | 938 | |||||||||||||
Common stock repurchased | $ (17,314,162) | (17,307,376) | $ (1,859) | $ (86) | $ (114) | $ (4,146) | $ (427) | $ (145) | $ (9) | ||||||||||
Common stock repurchased, shares | (678,605) | (185,899) | (8,551) | (11,399) | (414,620) | (42,710) | (14,545) | (880) | |||||||||||
Distribution reinvestment | $ 1,697,507 | 1,696,851 | $ 217 | $ 27 | $ 62 | $ 270 | $ 54 | $ 26 | |||||||||||
Distribution reinvestment, shares | 21,675 | 2,681 | 6,150 | 26,960 | 5,420 | 2,644 | 26 | ||||||||||||
Offering costs, commissions and fees | (143,679) | (143,679) | |||||||||||||||||
Net income (loss) | (1,720,778) | (791,292) | (929,486) | ||||||||||||||||
Distributions declared on common stock | (5,897,027) | (5,897,027) | |||||||||||||||||
Designated derivatives, fair value adjustments | 1,116,247 | 111,625 | 1,004,622 | ||||||||||||||||
Non-controlling interests | 15,632,761 | 15,632,761 | |||||||||||||||||
Ending balance at Jun. 30, 2023 | $ 595,232,013 | $ 397,659,773 | $ (73,009,812) | $ 851,374 | $ 269,575,601 | $ 38,488 | $ 4,727 | $ 12,173 | $ 78,409 | $ 14,488 | $ 6,722 | $ 70 | |||||||
Ending balance, shares at Jun. 30, 2023 | 3,848,788 | 3,848,788 | 472,743 | 472,743 | 1,217,269 | 1,217,269 | 7,840,877 | 7,840,877 | 1,448,824 | 1,448,824 | 672,160 | 672,160 | 7,014 | 7,014 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Cash flows from operating activities: | ||
Net income (loss) | $ (8,370,152) | $ (5,996,976) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||
Depreciation and amortization | 17,659,543 | 15,288,835 |
(Gain) Loss from investments in real estate-related assets | (49,482) | 426,848 |
Amortization of above-market lease intangibles | 98,189 | 98,189 |
Amortization of below-market lease intangibles | (978,005) | (707,855) |
Changes in assets and liabilities: | ||
Proceeds from investments in real estate-related assets | 275,298 | 207,793 |
(Increase) in deferred rent receivable | (1,206,310) | (2,163,693) |
Decrease in accrued preferred return receivable | 81,018 | |
Decrease in accrued income from mezzanine loan investment | 72,498 | |
(Increase) in prepaid expenses and other assets | (1,898,921) | (3,571,437) |
(Decrease)/increase in due to related parties | (462,715) | 3,830,784 |
(Increase) in due from related party | (217,276) | |
Increase in deferred revenue | 411,227 | 281,069 |
(Decrease) in distribution payable | (410,919) | |
(Decrease)/increase in restricted reserves | (519,234) | 196,361 |
(Decrease) in accounts payable and accrued expenses | (2,754,376) | 44,502 |
Increase in accrued interest payable | 102,188 | 428,544 |
Net cash provided by operating activities | 2,307,250 | 7,888,285 |
Cash flows from investing activities: | ||
Acquisition of real estate | (412,545) | (111,283,921) |
Cash used in investing activities | (412,545) | (111,283,921) |
Cash flows from financing activities: | ||
Borrowings under credit facility | 14,000,000 | 26,500,000 |
Proceeds from issuance of common stock, net | 33,270,125 | 98,522,452 |
Distributions | (13,174,030) | (6,634,942) |
Payments for redemptions of common stock | (23,404,406) | (3,349,143) |
Non-controlling interest distributions | (6,880,330) | (3,331,261) |
Payment of deferred financing costs | (442,790) | (1,096,546) |
Syndicated ownership interest | 3,191,427 | |
Net cash provided by financing activities | 3,368,569 | 113,801,987 |
Net increase in cash and cash equivalents and restricted cash | 5,263,274 | 10,406,351 |
Cash and cash equivalents and restricted cash, at beginning of period | 38,533,421 | 19,026,144 |
Cash and cash equivalents and restricted cash, at end of period | 43,796,695 | 29,432,495 |
Reconciliation of cash and cash equivalents and restricted cash | ||
Cash and cash equivalents | 34,292,465 | 22,333,652 |
Restricted cash | 9,504,230 | 7,098,843 |
Total cash and cash equivalents and restricted cash | 43,796,695 | 29,432,495 |
Supplemental disclosure of cash flow information: | ||
Cash paid for interest | 10,027,725 | 6,379,522 |
Non-cash investing and financing activities: | ||
Distribution reinvestment | 3,393,475 | 2,505,530 |
Distributions payable | $ 1,972,065 | $ 2,329,932 |
Organization and Business Purpo
Organization and Business Purpose | 6 Months Ended |
Jun. 30, 2023 | |
Accounting Policies [Abstract] | |
Organization and Business Purpose | Note 1 – Organization and Business Purpose Cantor Fitzgerald Income Trust, Inc., formerly known as Rodin Global Property Trust, Inc. (the “Company”), was formed on February 2, 2016 as a Maryland corporation that has elected and qualified to be taxed as a real estate investment trust (“REIT”) for United States (“U.S.”) federal income tax purposes beginning with the taxable year ending December 31, 2017. The Company’s unaudited consolidated financial statements include Cantor Fitzgerald Income Trust Operating Partnership, L.P., formerly known as Rodin Global Property Trust Operating Partnership, L.P. (the “Operating Partnership”) and its operating subsidiaries. Substantially all of the Company’s business is conducted through the Operating Partnership, a Delaware partnership formed on February 11, 2016. The Company is the sole general and a limited partner of the Operating Partnership. Unless the context otherwise requires, the “Company” refers to the Company and the Operating Partnership. The Company currently operates its business in one reportable segment, which focuses on investing in and managing income-producing commercial properties and multifamily properties, as well as other real estate-related assets. On February 2, 2016, the Company was capitalized with a $ 200,001 investment by the Company’s sponsor, Cantor Fitzgerald Investors, LLC (“CFI”) through the purchase of 8,180 Class A shares. In addition, a wholly owned subsidiary of CFI, Cantor Fitzgerald Income Trust OP Holdings, LLC, formerly known as Rodin Global Property Trust OP Holdings, LLC, (the “Special Unit Holder”), has invested $ 1,000 in the Operating Partnership and has been issued a special class of limited partnership units (“Special Units”), which is recorded as a non-controlling interest on the consolidated balance sheet as of June 30, 2023 . The Company registered with the Securities and Exchange Commission (“SEC”) an offering of up to $ 1.25 billion in shares of common stock, consisting of up to $ 1.0 billion in shares in the Company’s primary offering (the “Primary Offering”) and up to $ 250 million in shares pursuant to its distribution reinvestment plan (the “DRP”, and together with the Primary Offering, the “Initial Offering”). On May 18, 2017, the Company satisfied the minimum offering requirement as a result of CFI’s purchase of $ 2.0 million in Class I shares (the “Minimum Offering Requirement”). On March 20, 2020, the Company filed a registration statement on Form S-11 with the SEC for a proposed second public offering (the “Follow-On Offering”). Subsequently, on July 31, 2020 , the Company terminated the Primary Offering but is continuing to offer up to $ 50.0 million of common stock pursuant to the DRP. On August 10, 2020, the SEC declared the Follow-On Offering effective. In the Follow-On Offering, the Company is offering up to $ 1 billion in shares of common stock in a primary offering on a best efforts basis and $ 250 million in shares of common stock to be issued pursuant to the DRP. On July 30, 2020, the Company, amended its charter (as amended, the “Charter”) to redesignate its currently issued and outstanding Class A shares of common stock, Class T shares of common stock and Class I shares of common stock as “Class AX Shares,” “Class TX Shares” and “Class IX Shares,” respectively. In addition, on July 30, 2020, as set forth in the Charter, the Company has reclassified the authorized but unissued portion of its common stock into four additional classes of common stock: Class T Shares, Class S Shares, Class D Shares, and Class I Shares. The Class AX shares, Class TX shares and Class IX shares generally have the same rights, including voting rights, as the Class T shares, Class S shares, Class D shares and Class I shares that the Company is offering pursuant to the Follow-On Offering (Refer to Note 8 – Stockholders’ Equity). Upon commencement of the Follow-On Offering, on August 10, 2020, the Company began operating as a non-exchange traded perpetual-life REIT instead of operating as a REIT of finite duration. In connection with the determination to operate as a perpetual-life REIT, the Company’s board of directors has determined to update the Company’s investment strategy. Currently, the Company intends to invest in a diversified portfolio of income-producing commercial and multifamily real-estate and debt secured by commercial real estate located primarily in the United States. The Company will seek to invest: (a) at least 80 % of its assets in properties and real estate-related debt; and (b) up to 20 % of its assets in real estate-related securities. As of June 30, 2023, the Company owned the following investments: • A retail property located in Grand Rapids, Michigan (the “GR Property”). • An office property located in Fort Mill, South Carolina (the “FM Property”). • An office property located in Columbus, Ohio (the “CO Property”). • A flex industrial property located in Lewisville, TX (the “Lewisville Property”). • A controlling interest in a Delaware Statutory Trust, CF Net Lease Portfolio IV DST (the "DST"), which owns seven properties (individually, a "DST Property" and collectively the "DST Properties"). • CF Albertsons Lancaster, LLC (the “Pennsylvania SPE”), which made a preferred equity investment (the “Lancaster PE”) through a joint venture agreement to purchase a cold storage and warehouse distribution facility located in Denver, Pennsylvania (the “PA Property”). • CF Albertsons Chicago, LLC (the “Illinois SPE”), which originated a fixed rate, subordinate mezzanine loan (the “Chicago Jr Mezz”) for the acquisition of a cold storage and warehouse distribution facility located in Melrose Park, Illinois (the “IL Property”). • A majority interest ( 75 %) in a joint venture (the “Battery Street SF JV”) that owns an office property located in San Francisco, California (the “SF Property”) with an unrelated third party. • An industrial property located in Phoenix, Arizona (the “Buchanan Property”). • Interests ( 15 %) in a Delaware Statutory Trust, CF Station Multifamily DST (the “Station DST”), which owns a multifamily residential property located in Irving, Texas (the “Station Property”). • A controlling interest of ( 97 %) in a multifamily property located in Carrolton, Texas (the “Keller Property”) through a joint venture (the “Keller JV”) with an unrelated third party. • A controlling interest ( 25 %) in a Delaware Statutory Trust, CF Summerfield Multifamily DST (the “Summerfield DST”), which owns a multifamily residential property located in Landover, MD (the “Summerfield Property”). • An industrial property located in Cleveland, OH (the “Madison Ave Property”). • A controlling interest ( 10 %) in a Delaware Statutory Trust, (the “Valencia DST”), which owns a life sciences laboratory and research office property located in Valencia, California (the “Valencia Property”). • An office property located in Cupertino, CA (the “De Anza Property”). • A controlling interest of ( 10 %) in a Delaware Statutory Trust, CF Kacey Multifamily DST (the “Kacey DST”), which owns a multifamily residential property located in Kingwood, Texas (the “Kacey Property”). • A controlling interest of ( 10 %) in a Delaware Statutory Trust, CF Industry Multifamily DST (the “Industry DST”), which owns a multifamily residential property located in Columbus, OH (the “Industry Property”). • An industrial dry/cold storage facility located in Columbus, OH (the “Fisher Road Property”). • A controlling interest of ( 96.46 %) in a multifamily property located in Conroe, TX (the “Longmire Property”) through a joint venture (the “Longmire JV”) with an unrelated third party. • A controlling interest of ( 10 %) in a Delaware Statutory Trust, (the “ON3 DST”), which owns an office located in Nutley, NJ (the “ON3 Property”). • A controlling interest of ( 10 %) in a Delaware Statutory Trust, CF West End Multifamily DST (the "West End DST"), which owns a multifamily residential property located in Lenexa, KS (the "West End Property"). • A controlling interest of ( 10 %) in a Delaware Statutory Trust, CF Palms Multifamily DST (the "Palms DST"), which owns a multifamily residential property located in Houston, TX (the "Palms Property"). • An acre of land located in Greenfield, IN (the "Mount Comfort Land"). • A controlling interest of ( 5 %) in a Delaware Statutory Trust, CF Pearland Multifamily DST (the "Pearland DST"), which owns a multifamily residential property located in Pearland, Texas (the "Pearland Property"). The Company is externally managed by Cantor Fitzgerald Income Advisors, LLC, formerly known as Rodin Global Property Advisors, LLC (the “Advisor”), a Delaware limited liability company and wholly owned subsidiary of CFI. CFI is a wholly owned subsidiary of CFIM Holdings, LLC, which is a wholly owned subsidiary of Cantor Fitzgerald, L.P. (“CFLP”). |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2023 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Note 2 – Summary of Significant Accounting Policies Other than the following, during the six months ended June 30, 2023, there were no significant changes made to the Company’s significant accounting policies. Current Expected Credit Losses (“CECL”) The accounting policy changes are attributable to the adoption of ASU No. 2016-13, Financial Instruments—Credit Losses (Topic 326)—Measurement of Credit Losses on Financial Instruments, and related amendments on January 1, 2023. In accordance with the guidance in ASC Topic 326, the Company presents its financial assets that are measured at amortized cost, net of an allowance for credit losses, which represents the amount expected to be collected over their estimated life. Expected credit losses for newly recognized financial assets carried at amortized cost, as well as changes to expected lifetime credit losses during the period, are recognized in earnings. The CECL methodology represents a significant change from prior U.S. GAAP and replaced the prior multiple impairment methods, which generally required that a loss be incurred before it was recognized. Within the life cycle of a loan or other financial asset in scope, the methodology generally results in the earlier recognition of the provision for credit losses and the related allowance for credit losses than under prior U.S. GAAP. The CECL methodology’s impact on expected credit losses, among other things, reflects the Company’s view of the current state of the economy, forecasted macroeconomic conditions and the Company’s portfolios. Basis of Presentation The consolidated financial statements are presented in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”) and pursuant to the rules and regulations of the SEC. In the opinion of management, the accompanying consolidated financial statements contain all adjustments and eliminations, consisting only of normal recurring adjustments necessary for a fair presentation in conformity with U.S. GAAP. Certain reclassifications have been made to previously reported amounts to conform to the current presentation. Use of Estimates The preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities as of the date of the balance sheet. Management believes that the estimates utilized in preparing the consolidated financial statements are reasonable. As such, actual results could differ from those estimates. Principles of Consolidation The consolidated financial statements include the accounts of the Company, the Operating Partnership and any single member limited liability companies or other entities which are consolidated in accordance with U.S. GAAP. The Company consolidates variable interest entities (“VIEs”) where it is the primary beneficiary and voting interest entities which are generally majority owned or otherwise controlled by the Company. All intercompany balances are eliminated in consolidation. Variable Interest Entities The Company determines if an entity is a VIE in accordance with guidance in Accounting Standards Codification (“ASC”) Topic 810, Consolidation . For an entity in which the Company has acquired an interest, the entity will be considered a VIE if both of the following characteristics are not met: 1) the equity investors in the entity have the characteristics of a controlling financial interest, and 2) the equity investors’ total investment at risk is sufficient to finance the entity’s activities without additional subordinated financial support. The Company makes judgments regarding the sufficiency of the equity at risk based first on a qualitative analysis, then a quantitative analysis, if necessary. A qualitative analysis is generally based on a review of the design of the entity, including its control structure and decision-making abilities, and also its financial structure. In a quantitative analysis, the Company would incorporate various estimates, including estimated future cash flows, assumed hold periods and capitalization or discount rates. If an entity is determined to be a VIE, the Company then determines whether to consolidate the entity as the primary beneficiary. The primary beneficiary has both (i) the power to direct the activities that most significantly impact the VIE’s economic performance and (ii) the obligation to absorb losses of the VIE or the right to receive benefits from the VIE that could potentially be significant to the entity. The Company evaluates all of its investments in real estate-related assets to determine if they are VIEs utilizing judgments and estimates that are inherently subjective. If different judgments or estimates were used for these evaluations, it could result in differing conclusions as to whether or not an entity is a VIE and whether or not to consolidate such entity. As of June 30, 2023 and December 31, 2022, the Company concluded that it had investments in VIEs. Refer to Note 10 — Variable Interest Entities for additional information. Voting Interest Entities A voting interest entity is an entity in which the total equity investment at risk is sufficient to enable it to finance its activities independently and the equity holders have the power to direct the activities of the entity that most significantly impact its economic performance, the obligation to absorb the losses of the entity and the right to receive the residual returns of the entity. The usual condition for a controlling financial interest in a voting interest entity is ownership of a majority voting interest. If the Company has a majority voting interest in a voting interest entity, the entity will generally be consolidated. The Company will not consolidate a voting interest entity if there are substantive participating rights by other parties and/or kick-out rights by a single party. The Company performs ongoing reassessments of whether entities previously evaluated under the voting interest framework have become VIEs, based on certain events, and therefore subject to the VIE consolidation framework, and vice versa. Cash and Cash Equivalents Cash and cash equivalents consist of cash on hand and highly liquid investments with original maturities of three months or less. Restricted Cash Restricted cash consists primarily of amounts held by lenders in escrow accounts for real estate taxes, and other lender reserves for certain properties. This also includes amounts required under the liquidity covenants of the credit facility agreement. Deferred Rent Receivable Deferred rent receivable represents rent earned in excess of rent received as a result of straight-lining rents over the terms of the leases on the FM Property, the CO Property, the Lewisville Property, the SF Property, the Buchanan Property, the DST, the Madison Ave Property, the Valencia Property, the De Anza Property, the Fisher Road Property, the ON3 Property, and the Mount Comfort Land in accordance with ASC Topic 842, Leases . As of June 30, 2023 and December 31, 2022, Deferred rent receivable was $ 10,457,475 and $ 9,251,165 , respectively. Prepaid Expenses and Other Assets Prepaid expenses and other assets consist primarily of prepaid operating expenses and reimbursements due from tenants. Investment in Real Estate, net Real estate assets are stated at cost, less accumulated depreciation and amortization. Amounts capitalized to real estate assets consist of the costs of acquisition, including certain acquisition-related expenses, major improvements and betterments that extend the useful life of the real estate assets and leasing costs. All repairs and maintenance costs are expensed as incurred. The Company accounts for its acquisitions of assets or businesses in accordance with ASC Topic 805, Business Combinations . Upon the acquisition of real estate properties, the Company allocates the purchase price to acquired tangible assets, consisting of land, buildings and improvements, and to identified intangible assets and liabilities, consisting of the value of above-market leases, below-market leases, and in-place leases, based in each case on their respective fair values. The Company utilizes independent appraisals to assist in the determination of the fair values of the tangible assets of an acquired property (which includes land and buildings). The information in the appraisal, along with any additional information available to the Company’s management, is used in estimating the amount of the purchase price that is allocated to land. Other information in the appraisal, such as building value and market rents, may be used by the Company’s management in estimating the allocation of purchase price to the building and to intangible lease assets and liabilities. The appraisal firm has no involvement in management’s allocation decisions other than providing this market information. The Company considers the period of future benefit of each respective asset to determine its appropriate useful life. The estimated useful lives of the Company’s real estate assets by class are generally as follows: Description Depreciable Life Buildings 39 years Site improvements Remaining useful life Intangible lease assets and liabilities Over lease term The determination of the fair values of the real estate assets and liabilities acquired requires the use of assumptions with regard to the current market rental rates, rental growth rates, capitalization and discount rates, interest rates and other variables. The use of alternative estimates may result in a different allocation of the Company’s purchase price, which could materially impact the Company’s results of operations. The Company continually monitors events and changes in circumstances that could indicate that the carrying amounts of its real estate assets may not be recoverable. Impairment indicators that the Company considers include, but are not limited to, bankruptcy or other credit concerns of a property’s major tenant, such as a history of late payments, rental concessions and other factors, a significant decrease in a property’s revenues due to lease terminations, vacancies, co-tenancy clauses, reduced lease rates or other circumstances. When indicators of potential impairment are present, the Company assesses the recoverability of the assets by determining whether the carrying amount of the assets will be recovered through the undiscounted future cash flows expected from the use of the assets and their eventual disposition. In the event that such expected undiscounted future cash flows do not exceed the carrying amount, the Company will adjust the real estate assets to their respective fair values and recognize an impairment loss. Generally, fair value is determined using a discounted cash flow analysis and recent comparable sales transactions. As of June 30, 2023 and December 31, 2022, no impairment losses have been identified. Investments in Real Estate - Related Assets Mezzanine Loan Investment The Company has made a mezzanine loan investment through the Illinois SPE. Mezzanine loan investments are generally intended to be held for investment and, accordingly, are carried at cost, net of unamortized fees, premiums, discounts and unfunded commitments. Mezzanine loan investments that are deemed to be impaired are carried at amortized cost less a loss reserve, if deemed appropriate. Mezzanine loan investments for which the Company does not have the intent to hold the investment for the foreseeable future or until its expected payoff are classified as held for sale and recorded at the lower of cost or estimated value. Mezzanine loan investments are considered credit impaired when, based on current information and events, and reasonable and supportable forecasts, the Company will not be able to collect principal and income from mezzanine loan amounts due according to the contractual terms. The Company assesses the credit quality of the portfolio and adequacy of loss reserves on a periodic basis. Significant judgment of management is required in this analysis. The Company considers the estimated net recoverable value of the mezzanine loan investment as well as other factors, including but not limited to the fair value of any collateral, the amount and the status of any senior debt, the quality and financial condition of the borrower and the competitive situation of the area where the underlying collateral is located. Because this determination is based on projections of future economic events, which are inherently subjective, the amount ultimately realized may differ materially from the carrying value as of the balance sheet date. If upon completion of the assessment, the estimated fair value of the underlying collateral is less than the net carrying value of the mezzanine loan investment, a loss reserve is recorded with a corresponding charge to provision for losses. The CELC reserve for each mezzanine loan investment is maintained at a level that is determined to be adequate by management to absorb expected credit losses. Income recognition is suspended for a mezzanine loan investment at the earlier of the date at which payments become 90-days past due or when, in the opinion of management, a full recovery of income and principal becomes doubtful. When the ultimate collectability of the principal of an impaired mezzanine loan investment is in doubt, all payments are applied to principal under the cost recovery method. When the ultimate collectability of the principal of an impaired mezzanine loan investment is not in doubt, contractual income from mezzanine loan is recorded as income from mezzanine loan when received, under the cash basis method until an accrual is resumed when the mezzanine loan investment becomes contractually current and performance is demonstrated to be resumed. A mezzanine loan investment is written off when it is no longer realizable and/or legally discharged. Pursuant to the adoption of the CECL accounting standards, the Company has made an accounting policy election not to measure an allowance for credit losses on accrued interest receivable amounts as the Company writes-off the uncollectible accrued interest receivable balance in a timely manner. As of June 30, 2023 and December 31, 2022, no credit impairment losses have been identified. Preferred Equity Investment The Company has made a preferred equity investment in the Pennsylvania SPE, an entity that holds commercial real estate. Preferred equity investments are generally intended to be held to maturity and, accordingly, are carried at cost, net of unamortized fees, premium, discount and unfunded commitments. Preferred Equity investments that are deemed to be credit impaired are carried at amortized cost less a loss reserve, if deemed appropriate. Preferred equity investments where the Company does not have the intent to hold the investment for the foreseeable future or until its expected payoff are classified as held for sale and recorded at the lower of cost or estimated value. Preferred equity investments are considered credit impaired when, based on current information and events, and reasonable and supportable forecasts, the Company will not be able to collect principal and preferred return income amounts due according to the contractual terms. The Company assesses the credit quality of the portfolio and adequacy of loss reserves on a periodic basis. Significant judgment of management is required in this analysis. The Company considers the estimated net recoverable value of the preferred equity investment as well as other factors, including but not limited to the fair value of any collateral, the amount and the status of any senior debt, the quality and financial condition of the borrower and the competitive situation of the area where the underlying collateral is located. Because this determination is based on projections of future economic events, which are inherently subjective, the amount ultimately realized may differ materially from the carrying value as of the balance sheet date. If upon completion of the assessment, the estimated fair value of the underlying collateral is less than the net carrying value of the preferred equity investment, a loss reserve is recorded with a corresponding charge to provision for losses. The loss reserve for each preferred equity investment is maintained at a level that is determined to be adequate by management to absorb expected credit losses. Income recognition is suspended for a preferred equity investment at the earlier of the date at which payments become 90-days past due or when, in the opinion of management, a full recovery of income and principal becomes doubtful. When the ultimate collectability of the principal of an impaired preferred equity investment is in doubt, all payments are applied to principal under the cost recovery method. When the ultimate collectability of the principal of an impaired preferred equity investment is not in doubt, contractual preferred return income is recorded as preferred return income when received, under the cash basis method until an accrual is resumed when the preferred return investment becomes contractually current and performance is demonstrated to be resumed. A preferred return investment is written off when it is no longer realizable and/or legally discharged. Pursuant to the adoption of the CECL accounting standards, the Company has made an accounting policy election not to measure an allowance for credit losses on accrued interest receivable amounts as the Company writes-off the uncollectible accrued interest receivable balance in a timely manner. As of June 30, 2023 and December 31, 2022, no credit impairment losses have been identified. Unconsolidated Equity Method Investments The Company performs consolidation analysis in accordance with ASC Topic 810, Consolidation, as described in the “Variable Interest Entities” section of this Note 2. The Company has determined, as a result of its analysis, that it is not the primary beneficiary of its investment in the Station DST, and therefore has not consolidated the entity. The Company has accounted for its investment in the Station DST, which is controlled and managed by CFI, under the equity method of accounting, and included within Investments in real estate-related assets on the Company’s consolidated balance sheet. In accordance with ASC Topic 323, Investments-Equity Method and Joint Ventures , the Company is able to exercise significant influence over this investee. Under the equity method, the investment is adjusted each period for capital contributions and distributions and its share of the entity’s net income (loss). Capital contributions, distributions and net income (loss) of such entity is recorded in accordance with the terms of the governing documents. An allocation of net income (loss) may differ from the stated ownership percentage interest in such entity as a result of preferred returns and allocation formulas, if any, as described in such governing documents. Investments in real estate-related assets are periodically reviewed for impairment based on projected cash flows from the underlying investment. If an impairment is identified, the carrying value of the investment will be reduced to the anticipated recoverable amount. As of June 30, 2023 and December 31, 2022, no impairment has been identified. Deferred Financing Costs Costs incurred in connection with obtaining financing are capitalized and amortized over the term of the related loan on a straight-line basis, which approximates the effective interest method. The carrying value of the deferred financing costs at June 30, 2023 and December 31, 2022 was $ 4,919,781 and $ 4,927,048 , respectively, which is net of accumulated amortization of $ 1,744,587 and $ 1,294,530 , respectively, and recorded as an offset to the related debt. For the six months ended June 30, 2023 and June 30, 2022, amortization of deferred financing costs was $ 450,057 and $ 362,545 , respectively, and for the three months ended June 30, 2023 and June 30, 2022, amortization of deferred financing costs was $ 226,286 and $ 197,208 , respectively, and is included in Interest expense on the accompanying consolidated statements of operations. Revenue Recognition Rental revenue is recognized on a straight-line basis over the life of the respective leases. Preferred return income from the Company’s preferred equity investment is recognized when earned and accrued based on the outstanding investment balance. Income from mezzanine loan investment is recognized when earned and accrued based on the outstanding loan balance. Other Property Operating Revenues Other property operating revenues include tenant reimbursement income and revenues received from tenants to cover utilities and other amenities. The tenant reimbursement income is derived from certain property operating expenses, including real estate taxes and insurance, among others, which are paid by the Company and are reimbursed by the tenants of the Company’s properties pursuant to the terms of the respective leases. These reimbursements and other revenues received from tenants are reflected as Other property operating revenues in the accompanying consolidated statements of operations, which, for the six months ended June 30, 2023 and June 30, 2022 was $ 8,557,339 and $ 2,761,859 , respectively, and for three months ended June 30, 2023 and June 30, 2022 was $ 4,804,130 and $ 1,413,279 , respectively. Property Operating Expenses Certain property operating expenses, including real estate taxes and insurance, among others, are paid by the Company and may be reimbursed by the tenants of the Company’s properties pursuant to the terms of the respective leases. These expenses incurred are reflected as Property operating expenses in the accompanying consolidated statements of operations, which for the six months ended June 30, 2023 and June 30, 2022 was $ 16,811,429 and $ 8,448,077 , respectively, and for the three months ended June 30, 2023 and June 30, 2022 was $ 9,142,736 and $ 4,696,503 , respectively. Derivative Instruments The Company records all derivatives on the consolidated balance sheets at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether the Company has elected to designate a derivative in a hedging relationship and apply hedge accounting and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. Derivatives designated and qualifying as a hedge of the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. Derivatives may also be designated as hedges of the foreign currency exposure of a net investment in foreign operations. Hedge accounting generally provides for the matching of the timing of gain or loss recognition on the hedging instrument with the recognition of the changes in the fair value of the hedged asset or liability that are attributable to the hedged risk in a fair value hedge or the earnings effect of the hedged forecasted transactions in a cash flow hedge. The Company may enter into derivative contracts that are intended to economically hedge certain risk, even though hedge accounting does not apply or the Company elects not to apply hedge accounting. The accounting for subsequent changes in the fair value of these derivatives depends on whether each has been designed and qualifies for hedge accounting treatment. If the Company elects not to apply hedge accounting treatment (or for derivatives that do not qualify as hedges), any changes in the fair value of these derivative instruments is recognized immediately in gains (losses) on derivative instruments in the consolidated statements of operations. If a derivative is designated and qualifies for cash flow hedge accounting treatment, the change in the estimated fair value of the derivative is recorded in other comprehensive income (loss) in the consolidated statements of comprehensive income (loss) to the extent that it is effective. Any ineffective portion of a change in derivative fair value is immediately recorded in earnings. Deferred Revenue Deferred revenue represents unearned rent received in advance from tenants at certain of the Company’s properties, which at June 30, 2023 and December 31, 2022 were $ 1,645,015 and $ 1,233,788 , respectively. Distribution Payable Distribution payable is comprised of amounts of distributions declared by the Company but not yet paid and accrued distributions relating to the Performance Participation Allocation (as defined below in Note 8 – Stockholder’s Equity). Also included within distribution payable is $ 9,530 due to certain specific affiliates, including the Sponsor, who are entitled to distributions based on their indirect equity interest in the Summerfield DST (as further described in Note 9 – Related Party Transactions). As of June 30, 2023, return of capital distributions were and are derived from net escrow break proceeds from the syndication of the Summerfield DST beneficial interest offering, with the related proceeds held and reported in cash and cash equivalents on the accompanying consolidated balance sheet. As of June 30, 2023 and December 31, 2022 the aggregate total amount of distribution payable reported by the Company were $ 1,981,595 and $ 6,849,076 , respectively. Restricted Reserves Restricted reserves are comprised of amounts received from tenants at certain of the Company’s properties for recoverable property operating expenses to be paid by the Company on behalf of the tenants, pursuant to the terms of the respective lease arrangements, which at June 30, 2023 and December 31, 2022 were $ 7,331,071 and $ 7,850,305 , respectively. Due to Related Parties Due to related parties is comprised of amounts contractually owed by the Company for various services provided to the Company from related parties, which at June 30, 2023 and December 31, 2022 were $ 5,319,299 and $ 6,496,398 , respectively (See Note 9 – Related Party Transactions). Organization and Offering Costs The Advisor has agreed to pay, on behalf of the Company, all organizational and offering costs (including legal, accounting, and other costs attributable to the Company’s organization and offering, but excluding upfront selling commissions, dealer manager fees and distribution fees) (“O&O Costs”) through the first anniversary of the date on which the Company satisfied the Minimum Offering Requirement, which was May 18, 2018 (the “Escrow Break Anniversary”). After the Escrow Break Anniversary, the Advisor, in its sole discretion, may pay some or all of the additional O&O Costs incurred, but is not required to do so. To the extent the Advisor pays such additional O&O Costs, the Company is obligated to reimburse the Advisor subject to the 1 % Cap (as defined below). Following the Escrow Break Anniversary, the Company began reimbursing the Advisor for payment of O&O Costs on a monthly basis, which continued through the period ended May 18, 2021 ; provided, however, that the Company was not obligated to pay any amounts that as a result of such payment would cause the aggregate payments for O&O Costs (less selling commissions, dealer manager fees and distribution fees) paid to the Advisor to exceed 1 % of gross proceeds from all the Company’s public offerings (the “ 1 % Cap”), as of such payment date. Any amounts not reimbursed in any period are included in determining any reimbursement liability for a subsequent period. As of June 30, 2023, the Advisor has continued to pay all O&O Costs on behalf of the Company. As of June 30, 2023 and December 31, 2022 , the Advisor has incurred O&O Costs on the Company’s behalf of $ 13,093,274 and $ 12,613,362 , respectively. As of June 30, 2023, the Company satisfied its obligation to reimburse the Advisor for O&O Costs. As of December 31, 2022 , the Company was obligated to reimburse the Advisor for O&O Costs in the amount of $ 61,210 , which is included within Due to related parties in the accompanying consolidated balance sheets. As of both June 30, 2023 and December 31, 2022, organizational costs of $ 90,675 , were expensed and offering costs of $ 3,978,102 and $ 3,811,650 , respectively, were charged to stockholders’ equity. As of June 30, 2023 and December 31, 2022, the Company has made reimbursement payments of $ 4,068,777 and $ 3,841,115 , respectively, to the Advisor for O&O Costs incurred. Income Taxes The Company has elected and qualified to be taxed as a REIT under the Internal Revenue Code of 1986, as amended. Accordingly, the Company generally will not be subject to U.S. federal income tax to the extent of its distributions to stockholders and as long as certain asset, income, share ownership, minimum distribution and other requirements are met. To qualify as a REIT, the Company must annually distribute at least 90% of its REIT taxable income to its stockholders and meet certain other requirements. Under certain circumstances, federal income and excise taxes may be due on its undistributed taxable income. The Company may also be subject to certain state and local taxes. If the Company fails to meet these requirements, it will be subject to U.S. federal income tax, which could have a material adverse impact on its results of operations and amounts available for distributions to its stockholders. The Company provides for uncertain tax positions based upon management’s assessment of whether a tax benefit is more likely than not to be sustained upon examination by tax authorities. Management is required to determine whether a tax position is more likely than not to be sustained upon examination by tax authorities, including resolution of any related appeals or litigation processes, based on the technical merits of the position. Because assumptions are used in determining whether a tax benefit is more likely than not to be sustained upon examination by tax authorities, actual results may differ from the Company’s estimates under different assumptions or conditions. The Company recognizes interest and penalties, if any, related to unrecognized tax benefits in “Provision for income taxes” in the consolidated statement of operations. Earnings Per Share Basic net income (loss) per share of common stock is determined by dividing net income (loss) attributable to common stockholders by the weighted average number of common shares outstanding during the period. Diluted net income (loss) per share is determined by dividing net income (loss) attributable to common stockholders by the weighted average number of common shares outstanding during the period, including common stock equivalents. As of June 30, 2023 and December 31, 2022, there were no material common stock equivalents that would have a dilutive effect on net income (loss) per share for common stockholders. All classes of common stock are allocated net income (loss) at the same rate per share. For the three and six months ended June 30, 2023, both basic and diluted net loss per share was $( 0.05 ) and $( 0.39 ) . For the three and six months ended June 30, 2022, both basic and diluted net loss per share was $( 0.01 ) and $( 0.32 ) . Recently Adopted Accounting Pronouncements In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments , which requires financial assets that are measured at amortized cost to be presented, net of an allowance for credit losses, at the amount expected to be collected over their estimated life. Expected credit losses for newly recognized financial assets, as well as changes to credit losses during the period, are recognized in earnings. For certain purchased financial assets with deterioration in credit quality since origination (“PCD assets”), the initial allowance for expected credit losses will be recorded as an increase to the purchase price. Expected credit losses, including losses on off-balance-sheet exposures such as lending commitments, will be measured based on historical experience, current conditions and reasonable and supportable forecasts that affect the collectability of the reported amount. In November 2018, the FASB issued ASU No. 2018-19, Codification Improvements to Topic 326, Financial Instruments—Credit Losses , to clarify that operating lease receivables accounted for under ASC 842, Leases , are not in the scope of the new credit losses guidance, and, instead, impairment of receivables arising from |
Investment in Real Estate
Investment in Real Estate | 6 Months Ended |
Jun. 30, 2023 | |
Real Estate [Abstract] | |
Investment in Real Estate | Note 3 – Investment in Real Estate Investment in real estate, net consisted of the following at June 30, 2023 and December 31, 2022 : June 30, 2023 December 31, 2022 Building and building improvements $ 893,049,472 $ 855,590,033 Land 108,980,432 105,444,095 Total 1,002,029,904 961,034,128 Accumulated depreciation ( 50,370,581 ) ( 38,540,964 ) Investment in real estate, net $ 951,659,323 $ 922,493,164 As of June 30, 2023 , the Company owned interests in 19 real properties and a plot of land as described below: Portfolio Ownership Location Number of Square Remaining (1) Annualized (3) Acquisition Purchase (4) Walgreens Grand Rapids ("GR Property") 100 % Grand Rapids, MI 1 14,552 14.1 years (2) $ 500,000 July 2017 $ 7,936,508 Daimler Trucks North America Office Building ("FM Property") 100 % Fort Mill, SC 1 150,164 5.5 years $ 2,670,638 February 2018 $ 40,000,000 Alliance Data Systems Office Building ("CO Property") 100 % Columbus, OH 1 241,493 9.2 years $ 3,362,844 July 2018 $ 46,950,000 Hoya Optical Labs of America ("Lewisville Property") 100 % Lewisville, TX 1 89,473 5.0 years $ 937,060 November 2018 $ 14,120,000 Williams Sonoma Office Building ("SF Property") 75 % San Francisco, CA 1 13,907 0.0 years (6) $ 0 September 2019 $ 11,600,000 Martin Brower Industrial Buildings ("Buchanan Property") 100 % Phoenix, AZ 1 93,302 8.7 years $ 1,083,444 November 2019 $ 17,300,000 Multifamily Residential Property ("Keller Property") 97 % Carrolton, TX 1 255,627 multiple (5) $ 5,638,361 February 2021 $ 56,500,000 Multifamily Residential Property ("Summerfield Property") 25 % Landover, MD 1 452,876 multiple (5) $ 10,595,447 March 2021 $ 115,500,000 Amazon Last Mile Cleveland ("Madison Ave Property") 100 % Cleveland, OH 1 168,750 7.8 years $ 1,555,254 May 2021 $ 30,800,000 Valencia California ("Valencia Property") 10 % Santa Clarita, CA 1 180,415 12.5 years $ 5,323,193 July 2021 $ 92,000,000 De Anza Plaza Office Buildings ("De Anza Property") 100 % Cupertino, CA 1 83,959 8.1 years $ 4,206,056 July 2021 $ 63,750,000 Multifamily Residential Property ("Kacey Property") 10 % Kingwood, TX 1 296,991 multiple (5) $ 5,341,050 November 2021 $ 67,000,000 Multifamily Residential Property ("Industry Property") 10 % Columbus, OH 1 187,678 multiple (5) $ 4,772,799 December 2021 $ 81,000,000 Mars Petcare Dry/Cold Storage Facility ("Fisher Road Property") 100 % Columbus, OH 1 465,256 3.9 years $ 2,984,877 March 2022 $ 58,000,000 Multifamily Residential Property ("Longmire Property") 96.46 % Conroe, TX 1 231,720 multiple (5) $ 3,211,114 April 2022 $ 43,400,000 Office Tower ("ON3 Property") 10 % Nutley, NJ 1 332,818 15.5 years $ 7,245,828 April 2022 $ 131,667,000 Multifamily Residential Property ("West End Property") 10 % Lenexa, KS 1 299,813 multiple (5) $ 5,166,260 August 2022 $ 69,375,000 Multifamily Residential Property ("Palms Property") 10 % Houston, TX 1 222,672 multiple (5) $ 4,010,775 August 2022 $ 48,000,000 Land ("Mount Comfort Land") 100 % Greenfield, IN 0 1 - acre 12.8 years $ 53,140 October 2022 $ 445,000 Multifamily Residential Property ("Pearland Property") 5 % Pearland, TX 1 219,624 multiple (5) $ 4,383,498 June 2023 $ 40,500,000 (1) Reflects number of years remaining until the tenant’s first termination option. (2) On March 14, 2022 the tenant (Walgreens) of the GR Property SPE waived the lease termination option and extended the non-cancelable term of the lease by five years to July 31, 2037 . (3) Reflects the average annualized rental income for the lease(s). Annualized rental income for the Keller Property, the Summerfield Property, the Kacey Property, the Industry Property, the Longmire Property, the West End Property, the Palms Property, and the Pearland Property is based on full occupancy. (4) Reflects the contract purchase price at 100 % ownership as opposed to adjusted for current ownership percentage as applicable. (5) Indicates individual tenant leases (with a 1 -year average lease term) for the multifamily residential properties. (6) The lease with William Sonoma expired on December 31, 2021. As of August 11, 2023, the SF Property is vacant. |
Intangibles
Intangibles | 6 Months Ended |
Jun. 30, 2023 | |
Intangible Assets, Net (Excluding Goodwill) [Abstract] | |
Intangibles | Note 4 - Intangibles The amortization of acquired above-market and/or below-market leases is recorded as an adjustment to Rental revenue on the consolidated statements of operations. For the six months ended June 30, 2023 and June 30, 2022, the net amount of such amortization was included as an increase to rental income of $ 879,815 and $ 609,665 , respectively. For the three months ended June 30, 2023 and June 30, 2022, the net amount of such amortization was included as an increase to rental income of $ 439,908 and $ 411,012 , respectively. The amortization of in-place leases is recorded as an adjustment to Depreciation and amortization expense on the consolidated statements of operations. For the six months ended June 30, 2023 and June 30, 2022, the net amount of such amortization was $ 4,870,410 and $ 5,547,877 , respectively. For the three months ended June 30, 2023 and June 30, 2022, the amount of such amortization was $ 2,295,997 and $ 2,817,458 , respectively. The amortization of tax abatement on property improvements is recorded as an adjustment to Depreciation and amortization expense on the consolidated statements of operations. For both the six months ended June 30, 2023 and June 30, 2022, the net amount of such amortization was $ 522,857 . For both the three months ended June 30, 2023 and June 30, 2022 the net amount of such amortization was $ 261,428 . As of June 30, 2023 and December 31, 2022, the gross carrying amount and accumulated amortization of the Company’s intangible assets consisted of the following: June 30, 2023 December 31, 2022 Intangible assets: In-place lease intangibles $ 93,194,479 $ 92,190,479 Above-market lease intangibles 2,112,734 2,112,734 Tax abatement on property improvements intangibles 14,640,000 14,640,000 Total intangible assets 109,947,213 108,943,213 Accumulated amortization: In-place lease amortization ( 27,114,351 ) ( 22,243,941 ) Above-market lease amortization ( 533,435 ) ( 435,246 ) Tax abatement on property improvements amortization ( 1,655,714 ) ( 1,132,857 ) Total accumulated amortization ( 29,303,500 ) ( 23,812,044 ) Intangible assets, net $ 80,643,713 $ 85,131,169 The estimated future amortization on the Company’s intangible assets for each of the next five years and thereafter as of June 30, 2023 is as follows: Year In-place Lease Above-market Tax Abatement on Property Improvements Total 2023 (remaining) 4,820,963 98,189 522,857 5,442,009 2024 8,049,017 196,378 1,045,714 9,291,109 2025 7,274,653 196,378 1,045,714 8,516,745 2026 6,526,776 196,378 1,045,714 7,768,868 2027 5,313,515 196,378 1,045,714 6,555,607 Thereafter 34,095,204 695,598 8,278,573 43,069,375 $ 66,080,128 $ 1,579,299 $ 12,984,286 $ 80,643,713 As of June 30, 2023 and December 31, 2022, the gross carrying amount and accumulated amortization of the Company’s Intangible liabilities consisted of the following: June 30, 2023 December 31, 2022 Intangible liabilities: Below-market lease intangibles $ 25,186,312 $ 25,186,312 Accumulated amortization: Below-market lease amortization ( 4,905,808 ) ( 3,914,404 ) Intangible liabilities, net $ 20,280,504 $ 21,271,908 The estimated future amortization on the Company’s intangible liabilities for each of the next five years and thereafter as of June 30, 2023 is as follows: Year Below-market 2023 (remaining) 991,404 2024 1,982,809 2025 1,982,809 2026 1,891,681 2027 1,552,556 Thereafter 11,879,245 $ 20,280,504 |
Five Year Minimum Rental Paymen
Five Year Minimum Rental Payments | 6 Months Ended |
Jun. 30, 2023 | |
Leases [Abstract] | |
Five Year Minimum Rental Payments | Note 5 - Five Year Minimum Rental Payments The estimated future minimum rents the Company expects to receive for the GR Property, FM Property, CO Property, Lewisville Property, the DST Properties, Buchanan Property, Madison Ave Property, Valencia Property, De Anza Property, Fisher Road Property, ON3 Property, and Mount Comfort Land for each of the next five years and thereafter through the end of the primary term as of June 30, 2023 is as follows: Year GR FM CO Lewisville DST Buchanan Madison Valencia DeAnza Fisher Road Property ON3 Property Mount Comfort Land Total 2023 (remaining) 250,000 1,331,955 1,648,876 471,705 1,152,878 539,575 729,681 2,261,962 1,956,081 1,467,883 3,128,813 24,041 14,963,450 2024 500,000 2,716,467 3,321,234 943,411 2,305,756 1,079,150 1,495,845 4,659,641 3,980,591 2,968,333 6,382,778 48,712 30,401,918 2025 500,000 2,770,526 3,356,771 971,713 2,320,167 1,079,150 1,533,241 4,799,430 4,067,880 3,026,878 6,510,433 49,564 30,985,753 2026 500,000 2,826,087 3,392,689 971,713 2,421,044 1,079,150 1,571,572 4,943,413 4,179,206 3,087,361 6,640,642 50,432 31,663,309 2027 500,000 2,883,149 3,428,990 971,713 2,421,044 1,079,150 1,610,862 5,091,716 4,304,583 1,296,901 6,773,455 51,314 30,412,877 Thereafter 4,791,667 2,940,211 16,750,675 500,432 22,911,775 4,780,167 5,522,788 46,635,569 16,495,454 - 84,072,726 444,198 205,845,662 Total $ 7,041,667 $ 15,468,395 $ 31,899,235 $ 4,830,687 $ 33,532,664 $ 9,636,342 $ 12,463,989 $ 68,391,731 $ 34,983,795 $ 11,847,356 $ 113,508,847 $ 668,261 $ 344,272,969 Note: Multifamily properties have been excluded as the typical lease has a 1 -year average lease term. |
Investments in Real Estate-Rela
Investments in Real Estate-Related Assets | 6 Months Ended |
Jun. 30, 2023 | |
Real Estate [Abstract] | |
Investments in Real Estate-Related Assets | Note 6 - Investments in R eal Estate - Related Assets Preferred Equity Investment – Denver, PA On January 2, 2019, the Company, through the Operating Partnership, made a preferred equity investment, together with a subsidiary of CFI. The Company’s initial investment of $ 4,779,353 was made through the Pennsylvania SPE, in which, as of January 2, 2019, the Company owned 40.5 % of the membership interests and CFI owned 59.5 % of the membership interests. The Pennsylvania SPE entered into a joint venture agreement (the “Pennsylvania JV”) with a subsidiary of USRA Net Lease III Capital Corp (“USRA”). The Company and CFI, by and through the Pennsylvania SPE, invested $ 11,805,000 of capital in the Pennsylvania JV. The Pennsylvania JV is the sole member of an entity that purchased the PA Property for a purchase price of $ 117,050,000 . The acquisition of the PA Property was also financed by a mortgage loan in the amount of $ 76,732,500 (the “PA Mortgage Loan”) provided by Goldman Sachs Mortgage Company (the “PA Mortgage Lender”). In connection with entering into the Pennsylvania JV, CF Real Estate Holdings, LLC, an affiliate of CFI (“CFREH”), entered into a Back-Up Indemnification Agreement (the “CFREH Indemnification Agreement”) with USRA, whereby CFREH agreed to indemnify USRA and certain of its affiliates from certain claims that may be asserted by the PA Mortgage Lender to the extent that such claims are caused by CFREH, the Pennsylvania SPE, or any of their affiliates. The PA Property is 100 % leased to New Albertsons L.P., which is a subsidiary of Albertsons Companies Inc. (“Albertsons”), which serves as the guarantor of the lease (the “PA Property Lease”). The PA Property Lease is a net lease whereby the tenant is responsible for operating expenses, real estate taxes, utilities, repairs, maintenance and capital expenditures, in addition to its obligation to pay base rent. Subsequent to January 2, 2019, the Company purchased additional membership interests in the Pennsylvania SPE from CFI totaling $ 7,025,647 , bringing the Company’s total investment in the Pennsylvania SPE to $ 11,805,000 and the Company’s interest in the Pennsylvania SPE to 100 %. Accordingly, on December 24, 2019, the Company entered into a Back-Up Indemnification Agreement, whereby the Company assumed all of the past, present and future obligations and liabilities of CFREH under the CFREH Indemnification Agreement, and CFREH was released of such obligations. As of the date hereof, there are no outstanding claims or obligations under the CFREH Indemnification Agreement. Based on the Company’s consolidation analysis, which was performed in accordance with ASC Topic 810, Consolidation as described in the “Variable Interest Entities” section of Note 2 — Summary of Significant Accounting Policies, management has determined that the Company is the primary beneficiary of the Pennsylvania SPE. Mezzanine Loan – Melrose Park, IL On January 2, 2019, the Company, through the Operating Partnership, made a mezzanine loan investment, together with CFI. The Company’s initial investment of $ 5,099,190 was made through the Illinois SPE, in which, as of January 2, 2019, the Company owned 40.5 % of the membership interests and CFI owned 59.5 % of the membership interests. The Illinois SPE, originated a fixed rate, subordinate mezzanine loan in the amount of $ 12,595,000 to Chicago Grocery Mezz B, LLC, which is owned and controlled by USRA, for the acquisition of the IL Property for a contract purchase price of $ 124,950,000 . The IL Property is 100 % leased to New Albertsons L.P., which is a subsidiary of Albertsons, which serves as the guarantor of the lease (the “IL Property Lease”). The IL Property Lease is a net lease whereby the tenant is responsible for operating expenses, real estate taxes, utilities, repairs, maintenance and capital expenditures, in addition to its obligation to pay base rent. Subsequent to January 2, 2019, the Company purchased additional membership interests in the Illinois SPE from CFI totaling $ 7,495,810 , bringing the Company’s total investment in the Illinois SPE to $ 12,595,000 and the Company’s interest in the Illinois SPE to 100 %. Subject to the limitations in the Company’s charter, the purchase price for any membership interests purchased from CFI was equal to CFI’s purchase price in exchange for such membership interests. Based on the Company’s consolidation analysis, which was performed in accordance with ASC Topic 810, Consolidation as described in the “Variable Interest Entities” section of Note 2 — Summary of Significant Accounting Policies, management has determined that the Company is the primary beneficiary of the Illinois SPE. Station DST Interests On November 25, 2020, the Company acquired, through the Operating Partnership, beneficial interests (the “Station Interests”) in the Station DST, for a purchase price of $ 7.6 million. The Station Interests were acquired in a private placement offering managed by an affiliate of CFI. The Station Interests held represent 15 % of the Station DST. On October 29, 2020, the Station DST acquired the fee simple interest in a 444-unit apartment community located in Irving, Texas (the “Station DST Property”), for a total purchase price of $ 106 million. The purchase price was comprised of $ 47.1 million in equity and $ 58.9 million in proceeds from a mortgage loan. At June 30, 2023 , the Station DST Property is 91.87 % occupied. The value of the Station Interests was based upon the Station DST Property appraisal, the fair market value of the mortgage loan encumbering the Station DST Property as of November 30, 2020, the other tangible assets and liabilities of the Station DST such as cash and reserves, each reflecting the Company’s ownership interest in the Station DST ( 15 %). Based on the Company’s consolidation analysis, the Company determined itself not to be the primary beneficiary of the Station DST and has therefore accounted for as investment in the Station DST under the equity method of accounting in accordance with ASC 323. The Company’s consolidation analysis was performed in accordance with ASC 810 as described in the “Variable Interest Entities” section of Note 2 — Summary of Significant Accounting Policies. The results of operations for the Company’s investments in real estate-related assets for the three and six months ended June 30, 2023 and June 30, 2022 are summarized below: For the Three Months Ended June 30, For the Six Months Ended June 30, Station DST 2023 2022 2023 2022 Revenues $ 1,857,496 $ 1,758,067 $ 3,613,996 $ 3,570,974 Operating expenses $ ( 1,169,725 ) ( 1,726,987 ) $ ( 2,461,717 ) ( 5,593,877 ) Other expenses, net $ ( 413,544 ) ( 413,621 ) $ ( 822,398 ) ( 822,749 ) Net income (loss) $ 274,227 $ ( 382,541 ) $ 329,881 $ ( 2,845,652 ) Net income (loss) attributable to the Company (1) $ 41,134 $ ( 57,381 ) $ 49,482 $ ( 522,661 ) Note: (1) Represents the Company’s allocable share of net income based on the Company’s ownership interest in the underlying investment in real estate-related assets and is included within Income from investments in real-estate related assets on the Company’s unaudited consolidated statements of operations. |
Loans Payable
Loans Payable | 6 Months Ended |
Jun. 30, 2023 | |
Debt Instruments [Abstract] | |
Loans Payable | Note 7 – Loans Payable On July 11, 2017, in connection with the purchase of the GR Property (refer to Note 3 — Investment in Real Estate), a wholly owned subsidiary of the Operating Partnership entered into a loan agreement (the “GR Loan”) with UBS AG with an outstanding principal amount of $ 4,500,000 . The GR Loan provides for monthly interest payments which accrue through the 10 th of each month. The GR Loan bears interest at an initial fixed rate of 4.11 % per annum through the anticipated repayment date, July 6, 2027 , and thereafter at a revised interest rate of 3.00 % per annum plus the greater of the initial interest rate or the 10 year swap yield through the maturity date June 30, 2032 . On February 1, 2018, in connection with the purchase of the FM Property (refer to Note 3 — Investment in Real Estate), the FM Property SPE entered into a loan agreement (the “FM Loan”) with UBS AG with an outstanding principal amount of $ 21,000,000 . The FM Loan provides for monthly interest payments and bears interest at an initial fixed rate of 4.43 % per annum through the anticipated repayment date, February 6, 2028 (the “FM Anticipated Repayment Date”), and thereafter at revised rate of 3.00 % per annum plus the greater of the initial interest rate or the 10 year swap yield as of the first business day after the FM Anticipated Repayment Date. On July 31, 2018, in connection with the purchase of the CO Property (refer to Note 3 — Investment in Real Estate), the CO Property SPE entered into a loan agreement (the “CO Loan”) with a related party, Cantor Commercial Real Estate ("CCRE"), with an outstanding principal amount of $ 26,550,000 . The CO Loan provides for monthly interest payments and bears interest at an initial fixed rate of 4.94 % per annum through the anticipated repayment date, August 6, 2028 (the “CO Anticipated Repayment Date”), and thereafter at an increased rate of 2.50 % per annum plus the greater of the initial interest rate or the 10 year swap yield as of the first business day after the CO Anticipated Repayment Date. On November 15, 2016, in connection with the purchase of the DST Properties, the DST entered into a loan agreement (the “DST Loan”) with Citigroup Global Markets Realty Corp. with an outstanding principal amount of $ 22,495,184 . The DST Loan provides for monthly interest payments and bears interest at an initial fixed rate of 4.59 % per annum through anticipated repayment date, December 1, 2026 (the “DST Anticipated Repayment Date”), and thereafter at an increased rate of 3.00 % per annum plus the greater of the initial interest rate or the 10 year swap yield as of the first business day after the DST Anticipated Repayment Date. On November 26, 2019, in connection with the purchase of the Buchanan Property (refer to Note 3 – Investment in Real Estate), the Buchanan Property SPE entered into a loan agreement (the “Buchanan Loan”) with Goldman Sachs Bank USA with an outstanding principal amount of $ 9,600,000 . The Buchanan Loan provides for monthly interest payments and bears interest at an initial fixed rate of 3.52 % per annum through the anticipated repayment date, December 1, 2029 (the “Buchanan Anticipated Repayment Date”), and thereafter at revised rate of 2.50 % per annum plus the greater of the initial interest rate or the 10 year swap yield as of the first business day after the Buchanan Anticipated Repayment Date. On February 25, 2021, in connection with the purchase of the Keller Property, an indirect subsidiary of the Operating Partnership, 3221 Keller Springs Road Owner, LLC (the “Keller SPE”), entered into a loan agreement (the “Keller Loan”) with CBRE Multifamily Capital, Inc. (the “Keller Lender”) with an outstanding principal amount of $ 31,277,000 . The Loan provides for monthly interest payments and bears interest at an initial floating rate of 2.203 % per annum (which will fluctuate monthly), through the maturity date of March 1, 2031 . One year after the effective date of the Keller Loan, the Keller SPE has the option to convert the Keller Loan to a 7-year or 10-year fixed rate loan, subject to the conditions set forth in the loan agreement (the “Keller Loan Agreement”). Prior to the funding of the Keller Loan, the Company entered into a rate capitalization agreement with SMBC Capital Markets, Inc., (the “Cap Seller”), in which the Cap Seller agrees to make payments to the Company commencing on February 25, 2021 until March 1, 2024 . Under the terms of the rate capitalization agreement, the Cap Seller is obligated to make payments to the Company in the event that 30-Day Average SOFR exceeds the capitalization rate (the “Cap Rate”), of 1.24 %. After one year, the Keller SPE may voluntarily prepay all or a portion of the unpaid principal balance of the Keller Loan and all accrued interest thereon and other sums due under the Keller Loan, provided that the Company provides the Keller Lender with prior notice of such prepayment and a prepayment premium of 1 % of the principal being prepaid. On March 26, 2021, in connection with the purchase of the Summerfield Property, the Summerfield DST entered into a loan agreement (the “Summerfield Loan”) with Arbor Private Label, LLC for an outstanding amount of $ 76,575,000 . The Summerfield Loan provides for monthly interest payments and bears a fixed interest rate of 3.650 % per annum, through the maturity date of April 1, 2031 . On July 7, 2021, in connection with the purchase of the Valencia Property, the Valencia DST entered into a loan agreement (the “Valencia Loan”) with The Northern Trust Company (the “Valencia Lender”) for an outstanding amount of $ 55,200,000 . The Valencia Loan provides for monthly interest payments and bears interest on (i) one hundred ninety-five basis points ( 1.95 %) or (ii) the sum of Auto LIBOR plus the Rate Margin of ( 1.95 %), through the maturity date of July 8, 2031 . Prior to the funding of the Valencia Loan, the Company entered into an interest rate swap agreement with The Northern Trust Company (the “Valencia Swap Counterparty”) which calls for the Company to pay a fixed rate of 3.39 % per annum on the swap (the “Valencia Swap”) with a notional of $ 55,200,000 in exchange for a variable rate of LIBOR plus 195 basis points to be paid by the Valencia Swap Counterparty. On April 27, 2023, the Valencia DST amended its agreements for the Valencia Loan and the Valencia Swap to convert the interest rate to SOFR in accordance with ASU 2022-06, Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848. Under the terms of the amended agreement, the Valencia Loan bears an annual interest rate of the greater of (i) one hundred ninety-five basis points ( 1.95 %) or (ii) SOFR plus two and three hundredths of one percent ( 2.03 %), through the maturity date of July 8, 2031 . The Valencia Swap with maintain the same fixed rate of 3.39 % per anum in exchange for a variable rate of SOFR plus 2.03 % to be paid by the Valencia Swap Counterparty. On November 4, 2021, in connection with the purchase of the Kacey Property, the Kacey DST entered into a loan agreement (the “Kacey Loan”) with Arbor Private Label, LLC (the “Kacey Lender”) for an outstanding principal amount of $ 40,640,000 . The Kacey Loan provides for monthly interest payments and bears a fixed interest rate of 3.536 % per annum, through the maturity date of December 1, 2031 . On December 6, 2021, in connection with the purchase of the Industry Property, the Industry DST entered into a loan agreement (the “Industry Loan”) with Arbor Private Label, LLC (the “Industry Lender”) for an outstanding principal amount of $ 43,200,000 . The Industry Loan provides for monthly interest payments and bears a fixed interest rate of 3.357 % per annum, through the maturity date of January 1, 2032 . On April 22, 2022, in connection with the purchase of the ON3 Property, the ON3 DST entered into a loan agreement (the “ON3 Loan”) with JP Morgan Asset Management (the “ON3 Lender”) for an outstanding principal amount of $ 66,731,250 . The ON3 Loan provides for monthly interest payments and bears a fixed interest rate of 4.073 % per annum, through the maturity date of May 1, 2032 . On August 9, 2022, in connection with the purchase of the West End Property, the West End DST entered into a loan agreement (the "West End Loan") with JP Morgan Investment Management Inc (the "West End Lender") for an outstanding principal amount of $ 29,000,000 . The West End Loan provides for monthly interest payments and bears a fixed interest rate of 4.754 % per annum, through the maturity date of September 1, 2032 . On August 31, 2022, in connection with the purchase of the Palms Property, the Palms DST entered into a loan agreement (the "Palms Loan") with JP Morgan Chase Bank (the "Palms Lender") for an outstanding principal amount of $ 20,000,000 . The Palms Loan provides for monthly interest payments and bears a fixed interest rate of 4.625 % per annum, through the maturity date of September 1, 2032 . On June 30, 2023, in connection with the purchase of the Pearland Property, the Pearland DST entered into a loan agreement (the "Pearland Loan") with Insurance Strategy Funding Corp, LLC (the "Pearland Lender") for an outstanding principal amount of $ 22,500,000 . The Pearland Loan provides for monthly interest payments and bears a fixed interest rate of 5.82 % per annum, through the maturity date of July 1, 2033 . Credit Facility – Citizens Bank On July 23, 2021, the Company, the Operating Partnership (the “Credit Facility Borrower”), the Lewisville Property SPE, the Madison Ave Property SPE, and the De Anza Property SPE, pursuant to a credit facility agreement (as amended the “Credit Facility Agreement”) with Citizens Bank, N.A., (the, “Facility Lender”) and the other lenders from time to time a party to the Credit Facility Agreement, entered into a senior secured revolving credit facility (the “Citizens Facility”) for an aggregate principal amount of $ 100 million. The Credit Facility Agreement provides the Credit Facility Borrower with the ability from time to time to increase the size of the aggregate commitment made under the agreement by an additional $ 100 million up to a total of $ 200 million, subject to receipt of lender commitments and other conditions. The Citizens Facility matures on July 23, 2024 and may be extended pursuant to two one-year extension options, subject to continuing compliance with the financial covenants and other customary conditions and the payment of an extension fee. On January 26, 2023, the Credit Facility Agreement was amended to reflect the transition of the interest rate from LIBOR benchmark to SOFR benchmark. At the Credit Facility Borrower’s election, borrowings under the Credit Facility Agreement will be charged interest based on (i) a term SOFR rate plus a margin ranging from 1.75 % to 2.25 %, or (ii) an alternative base rate plus a margin ranging from 0.75 % to 1.25 %, depending on the Company’s loan to value ratio. Borrowings under the Credit Facility Agreement are available for general corporate purposes, including but not limited to the acquisition and operation of permitted investments. As of June 30, 2023, the Lewisville Property, the Madison Ave Property, the De Anza Property, the Longmire Property, and the Fisher Road Property were pledged as collateral properties under the Citizens Facility. As of June 30, 2023 , the amounts outstanding under the Citizens Facility were approximately $ 34 million. Borrowings under the Credit Facility Agreement are guaranteed by the Company and certain of its subsidiaries. The Credit Facility Agreement requires the maintenance of certain corporate financial covenants, including covenants concerning: (i) consolidated net worth; (ii) consolidated fixed charge coverage ratio; (iii) consolidated total leverage ratio; (iv) minimum liquidity; and (v) permitted indebtedness, as well as certain collateral pool financial covenants. As of June 30, 2023 and December 31, 2022, the Company’s Loans payable balance was $ 498,348,653 and $ 461,841,386 , net of deferred financing costs, respectively. As of June 30, 2023 and December 31, 2022, deferred financing costs were $ 4,919,781 and $ 4,927,048 , net of accumulated amortization of $ 1,744,587 and $ 1,294,530 , respectively, which has been accounted for within Interest expense on the consolidated statements of operations. Information on the Company’s Loans payable as of June 30, 2023 and December 31, 2022 is as follows: Description June 30, 2023 GR Property FM Property CO Property DST Properties Buchanan Property Keller Springs Property Summerfield Property Valencia Property Credit Facility Kacey Property Industry Property ON3 Property West End Property Palms Property Pearland Property Total Principal amount of loans $ 4,500,000 $ 21,000,000 $ 26,550,000 $ 22,495,184 $ 9,600,000 $ 31,277,000 $ 76,575,000 $ 55,200,000 $ 34,000,000 $ 40,640,000 $ 43,200,000 $ 66,731,250 $ 29,000,000 $ 20,000,000 $ 22,500,000 $ 503,268,434 Less: Deferred financing costs, net of 1,744,587 ( 32,996 ) ( 102,063 ) ( 160,302 ) ( 213,798 ) ( 63,914 ) ( 255,857 ) ( 170,256 ) ( 716,240 ) ( 454,027 ) ( 318,165 ) ( 382,805 ) ( 849,903 ) ( 407,983 ) ( 357,501 ) ( 433,971 ) ( 4,919,781 ) Loans payable, net of deferred financing $ 4,467,004 $ 20,897,937 $ 26,389,698 $ 22,281,386 $ 9,536,086 $ 31,021,143 $ 76,404,744 $ 54,483,760 $ 33,545,973 $ 40,321,835 $ 42,817,195 $ 65,881,347 $ 28,592,017 $ 19,642,499 $ 22,066,029 $ 498,348,653 Description December 31, 2022 GR Property FM Property CO Property DST Property Buchanan Property Keller Springs Property Summerfield Property Valencia Property Credit Facility Kacey Property Industry Property ON3 Property West End Property Palms Property Total Principal amount of loans $ 4,500,000 $ 21,000,000 $ 26,550,000 $ 22,495,184 $ 9,600,000 $ 31,277,000 $ 76,575,000 $ 55,200,000 $ 20,000,000 $ 40,640,000 $ 43,200,000 $ 66,731,250 $ 29,000,000 $ 20,000,000 $ 466,768,434 Less: Deferred financing costs, net of accumulated 1,294,530 ( 37,094 ) ( 111,249 ) ( 168,933 ) ( 226,562 ) ( 67,430 ) ( 272,397 ) ( 181,140 ) ( 760,499 ) ( 655,325 ) ( 336,894 ) ( 405,113 ) ( 897,571 ) ( 430,026 ) ( 376,815 ) ( 4,927,048 ) Loans payable, net of deferred financing $ 4,462,906 $ 20,888,751 $ 26,381,067 $ 22,268,622 $ 9,532,570 $ 31,004,603 $ 76,393,860 $ 54,439,501 $ 19,344,675 $ 40,303,106 $ 42,794,887 $ 65,833,679 $ 28,569,974 $ 19,623,185 $ 461,841,386 For the six months ended June 30, 2023 and June 30, 2022, the Company incurred $ 10,895,072 and $ 7,460,819 , respectively, of interest expense, and for the three months ended June 30, 2023 and June 30, 2022 the Company incurred $ 5,565,825 and $ 4,286,086 , respectively, of interest expense, which is included within Interest expense on the consolidated statements of operations. As of June 30, 2023 and December 31, 2022, $ 1,751,653 and $ 1,649,465 respectively, was unpaid and is recorded as accrued interest payable on the Company’s consolidated balance sheets. All of the unpaid interest expense accrued as of June 30, 2023 and December 31, 2022 was paid during July 2023 and January 2023, respectively. Also included within Interest expense on the consolidated statements of operations is amortization of deferred financing costs, which, for the six months ended June 30, 2023 and June 30, 2022, was $ 450,057 and $ 362,545 , respectively. For the three months ended June 30, 2023 and June 30, 2022, was $ 226,286 and $ 197,208 , respectively. The following table presents the future principal payments due under the Company’s loan agreements as of June 30, 2023: Year Amount 2023 (remaining) — 2024 34,000,000 2025 — 2026 22,495,184 2027 4,500,000 Thereafter 442,273,250 Total $ 503,268,434 |
Stockholders' Equity
Stockholders' Equity | 6 Months Ended |
Jun. 30, 2023 | |
Equity [Abstract] | |
Stockholders' Equity | Note 8 – Stockholders’ Equity Initial Public Offering On October 17, 2016, the Company filed a registration statement with the SEC on Form S-11 in connection with the Initial Offering of up to $ 1.25 billion in shares of common stock, consisting of up to $ 1.0 billion in shares in its Primary Offering and up to $ 250 million in shares pursuant to its DRP. The registration statement was subsequently declared effective on March 23, 2017. On May 18, 2017, the Company satisfied the Minimum Offering Requirement for the Initial Offering as a result of CFI’s purchase of $ 2.0 million in Class I shares. On March 20, 2020, the Company filed a second registration statement on Form S-11 with the SEC for the Follow-On Offering. Subsequently, on July 31, 2020, the Company terminated the Primary Offering but is continuing to offer up to $ 50.0 million of common stock pursuant to the DRP pursuant to a Registration Statement on Form S-3. On August 10, 2020, the SEC declared the Follow-On Offering effective. In the Follow-On Offering, the Company is offering up to $ 1 billion in shares of common stock in a primary offering on a best efforts basis and $ 250 million in shares of common stock to be issued pursued to the DRP. Additionally, on July 30, 2020, the Company amended its charter (as amended, the “Charter”) to redesignate its issued and outstanding classes of common stock. As described in the Company’s Second Articles of Amendment to Second Articles of Amendment and Restatement, the Company has redesignated its currently issued and outstanding Class A shares of common stock, Class T shares of common stock and Class I shares of common stock as “Class AX Shares,” “Class TX Shares” and “Class IX Shares,” respectively. This change has not impacted the rights associated with the Class A shares. Class T shares and Class I Shares. In addition, on July 30, 2020, as set forth in the Charter, the Company has reclassified the authorized but unissued portion of its common stock into four additional classes of common stock: Class T Shares, Class S Shares, Class D Shares, and Class I Shares. As of June 30, 2023 , the Company’s total number of authorized shares was 400,000,000 , consisting of 10,000,000 of Class AX authorized common shares, 5,000,000 of Class TX authorized common shares, 5,000,000 of Class IX authorized common shares, 100,000,000 of Class T authorized common shares, 20,000,000 of Class S authorized common shares, 60,000,000 of Class D authorized common shares, and 200,000,000 of Class I authorized common shares. The Class AX Shares, Class D Shares, Class I Shares, Class IX Shares, Class S Shares, Class T Shares and Class TX Shares have the same voting rights and rights upon liquidation, although distributions are expected to differ due to the distribution fees payable with respect to Class D Shares, Class S Shares, Class T Shares and Class TX Shares, which will reduce distributions to the holders of such classes of shares. CFI has paid a portion of selling commissions and all of the dealer manager fees (“Sponsor Support”), up to a total of 4.0 % of gross offering proceeds from the sale of Class AX Shares and Class TX Shares, and up to a total of 1.5 % of gross offering proceeds from the sale of Class IX Shares, incurred in connection with the Initial Offering. Selling commissions and dealer manager fees were presented net of Sponsor Support on the Company’s unaudited consolidated statements of stockholders’ equity. The Company will reimburse Sponsor Support (i) immediately prior to or upon the occurrence of a liquidity event, including (A) the listing of the Company’s common stock on a national securities exchange or (B) a merger, consolidation or a sale of substantially all of the Company’s assets or any similar transaction or any transaction pursuant to which a majority of the Company’s board of directors then in office are replaced or removed, or (ii) upon the termination of the Advisory Agreement (as defined below) by the Company or by the Advisor. In each such case, the Company will only reimburse CFI after the Company has fully invested the proceeds from the Initial Offering and the Company’s stockholders have received, or are deemed to have received, in the aggregate, cumulative distributions equal to their invested capital plus a 6.0 % cumulative, non-compounded annual pre-tax return on such invested capital. The Company also has 50 million shares of preferred stock, $ 0.01 par value, authorized. No shares of preferred stock are issued or outstanding. Cantor Fitzgerald & Co. (the “Dealer Manager”), a related party, provided dealer manager services in connection with the Initial Offering and, subsequently, the Follow-On Offering, together (the “Offerings”). The Offerings are best efforts offerings, which means that the Dealer Manager is not required to sell any specific number or dollar amount of shares of common stock in each of the Offerings, but will use its best efforts to sell the shares of common stock. The Company has entered into the dealer manager agreement with the Dealer Manager in connection with the Initial Offering (the “IPO Dealer Manager Agreement”) and, on August 10, 2020, upon commencement of the Follow-On Offering, has entered into the dealer manager agreement with the Dealer Manager (the “Follow-On Dealer Manager Agreement,” and, collectively with the IPO Dealer Manager Agreement, the “Dealer Manager Agreements”) pursuant to which the Dealer Manager was designated as the dealer-manager for the Follow-On Offering. As of June 30, 2023, the Company had sold 15,499,495 shares of its common stock (consisting of 3,840,608 Class AX Shares, 472,743 Class TX Shares, 1,217,269 Class IX Shares, 7,840,877 Class I Shares, 1,448,824 Class T Shares, 672,160 Class D shares, and 7,014 Class S shares) in the Offerings for aggregate net proceeds of $ 387,203,768 . As of December 31, 2022 , the Company had sold 15,200,186 shares of its common stock (consisting of 3,856,140 Class AX Shares, 719,803 Class TX Shares, 1,222,180 Class IX Shares, 7,582,500 Class I Shares, 1,280,789 Class T Shares, 531,864 Class D Shares and 6,910 Class S Shares) in the Offerings for aggregate net proceeds of $ 379,069,729 . Distributions The Company’s board of directors has authorized, and the Company has declared, distributions for the period September 1, 2020 through August 1, 2023 in an amount equal to $ 0.004234973 per day (or approximately $ 1.55 on an annual basis) per each share of common stock, less, for holders of certain classes of shares, the distribution fees that are payable with respect to such classes of shares as further described in the applicable prospectus. The distributions are payable by the 5 th business day following each month end to stockholders of record at the close of business each day during the prior month. To ensure that the Company has sufficient funds to cover cash distributions authorized and declared during the Initial Offering, the Company and CFI entered into a distribution support agreement, as amended (the “Distribution Support Agreement”). The terms of the agreement provide that in the event that cash distributions exceed modified funds from operations (“MFFO”), defined as a supplemental measure to reflect the operating performance of a non-traded REIT, for any calendar quarter through the termination of the Primary Offering, CFI shall purchase Class IX Shares from the Company in an amount equal to the distribution shortfall, up to $ 5 million (less the $ 2.0 million of shares purchased by CFI in order to satisfy the Minimum Offering Requirement). On August 10, 2020, the Company and CFI entered into Second Amended and Restated Distribution Support Agreement (the “Amended Distribution Support Agreement”) to ensure that the Company has a sufficient amount of funds to pay cash distributions to stockholders during the Follow-On Offering. Pursuant to the Amended Distribution Support Agreement, in the event that cash distributions exceed MFFO, CFI will purchase Class I Shares from the Company in the Follow-On Offering in an amount equal to the distribution shortfall, up to $ 5 million (less the $ 2.0 million of shares purchased by CFI in order to satisfy the Minimum Offering Requirement and any shares purchased by CFI pursuant to the Distribution Support Agreement in the Initial Offering). CFI has fulfilled its remaining obligation pursuant to the Amended Distribution Support Agreement in the second quarter of 2022 and CFI has no remaining obligation pursuant to the Amended Distribution Support Agreement. As of June 30, 2023 and December 31, 2022, the Company has declared distributions of $ 62,500,824 and $ 50,800,798 , respectively, of which $ 1,972,066 and $ 1,965,999 , respectively, was unpaid as of the respective reporting dates and has been recorded as distributions payable on the accompanying consolidated balance sheets. All of the unpaid distributions as of June 30, 2023 and December 31, 2022 were paid during July 2023 and January 2023, respectively. As of June 30, 2023 and December 31, 2022, distributions reinvested pursuant to the Company’s DRP were $ 19,430,074 and $ 16,036,600 , respectively. Redemptions Stockholders are eligible to have their shares repurchased by the Company pursuant to the Amended SRP (as defined below). In connection with the Follow-On Offering, the Company’s board of directors approved the second amendment and restatement of the Company’s share repurchase program (the “Amended SRP”) on July 27, 2020 and effective August 31, 2020. Repurchases of shares under the Amended SRP are made on a monthly basis. Subject to the limitations of and restrictions provided for in the Amended SRP, and subject to funds being available, shares repurchased under the Amended SRP are repurchased at the transaction price in effect on the date of repurchase, which, generally will be a price equal to the NAV per share applicable to the class of shares being repurchased and most recently disclosed by the Company in a public filing with the SEC. Under the Amended SRP, the Company may repurchase during any calendar month shares of its common stock whose aggregate value (based on the repurchase price per share in effect when the repurchase is effected) is 2 % of the aggregate NAV as of the last calendar day of the previous month and during any calendar quarter whose aggregate value (based on the repurchase price per share in effect when the repurchase is effected) is up to 5 % of the Company’s aggregate NAV as of the last calendar day of the prior calendar quarter. As of June 30, 2023 and June 30, 2022 , the Company's repurchases have not exceeded 2 % of the previous month's aggregate NAV nor 5 % of the quarterly aggregate NAV. There is no minimum holding period for shares under the Amended SRP and stockholders may request that the Company redeem their shares at any time. However, shares that have not been outstanding for at least one year will be redeemed at 95 % of the redemption price that would otherwise apply to the class of shares being redeemed; provided, that, the period that shares were held prior to being converted into shares of different class will count toward the total hold period for such shares. In addition, stockholders who have received shares of the Company's common stock in exchange for their Operating Partnership units may include the period of time the stockholders held such Operating Partnership units for purposes of calculating the total hold period. The Company intends to waive the 5 % holding discount with respect to the repurchase of shares acquired pursuant to its distribution reinvestment plan and shares issued as stock dividends. In addition, upon request, the Company intends to waive the 5 % holding discount in the case of the death or disability of a stockholder. During the three and six months ended June 30, 2023, the Company repurchased 678,605 and 1,101,813 shares, in the amount of $ 17,314,162 and $ 28,529,560 , respectively, $ 5,125,155 of which were outstanding at June 30, 2023. The amount outstanding at June 30, 2023 were paid during July 2023. During the three and six months ended June 30, 2022 , the Company repurchased 49,384 and 118,541 shares, in the amount of $ 1,299,486 and $ 3,083,912 , respectively, $ 420,091 of which were outstanding at June 30, 2022. The amount outstanding at June 30, 2022 were paid during July 2022. Non-controlling Interest Special Unit Holder The Special Unit Holder has invested $ 1,000 in the Operating Partnership and has been issued a special class of limited partnership units as part of the overall consideration for the services to be provided by the Advisor. In addition, the Special Unit Holder is entitled to receive a performance participation distribution from the Operating Partnership, subject to certain terms and calculations as defined within the amended Operating Partnership agreement. Such allocation (the “Performance Participation Allocation”) is paid in cash annually and accrued monthly. As of June 30, 2023 , the Special Unit Holder is entitled to $ 9,553,541 , pursuant to the Performance Participation Allocation, which has been paid in full by the Company as of the first quarter of 2023. The Special Unit Holder investment in the Operating Partnership, including the Performance Participation Allocation, have been recorded as components of Non-controlling interests in subsidiaries on the consolidated balance sheets as of June 30, 2023 and December 31, 2022, respectively. Non-controlling interest in the SF Property SPE Based on the Company’s consolidation analysis, which was performed in accordance with ASC 810 as described in the “Variable Interest Entities” section of Note 2 — Summary of Significant Accounting Policies, management has determined that the Company is the primary beneficiary of the SF Property SPE. Accordingly, the Company has consolidated the SF Property SPE. As of June 30, 2023 , the Company’s ownership interest in the SF Property SPE was 75 %, and Graham Street Realty ("GSR") interest was 25 %. GSR’s total ownership interest of $ 2,769,298 has been recorded as a component of Non-controlling interests in subsidiaries on the Company’s unaudited consolidated balance sheet as of June 30, 2023. Non-controlling interest in the Keller Property SPE Based on the Company’s consolidation analysis, which was performed in accordance with ASC 810 as described in the “Variable Interest Entities” section of Note 2 — Summary of Significant Accounting Policies, management has determined that the Company is the primary beneficiary of the Keller Property SPE. Accordingly, the Company has consolidated the Keller Property SPE. As of June 30, 2023 , the Company’s ownership interest in the Keller Property SPE was 97 %, and other parties’ interest was 3 %. The other parties’ total ownership interest of $ 452,502 has been recorded as a component of Non-controlling interests in subsidiaries on the Company’s unaudited consolidated balance sheet as of June 30, 2023. Non-controlling interest in Summerfield DST Based on the Company’s consolidation analysis, which was performed in accordance with ASC 810 as described in the “Variable Interest Entities” section of Note 2 — Summary of Significant Accounting Policies, management has determined that the Company is the primary beneficiary of the Summerfield DST. Accordingly, the Company has consolidated the Summerfield DST. As of June 30, 2023 , the Company’s ownership interest in the Summerfield DST was 25 %, and other parties’ interest was 75 %. The other parties’ total ownership interest of $ 27,204,512 has been recorded as a component of Non-controlling interests in subsidiaries on the Company’s unaudited consolidated balance sheet as of June 30, 2023. In connection with the acquisition of the Summerfield Property, a wholly owned subsidiary of the Operating Partnership entered a joint venture (the “Summerfield MT JV”) between the wholly owned subsidiary of the Operating Partnership and affiliates of Hamilton Zanze (“HZ”). As of June 30, 2023 , the Company’s ownership interest in the Summerfield MT JV was 90 %, and HZ’s interest was 10 %. HZ’s total ownership interest of $ 84,221 has been recorded as a component of Non-controlling interests in subsidiaries on the Company’s unaudited consolidated balance sheet as of June 30, 2023. Non-controlling interest in Valencia DST Based on the Company’s consolidation analysis, which was performed in accordance with ASC 810 as described in the “Variable Interest Entities” section of Note 2 — Summary of Significant Accounting Policies, management has determined that the Company is the primary beneficiary of the Valencia DST. Accordingly, the Company has consolidated the Valencia DST. As of June 30, 2023 , the Company’s ownership interest in the Valencia DST was 10 % and other parties’ interest was 90 %. The other parties’ total ownership interest of $ 40,328,327 has been recorded as a component of Non-controlling interests in subsidiaries on the Company’s unaudited consolidated balance sheet as of June 30, 2023. Non-controlling interest in Kacey DST Based on the Company’s consolidation analysis, which was performed in accordance with ASC 810 as described in the “Variable Interest Entities” section of Note 2 – Summary of Significant Accounting Policies, management has determined that the Company is the primary beneficiary of the Kacey DST. Accordingly, the Company has consolidated the Kacey DST. As of June 30, 2023 , the Company’s ownership interest in the Kacey DST was 10 % and other parties’ interest was 90 %. The other parties’ total ownership interest of $ 21,076,136 has been recorded as a component of Non-controlling interests in subsidiaries on the Company’s consolidated balance sheet as of June 30, 2023. In connection with the acquisition of the Kacey Property, a wholly owned subsidiary of the Operating Partnership entered a joint venture (the “Kacey MT JV”) between the wholly owned subsidiary of the Operating Partnership and affiliates of CAF Capital Partners (“CAF”), an unrelated third party. As of June 30, 2023 , the Company’s ownership interest in the Kacey MT JV was 92.5 %, and CAF’s interest was 7.5 %. CAF’s total ownership interest of $ 77,720 has been recorded as a component of Non-controlling interests in subsidiaries on the Company’s consolidated balance sheet as of June 30, 2023. Non-controlling interest in Industry DST Based on the Company’s consolidation analysis, which was performed in accordance with ASC 810 as described in the “Variable Interest Entities” section of Note 2 – Summary of Significant Accounting Policies, management has determined that the Company is the primary beneficiary of the Industry DST. Accordingly, the Company has consolidated the Industry DST. As of June 30, 2023 , the Company’s ownership interest in the Industry DST was 10 % and other parties’ interest was 90 %. The other parties’ total ownership interest of $ 30,365,741 has been recorded as a component of non-controlling interests in subsidiaries on the Company’s consolidated balance sheet as of June 30, 2023. In connection with the acquisition of the Industry Property, a wholly owned subsidiary of the Operating Partnership entered a joint venture (the “Industry MT JV”) between the wholly owned subsidiary of the Operating Partnership and affiliates of BH Equities, LLC (“BH”). As of June 30, 2023 , the Company’s ownership interest in the Industry MT JV was 90 % and BH’s interest was 10 %. BH’s total ownership interest of $ 1,827 has been recorded as a component of Non-controlling interests in subsidiaries on the Company’s consolidated balance sheet as of June 30, 2023. Non-controlling interest in the DST On November 23, 2021, the Company, through the Operating Partnership and the DST entered into a managing broker-dealer agreement, (the “DST Dealer Manager Agreement”), with the Dealer Manager, pursuant to which the Dealer Manager agreed to conduct a private placement offering, (the “DST Offering”), of up to $ 21,620,000 of the DST’s beneficial interest representing 100 % of the interests to third party investors on a “best efforts” basis. As of June 30, 2023 , the DST has received gross proceeds of $ 21,620,000 from the DST Offering. Based on the Company’s consolidation analysis, which was performed in accordance with ASC 810 as described in the “Variable Interest Entities” section of Note 2 – Summary of Significant Accounting Policies, management has determined that the Company is the primary beneficiary of the DST. Accordingly, the Company has consolidated the DST. As of June 30, 2023 , the other parties’ interest was 100 %. The other parties’ total ownership interest of $ 12,560,526 has been recorded as a component of Non-controlling interests in subsidiaries on the Company’s consolidated balance sheet as of June 30, 2023. Non-Controlling interest in Longmire Property SPE Based on the Company’s consolidation analysis, which was performed in accordance with ASC 810 as described in the “Variable Interest Entities” section of Note 2 – Summary of Significant Accounting Policies, management has determined that the Company is the primary beneficiary of the Longmire Property SPE. Accordingly, the Company has consolidated the Longmire Property SPE. As of June 30, 2023 , the Company’s ownership interest in the Longmire Property SPE was 96.46 % and CAF’s interest was 3.54 %. CAF’s total ownership interest of $ 828,858 has been recorded as a component of Non-controlling interests in subsidiaries on the Company’s consolidated balance sheet as of June 30, 2023. Non-controlling interest in ON3 DST Based on the Company’s consolidation analysis, which was performed in accordance with ASC 810 as described in the “Variable Interest Entities” section of Note 2 – Summary of Significant Accounting Policies, management has determined that the Company is the primary beneficiary of the ON3 DST. Accordingly, the Company has consolidated the ON3 DST. As of June 30, 2023 , the Company’s ownership interest in the ON3 DST was 10 % and other parties’ interest was 90 %. The other parties’ total ownership interest of $ 58,591,454 has been recorded as a component of Non-controlling interests in subsidiaries on the Company’s consolidated balance sheet as of June 30, 2023. Non-controlling interest in West End DST Based on the Company’s consolidation analysis, which was performed in accordance with ASC 810 as described in the “Variable Interest Entities” section of Note 2 – Summary of Significant Accounting Policies, management has determined that the Company is the primary beneficiary of the West End DST. Accordingly, the Company has consolidated the West End DST. As of June 30, 2023 , the Company's ownership interest in the West End DST was 10 % and other parties' interest was 90 %. The other parties' total ownership interest of $ 38,733,817 has been recorded as a component of Non-controlling interests in subsidiaries on the Company's consolidated balance sheet as of June 30, 2023. In connection with the acquisition of the West End Property, a wholly owned subsidiary of the Operating Partnership entered a joint venture (the “West End MT JV”) between the wholly owned subsidiary of the Operating Partnership and affiliates of BH. As of June 30, 2023 , the Company’s ownership interest in the West End MT JV was 90 % and BH’s interest was 10 %. BH’s total ownership intere st of $ 44,047 has been recorded as a component of Non-controlling interests in subsidiaries on the Company’s consolidated balance sheet as of June 30, 2023. Non-controlling interest in Palms DST Based on the Company’s consolidation analysis, which was performed in accordance with ASC 810 as described in the “Variable Interest Entities” section of Note 2 – Summary of Significant Accounting Policies, management has determined that the Company is the primary beneficiary of the Palms DST. Accordingly, the Company has consolidated the Palms DST. As of June 30, 2023 , the Company's ownership interest in the Palms DST was 10 % and other parties' interest was 90 %. The other parties' total ownership inter est of $ 27,012,857 has been recorded as a component of Non-controlling interests in subsidiaries on the Company's consolidated balance sheet as of June 30, 2023. In connection with the acquisition of the Palms Property, a wholly owned subsidiary of the Operating Partnership entered a joint venture (the “Palms MT JV”) between the wholly owned subsidiary of the Operating Partnership and affiliates of CAF. As of June 30, 2023 , the Company's ownership interest in the Palms MT JV was 90 % and CAF's interest was 10 %. CAF's total ownership interest of $ 14,590 has been recorded as a component of Non-controlling interests in subsidiaries on the Company's consolidated balance sheet as of June 30, 2023. Non-controlling interest in Pearland DST Based on the Company's consolidation analysis, which was performed in accordance with ASC 810 as described in the "Variable Interest Entities" section of Note 2 – Summary of Significant Accounting Policies, management has determined that the Company is the primary beneficiary of the Pearland DST. Accordingly, the Company has consolidated the Pearland DST. As of June 30, 2023 , the Company's ownership interest in the Pearland DST was 5 % and other parties' interest was 95 %. The other parties' total ownership interest of $ 18,958,095 has been recorded as a component of Non-controlling interests in subsidiaries on the Company's consolidated balance sheet as of June 30, 2023. In connection with the acquisition of the Pearland Property, a wholly owned subsidiary of the Operating Partnership entered a joint venture (the "Pearland MT JV") between the wholly owned subsidiary of the Operating Partnership and affiliates of CAF. As of June 30, 2023 , the Company's ownership interest in the Pearland MT JV was 90 % and CAF's interest was 10 %. CAF's total ownership interest of $ 23,613 has been recorded as a component of Non-controlling interests in subsidiaries on the Company's consolidated balance sheet as of June 30, 2023 . |
Related Party Transactions
Related Party Transactions | 6 Months Ended |
Jun. 30, 2023 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Note 9 – Related Party Transactions Jointly Owned Investments As of June 30, 2023, the Company owned interests in ten jointly owned investments with some or all of the remaining interest held by affiliates of the Advisor. Subsequently after each acquisition, the interests held by the affiliates of the Advisor have been sold back to the Company or/and syndicated to third party investors through a private placement offering, The Company consolidates nine of these joint ventures as the primary beneficiary and accounts for the one remaining investment under the equity method of accounting. Refer to the “Variable Interest Entities” section of Note 2 – Summary of Significant Accounting Policies for further information on the Company’s VIE policy. As of December 31, 2022, the Company owned interests in nine jointly owned investments with some or all of the remaining interest held by affiliates of the Advisor. Subsequently after each acquisition, the interests held by the affiliates of the Advisor have been sold back to the Company or/and syndicated to third party investors through a private placement offering, The Company consolidates eight of these joint ventures as the primary beneficiary and accounts for the one remaining investment under the equity method of accounting. Refer to the “Variable Interest Entities” section of Note 2 – Summary of Significant Accounting Policies for further information on the Company’s VIE policy. Fees and Expenses The Company and the Advisor entered into an amended and restated advisory agreement, dated as of June 29, 2018, as amended by amendment no. 1 (“Amendment No. 1”) to amended and restated advisory agreement, dated and effective as of September 28, 2019 (the “Advisory Agreement”). On June 26, 2019, the Company’s board of directors approved the renewal of the Advisory Agreement upon terms identical to those in effect for an additional one-year term commencing on June 29, 2019 through June 29, 2020 . The purpose of Amendment No. 1 was to amend the monthly asset management fee from one-twelfth of 1.25% of the cost of the Company’s investments at the end of the month to one-twelfth of 1.20% of the Company’s most recently disclosed NAV. On August 10, 2020, the Company entered into the Second Amended and Restated Advisory Agreement (the “Amended Advisory Agreement”) with the Advisor and the Operating Partnership. Under the Amended Advisory Agreement, acquisition and disposition fees, including specified property management and oversight fees and refinancing coordination fees, previously payable to the Advisor under the prior advisory agreement were eliminated, although the Advisor continues to be entitled to reimbursement for acquisition and disposition expenses. Under the Amended Advisory Agreement, the Advisor will continue to be paid a fixed asset management fee equal to 1.20 % of NAV per annum payable monthly. Further, under the Amended Advisory Agreement, the 1 % Cap for reimbursement will be calculated based on 1 % of gross offering proceeds from all of the Company’s public offerings (including the Initial Offering) as of such payment date. On each of August 10, 2022, and 2021, the Amended Advisory Agreement was renewed for an additional one-year term, upon terms identical to those in effect . Pursuant to the Amended Advisory Agreement, and subject to certain restrictions and limitations, the Advisor is responsible for managing the Company's affairs on a day-to-day basis and for identifying, originating, acquiring and managing investments on behalf of the Company. For providing such services, the Advisor receives the following fees and reimbursements from the Company. Organization and Offering Expenses. The Company will reimburse the Advisor and its affiliates for O&O Costs it incurs on the Company’s behalf but only to the extent that the reimbursement does not cause the selling commissions, the dealer manager fee and the other O&O Costs borne by the Company to exceed 15 % of gross offering proceeds of each Offering as of the date of the reimbursement. If the Company raises the maximum offering amount in the Offerings and under the DRP, the Company estimates O&O Costs (other than upfront selling commissions, dealer manager fees and distribution fees), in the aggregate, to be 1 % of gross offering proceeds of the Offerings. These O&O Costs include all costs (other than upfront selling commissions, dealer manager fees and distribution fees) to be paid by the Company in connection with the initial set up of the organization of the Company as well as the Offerings, including legal, accounting, printing, mailing and filing fees, charges of the transfer agent, charges of the Advisor for administrative services related to the issuance of shares in the Offerings, reimbursement of bona fide due diligence expenses of broker-dealers, and reimbursement of the Advisor for costs in connection with preparing supplemental sales materials. The Advisor has agreed to pay for all of the O&O Costs on the Company’s behalf (other than selling commissions, dealer manager fees and distribution fees) through the Escrow Break Anniversary. After the Escrow Break Anniversary, the Advisor, in its sole discretion, may pay some or all of the additional O&O Costs incurred, but is not required to do so. To the extent the Advisor pays such additional O&O Costs, the Company is obligated to reimburse the Advisor subject to the 1 % Cap. Following the Escrow Break Anniversary, the Company began reimbursing the Advisor for such costs on a monthly basis, which continued through May 18, 2021 ; provided that the Company was not obligated to reimburse any amounts that as a result of such payment would cause the aggregate payments for O&O Costs paid to the Advisor to exceed the 1 % Cap as of such reimbursement date. As of June 30, 2023 and December 31, 2022 , the Advisor had incurred $ 13,093,274 and $ 12,613,362 , respectively, of O&O Costs (other than upfront selling commissions, dealer manager fees and distribution fees) on behalf of the Company. The amount of the Company’s obligation is limited to the 1% Cap less any reimbursement payments made by the Company to the Advisor for O&O Costs incurred, which, at June 30, 2023 and December 31, 2022, is $ 0 and $ 61,210 , respectively, and is included within Due to related parties in the accompanying consolidated balance sheets. As of both June 30, 2023 and December 31, 2022, organizational costs of $ 90,675 , were expensed and offering costs of $ 3,978,102 and $ 3,811,650 , respectively, were charged to stockholders’ equity. As of June 30, 2023 and December 31, 2022, the Company has made reimbursement payments of $ 4,068,777 and $ 3,841,115 , respectively, to the Advisor for O&O Costs incurred. As of June 30, 2023, the Advisor has continued to pay all O&O Costs on behalf of the Company. Asset Management Fees. Asset management fees are due to the Advisor. Asset management fees payable to the Advisor consist of monthly fees equal to one-twelfth of 1.20% of the Company’s most recently disclosed NAV. For the six months ended June 30, 2023, and June 30, 2022, the Company incurred asset management fees of $ 2,429,907 and $ 1,678,750 , respectively, and for the three months ended June 30, 2023 and June 30, 2022, the Company incurred asset management fees of $ 1,210,575 and $ 922,809 , respectively. The asset management fee related to the month of June 2023 of $ 398,053 was unpaid as of June 30, 2023 and has been included within Due to related parties on the consolidated balance sheet. The amount of asset management fees incurred by the Company during the applicable period is included in the calculation of the limitation of operating expenses pursuant to the 2 %/ 25 % Guidelines (as defined and described below). Other Operating Expenses. Effective April 1, 2018, the Advisory Agreement (i) includes limitations with regards to the incurrence of and additional limitations on reimbursements of operating expenses and (ii) clarifies the reimbursement and expense timing and procedures, including potential reimbursement of unreimbursed operating expenses. Pursuant to the terms of the Advisory Agreement (which subsequently were incorporated into the Amended Advisory Agreement as defined above), the Company is obligated to reimburse the Advisor for certain operating expenses. Beginning October 1, 2018, the Company was subject to the limitation that it generally may not reimburse the Advisor for any amounts by which the total operating expenses at the end of the four preceding fiscal quarters exceeds the greater of (i) 2 % of average invested assets (as defined in the Advisory Agreement) and (ii) 25 % of net income other than any additions to reserves for depreciation, bad debts or other similar non-cash reserves and excluding any gain from the sale of investments for that period (the “2%/25% Guidelines”). If the Company’s independent directors determine that all or a portion of such amounts in excess of the limitation are justified based on certain factors, the Company may reimburse amounts in excess of the limitation to the Advisor. In addition, beginning on October 1, 2018, the Company may request any operating expenses that were previously reimbursed to the Advisor in prior or future periods in excess of the limitation to be remitted back to the Company. As for June 30, 2023 , the Company has reimbursed $ 6,305,141 of the operating expense reimbursement obligation to the Advisor and has accrued but not reimbursed $ 5,033,894 in operating expenses pursuant to the Advisory Agreement, which represents the current operating expense reimbursement obligation to the Advisor. The Advisory Agreement provides that, subject to other limitations on the incurrence and reimbursement of operating expenses contained in the Advisory Agreement, operating expenses which have been incurred and paid by the Advisor will not become an obligation of the Company unless the Advisor has invoiced the Company for reimbursement, which will occur in a quarterly statement and accrued for in the respective period. The Advisor will not invoice the Company for any reimbursement if the impact of such would result in the Company’s incurrence of an obligation in an amount that would result in the Company’s net asset value per share for any class of shares to be less than $ 25.00 . The Company may, however, incur and record an obligation to reimburse the Advisor, even if it would result in the Company’s net asset value per share for any class of shares for such quarter to be less than $ 25.00 , if the Company’s board of directors determines that the reasons for the decrease of the Company’s net asset value per share below $ 25.00 were unrelated to the Company’s obligation to reimburse the Advisor for operating expenses. In addition, the Advisory Agreement provides that all or a portion of the operating expenses, which have not been previously paid by the Company or invoiced by the Advisor may be in the sole discretion of the Advisor: (i) waived by the Advisor, (ii) reimbursed to the Advisor in any subsequent quarter or (iii) reimbursed to the Advisor in connection with a liquidity event or termination of the Advisory Agreement, provided that the Company has fully invested the proceeds from its initial public offering and the stockholders have received, or are deemed to have received, in the aggregate, cumulative distributions equal to their invested capital plus a 6 % cumulative, non-compounded annual pre-tax return on their invested capital. Any reimbursement of operating expenses remains subject to the limitations described above and the limitations and the approval requirements relating to the 2%/25% Guidelines. Reimbursable operating expenses include personnel and related employment costs incurred by the Advisor or its Affiliates in performing the services described in the Advisory Agreement, including but not limited to reasonable salaries and wages, benefits and overhead of all employees directly involved in the performance of such services. The Company is not obligated to reimburse the Advisor for costs of such employees of the Advisor or its affiliates to the extent that such employees (A) perform services for which the Advisor receives acquisition fees or disposition fees or (B) serve as executive officers of the Company. As of June 30, 2023 , the total amount of unreimbursed operating expenses was $ 12,622,901 . This includes operating expenses incurred by the Advisor on the Company’s behalf which have not been invoiced to the Company and also amounts invoiced to the Company by the Advisor but not yet reimbursed (“Unreimbursed Operating Expenses”). The amount of operating expenses incurred by the Advisor during the six months ended June 30, 2023 and June 30, 2022 which were not invoiced to the Company amounted to $ 1,984,445 and $ 1,214,812 , respectively. Property Management Fees. The Company may engage the Advisor or an affiliate to serve as a property manager with respect to a particular property. The Company will pay the Advisor property managment fees for such services. For the six months ended June 30, 2023 and June 30, 2022, the Company incurred property management fees of $ 1,100,423 and $ 776,193 , respectively, and for the three months ended June 30, 2023 and June 30, 2022, the Company incurred property management fees of $ 555,291 and $ 402,920 , respectively. The property management fees incurred during the month of June 30, 2023 of $ 89,137 was unpaid as of June 30, 2023 and have been included within Due to related parties on the consolidated balance sheet. Leasing Commissions. If the Advisor or an affiliate is the Company’s primary leasing agent, then the Company will pay customary leasing fees in amount that is usual and customary in that geographic area for that type of property. As of June 30, 2023 and December 31, 2022 , no such amounts have been incurred by the Company. Selling Commissions, Dealer Manager Fees and Distribution Fees The Dealer Manager is a registered broker-dealer affiliated with CFI. The Company entered into the Dealer Manager Agreements with the Dealer Manager and is obligated to pay various commissions and fees with respect to the Class AX, Class TX, Class IX, Class T, Class S, Class D and Class I Shares distributed in the Offerings. CFI has paid a portion of the selling commissions and all of the dealer manager fees as Sponsor Support, up to a total of 4 % of gross offering proceeds from the sale of Class AX Shares and Class TX Shares, as well as 1.5 % of Class IX Shares, incurred in connection with the Initial Offering. The Company will reimburse Sponsor Support (i) immediately prior to or upon the occurrence of a liquidity event, including (A) the listing of the Company’s common stock on a national securities exchange or (B) a merger, consolidation or a sale of substantially all of the Company’s assets or any similar transaction or any transaction pursuant to which a majority of the Company’s board of directors then in office are replaced or removed, or (ii) upon the termination of the Amended Advisory Agreement by the Company or by the Advisor. In each such case, the Company only will reimburse CFI after the Company has fully invested the proceeds from the Initial Offering and the Company’s stockholders have received, or are deemed to have received, in the aggregate, cumulative distributions equal to their invested capital plus a 6 % cumulative, non-compounded annual pre-tax return on such invested capital. As of June 30, 2023, the likelihood, probability and timing of each of the possible occurrences or events listed in the preceding sentences (i) and (ii) in the above paragraph are individually and collectively uncertain. Additionally, whether or not the Company will have fully invested the proceeds from Initial Offering and also whether the Company’s stockholders will have received, or are deemed to have received, in the aggregate, cumulative distributions equal to their invested capital plus a 6% cumulative, non-compound annual pre-tax return on such invested capital at the time of any such occurrence or event is also uncertain. As of both June 30, 2023 and December 31, 2022, CFI has paid Sponsor Support totaling $ 5,374,526 which will be subject to reimbursement by the Company to CFI in the event of these highly conditional circumstances. The following summarizes the fees payable to the Dealer Manager: Distribution Fees. Under the Dealer Manager Agreements, distribution fees are payable to the Dealer Manager with respect to the Company’s Class TX Shares, Class T Shares, Class S Shares and Class D Shares, all or a portion of which may be re-allowed by the Dealer Manager to participating broker-dealers. Under the IPO Dealer Manager Agreement, the distribution fees for Class TX Shares accrue daily and are calculated on outstanding Class TX Shares issued in the Primary Offering in an amount equal to 1.0 % per annum of (i) the gross offering price per Class TX Share in the Primary Offering, or (ii) if the Company is no longer offering Class TX Shares in a public offering, the most recently published per share NAV of Class TX Shares. Under the Follow-On Dealer Manager Agreement, the Company has agreed to pay the Dealer Manager (a) with respect to the Class T Shares and Class S Shares, a distribution fee in an annual amount equal to 0.85 % of the aggregate NAV of the outstanding Class T Shares and Class S Shares, as applicable, and (b) with respect to the Class D Shares, a distribution fee in an annual amount equal to 0.25 % of the aggregate NAV of the outstanding Class D Shares. The distribution fees are payable monthly in arrears and are paid on a continuous basis from year to year. During the six months ended June 30, 2023 and June 30, 2022, the Company paid distribution fees of $ 235,940 and $ 222,013 , respectively. As of June 30, 2023 and December 31, 2022, the Company has incurred a liability of $ 39,043 and $ 115,960 , respectively, which is included within Due to related parties on the consolidated balance sheets, $ 35,001 and $ 26,660 , respectively, of which was due as of June 30, 2023 and December 31, 2022 and paid during July 2023 and January 2023, respectively. Selling Commissions . Selling commissions payable to the Dealer Manager in the Initial Offering consisted of (i) up to 1 % of gross offering proceeds paid by CFI for Class AX Shares and Class TX Shares and, (ii) up to 5 % and 2 % of gross offering proceeds from the sale of Class AX Shares and Class TX Shares, respectively. No selling commissions were payable with respect to Class IX Shares. Selling commissions in the Follow-On Offering consist of 3 % and 3.5 % of gross offering proceeds from the sale of Class T Shares and Class S Shares, respectively. All or a portion of such selling commissions may be re-allowed to participating broker-dealers. No selling commissions will be payable with respect to Class D and Class I shares. For the six months ended June 30, 2023 and the year ended December 31, 2022, the Company incurred $ 187,518 and $ 533,826 of selling commissions, respectively, which is included within Additional paid-in capital on the consolidated balance sheets. At both June 30, 2023 and December 31, 2022, $ 1,182,925 of Sponsor Support, has been recorded and has been reimbursed by CFI. No Sponsor Support payment was due at June 30, 2023, as Sponsor Support ended with the termination of the Primary Offering. Dealer Manager Fees. Dealer manager fees payable to the Dealer Manager in the Initial Offering consisted of up to 3.0 % of gross offering proceeds from the sale of Class AX Shares and Class TX Shares sold in the Primary Offering and up to 1.5 % of gross offering proceeds from the sale of Class IX Shares sold in the Primary Offering, all of which were paid by CFI. A portion of such dealer manager fees may be re-allowed to participating broker-dealers as a marketing fee. Dealer Manager fees payable to the Dealer Manager in the Follow-On Offering consist of up to 0.5 % of gross offering proceeds from the sale of Class T Shares sold in the primary portion of the Follow-On Offering. No dealer manager fees will be payable with respect to Class S Shares, Class D Shares and Class I Shares. For the six months ended June 30, 2023 and the year ended December 31, 2022, the Company recorded $ 32,387 and $ 95,970 of dealer manager fees, respectively, which is included within Additional paid-in capital on the consolidated balance sheets. As of both June 30, 2023 and December 31, 2022, all of the Sponsor Support related to dealer manager fees has been recorded and $ 4,191,601 , has been reimbursed by CFI. No Sponsor Support payment was due at June 30, 2023, as Sponsor Support ended with the termination of the Primary Offering. The following table summarizes the above mentioned fees and expenses incurred by the Company and amounts of investment funding due by the Company for the six months ended June 30, 2023: Due to Six months ended Due to Type of Fee or Reimbursement Financial Statement December 31, Incurred Paid June 30, 2023 Management Fees Asset management fees Management fees $ 399,962 $ 2,429,907 $ 2,431,816 $ 398,053 Property management and oversight fees Management fees 78,981 1,100,423 1,090,267 89,137 Organization, Offering and Operating Expense Reimbursements Operating expenses (1) General and administrative expenses 5,504,855 4,253,383 5,300,602 4,457,636 Expense reimbursement (2) Cash and Cash Equivalents 33,000 — — 33,000 Offering costs (3) Additional paid-in capital 61,210 166,453 227,663 — Commissions and Fees Selling commissions and dealer manager fees, net Additional paid-in capital — 219,905 219,905 — Distribution fees (4) Additional paid-in capital 115,960 159,023 235,940 39,043 Investment Funding Distribution due (5) Additional paid-in capital 202,430 — — 202,430 Application fee reimbursement (6) Investment in real estate, net 100,000 — — 100,000 Total $ 6,496,398 $ 8,329,094 $ 9,506,193 $ 5,319,299 Note: (1) As of June 30, 2023 , the Advisor has incurred, on behalf of the Company, a total of $ 12,622,901 in Unreimbursed Operating Expenses, including a total of $ 1,984,445 for the six months ended June 30, 2023 for which the Advisor has not invoiced the Company for reimbursement. The total amount of Unreimbursed Operating Expenses may, in future periods, be subject to reimbursement by the Company pursuant to the terms of the Advisory Agreement. The amount incurred includes certain federal and blue sky registration fees due from the advisor. (2) Reflects funding from CFI and affiliates of CFI to cover overdraft fees in connection with the Summerfield Property and the Fisher Road Property. (3) As of June 30, 2023 , the Advisor has incurred, on behalf of the Company, a total of $ 13,093,274 of O&O Costs, of which the Company’s obligation is limited to $ 0 , pursuant to the 1 % Cap. (4) The incurred amount reflects the change in accrual. (5) Reflects distribution amount owed by the Company to the CF Keller Holdings LLC. (6) Reflects amounts owed to CFI from the Company in relation to the loan application deposit for ON3 Property. The following table summarizes the above mentioned fees and expenses incurred by the Company for the year ended December 31, 2022: Due to Year ended December 31, 2022 Due to Type of Fee or Reimbursement Financial Statement Location December 31, 2021 Incurred Paid December 31, 2022 Management Fees Asset management fees Management fees $ 223,602 $ 3,920,430 $ 3,744,070 $ 399,962 Property management and oversight fees Management fees 63,873 1,770,083 1,754,975 78,981 Organization, Offering and Operating Expense Reimbursements Operating expenses (1) General and administrative expenses 1,234,253 4,270,602 — 5,504,855 Expense reimbursement (2) Cash and Cash Equivalents — 33,000 33,000 Organization expenses (3) General and administrative expenses — — — — Admin fees (4) General and administrative expenses 18,000 ( 18,000 ) — — Offering costs (3) Additional paid-in capital 100,391 1,497,285 1,536,466 61,210 Commissions and Fees Selling commissions and dealer manager fees, net Additional paid-in capital — 629,797 629,797 — Distribution fees (4) Additional paid-in capital 267,284 299,497 450,821 115,960 Investment Funding Distribution due (5) Additional paid-in capital 202,430 — — 202,430 Application fee reimbursement (6) Investment in real estate, net — 100,000 100,000 Total $ 2,109,833 $ 12,502,694 $ 8,116,129 $ 6,496,398 Note: (1) As of December 31, 2022, the Advisor has incurred, on behalf of the Company, a total of $ 15,939,058 in Unreimbursed Operating Expenses, including a total of $ 3,210,813 for the year ended December 31, 2022 for which the Advisor has not invoiced the Company for reimbursement. The total amount of Unreimbursed Operating Expenses may, in future periods, be subject to reimbursement by the Company pursuant to the terms of the Advisory Agreement. (2) Reflects funding from CFI and affiliates of CFI to cover overdraft fees in connection with the Summerfield Property, the Fisher Road Property, and the ON3 Property. (3) As of December 31, 2022, the Advisor has incurred, on behalf of the Company, a total of $ 12,613,362 of O&O Costs, of which the Company’s obligation is limited to $ 61,210 , pursuant to the 1 % Cap. (4) The incurred amount reflects the change in accrual. (5) Reflects distribution amount owed by the Company to the CF Keller Holdings, LLC. (6) Reflects amount owed to CFI from the Company in relation to the loan application deposit for ON3 Property. Investment by CFI CFI initially invested $ 200,001 in the Company through the purchase of 8,180 Class AX Shares at $ 24.45 per share. CFI may not sell any of these shares during the period it serves as the Company’s sponsor. Neither the Advisor nor CFI currently has any options or warrants to acquire any of the Company’s shares. As of June 30, 2023 , CFI has invested $ 6,650,001 in the Company through the purchase of 262,262 shares ( 8,180 Class AX Shares for an aggregate purchase price of $ 200,001 , 183,157 Class IX Shares for an aggregate purchase price of $ 4,582,280 , and 70,925 Class I Shares for an aggregate purchase price of $ 1,867,720 ). CFI purchased 125,157 of the Class IX Shares in the amount of $ 3,132,280 pursuant to the Distribution Support Agreement, which provides that in certain circumstances where the Company’s cash distributions exceed the Company’s modified funds from operations, CFI will purchase up to $ 5.0 million of Class IX Shares (including the $ 2.0 million of shares purchased in order to satisfy the Minimum Offering Requirement) at the then current offering price per Class IX Share net of dealer manager fees to provide additional cash to support distributions to the Company’s stockholders. On August 10, 2020, the Company and CFI entered into the Amended Distribution Support Agreement to ensure that the Company has a sufficient amount of funds to pay cash distributions to stockholders during the Follow-On Offering. CFI purchased 70,925 of the Class I Shares in the amount of $ 1,867,720 pursuant to the Amended Distribution Support Agreement, which provides that in the event that cash distributions exceed MFFO, CFI will purchase Class I Shares from the Company in the Follow-On Offering in an amount equal to the distribution shortfall, up to $ 5 million (less the $ 2.0 million of shares purchased by CFI in order to satisfy the Minimum Offering Requirement and any shares purchased by CFI pursuant to the Distribution Support Agreement in the Initial Offering). As of June 30, 2023, CFI has fulfilled its obligation under the Distribution Support Agreement. Sponsor Support The Company’s sponsor, CFI, is a Delaware limited liability company and an affiliate of CFLP. CFI has paid a portion of selling commissions and all of the dealer manager fees, up to a total of 4 % of gross offering proceeds from the sale of Class AX Shares and Class TX Shares, as well as 1.5 % of gross offering proceeds from the sale of Class IX Shares, incurred in connection with the Initial Offering. The Company will reimburse such expenses (i) immediately prior to or upon the occurrence of a liquidity event, including (A) the listing of the Company’s common stock on a national securities exchange or (B) a merger, consolidation or a sale of substantially all of the Company’s assets or any similar transaction or any transaction pursuant to which a majority of the Company’s board of directors then in office are replaced or removed, or (ii) upon the termination of the Amended Advisory Agreement by the Company or by the Advisor. In each such case, the Company only will reimburse CFI after the Company has fully invested the proceeds from the Initial Offering and the Company’s stockholders have received, or are deemed to have received, in the aggregate, cumulative distributions equal to their invested capital plus a 6 % cumulative, non-compounded annual pre-tax return on such invested capital. As of June 30, 2023, CFI has paid Sponsor Support totaling $ 5,374,526 . |
Variable Interest Entities
Variable Interest Entities | 6 Months Ended |
Jun. 30, 2023 | |
Variable Interest Entities [Abstract] | |
Variable Interest Entities | Note 10 - Variable Interest Entities As of June 30, 2023 and December 31, 2022, certain VIEs have been identified. In regard to the Company’s investment in the SF Property, the Keller Property, the Summerfield Property, the Valencia Property, the Kacey Property, the DST, the Industry Property, the Longmire Property, the ON3 Property, the West End Property, the Palms Property, and the Pearland Property, the Company has determined itself to be the primary beneficiary because the Company has a significant variable interest in and control over the SF Property, Keller Property, and a controlling interest in the Summerfield Property, the Valencia Property, the Kacey Property, the DST, the Industry Property, the Longmire Property, the ON3 Property, the West End Property, the Palms Property, and the Pearland Property. Therefore, the Company has consolidated the SF Property, the Keller Property, the Summerfield Property, the Valencia Property, the Kacey Property, the DST, the Industry Property, the Longmire Property, the ON3 Property, the West End Property, the Palms Property, and the Pearland Property. In regard to the Company’s investment in the Station DST, the Company has determined itself not to be the primary beneficiary, because the Company does not have a significant variable interest in and control over the Station DST. Therefore, the Company has not consolidated the Station DST. The Company’s maximum exposure to loss from its interest in an unconsolidated VIE as of June 30, 2023 is $ 5,996,654 related to its investment in a real estate-related asset, the Station DST. Refer to Note 6 - Investments in Real Estate-Related Assets for additional information. |
Economic Dependency
Economic Dependency | 6 Months Ended |
Jun. 30, 2023 | |
Risks and Uncertainties [Abstract] | |
Economic Dependency | Note 11 – Economic Dependency The Company is dependent on the Advisor and its affiliates for certain services that are essential to the Company, including the sale of the Company’s shares of capital stock, acquisition and disposition decisions and certain other responsibilities. In the event that the Advisor is unable or unwilling to provide such services, the Company would be required to find alternative service providers. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 1 2 – Commitments and Contingencies Ground Leases In connection with the De Anza Property, the Company, indirectly through the De Anza Property SPE entered two ground lease agreements with unrelated third parties to lease the land where the De Anza property is located. The ground leases have an average term of 60 years and require incremental increases, as defined in ground lease agreements, in lease payments, based on consumer price index (“CPI”). For lessees, the lease accounting standard ASC 842, Leases requires the lessee to recognize the assets and liabilities that arise from the leases. A lessee can classify a lease as either a finance lease or operating lease based on meeting certain criteria under ASC 842. In connection with the accounting standard, the Company is required to determine the incremental borrowing rate that is used as the discount rate in calculating the present value of lease payments for the duration of the lease term to measure the lease asset, Right-of-Use Asset (“ROU”) and lease liability. Given the extended lease term, estimating the incremental borrowing rate requires significant judgment from the Company. The Company has determined that the two ground leases qualify as operating leases. As of June 30, 2023 and December 31, 2022, the Company has $ 16,340,479 and $ 16,383,138 of ROU, respectively, and $ 16,340,479 and $ 16,383,138 lease liability, respectively. Under the new guidance, for the six months ended June 30, 2023 and June 30, 2022 , the Company has recognized lease expense of $ 354,523 and $ 338,065 , respectively, and is included within the accompanying consolidated statements of operations. For the three months ended June 30, 2023 and June 30, 2022, the Company has recognized lease expense of $ 177,262 and $ 174,765 , respectively, and is included within the accompanying consolidated statements of operations. The following table reflects the base cash rental payments due from the Company as of June 30, 2023: Year Future Base Rent Payments 2023 (remaining) 326,599 2024 653,198 2025 653,198 2026 653,198 2027 653,198 Thereafter 35,247,154 Total $ 38,186,545 Litigation and Regulatory Matters As of June 30, 2023 and December 31, 2022, the Company was not subject to litigation nor was the Company aware of any litigation pending against it. The Company has entered into customary guaranty agreements (the “Guaranty Agreements”) in connection with the financing of certain specific investments, including the acquisition of the GR Property, the FM Property, the Buchanan Property, the CO Property, and the Summerfield Property, as further described in Note 7 — Loans Payable. Pursuant to the Guaranty Agreements, the Company has guaranteed any losses or liabilities that the lenders may incur as a result of the occurrence of certain enumerated bad acts as defined in the Guaranty Agreements. The Company has also guaranteed the repayment of obligations and indebtedness due to the lenders upon the occurrence of certain enumerated events as defined in the Guaranty Agreements. Additionally, in regard to the GR Property, the FM Property, the Buchanan Property, the CO Property, and the Summerfield Property, the Company has also agreed to indemnify the lenders against certain environmental liabilities. As of June 30, 2023 , the Company’s liability under these arrangements is not quantifiable and the potential for the Company to be required to make payments under the Guaranty Agreements is remote. Accordingly, no contingent liability is recorded in the Company’s unaudited consolidated balance sheet for these arrangements. Risks and Uncertainties Financial instruments that potentially subject the Company to concentrations of credit risk include Cash and cash equivalents and restricted cash. At times, balances with any one financial institution may exceed the Federal Deposit Insurance Corporation (“FDIC”) insurance limits. The Company believes it mitigates this risk by investing its cash with institutions it considers to be of high-credit quality. Concentrations of credit risk arise when a number of tenants are engaged in similar business activities, or activities in the same geographic region, or have similar economic features that would cause their ability to meet contractual obligations, including those to the Company, to be similarly affected by changes in economic conditions. The Company is subject to tenant, geographic and industry concentrations. Any downturn of the economic conditions in one or more of these tenants, states or industries could result in a material reduction the Company’s cash flows or material losses to the Company. The Company believes it mitigates this risk by employing a comprehensive set of controls around acquisitions which include detailed due diligence of all lessees. In addition, the Company monitors published credit ratings of its tenants, when available. The Company's business and operating results are affected by the financial markets and economic conditions in the United States and throughout the world. Economic uncertainty remains high associated with supply chain and labor shortage concerns, rising financing costs, rising inflationary concerns, market volatility and other geopolitical risks arising from the ongoing Russia-Ukraine conflict and additional COVID-19 variants. The uncertainty of the economy as it is recovering from the pandemic, combined with other factors including, but not limited to, the ongoing Russia-Ukraine conflict, inflation, labor shortages and supply chain disruption, could, further destabilize the financial markets and geographies in which the Company operates. LIBOR and other indices which are deemed “benchmarks” are the subject of recent national, international, and other regulatory guidance and proposals for reform. Some of these reforms are already effective while others are still to be implemented. These reforms may cause such benchmarks to perform differently than in the past, or have other consequences which cannot be predicted. It currently appears that, over time, U.S. Dollar LIBOR may be replaced by the Secured Overnight Financing Rate (“SOFR”) published by the Federal Reserve Bank of New York. However, the manner and timing of this shift is currently unknown. Market participants are still considering how various types of financial instruments and securitization vehicles should react to a discontinuation of LIBOR. The ICE Benchmark Association, or IBA, announced that one-week and two-week month USD LIBOR maturities and non-USA LIBOR maturities will cease publication. While all remaining USD LIBOR maturities will cease immediately after June 30, 2023. At this time, it is not possible to predict the effect of any such changes, any establishment of alternative reference rates or any other reforms to LIBOR that may be implemented. Uncertainty as to the nature of such potential changes, alternative reference rates or other reforms may adversely affect the market for or value of any securities on which the interest or dividend is determined by reference to LIBOR, loans, derivatives, and other financial obligations or on the Company’s overall financial condition or results of operations. |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Note 13 – Fair Value Measurements Under normal market conditions, the fair value of an investment is the amount that would be received to sell an asset or transfer a liability in an orderly transaction between market participants at the measurement date (i.e., the exit price). Additionally, there is a hierarchal framework that prioritizes and ranks the level of market price observability used in measuring investments at fair value. Market price observability is impacted by a number of factors, including the type of investment and the characteristics specific to the investment and the state of the market place, including the existence and transparency of transactions between market participants. Investments with readily available active quoted prices or for which fair value can be measured from actively quoted prices generally will have a higher degree of market price observability and a lesser degree of judgment used in measuring fair value. Investments measured and reported at fair value are classified and disclosed in one of the following levels within the fair value hierarchy: Level 1 measurement — quoted prices are available in active markets for identical investments as of the measurement date. The Company does not adjust the quoted price for these investments. Level 2 measurement — quoted prices are available in markets that are not active or model inputs are based on inputs that are either directly or indirectly observable as of the measurement date. Level 3 measurement — pricing inputs are unobservable and include instances where there is minimal, if any, market activity for the investment. These inputs require significant judgment or estimation by management or third parties when determining fair value and generally represent anything that does not meet the criteria of Levels 1 and 2. Due to the inherent uncertainty of these estimates, these values may differ materially from the values that would have been used had a ready market for these investments existed. The following describes the methods the Company uses to estimate the fair value of the Company’s financial assets and liabilities: Investment in real estate, net — The fair value is estimated by utilizing the income approach to value, using a direct capitalization analysis and discounted cash flow analysis, as well as a sales comparison approach where deemed applicable. As of June 30, 2023 and December 31, 2022, the estimated fair value of the Company’s Investment in real estate, net was $ 1,070,374,000 and $ 1,084,925,000 , respectively. The Company has not elected the fair value option to account for its Investment in real estate, net. Investments in real estate-related assets —The fair value of the Pennsylvania SPE and the Illinois SPE is estimated by discounting the expected cash flows based on the market interest and preferred return rates for similar loans and preferred equity investments to the Company’s investments. The fair value of the Company’s interest in the Station DST was based upon the Station DST Property appraisal, the fair market value of the mortgage loan encumbering the Station DST Property as of June 30, 2023 , and the other tangible assets and liabilities of the Station DST such as cash and reserves, each reflecting the Company’s ownership interest in the Station DST ( 15 %). As of June 30, 2023 and December 31, 2022, the estimated fair value of the Company’s Investments in real estate-related assets was $ 35,697,578 and $ 35,815,027 , respectively. The Company has not elected the fair value option to account for its Investments in real estate-related assets. Loans payable —The fair value is estimated by discounting the expected cash flows based on estimated borrowing rates available to the Company as of the measurement date. The current period liabilities’ carrying and fair values exclude net deferred financing costs. These financial instruments are valued using Level 2 inputs. As of June 30, 2023 and December 31, 2022, the estimated fair value of the Company’s loans payable was $ 439,918,019 and $ 405,090,233 , respectively (excluding deferred financing costs). The Company has not elected the fair value option, and as such has accounted for its debt using the amortized cost method. Derivative Assets and Liabilities — The Company's derivative assets and liabilities, which are included in Derivative assets, at fair value and Derivative liabilities, at fair value, respectively, in the consolidated financial statements, are comprised of an interest rate swap and interest rate cap (Note 14). The Company measures derivative instruments at fair value and records them as assets or liabilities, depending on the Company's rights or obligations under the applicable derivative contract. The valuation of the Company's derivative instruments is determined using a discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, as well as observable market-based inputs, including interest rate curves. These derivative instruments were classified within Level 2 of the fair value hierarchy. Other financial instruments — The Company considers the carrying value of its Cash and cash equivalents and restricted cash to approximate its fair value because of the short period of time between its origination and its expected realization as well as its highly-liquid nature. Due to the short-term maturity of this instrument, Level 1 inputs are utilized to estimate the fair value of this financial instrument. |
Derivative Instruments
Derivative Instruments | 6 Months Ended |
Jun. 30, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments | Note 14 – Derivative Instruments Risk Management Objective of Using Derivatives The Company may use derivative financial instruments, including interest rate swaps, interest rate caps, and other interest rate derivative contracts, to hedge all or a portion of the interest rate risk associated with its borrowings. The principal objective of such arrangements is to minimize the risks and costs associated with the Company’s operating and financial structure. The Company does not intend to utilize derivatives for speculative or other purposes other than interest rate risk management. The use of derivative financial instruments carries certain risks, including the risk that the counterparties to these contractual arrangements are not able to perform under the agreements. To mitigate this risk, the Company only enters into derivative financial instruments with counterparties with high credit ratings and with major financial institutions with which the Company and its related parties may also have other financial relationships. The Company does not anticipate that any of the counterparties will fail to meet their obligations. On July 6, 2021, in connection with the Valencia Loan, the Company entered the Valencia Swap which calls for the Company to pay a fixed rate of 3.39 % per annum on a notional amount of $ 55,200,000 in exchange for a variable rate of LIBOR plus 195 basis points to be paid by the Valencia Swap Counterparty. The variable rate was transitioned to SOFR in June 2023. The Valencia Swap became effective on July 7, 2021 and is set to expire on July 7, 2031 . See Note 7 – Loans Payable for further details. Additionally, in conjunction with the Keller Loan, the Company entered into an interest rate cap agreement for a notional amount of $ 31,277,000 . See Note 7 – Loans Payable for further details. The fair value of this interest rate cap is $ 935,583 and is included with other assets on the consolidated balance sheet as of June 30, 2023. The table below presents the fair value of the Company’s derivative financial instrument as well as its classification on the consolidated balance sheet as of June 30, 2023, and December 31, 2022: Balance Sheet Location June 30, 2023 December 31, 2022 Derivatives designated as hedging instruments: Interest rate “pay-fixed” swap Derivative assets, at fair value $ 8,513,739 $ 9,020,255 Cash Flow Hedges The Company’s objectives in using interest rate derivatives are to add stability to interest expense and to manage its exposure to interest rate movements. To accomplish this objective, the Company primarily uses interest rate swaps as part of its interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable-rate amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. The changes in the fair value of derivatives designated and that qualify as cash flow hedges are recorded in accumulated other comprehensive loss (“AOCI”) and are subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. During the six months ended June 30, 2023 and June 30, 2022, an amount of $ 895,957 and $ 311,387 , respectively, was reclassified into earnings and has been recorded within Interest expense in the accompanying consolidated statement of operations. During the three months ended June 30, 2023 and June 30, 2022, an amount of $ 488,112 and $ 127,469 , respectively, was reclassified into earnings and has been recorded within Interest expense in the accompanying consolidated statement of operations. As of June 30, 2023 the Company had the following derivatives that were designated as cash flow hedges of interest rate risk: June 30, 2023 Interest Rate Derivative Number of Instruments Notional Amount Interest Rate Swaps 1 55,200,000 Non-designated Hedge These derivatives are used to manage the Company’s exposure to interest rate movements, but do not meet the strict hedge accounting requirements to be classified as hedging instruments or derivatives that the Company has not elected to treat as hedges for purposes of administrative ease. Changes in the fair value of derivatives not designated in hedging relationships are recorded directly in earnings. During the six months ended June 30, 2023 and June 30, 2022, the Company recorded gains on derivatives not designated as hedges of $ 373,195 and $ 767,343 , respectively, within Interest expense in the accompanying consolidated statement of operations. During the three months ended June 30, 2023 and June 30, 2022, the Company recorded gains on derivatives not designated as hedges of $ 140,689 and $ 239,600 , respectively, within Interest expense in the accompanying consolidated statement of operations. The following table details the Company’s interest rate derivative not designated as a hedge. June 30, 2023 Interest Rate Derivative Number of Instruments Notional Amount Interest Rate Cap 1 $ 31,277,000 Credit Risk-Related Contingent Features The agreements the Company has with the Company’s derivative counterparties contain cross-default provisions that could trigger a declaration of default on the Company’s derivative obligations if the Company defaults, or is capable of being declared in default, on certain of the Company’s indebtedness. At June 30, 2023, the Company had not been declared in default on any of its derivative obligations. The estimated fair value of the Company’s derivatives in a net asset position was $ 9,449,322 at June 30, 2023 . The estimated fair value of the Company’s derivatives in a net asset position was $ 10,329,033 at December 31, 2022. |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2023 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 15 – Subsequent Events Common Stock Repurchases Subsequent to June 30, 2023 , the Company received and completed 42 eligible repurchase requests for a total of 120,198 shares in the amount of $ 3,029,149 . Status of the Offerings As of August 9, 2023, the Company had sold an aggregate of 15,688,107 shares of its common stock (consisting of 3,975,119 , Class AX Shares, 300,212 Class TX Shares, 1,221,463 Class IX Shares, 1,480,821 Class T Shares, 7,037 Class S Shares, 673,825 Class D Shares, and 8,029,630 Class I Shares) in the Offerings resulting in net proceeds of $ 391,908,018 to the Company as payment for such shares. On August 9, 2023, the Company filed a registration statement on Form S-11 with the SEC for a proposed third public offering (the “Third Offering”). In the Third Offering, the Company intends to offer up to $ 1 billion in shares of common stock in a primary offering on a best efforts basis and $ 250 million in shares of common stock to be issued pursued to a distribution reinvestment plan. On August 8, 2023, the Company’s board of directors extended the Follow-On Offering until the effective date of the registration statement for the Third Offering. Distributions As authorized by the board of directors of the Company, on July 6, 2023 the Company declared the following distributions for each class of the Company’s common stock as rounded to the nearest four decimal places ($ 1.55 on an annual basis): June Gross Distribution Class I Shares 0.1274 Class D Shares 0.1274 Class S Shares 0.1274 Class T Shares 0.1274 Class IX Shares 0.1274 Class AX Shares 0.1274 Class TX Shares 0.1274 The net distributions for each class of common stock (which represents the gross distributions described above less any distribution fee for the applicable class of common stock as described in the Company’s applicable prospectus) are payable to stockholders of record immediately prior to the close of business on June 30, 2023 and will be paid on or about July 10, 2023. These distributions will be paid in cash or reinvested in shares of the Company’s common stock for stockholders participating in the Company’s distribution reinvestment plan. Some or all of the cash distributions may be paid from sources other than cash flow from operations. As authorized by the board of directors of the Company, on August 4, 2023 the Company declared the following distributions for each class of the Company’s common stock as rounded to the nearest four decimal places ($ 1.55 on an annual basis): July Gross Distribution Class I Shares 0.1316 Class D Shares 0.1316 Class S Shares 0.1316 Class T Shares 0.1316 Class IX Shares 0.1316 Class AX Shares 0.1316 Class TX Shares 0.1316 The net distributions for each class of common stock (which represents the gross distributions described above less any distribution fee for the applicable class of common stock as described in the Company’s applicable prospectus) are payable to stockholders of record immediately prior to the close of business on July 31, 2023 and will be paid on or about August 11, 2023. These distributions will be paid in cash or reinvested in shares of the Company’s common stock for stockholders participating in the Company’s distribution reinvestment plan. Some or all of the cash distributions may be paid from sources other than cash flow from operations. Renewal and Extension of Amended Advisory Agreement The Amended Advisory Agreement was renewed for an additional one-year term commencing on August 10, 2023 , upon terms identical to those in effect, through August 10, 2024 . Pursuant to the Amended Advisory Agreement, the Advisor will continue to manage the Company's day-to-day operations and its portfolio of income-producing commercial and multifamily real-estate and debt secured by commercial real estate, subject to the supervision of the Company's board of directors. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2023 | |
Accounting Policies [Abstract] | |
Current Expected Credit Losses ("CECL") | Current Expected Credit Losses (“CECL”) The accounting policy changes are attributable to the adoption of ASU No. 2016-13, Financial Instruments—Credit Losses (Topic 326)—Measurement of Credit Losses on Financial Instruments, and related amendments on January 1, 2023. In accordance with the guidance in ASC Topic 326, the Company presents its financial assets that are measured at amortized cost, net of an allowance for credit losses, which represents the amount expected to be collected over their estimated life. Expected credit losses for newly recognized financial assets carried at amortized cost, as well as changes to expected lifetime credit losses during the period, are recognized in earnings. The CECL methodology represents a significant change from prior U.S. GAAP and replaced the prior multiple impairment methods, which generally required that a loss be incurred before it was recognized. Within the life cycle of a loan or other financial asset in scope, the methodology generally results in the earlier recognition of the provision for credit losses and the related allowance for credit losses than under prior U.S. GAAP. The CECL methodology’s impact on expected credit losses, among other things, reflects the Company’s view of the current state of the economy, forecasted macroeconomic conditions and the Company’s portfolios. |
Basis of Presentation | Basis of Presentation The consolidated financial statements are presented in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”) and pursuant to the rules and regulations of the SEC. In the opinion of management, the accompanying consolidated financial statements contain all adjustments and eliminations, consisting only of normal recurring adjustments necessary for a fair presentation in conformity with U.S. GAAP. Certain reclassifications have been made to previously reported amounts to conform to the current presentation. |
Use of Estimates | Use of Estimates The preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities as of the date of the balance sheet. Management believes that the estimates utilized in preparing the consolidated financial statements are reasonable. As such, actual results could differ from those estimates. |
Principles of Consolidation | Principles of Consolidation The consolidated financial statements include the accounts of the Company, the Operating Partnership and any single member limited liability companies or other entities which are consolidated in accordance with U.S. GAAP. The Company consolidates variable interest entities (“VIEs”) where it is the primary beneficiary and voting interest entities which are generally majority owned or otherwise controlled by the Company. All intercompany balances are eliminated in consolidation. |
Variable Interest Entities | Variable Interest Entities The Company determines if an entity is a VIE in accordance with guidance in Accounting Standards Codification (“ASC”) Topic 810, Consolidation . For an entity in which the Company has acquired an interest, the entity will be considered a VIE if both of the following characteristics are not met: 1) the equity investors in the entity have the characteristics of a controlling financial interest, and 2) the equity investors’ total investment at risk is sufficient to finance the entity’s activities without additional subordinated financial support. The Company makes judgments regarding the sufficiency of the equity at risk based first on a qualitative analysis, then a quantitative analysis, if necessary. A qualitative analysis is generally based on a review of the design of the entity, including its control structure and decision-making abilities, and also its financial structure. In a quantitative analysis, the Company would incorporate various estimates, including estimated future cash flows, assumed hold periods and capitalization or discount rates. If an entity is determined to be a VIE, the Company then determines whether to consolidate the entity as the primary beneficiary. The primary beneficiary has both (i) the power to direct the activities that most significantly impact the VIE’s economic performance and (ii) the obligation to absorb losses of the VIE or the right to receive benefits from the VIE that could potentially be significant to the entity. The Company evaluates all of its investments in real estate-related assets to determine if they are VIEs utilizing judgments and estimates that are inherently subjective. If different judgments or estimates were used for these evaluations, it could result in differing conclusions as to whether or not an entity is a VIE and whether or not to consolidate such entity. As of June 30, 2023 and December 31, 2022, the Company concluded that it had investments in VIEs. Refer to Note 10 — Variable Interest Entities for additional information. |
Voting Interest Entities | Voting Interest Entities A voting interest entity is an entity in which the total equity investment at risk is sufficient to enable it to finance its activities independently and the equity holders have the power to direct the activities of the entity that most significantly impact its economic performance, the obligation to absorb the losses of the entity and the right to receive the residual returns of the entity. The usual condition for a controlling financial interest in a voting interest entity is ownership of a majority voting interest. If the Company has a majority voting interest in a voting interest entity, the entity will generally be consolidated. The Company will not consolidate a voting interest entity if there are substantive participating rights by other parties and/or kick-out rights by a single party. The Company performs ongoing reassessments of whether entities previously evaluated under the voting interest framework have become VIEs, based on certain events, and therefore subject to the VIE consolidation framework, and vice versa. |
Cash and Cash Equivalents, Restricted Cash | Cash and Cash Equivalents Cash and cash equivalents consist of cash on hand and highly liquid investments with original maturities of three months or less. Restricted Cash Restricted cash consists primarily of amounts held by lenders in escrow accounts for real estate taxes, and other lender reserves for certain properties. This also includes amounts required under the liquidity covenants of the credit facility agreement. |
Deferred Rent Receivable | Deferred Rent Receivable Deferred rent receivable represents rent earned in excess of rent received as a result of straight-lining rents over the terms of the leases on the FM Property, the CO Property, the Lewisville Property, the SF Property, the Buchanan Property, the DST, the Madison Ave Property, the Valencia Property, the De Anza Property, the Fisher Road Property, the ON3 Property, and the Mount Comfort Land in accordance with ASC Topic 842, Leases . As of June 30, 2023 and December 31, 2022, Deferred rent receivable was $ 10,457,475 and $ 9,251,165 , respectively. |
Prepaid Expenses and Other Assets | Prepaid Expenses and Other Assets Prepaid expenses and other assets consist primarily of prepaid operating expenses and reimbursements due from tenants. |
Investment in Real Estate, net | Investment in Real Estate, net Real estate assets are stated at cost, less accumulated depreciation and amortization. Amounts capitalized to real estate assets consist of the costs of acquisition, including certain acquisition-related expenses, major improvements and betterments that extend the useful life of the real estate assets and leasing costs. All repairs and maintenance costs are expensed as incurred. The Company accounts for its acquisitions of assets or businesses in accordance with ASC Topic 805, Business Combinations . Upon the acquisition of real estate properties, the Company allocates the purchase price to acquired tangible assets, consisting of land, buildings and improvements, and to identified intangible assets and liabilities, consisting of the value of above-market leases, below-market leases, and in-place leases, based in each case on their respective fair values. The Company utilizes independent appraisals to assist in the determination of the fair values of the tangible assets of an acquired property (which includes land and buildings). The information in the appraisal, along with any additional information available to the Company’s management, is used in estimating the amount of the purchase price that is allocated to land. Other information in the appraisal, such as building value and market rents, may be used by the Company’s management in estimating the allocation of purchase price to the building and to intangible lease assets and liabilities. The appraisal firm has no involvement in management’s allocation decisions other than providing this market information. The Company considers the period of future benefit of each respective asset to determine its appropriate useful life. The estimated useful lives of the Company’s real estate assets by class are generally as follows: Description Depreciable Life Buildings 39 years Site improvements Remaining useful life Intangible lease assets and liabilities Over lease term The determination of the fair values of the real estate assets and liabilities acquired requires the use of assumptions with regard to the current market rental rates, rental growth rates, capitalization and discount rates, interest rates and other variables. The use of alternative estimates may result in a different allocation of the Company’s purchase price, which could materially impact the Company’s results of operations. The Company continually monitors events and changes in circumstances that could indicate that the carrying amounts of its real estate assets may not be recoverable. Impairment indicators that the Company considers include, but are not limited to, bankruptcy or other credit concerns of a property’s major tenant, such as a history of late payments, rental concessions and other factors, a significant decrease in a property’s revenues due to lease terminations, vacancies, co-tenancy clauses, reduced lease rates or other circumstances. When indicators of potential impairment are present, the Company assesses the recoverability of the assets by determining whether the carrying amount of the assets will be recovered through the undiscounted future cash flows expected from the use of the assets and their eventual disposition. In the event that such expected undiscounted future cash flows do not exceed the carrying amount, the Company will adjust the real estate assets to their respective fair values and recognize an impairment loss. Generally, fair value is determined using a discounted cash flow analysis and recent comparable sales transactions. As of June 30, 2023 and December 31, 2022, no impairment losses have been identified. |
Investments in Real Estate-Related Assets | Investments in Real Estate - Related Assets Mezzanine Loan Investment The Company has made a mezzanine loan investment through the Illinois SPE. Mezzanine loan investments are generally intended to be held for investment and, accordingly, are carried at cost, net of unamortized fees, premiums, discounts and unfunded commitments. Mezzanine loan investments that are deemed to be impaired are carried at amortized cost less a loss reserve, if deemed appropriate. Mezzanine loan investments for which the Company does not have the intent to hold the investment for the foreseeable future or until its expected payoff are classified as held for sale and recorded at the lower of cost or estimated value. Mezzanine loan investments are considered credit impaired when, based on current information and events, and reasonable and supportable forecasts, the Company will not be able to collect principal and income from mezzanine loan amounts due according to the contractual terms. The Company assesses the credit quality of the portfolio and adequacy of loss reserves on a periodic basis. Significant judgment of management is required in this analysis. The Company considers the estimated net recoverable value of the mezzanine loan investment as well as other factors, including but not limited to the fair value of any collateral, the amount and the status of any senior debt, the quality and financial condition of the borrower and the competitive situation of the area where the underlying collateral is located. Because this determination is based on projections of future economic events, which are inherently subjective, the amount ultimately realized may differ materially from the carrying value as of the balance sheet date. If upon completion of the assessment, the estimated fair value of the underlying collateral is less than the net carrying value of the mezzanine loan investment, a loss reserve is recorded with a corresponding charge to provision for losses. The CELC reserve for each mezzanine loan investment is maintained at a level that is determined to be adequate by management to absorb expected credit losses. Income recognition is suspended for a mezzanine loan investment at the earlier of the date at which payments become 90-days past due or when, in the opinion of management, a full recovery of income and principal becomes doubtful. When the ultimate collectability of the principal of an impaired mezzanine loan investment is in doubt, all payments are applied to principal under the cost recovery method. When the ultimate collectability of the principal of an impaired mezzanine loan investment is not in doubt, contractual income from mezzanine loan is recorded as income from mezzanine loan when received, under the cash basis method until an accrual is resumed when the mezzanine loan investment becomes contractually current and performance is demonstrated to be resumed. A mezzanine loan investment is written off when it is no longer realizable and/or legally discharged. Pursuant to the adoption of the CECL accounting standards, the Company has made an accounting policy election not to measure an allowance for credit losses on accrued interest receivable amounts as the Company writes-off the uncollectible accrued interest receivable balance in a timely manner. As of June 30, 2023 and December 31, 2022, no credit impairment losses have been identified. Preferred Equity Investment The Company has made a preferred equity investment in the Pennsylvania SPE, an entity that holds commercial real estate. Preferred equity investments are generally intended to be held to maturity and, accordingly, are carried at cost, net of unamortized fees, premium, discount and unfunded commitments. Preferred Equity investments that are deemed to be credit impaired are carried at amortized cost less a loss reserve, if deemed appropriate. Preferred equity investments where the Company does not have the intent to hold the investment for the foreseeable future or until its expected payoff are classified as held for sale and recorded at the lower of cost or estimated value. Preferred equity investments are considered credit impaired when, based on current information and events, and reasonable and supportable forecasts, the Company will not be able to collect principal and preferred return income amounts due according to the contractual terms. The Company assesses the credit quality of the portfolio and adequacy of loss reserves on a periodic basis. Significant judgment of management is required in this analysis. The Company considers the estimated net recoverable value of the preferred equity investment as well as other factors, including but not limited to the fair value of any collateral, the amount and the status of any senior debt, the quality and financial condition of the borrower and the competitive situation of the area where the underlying collateral is located. Because this determination is based on projections of future economic events, which are inherently subjective, the amount ultimately realized may differ materially from the carrying value as of the balance sheet date. If upon completion of the assessment, the estimated fair value of the underlying collateral is less than the net carrying value of the preferred equity investment, a loss reserve is recorded with a corresponding charge to provision for losses. The loss reserve for each preferred equity investment is maintained at a level that is determined to be adequate by management to absorb expected credit losses. Income recognition is suspended for a preferred equity investment at the earlier of the date at which payments become 90-days past due or when, in the opinion of management, a full recovery of income and principal becomes doubtful. When the ultimate collectability of the principal of an impaired preferred equity investment is in doubt, all payments are applied to principal under the cost recovery method. When the ultimate collectability of the principal of an impaired preferred equity investment is not in doubt, contractual preferred return income is recorded as preferred return income when received, under the cash basis method until an accrual is resumed when the preferred return investment becomes contractually current and performance is demonstrated to be resumed. A preferred return investment is written off when it is no longer realizable and/or legally discharged. Pursuant to the adoption of the CECL accounting standards, the Company has made an accounting policy election not to measure an allowance for credit losses on accrued interest receivable amounts as the Company writes-off the uncollectible accrued interest receivable balance in a timely manner. As of June 30, 2023 and December 31, 2022, no credit impairment losses have been identified. Unconsolidated Equity Method Investments The Company performs consolidation analysis in accordance with ASC Topic 810, Consolidation, as described in the “Variable Interest Entities” section of this Note 2. The Company has determined, as a result of its analysis, that it is not the primary beneficiary of its investment in the Station DST, and therefore has not consolidated the entity. The Company has accounted for its investment in the Station DST, which is controlled and managed by CFI, under the equity method of accounting, and included within Investments in real estate-related assets on the Company’s consolidated balance sheet. In accordance with ASC Topic 323, Investments-Equity Method and Joint Ventures , the Company is able to exercise significant influence over this investee. Under the equity method, the investment is adjusted each period for capital contributions and distributions and its share of the entity’s net income (loss). Capital contributions, distributions and net income (loss) of such entity is recorded in accordance with the terms of the governing documents. An allocation of net income (loss) may differ from the stated ownership percentage interest in such entity as a result of preferred returns and allocation formulas, if any, as described in such governing documents. Investments in real estate-related assets are periodically reviewed for impairment based on projected cash flows from the underlying investment. If an impairment is identified, the carrying value of the investment will be reduced to the anticipated recoverable amount. As of June 30, 2023 and December 31, 2022, no impairment has been identified. |
Deferred Financing Costs | Deferred Financing Costs Costs incurred in connection with obtaining financing are capitalized and amortized over the term of the related loan on a straight-line basis, which approximates the effective interest method. The carrying value of the deferred financing costs at June 30, 2023 and December 31, 2022 was $ 4,919,781 and $ 4,927,048 , respectively, which is net of accumulated amortization of $ 1,744,587 and $ 1,294,530 , respectively, and recorded as an offset to the related debt. For the six months ended June 30, 2023 and June 30, 2022, amortization of deferred financing costs was $ 450,057 and $ 362,545 , respectively, and for the three months ended June 30, 2023 and June 30, 2022, amortization of deferred financing costs was $ 226,286 and $ 197,208 , respectively, and is included in Interest expense on the accompanying consolidated statements of operations. |
Revenue Recognition | Revenue Recognition Rental revenue is recognized on a straight-line basis over the life of the respective leases. Preferred return income from the Company’s preferred equity investment is recognized when earned and accrued based on the outstanding investment balance. Income from mezzanine loan investment is recognized when earned and accrued based on the outstanding loan balance. |
Other Property Operating Revenues | Other Property Operating Revenues Other property operating revenues include tenant reimbursement income and revenues received from tenants to cover utilities and other amenities. The tenant reimbursement income is derived from certain property operating expenses, including real estate taxes and insurance, among others, which are paid by the Company and are reimbursed by the tenants of the Company’s properties pursuant to the terms of the respective leases. These reimbursements and other revenues received from tenants are reflected as Other property operating revenues in the accompanying consolidated statements of operations, which, for the six months ended June 30, 2023 and June 30, 2022 was $ 8,557,339 and $ 2,761,859 , respectively, and for three months ended June 30, 2023 and June 30, 2022 was $ 4,804,130 and $ 1,413,279 , respectively. |
Property Operating Expenses | Property Operating Expenses Certain property operating expenses, including real estate taxes and insurance, among others, are paid by the Company and may be reimbursed by the tenants of the Company’s properties pursuant to the terms of the respective leases. These expenses incurred are reflected as Property operating expenses in the accompanying consolidated statements of operations, which for the six months ended June 30, 2023 and June 30, 2022 was $ 16,811,429 and $ 8,448,077 , respectively, and for the three months ended June 30, 2023 and June 30, 2022 was $ 9,142,736 and $ 4,696,503 , respectively. |
Derivative Instruments | Derivative Instruments The Company records all derivatives on the consolidated balance sheets at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether the Company has elected to designate a derivative in a hedging relationship and apply hedge accounting and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. Derivatives designated and qualifying as a hedge of the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. Derivatives may also be designated as hedges of the foreign currency exposure of a net investment in foreign operations. Hedge accounting generally provides for the matching of the timing of gain or loss recognition on the hedging instrument with the recognition of the changes in the fair value of the hedged asset or liability that are attributable to the hedged risk in a fair value hedge or the earnings effect of the hedged forecasted transactions in a cash flow hedge. The Company may enter into derivative contracts that are intended to economically hedge certain risk, even though hedge accounting does not apply or the Company elects not to apply hedge accounting. The accounting for subsequent changes in the fair value of these derivatives depends on whether each has been designed and qualifies for hedge accounting treatment. If the Company elects not to apply hedge accounting treatment (or for derivatives that do not qualify as hedges), any changes in the fair value of these derivative instruments is recognized immediately in gains (losses) on derivative instruments in the consolidated statements of operations. If a derivative is designated and qualifies for cash flow hedge accounting treatment, the change in the estimated fair value of the derivative is recorded in other comprehensive income (loss) in the consolidated statements of comprehensive income (loss) to the extent that it is effective. Any ineffective portion of a change in derivative fair value is immediately recorded in earnings. |
Deferred Revenue | Deferred Revenue Deferred revenue represents unearned rent received in advance from tenants at certain of the Company’s properties, which at June 30, 2023 and December 31, 2022 were $ 1,645,015 and $ 1,233,788 , respectively. |
Distribution Payable | Distribution Payable Distribution payable is comprised of amounts of distributions declared by the Company but not yet paid and accrued distributions relating to the Performance Participation Allocation (as defined below in Note 8 – Stockholder’s Equity). Also included within distribution payable is $ 9,530 due to certain specific affiliates, including the Sponsor, who are entitled to distributions based on their indirect equity interest in the Summerfield DST (as further described in Note 9 – Related Party Transactions). As of June 30, 2023, return of capital distributions were and are derived from net escrow break proceeds from the syndication of the Summerfield DST beneficial interest offering, with the related proceeds held and reported in cash and cash equivalents on the accompanying consolidated balance sheet. As of June 30, 2023 and December 31, 2022 the aggregate total amount of distribution payable reported by the Company were $ 1,981,595 and $ 6,849,076 , respectively. |
Restricted Reserves | Restricted Reserves Restricted reserves are comprised of amounts received from tenants at certain of the Company’s properties for recoverable property operating expenses to be paid by the Company on behalf of the tenants, pursuant to the terms of the respective lease arrangements, which at June 30, 2023 and December 31, 2022 were $ 7,331,071 and $ 7,850,305 , respectively. |
Due to Related Parties | Due to Related Parties Due to related parties is comprised of amounts contractually owed by the Company for various services provided to the Company from related parties, which at June 30, 2023 and December 31, 2022 were $ 5,319,299 and $ 6,496,398 , respectively (See Note 9 – Related Party Transactions). |
Organization and Offering Costs | Organization and Offering Costs The Advisor has agreed to pay, on behalf of the Company, all organizational and offering costs (including legal, accounting, and other costs attributable to the Company’s organization and offering, but excluding upfront selling commissions, dealer manager fees and distribution fees) (“O&O Costs”) through the first anniversary of the date on which the Company satisfied the Minimum Offering Requirement, which was May 18, 2018 (the “Escrow Break Anniversary”). After the Escrow Break Anniversary, the Advisor, in its sole discretion, may pay some or all of the additional O&O Costs incurred, but is not required to do so. To the extent the Advisor pays such additional O&O Costs, the Company is obligated to reimburse the Advisor subject to the 1 % Cap (as defined below). Following the Escrow Break Anniversary, the Company began reimbursing the Advisor for payment of O&O Costs on a monthly basis, which continued through the period ended May 18, 2021 ; provided, however, that the Company was not obligated to pay any amounts that as a result of such payment would cause the aggregate payments for O&O Costs (less selling commissions, dealer manager fees and distribution fees) paid to the Advisor to exceed 1 % of gross proceeds from all the Company’s public offerings (the “ 1 % Cap”), as of such payment date. Any amounts not reimbursed in any period are included in determining any reimbursement liability for a subsequent period. As of June 30, 2023, the Advisor has continued to pay all O&O Costs on behalf of the Company. As of June 30, 2023 and December 31, 2022 , the Advisor has incurred O&O Costs on the Company’s behalf of $ 13,093,274 and $ 12,613,362 , respectively. As of June 30, 2023, the Company satisfied its obligation to reimburse the Advisor for O&O Costs. As of December 31, 2022 , the Company was obligated to reimburse the Advisor for O&O Costs in the amount of $ 61,210 , which is included within Due to related parties in the accompanying consolidated balance sheets. As of both June 30, 2023 and December 31, 2022, organizational costs of $ 90,675 , were expensed and offering costs of $ 3,978,102 and $ 3,811,650 , respectively, were charged to stockholders’ equity. As of June 30, 2023 and December 31, 2022, the Company has made reimbursement payments of $ 4,068,777 and $ 3,841,115 , respectively, to the Advisor for O&O Costs incurred. |
Income Taxes | Income Taxes The Company has elected and qualified to be taxed as a REIT under the Internal Revenue Code of 1986, as amended. Accordingly, the Company generally will not be subject to U.S. federal income tax to the extent of its distributions to stockholders and as long as certain asset, income, share ownership, minimum distribution and other requirements are met. To qualify as a REIT, the Company must annually distribute at least 90% of its REIT taxable income to its stockholders and meet certain other requirements. Under certain circumstances, federal income and excise taxes may be due on its undistributed taxable income. The Company may also be subject to certain state and local taxes. If the Company fails to meet these requirements, it will be subject to U.S. federal income tax, which could have a material adverse impact on its results of operations and amounts available for distributions to its stockholders. The Company provides for uncertain tax positions based upon management’s assessment of whether a tax benefit is more likely than not to be sustained upon examination by tax authorities. Management is required to determine whether a tax position is more likely than not to be sustained upon examination by tax authorities, including resolution of any related appeals or litigation processes, based on the technical merits of the position. Because assumptions are used in determining whether a tax benefit is more likely than not to be sustained upon examination by tax authorities, actual results may differ from the Company’s estimates under different assumptions or conditions. The Company recognizes interest and penalties, if any, related to unrecognized tax benefits in “Provision for income taxes” in the consolidated statement of operations. |
Earnings Per Share | Earnings Per Share Basic net income (loss) per share of common stock is determined by dividing net income (loss) attributable to common stockholders by the weighted average number of common shares outstanding during the period. Diluted net income (loss) per share is determined by dividing net income (loss) attributable to common stockholders by the weighted average number of common shares outstanding during the period, including common stock equivalents. As of June 30, 2023 and December 31, 2022, there were no material common stock equivalents that would have a dilutive effect on net income (loss) per share for common stockholders. All classes of common stock are allocated net income (loss) at the same rate per share. For the three and six months ended June 30, 2023, both basic and diluted net loss per share was $( 0.05 ) and $( 0.39 ) . For the three and six months ended June 30, 2022, both basic and diluted net loss per share was $( 0.01 ) and $( 0.32 ) . |
New Accounting Pronouncements | Recently Adopted Accounting Pronouncements In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments , which requires financial assets that are measured at amortized cost to be presented, net of an allowance for credit losses, at the amount expected to be collected over their estimated life. Expected credit losses for newly recognized financial assets, as well as changes to credit losses during the period, are recognized in earnings. For certain purchased financial assets with deterioration in credit quality since origination (“PCD assets”), the initial allowance for expected credit losses will be recorded as an increase to the purchase price. Expected credit losses, including losses on off-balance-sheet exposures such as lending commitments, will be measured based on historical experience, current conditions and reasonable and supportable forecasts that affect the collectability of the reported amount. In November 2018, the FASB issued ASU No. 2018-19, Codification Improvements to Topic 326, Financial Instruments—Credit Losses , to clarify that operating lease receivables accounted for under ASC 842, Leases , are not in the scope of the new credit losses guidance, and, instead, impairment of receivables arising from operating leases should be accounted for in accordance with ASC 842, Leases . In April 2019, the FASB issued ASU No. 2019-04, Codification Improvements to Topic 326, Financial Instruments—Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments . The ASU makes changes to the guidance introduced or amended by ASU No. 2016-13 to clarify the scope of the credit losses standard and address guidance related to accrued interest receivable balances, recoveries, variable interest rates and prepayments, among other issues. The ASU also amends guidance in ASU No. 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities , and ASU No. 2016-01, Financial Instruments—Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities . With respect to amendments to ASU No. 2017-12, the guidance addresses partial-term fair value hedges, fair value hedge basis adjustments, and certain transition requirements, along with other issues. In addition, in May 2019, the FASB issued ASU No. 2019-05, Financial Instruments—Credit Losses (Topic 326): Targeted Transition Relief . The amendments in this ASU allow entities, upon adoption of ASU No. 2016-13, to irrevocably elect the fair value option for financial instruments that were previously carried at amortized cost and are eligible for the fair value option under ASC 825-10, Financial Instruments: Overall . In November 2019, the FASB issued ASU No. 2019-10, Financial Instruments—Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), and Leases (Topic 842) Effective Dates. Pursuant to this ASU, the effective date of the new credit losses standard was deferred, and the new credit impairment guidance became effective for the Company on January 1, 2023. In addition, in November 2019, the FASB issued ASU No. 2019-11, Codification Improvements to Topic 326, Financial Instruments—Credit Losses . The amendments in this ASU require entities to include certain expected recoveries of the amortized cost basis previously written off, or expected to be written off, in the allowance for credit losses for PCD assets; provide transition relief related to troubled debt restructurings; allow entities to exclude accrued interest amounts from certain required disclosures; and clarify the requirements for applying the collateral maintenance practical expedient. The amendments in ASUs No. 2018-19, 2019-04, 2019-05, 2019-10 and 2019-11 are required to be adopted concurrently with the guidance in ASU No. 2016-13. The Company adopted the standards on their required effective date beginning January 1, 2023 . The adoption of the new guidance did no t have an impact on the Company’s unaudited consolidated financial statements. In March 2020, the FASB issued ASU No. 2020-03, Codification Improvements to Financial Instruments . This ASU makes narrow-scope amendments related to various aspects pertaining to financial instruments and related disclosures by clarifying or improving the Codification. Certain guidance became effective for the Company for annual periods beginning January 1, 2020, and the adoption of this guidance did not have a material impact on the Company’s unaudited consolidated financial statements. The Company adopted the guidance related to credit losses on the required effective date beginning January 1, 2023 . The adoption of the new credit losses guidance did no t have an impact on the Company’s unaudited consolidated financial statements. In March 2022, the FASB issued ASU No. 2022-02, Financial Instruments—Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures . The guidance is intended to improve the decision usefulness of information provided to investors about certain loan refinancing, restructurings, and write-offs. The standard eliminates the recognition and measurement guidance on TDRs for creditors after they have adopted ASU No. 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments and requires them to make enhanced disclosures about loan modifications for borrowers experiencing financial difficulty. The Company adopted the standard on the required effective date beginning January 1, 2023 . The guidance for recognition and measurement of TDRs is applied using a prospective transition method, and the amendments related to disclosures will be applied prospectively. The adoption of this guidance did no t have an impact on the Company’s unaudited consolidated financial statements. New Accounting Pronouncements In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting . The guidance is designed to provide relief from the accounting analysis and impacts that may otherwise be required for modifications to agreements (e.g., loans, debt securities, derivatives, and borrowings) necessitated by reference rate reform as entities transition away from LIBOR and other interbank offered rates to alternative reference rates. This ASU also provides optional expedients to enable companies to continue to apply hedge accounting to certain hedging relationships impacted by reference rate reform. Application of the guidance is optional and only available in certain situations. The ASU is effective upon issuance and generally can be applied through December 31, 2022. In January 2021, the FASB issued ASU No. 2021-01, Reference Rate Reform (Topic 848): Scope . The amendments in this standard are elective and principally apply to entities that have derivative instruments that use an interest rate for margining, discounting, or contract price alignment that is modified as a result of reference rate reform (referred to as the “discounting transition”). The standard expands the scope of ASC 848, Reference Rate Reform and allows entities to elect optional expedients to derivative contracts impacted by the discounting transition. Similar to ASU No. 2020-04, provisions of this ASU are effective upon issuance and generally could be applied through December 31, 2022. In December 2022, the FASB issued ASU No. 2022-06, Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848. Because the current relief in ASC 848, Reference Rate Reform may not cover a period of time during which a significant number of modifications may take place, the amendments in ASU No. 2022-06 defer the sunset date from December 31, 2022 to December 31, 2024, after which entities will no longer be permitted to apply the relief in ASC 848. The ASU is effective upon issuance. Management is evaluating and planning for adoption of the new guidance, to determine the Company’s transition plan and facilitate an orderly transition to alternative reference rates, and continuing its assessment on the Company’s unaudited consolidated financial statements. In August 2020, the FASB issued ASU No. 2020-06, Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity . The standard is expected to reduce complexity and improve comparability of financial reporting associated with accounting for convertible instruments and contracts in an entity’s own equity. The ASU also enhances information transparency by making targeted improvements to the related disclosures guidance. Additionally, the amendments affect the diluted EPS calculation for instruments that may be settled in cash or shares and for convertible instruments. The new standard will become effective for the Company beginning January 1, 2024, can be applied using either a modified retrospective or a fully retrospective method of transition and early adoption is permitted. Management is currently evaluating the impact of the new guidance on the Company’s unaudited consolidated financial statements. In October 2021, the FASB issued ASU No. 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers . The standard improves the accounting for acquired revenue contracts with customers in a business combination by addressing diversity in practice and inconsistency related to the recognition of an acquired contract liability, as well as payment terms and their effect on subsequent revenue recognized by the acquirer. The ASU requires companies to apply guidance in ASC 606, Revenue from Contracts with Customers , to recognize and measure contract assets and contract liabilities from contracts with customers acquired in a business combination, and, thus, creates an exception to the general recognition and measurement principle in ASC 805, Business Combinations . The new standard will become effective for the Company beginning January 1, 2024, can be applied prospectively for business combinations occurring on or after the effective date, and early adoption is permitted. Management is currently evaluating the impact of the new standard on the Company’s unaudited consolidated financial statements. |
Risks and Uncertainties | Risks and Uncertainties Financial instruments that potentially subject the Company to concentrations of credit risk include Cash and cash equivalents and restricted cash. At times, balances with any one financial institution may exceed the Federal Deposit Insurance Corporation (“FDIC”) insurance limits. The Company believes it mitigates this risk by investing its cash with institutions it considers to be of high-credit quality. Concentrations of credit risk arise when a number of tenants are engaged in similar business activities, or activities in the same geographic region, or have similar economic features that would cause their ability to meet contractual obligations, including those to the Company, to be similarly affected by changes in economic conditions. The Company is subject to tenant, geographic and industry concentrations. Any downturn of the economic conditions in one or more of these tenants, states or industries could result in a material reduction the Company’s cash flows or material losses to the Company. The Company believes it mitigates this risk by employing a comprehensive set of controls around acquisitions which include detailed due diligence of all lessees. In addition, the Company monitors published credit ratings of its tenants, when available. The Company's business and operating results are affected by the financial markets and economic conditions in the United States and throughout the world. Economic uncertainty remains high associated with supply chain and labor shortage concerns, rising financing costs, rising inflationary concerns, market volatility and other geopolitical risks arising from the ongoing Russia-Ukraine conflict and additional COVID-19 variants. The uncertainty of the economy as it is recovering from the pandemic, combined with other factors including, but not limited to, the ongoing Russia-Ukraine conflict, inflation, labor shortages and supply chain disruption, could, further destabilize the financial markets and geographies in which the Company operates. LIBOR and other indices which are deemed “benchmarks” are the subject of recent national, international, and other regulatory guidance and proposals for reform. Some of these reforms are already effective while others are still to be implemented. These reforms may cause such benchmarks to perform differently than in the past, or have other consequences which cannot be predicted. It currently appears that, over time, U.S. Dollar LIBOR may be replaced by the Secured Overnight Financing Rate (“SOFR”) published by the Federal Reserve Bank of New York. However, the manner and timing of this shift is currently unknown. Market participants are still considering how various types of financial instruments and securitization vehicles should react to a discontinuation of LIBOR. The ICE Benchmark Association, or IBA, announced that one-week and two-week month USD LIBOR maturities and non-USA LIBOR maturities will cease publication. While all remaining USD LIBOR maturities will cease immediately after June 30, 2023. At this time, it is not possible to predict the effect of any such changes, any establishment of alternative reference rates or any other reforms to LIBOR that may be implemented. Uncertainty as to the nature of such potential changes, alternative reference rates or other reforms may adversely affect the market for or value of any securities on which the interest or dividend is determined by reference to LIBOR, loans, derivatives, and other financial obligations or on the Company’s overall financial condition or results of operations. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Accounting Policies [Abstract] | |
Schedule of Estimated Useful Lives of Real Estate Assets by Class | The Company considers the period of future benefit of each respective asset to determine its appropriate useful life. The estimated useful lives of the Company’s real estate assets by class are generally as follows: Description Depreciable Life Buildings 39 years Site improvements Remaining useful life Intangible lease assets and liabilities Over lease term |
Investment in Real Estate (Tabl
Investment in Real Estate (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Real Estate [Abstract] | |
Schedule of Investment in Real Estate, Net | Investment in real estate, net consisted of the following at June 30, 2023 and December 31, 2022 : June 30, 2023 December 31, 2022 Building and building improvements $ 893,049,472 $ 855,590,033 Land 108,980,432 105,444,095 Total 1,002,029,904 961,034,128 Accumulated depreciation ( 50,370,581 ) ( 38,540,964 ) Investment in real estate, net $ 951,659,323 $ 922,493,164 |
Schedule of Interest in Real Properties | As of June 30, 2023 , the Company owned interests in 19 real properties and a plot of land as described below: Portfolio Ownership Location Number of Square Remaining (1) Annualized (3) Acquisition Purchase (4) Walgreens Grand Rapids ("GR Property") 100 % Grand Rapids, MI 1 14,552 14.1 years (2) $ 500,000 July 2017 $ 7,936,508 Daimler Trucks North America Office Building ("FM Property") 100 % Fort Mill, SC 1 150,164 5.5 years $ 2,670,638 February 2018 $ 40,000,000 Alliance Data Systems Office Building ("CO Property") 100 % Columbus, OH 1 241,493 9.2 years $ 3,362,844 July 2018 $ 46,950,000 Hoya Optical Labs of America ("Lewisville Property") 100 % Lewisville, TX 1 89,473 5.0 years $ 937,060 November 2018 $ 14,120,000 Williams Sonoma Office Building ("SF Property") 75 % San Francisco, CA 1 13,907 0.0 years (6) $ 0 September 2019 $ 11,600,000 Martin Brower Industrial Buildings ("Buchanan Property") 100 % Phoenix, AZ 1 93,302 8.7 years $ 1,083,444 November 2019 $ 17,300,000 Multifamily Residential Property ("Keller Property") 97 % Carrolton, TX 1 255,627 multiple (5) $ 5,638,361 February 2021 $ 56,500,000 Multifamily Residential Property ("Summerfield Property") 25 % Landover, MD 1 452,876 multiple (5) $ 10,595,447 March 2021 $ 115,500,000 Amazon Last Mile Cleveland ("Madison Ave Property") 100 % Cleveland, OH 1 168,750 7.8 years $ 1,555,254 May 2021 $ 30,800,000 Valencia California ("Valencia Property") 10 % Santa Clarita, CA 1 180,415 12.5 years $ 5,323,193 July 2021 $ 92,000,000 De Anza Plaza Office Buildings ("De Anza Property") 100 % Cupertino, CA 1 83,959 8.1 years $ 4,206,056 July 2021 $ 63,750,000 Multifamily Residential Property ("Kacey Property") 10 % Kingwood, TX 1 296,991 multiple (5) $ 5,341,050 November 2021 $ 67,000,000 Multifamily Residential Property ("Industry Property") 10 % Columbus, OH 1 187,678 multiple (5) $ 4,772,799 December 2021 $ 81,000,000 Mars Petcare Dry/Cold Storage Facility ("Fisher Road Property") 100 % Columbus, OH 1 465,256 3.9 years $ 2,984,877 March 2022 $ 58,000,000 Multifamily Residential Property ("Longmire Property") 96.46 % Conroe, TX 1 231,720 multiple (5) $ 3,211,114 April 2022 $ 43,400,000 Office Tower ("ON3 Property") 10 % Nutley, NJ 1 332,818 15.5 years $ 7,245,828 April 2022 $ 131,667,000 Multifamily Residential Property ("West End Property") 10 % Lenexa, KS 1 299,813 multiple (5) $ 5,166,260 August 2022 $ 69,375,000 Multifamily Residential Property ("Palms Property") 10 % Houston, TX 1 222,672 multiple (5) $ 4,010,775 August 2022 $ 48,000,000 Land ("Mount Comfort Land") 100 % Greenfield, IN 0 1 - acre 12.8 years $ 53,140 October 2022 $ 445,000 Multifamily Residential Property ("Pearland Property") 5 % Pearland, TX 1 219,624 multiple (5) $ 4,383,498 June 2023 $ 40,500,000 (1) Reflects number of years remaining until the tenant’s first termination option. (2) On March 14, 2022 the tenant (Walgreens) of the GR Property SPE waived the lease termination option and extended the non-cancelable term of the lease by five years to July 31, 2037 . (3) Reflects the average annualized rental income for the lease(s). Annualized rental income for the Keller Property, the Summerfield Property, the Kacey Property, the Industry Property, the Longmire Property, the West End Property, the Palms Property, and the Pearland Property is based on full occupancy. (4) Reflects the contract purchase price at 100 % ownership as opposed to adjusted for current ownership percentage as applicable. (5) Indicates individual tenant leases (with a 1 -year average lease term) for the multifamily residential properties. (6) The lease with William Sonoma expired on December 31, 2021. As of August 11, 2023, the SF Property is vacant. |
Intangibles (Tables)
Intangibles (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Intangible Assets, Net (Excluding Goodwill) [Abstract] | |
Components of Gross Carrying Amount and Accumulated Amortization of Intangible Assets | As of June 30, 2023 and December 31, 2022, the gross carrying amount and accumulated amortization of the Company’s intangible assets consisted of the following: June 30, 2023 December 31, 2022 Intangible assets: In-place lease intangibles $ 93,194,479 $ 92,190,479 Above-market lease intangibles 2,112,734 2,112,734 Tax abatement on property improvements intangibles 14,640,000 14,640,000 Total intangible assets 109,947,213 108,943,213 Accumulated amortization: In-place lease amortization ( 27,114,351 ) ( 22,243,941 ) Above-market lease amortization ( 533,435 ) ( 435,246 ) Tax abatement on property improvements amortization ( 1,655,714 ) ( 1,132,857 ) Total accumulated amortization ( 29,303,500 ) ( 23,812,044 ) Intangible assets, net $ 80,643,713 $ 85,131,169 |
Schedule of Estimated Future Amortization on Intangible Assets | The estimated future amortization on the Company’s intangible assets for each of the next five years and thereafter as of June 30, 2023 is as follows: Year In-place Lease Above-market Tax Abatement on Property Improvements Total 2023 (remaining) 4,820,963 98,189 522,857 5,442,009 2024 8,049,017 196,378 1,045,714 9,291,109 2025 7,274,653 196,378 1,045,714 8,516,745 2026 6,526,776 196,378 1,045,714 7,768,868 2027 5,313,515 196,378 1,045,714 6,555,607 Thereafter 34,095,204 695,598 8,278,573 43,069,375 $ 66,080,128 $ 1,579,299 $ 12,984,286 $ 80,643,713 |
Components of Gross Carrying Amount and Accumulated Amortization of Intangible Liabilities | As of June 30, 2023 and December 31, 2022, the gross carrying amount and accumulated amortization of the Company’s Intangible liabilities consisted of the following: June 30, 2023 December 31, 2022 Intangible liabilities: Below-market lease intangibles $ 25,186,312 $ 25,186,312 Accumulated amortization: Below-market lease amortization ( 4,905,808 ) ( 3,914,404 ) Intangible liabilities, net $ 20,280,504 $ 21,271,908 |
Schedule of Estimated Future Amortization on Intangible Liabilities | The estimated future amortization on the Company’s intangible liabilities for each of the next five years and thereafter as of June 30, 2023 is as follows: Year Below-market 2023 (remaining) 991,404 2024 1,982,809 2025 1,982,809 2026 1,891,681 2027 1,552,556 Thereafter 11,879,245 $ 20,280,504 |
Five Year Minimum Rental Paym_2
Five Year Minimum Rental Payments (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Leases [Abstract] | |
Schedule of Estimated Future Minimum Rents | The estimated future minimum rents the Company expects to receive for the GR Property, FM Property, CO Property, Lewisville Property, the DST Properties, Buchanan Property, Madison Ave Property, Valencia Property, De Anza Property, Fisher Road Property, ON3 Property, and Mount Comfort Land for each of the next five years and thereafter through the end of the primary term as of June 30, 2023 is as follows: Year GR FM CO Lewisville DST Buchanan Madison Valencia DeAnza Fisher Road Property ON3 Property Mount Comfort Land Total 2023 (remaining) 250,000 1,331,955 1,648,876 471,705 1,152,878 539,575 729,681 2,261,962 1,956,081 1,467,883 3,128,813 24,041 14,963,450 2024 500,000 2,716,467 3,321,234 943,411 2,305,756 1,079,150 1,495,845 4,659,641 3,980,591 2,968,333 6,382,778 48,712 30,401,918 2025 500,000 2,770,526 3,356,771 971,713 2,320,167 1,079,150 1,533,241 4,799,430 4,067,880 3,026,878 6,510,433 49,564 30,985,753 2026 500,000 2,826,087 3,392,689 971,713 2,421,044 1,079,150 1,571,572 4,943,413 4,179,206 3,087,361 6,640,642 50,432 31,663,309 2027 500,000 2,883,149 3,428,990 971,713 2,421,044 1,079,150 1,610,862 5,091,716 4,304,583 1,296,901 6,773,455 51,314 30,412,877 Thereafter 4,791,667 2,940,211 16,750,675 500,432 22,911,775 4,780,167 5,522,788 46,635,569 16,495,454 - 84,072,726 444,198 205,845,662 Total $ 7,041,667 $ 15,468,395 $ 31,899,235 $ 4,830,687 $ 33,532,664 $ 9,636,342 $ 12,463,989 $ 68,391,731 $ 34,983,795 $ 11,847,356 $ 113,508,847 $ 668,261 $ 344,272,969 Note: Multifamily properties have been excluded as the typical lease has a 1 -year average lease term. |
Investments in Real Estate-Re_2
Investments in Real Estate-Related Assets (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Real Estate [Abstract] | |
Information about Properties Relating to Location, Rentable Square Feet, and Annualized Rental Income | The results of operations for the Company’s investments in real estate-related assets for the three and six months ended June 30, 2023 and June 30, 2022 are summarized below: For the Three Months Ended June 30, For the Six Months Ended June 30, Station DST 2023 2022 2023 2022 Revenues $ 1,857,496 $ 1,758,067 $ 3,613,996 $ 3,570,974 Operating expenses $ ( 1,169,725 ) ( 1,726,987 ) $ ( 2,461,717 ) ( 5,593,877 ) Other expenses, net $ ( 413,544 ) ( 413,621 ) $ ( 822,398 ) ( 822,749 ) Net income (loss) $ 274,227 $ ( 382,541 ) $ 329,881 $ ( 2,845,652 ) Net income (loss) attributable to the Company (1) $ 41,134 $ ( 57,381 ) $ 49,482 $ ( 522,661 ) Note: (1) Represents the Company’s allocable share of net income based on the Company’s ownership interest in the underlying investment in real estate-related assets and is included within Income from investments in real-estate related assets on the Company’s unaudited consolidated statements of operations. |
Loans Payable (Tables)
Loans Payable (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Debt Instruments [Abstract] | |
Schedule of Loans Payable | Information on the Company’s Loans payable as of June 30, 2023 and December 31, 2022 is as follows: Description June 30, 2023 GR Property FM Property CO Property DST Properties Buchanan Property Keller Springs Property Summerfield Property Valencia Property Credit Facility Kacey Property Industry Property ON3 Property West End Property Palms Property Pearland Property Total Principal amount of loans $ 4,500,000 $ 21,000,000 $ 26,550,000 $ 22,495,184 $ 9,600,000 $ 31,277,000 $ 76,575,000 $ 55,200,000 $ 34,000,000 $ 40,640,000 $ 43,200,000 $ 66,731,250 $ 29,000,000 $ 20,000,000 $ 22,500,000 $ 503,268,434 Less: Deferred financing costs, net of 1,744,587 ( 32,996 ) ( 102,063 ) ( 160,302 ) ( 213,798 ) ( 63,914 ) ( 255,857 ) ( 170,256 ) ( 716,240 ) ( 454,027 ) ( 318,165 ) ( 382,805 ) ( 849,903 ) ( 407,983 ) ( 357,501 ) ( 433,971 ) ( 4,919,781 ) Loans payable, net of deferred financing $ 4,467,004 $ 20,897,937 $ 26,389,698 $ 22,281,386 $ 9,536,086 $ 31,021,143 $ 76,404,744 $ 54,483,760 $ 33,545,973 $ 40,321,835 $ 42,817,195 $ 65,881,347 $ 28,592,017 $ 19,642,499 $ 22,066,029 $ 498,348,653 Description December 31, 2022 GR Property FM Property CO Property DST Property Buchanan Property Keller Springs Property Summerfield Property Valencia Property Credit Facility Kacey Property Industry Property ON3 Property West End Property Palms Property Total Principal amount of loans $ 4,500,000 $ 21,000,000 $ 26,550,000 $ 22,495,184 $ 9,600,000 $ 31,277,000 $ 76,575,000 $ 55,200,000 $ 20,000,000 $ 40,640,000 $ 43,200,000 $ 66,731,250 $ 29,000,000 $ 20,000,000 $ 466,768,434 Less: Deferred financing costs, net of accumulated 1,294,530 ( 37,094 ) ( 111,249 ) ( 168,933 ) ( 226,562 ) ( 67,430 ) ( 272,397 ) ( 181,140 ) ( 760,499 ) ( 655,325 ) ( 336,894 ) ( 405,113 ) ( 897,571 ) ( 430,026 ) ( 376,815 ) ( 4,927,048 ) Loans payable, net of deferred financing $ 4,462,906 $ 20,888,751 $ 26,381,067 $ 22,268,622 $ 9,532,570 $ 31,004,603 $ 76,393,860 $ 54,439,501 $ 19,344,675 $ 40,303,106 $ 42,794,887 $ 65,833,679 $ 28,569,974 $ 19,623,185 $ 461,841,386 |
Schedule of Future Principal Payment Due under Loan Agreements | The following table presents the future principal payments due under the Company’s loan agreements as of June 30, 2023: Year Amount 2023 (remaining) — 2024 34,000,000 2025 — 2026 22,495,184 2027 4,500,000 Thereafter 442,273,250 Total $ 503,268,434 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Related Party Transactions [Abstract] | |
Summary of Fees and Expenses Incurred and Amounts of Investment Funding Due | The following table summarizes the above mentioned fees and expenses incurred by the Company and amounts of investment funding due by the Company for the six months ended June 30, 2023: Due to Six months ended Due to Type of Fee or Reimbursement Financial Statement December 31, Incurred Paid June 30, 2023 Management Fees Asset management fees Management fees $ 399,962 $ 2,429,907 $ 2,431,816 $ 398,053 Property management and oversight fees Management fees 78,981 1,100,423 1,090,267 89,137 Organization, Offering and Operating Expense Reimbursements Operating expenses (1) General and administrative expenses 5,504,855 4,253,383 5,300,602 4,457,636 Expense reimbursement (2) Cash and Cash Equivalents 33,000 — — 33,000 Offering costs (3) Additional paid-in capital 61,210 166,453 227,663 — Commissions and Fees Selling commissions and dealer manager fees, net Additional paid-in capital — 219,905 219,905 — Distribution fees (4) Additional paid-in capital 115,960 159,023 235,940 39,043 Investment Funding Distribution due (5) Additional paid-in capital 202,430 — — 202,430 Application fee reimbursement (6) Investment in real estate, net 100,000 — — 100,000 Total $ 6,496,398 $ 8,329,094 $ 9,506,193 $ 5,319,299 Note: (1) As of June 30, 2023 , the Advisor has incurred, on behalf of the Company, a total of $ 12,622,901 in Unreimbursed Operating Expenses, including a total of $ 1,984,445 for the six months ended June 30, 2023 for which the Advisor has not invoiced the Company for reimbursement. The total amount of Unreimbursed Operating Expenses may, in future periods, be subject to reimbursement by the Company pursuant to the terms of the Advisory Agreement. The amount incurred includes certain federal and blue sky registration fees due from the advisor. (2) Reflects funding from CFI and affiliates of CFI to cover overdraft fees in connection with the Summerfield Property and the Fisher Road Property. (3) As of June 30, 2023 , the Advisor has incurred, on behalf of the Company, a total of $ 13,093,274 of O&O Costs, of which the Company’s obligation is limited to $ 0 , pursuant to the 1 % Cap. (4) The incurred amount reflects the change in accrual. (5) Reflects distribution amount owed by the Company to the CF Keller Holdings LLC. (6) Reflects amounts owed to CFI from the Company in relation to the loan application deposit for ON3 Property. The following table summarizes the above mentioned fees and expenses incurred by the Company for the year ended December 31, 2022: Due to Year ended December 31, 2022 Due to Type of Fee or Reimbursement Financial Statement Location December 31, 2021 Incurred Paid December 31, 2022 Management Fees Asset management fees Management fees $ 223,602 $ 3,920,430 $ 3,744,070 $ 399,962 Property management and oversight fees Management fees 63,873 1,770,083 1,754,975 78,981 Organization, Offering and Operating Expense Reimbursements Operating expenses (1) General and administrative expenses 1,234,253 4,270,602 — 5,504,855 Expense reimbursement (2) Cash and Cash Equivalents — 33,000 33,000 Organization expenses (3) General and administrative expenses — — — — Admin fees (4) General and administrative expenses 18,000 ( 18,000 ) — — Offering costs (3) Additional paid-in capital 100,391 1,497,285 1,536,466 61,210 Commissions and Fees Selling commissions and dealer manager fees, net Additional paid-in capital — 629,797 629,797 — Distribution fees (4) Additional paid-in capital 267,284 299,497 450,821 115,960 Investment Funding Distribution due (5) Additional paid-in capital 202,430 — — 202,430 Application fee reimbursement (6) Investment in real estate, net — 100,000 100,000 Total $ 2,109,833 $ 12,502,694 $ 8,116,129 $ 6,496,398 Note: (1) As of December 31, 2022, the Advisor has incurred, on behalf of the Company, a total of $ 15,939,058 in Unreimbursed Operating Expenses, including a total of $ 3,210,813 for the year ended December 31, 2022 for which the Advisor has not invoiced the Company for reimbursement. The total amount of Unreimbursed Operating Expenses may, in future periods, be subject to reimbursement by the Company pursuant to the terms of the Advisory Agreement. (2) Reflects funding from CFI and affiliates of CFI to cover overdraft fees in connection with the Summerfield Property, the Fisher Road Property, and the ON3 Property. (3) As of December 31, 2022, the Advisor has incurred, on behalf of the Company, a total of $ 12,613,362 of O&O Costs, of which the Company’s obligation is limited to $ 61,210 , pursuant to the 1 % Cap. (4) The incurred amount reflects the change in accrual. (5) Reflects distribution amount owed by the Company to the CF Keller Holdings, LLC. (6) Reflects amount owed to CFI from the Company in relation to the loan application deposit for ON3 Property. |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Summary of Base Cash Rental Payments Due | The following table reflects the base cash rental payments due from the Company as of June 30, 2023: Year Future Base Rent Payments 2023 (remaining) 326,599 2024 653,198 2025 653,198 2026 653,198 2027 653,198 Thereafter 35,247,154 Total $ 38,186,545 |
Derivative Instruments (Tables)
Derivative Instruments (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Summary of Fair Value of Derivative Financial Instrument | The table below presents the fair value of the Company’s derivative financial instrument as well as its classification on the consolidated balance sheet as of June 30, 2023, and December 31, 2022: Balance Sheet Location June 30, 2023 December 31, 2022 Derivatives designated as hedging instruments: Interest rate “pay-fixed” swap Derivative assets, at fair value $ 8,513,739 $ 9,020,255 |
Derivative Designated As Hedging Instrument [Member] | |
Summary of Interest Rate Derivatives | As of June 30, 2023 the Company had the following derivatives that were designated as cash flow hedges of interest rate risk: June 30, 2023 Interest Rate Derivative Number of Instruments Notional Amount Interest Rate Swaps 1 55,200,000 |
Derivative Not Designated As Hedging Instrument [Member] | |
Summary of Interest Rate Derivatives | The following table details the Company’s interest rate derivative not designated as a hedge. June 30, 2023 Interest Rate Derivative Number of Instruments Notional Amount Interest Rate Cap 1 $ 31,277,000 |
Subsequent Events (Tables)
Subsequent Events (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Subsequent Events [Abstract] | |
Schedule of Distributions Declared | As authorized by the board of directors of the Company, on July 6, 2023 the Company declared the following distributions for each class of the Company’s common stock as rounded to the nearest four decimal places ($ 1.55 on an annual basis): June Gross Distribution Class I Shares 0.1274 Class D Shares 0.1274 Class S Shares 0.1274 Class T Shares 0.1274 Class IX Shares 0.1274 Class AX Shares 0.1274 Class TX Shares 0.1274 As authorized by the board of directors of the Company, on August 4, 2023 the Company declared the following distributions for each class of the Company’s common stock as rounded to the nearest four decimal places ($ 1.55 on an annual basis): July Gross Distribution Class I Shares 0.1316 Class D Shares 0.1316 Class S Shares 0.1316 Class T Shares 0.1316 Class IX Shares 0.1316 Class AX Shares 0.1316 Class TX Shares 0.1316 |
Organization and Business Pur_2
Organization and Business Purpose - Additional Information (Detail) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||||||||
Aug. 10, 2020 USD ($) | Jul. 31, 2020 USD ($) | May 18, 2017 USD ($) | Oct. 17, 2016 USD ($) | Feb. 02, 2016 USD ($) shares | Jun. 30, 2023 USD ($) Property | Mar. 31, 2023 USD ($) | Jun. 30, 2022 USD ($) | Mar. 31, 2022 USD ($) | Jun. 30, 2023 USD ($) Segment Property shares | Dec. 31, 2022 shares | Nov. 30, 2020 | Nov. 25, 2020 | |
Schedule Of Organization And Basis Of Presentation [Line Items] | |||||||||||||
Date of incorporation | Feb. 02, 2016 | ||||||||||||
State of incorporation | MD | ||||||||||||
Number of reportable segment | Segment | 1 | ||||||||||||
Stock issued during period, new issues, value | $ 7,788,941 | $ 26,164,691 | $ 48,644,890 | $ 50,014,163 | |||||||||
Stock issued during period, new issues, shares | shares | 15,499,495 | 15,200,186 | |||||||||||
Investment in Operating Partnership by subsidiary of Sponsor, Rodin Global Property Trust OP Holdings, LLC (the "OP") | $ 1,000 | ||||||||||||
Primary offering termination date | Jul. 31, 2020 | ||||||||||||
DST Properties [Member] | |||||||||||||
Schedule Of Organization And Basis Of Presentation [Line Items] | |||||||||||||
Number of properties | Property | 7 | 7 | |||||||||||
Battery Street SF JV [Member] | San Francisco, California [Member] | SF Property [Member] | |||||||||||||
Schedule Of Organization And Basis Of Presentation [Line Items] | |||||||||||||
Percentage Of Affiliated Joint Venture Owns Majority Interest | 75% | ||||||||||||
Station DST [Member] | |||||||||||||
Schedule Of Organization And Basis Of Presentation [Line Items] | |||||||||||||
Equity investment | 15% | 15% | 15% | 15% | |||||||||
Station DST [Member] | Irving, Texas [Member] | |||||||||||||
Schedule Of Organization And Basis Of Presentation [Line Items] | |||||||||||||
Equity investment | 15% | 15% | |||||||||||
Keller JV [Member] | Carrolton, Texas [Member] | Keller Property [Member] | |||||||||||||
Schedule Of Organization And Basis Of Presentation [Line Items] | |||||||||||||
Percentage of controlling interest | 97% | ||||||||||||
Summerfield DST [Member] | Landover, MD [Member] | Summerfield Property [Member] | |||||||||||||
Schedule Of Organization And Basis Of Presentation [Line Items] | |||||||||||||
Percentage of controlling interest | 25% | ||||||||||||
Valencia DST [Member] | Valencia, California [Member] | Valencia Property [Member] | |||||||||||||
Schedule Of Organization And Basis Of Presentation [Line Items] | |||||||||||||
Percentage of controlling interest | 10% | ||||||||||||
Kacey DST [Member] | Kingwood, Texas [Member] | Kacey Property [Member] | |||||||||||||
Schedule Of Organization And Basis Of Presentation [Line Items] | |||||||||||||
Percentage of controlling interest | 10% | ||||||||||||
Industry DST [Member] | Columbus, OH [Member] | Industry Property [Member] | |||||||||||||
Schedule Of Organization And Basis Of Presentation [Line Items] | |||||||||||||
Percentage of controlling interest | 10% | ||||||||||||
Longmire JV [Member] | Conroe, TX [Member] | Longmire Property [Member] | |||||||||||||
Schedule Of Organization And Basis Of Presentation [Line Items] | |||||||||||||
Percentage of controlling interest | 96.46% | ||||||||||||
ON3 DST [Member] | Nutley, NJ [Member] | ON3 Property [Member] | |||||||||||||
Schedule Of Organization And Basis Of Presentation [Line Items] | |||||||||||||
Percentage of controlling interest | 10% | ||||||||||||
West End DST [Member] | Lenexa, KS [Member] | West End Property [Member] | |||||||||||||
Schedule Of Organization And Basis Of Presentation [Line Items] | |||||||||||||
Percentage of controlling interest | 10% | ||||||||||||
Palms DST [Member] | Houston, TX [Member] | Palms Property [Member] | |||||||||||||
Schedule Of Organization And Basis Of Presentation [Line Items] | |||||||||||||
Percentage of controlling interest | 10% | ||||||||||||
Pearland DST [Member] | Pearland, TX [Member] | Pearland property [Member] | |||||||||||||
Schedule Of Organization And Basis Of Presentation [Line Items] | |||||||||||||
Percentage of controlling interest | 5% | ||||||||||||
Maximum [Member] | Distribution Reinvestment Plan [Member] | |||||||||||||
Schedule Of Organization And Basis Of Presentation [Line Items] | |||||||||||||
Common stock, shares authorized amount | $ 250,000,000 | $ 50,000,000 | $ 250,000,000 | $ 250,000,000 | |||||||||
Maximum [Member] | Offering [Member] | |||||||||||||
Schedule Of Organization And Basis Of Presentation [Line Items] | |||||||||||||
Common stock, shares authorized amount | 1,250,000,000 | 1,250,000,000 | |||||||||||
Maximum [Member] | Primary Offering [Member] | |||||||||||||
Schedule Of Organization And Basis Of Presentation [Line Items] | |||||||||||||
Common stock, shares authorized amount | 1,000,000,000 | 1,000,000,000 | 1,000,000,000 | ||||||||||
Maximum [Member] | Follow On Offering | |||||||||||||
Schedule Of Organization And Basis Of Presentation [Line Items] | |||||||||||||
Common stock, shares authorized amount | $ 1,000,000,000 | ||||||||||||
Percentage of assets invested in real estate-related securities | 20% | ||||||||||||
Minimum [Member] | Follow On Offering | |||||||||||||
Schedule Of Organization And Basis Of Presentation [Line Items] | |||||||||||||
Percentage of assets invested in properties and real estate-related debt | 80% | ||||||||||||
Class A [Member] | |||||||||||||
Schedule Of Organization And Basis Of Presentation [Line Items] | |||||||||||||
Stock issued during period, new issues, value | $ 200,001 | ||||||||||||
Stock issued during period, new issues, shares | shares | 8,180 | ||||||||||||
Class I [Member] | |||||||||||||
Schedule Of Organization And Basis Of Presentation [Line Items] | |||||||||||||
Stock issued during period, new issues, value | $ 2,000,000 | ||||||||||||
Stock issued during period, new issues, shares | shares | 7,840,877 | 7,582,500 | |||||||||||
Class I [Member] | Primary Offering [Member] | |||||||||||||
Schedule Of Organization And Basis Of Presentation [Line Items] | |||||||||||||
Stock issued during period, new issues, value | $ 2,000,000 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | |
Accounting Policies and General Information [Line Items] | ||||||
Deferred rent receivable | $ 10,457,475 | $ 10,457,475 | $ 9,251,165 | |||
Deferred financing costs, net | 4,919,781 | 4,919,781 | 4,927,048 | |||
Accumulated amortization | 1,744,587 | 1,744,587 | 1,294,530 | |||
Amortization of deferred financing costs | 226,286 | $ 197,208 | 450,057 | $ 362,545 | ||
Other property operating revenues | 4,804,130 | 1,413,279 | 8,557,339 | 2,761,859 | ||
Property operating expenses | 9,142,736 | $ 4,696,503 | 16,811,429 | $ 8,448,077 | ||
Deferred revenue | 1,645,015 | 1,645,015 | 1,233,788 | |||
Distributions payable | 1,981,595 | 1,981,595 | 6,849,076 | |||
Restricted reserves | 7,331,071 | 7,331,071 | 7,850,305 | |||
Due to Related Parties | $ 5,319,299 | $ 5,319,299 | $ 6,496,398 | |||
Percentage of organization and offering costs to gross offering proceeds | 1% | 1% | ||||
Initial O&O Costs incurred by advisor on behalf of Company | $ 13,093,274 | $ 12,613,362 | ||||
Net income (loss) per common share - basic | $ (0.05) | $ (0.01) | $ (0.39) | $ (0.32) | ||
Net income (loss) per common share - diluted | $ (0.05) | $ (0.01) | $ (0.39) | $ (0.32) | ||
Related Party [Member] | ||||||
Accounting Policies and General Information [Line Items] | ||||||
Due to Related Parties | $ 5,319,299 | $ 5,319,299 | 6,496,398 | $ 2,109,833 | ||
Affiliates [Member] | ||||||
Accounting Policies and General Information [Line Items] | ||||||
Distributions payable | 9,530 | $ 9,530 | ||||
Advisor [Member] | ||||||
Accounting Policies and General Information [Line Items] | ||||||
Period of reimbursing the advisor for payment of organization and offering costs. | May 18, 2021 | |||||
Additional percentage of organization and offering expense of gross offering proceeds | 1% | |||||
Estimated percentage of organization and offering expense of gross offering proceeds | 1% | |||||
Advisor [Member] | Primary Offering [Member] | ||||||
Accounting Policies and General Information [Line Items] | ||||||
Period of reimbursing the advisor for payment of organization and offering costs. | May 18, 2021 | |||||
Additional percentage of organization and offering expense of gross offering proceeds | 1% | |||||
Estimated percentage of organization and offering expense of gross offering proceeds | 1% | |||||
Advisor [Member] | Maximum [Member] | ||||||
Accounting Policies and General Information [Line Items] | ||||||
Percentage of organization and offering costs to gross offering proceeds | 1% | |||||
Advisor [Member] | Maximum [Member] | Primary Offering [Member] | ||||||
Accounting Policies and General Information [Line Items] | ||||||
Percentage of organization and offering costs to gross offering proceeds | 1% | |||||
Organization And Offering Costs Payable [Member] | Advisor [Member] | ||||||
Accounting Policies and General Information [Line Items] | ||||||
Reimbursement liability beginning period | May 18, 2018 | |||||
Organization And Offering Costs Payable [Member] | Advisor [Member] | Primary Offering [Member] | ||||||
Accounting Policies and General Information [Line Items] | ||||||
Reimbursement payments for costs incurred | $ 4,068,777 | 3,841,115 | ||||
Organization And Offering Costs Payable [Member] | Advisor [Member] | Related Party [Member] | ||||||
Accounting Policies and General Information [Line Items] | ||||||
Due to Related Parties | 0 | 0 | 61,210 | |||
Organization And Offering Costs Payable [Member] | Advisor [Member] | Related Party [Member] | Primary Offering [Member] | ||||||
Accounting Policies and General Information [Line Items] | ||||||
Due to Related Parties | 0 | 0 | 61,210 | |||
Organizational Costs [Member] | Advisor [Member] | Related Party [Member] | ||||||
Accounting Policies and General Information [Line Items] | ||||||
Due to Related Parties | 90,675 | 90,675 | 90,675 | |||
Offering Costs [Member] | Advisor [Member] | Related Party [Member] | ||||||
Accounting Policies and General Information [Line Items] | ||||||
Due to Related Parties | $ 3,978,102 | $ 3,978,102 | $ 3,811,650 | |||
ASU 2016-13 | ||||||
Accounting Policies and General Information [Line Items] | ||||||
Change in Accounting Principle, Accounting Standards Update, Adopted [true false] | true | true | ||||
Change in Accounting Principle, Accounting Standards Update, Adoption Date | Jan. 01, 2023 | Jan. 01, 2023 | ||||
Change in Accounting Principle, Accounting Standards Update, Immaterial Effect [true false] | true | true | ||||
ASU 2020-03 | ||||||
Accounting Policies and General Information [Line Items] | ||||||
Change in Accounting Principle, Accounting Standards Update, Adopted [true false] | true | true | ||||
Change in Accounting Principle, Accounting Standards Update, Adoption Date | Jan. 01, 2023 | Jan. 01, 2023 | ||||
Change in Accounting Principle, Accounting Standards Update, Immaterial Effect [true false] | true | true | ||||
ASU 2022-02 | ||||||
Accounting Policies and General Information [Line Items] | ||||||
Change in Accounting Principle, Accounting Standards Update, Adopted [true false] | true | true | ||||
Change in Accounting Principle, Accounting Standards Update, Adoption Date | Jan. 01, 2023 | Jan. 01, 2023 | ||||
Change in Accounting Principle, Accounting Standards Update, Immaterial Effect [true false] | true | true |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Schedule of Estimated Useful Lives of Real Estate Assets by Class (Detail) | 6 Months Ended |
Jun. 30, 2023 | |
Buildings [Member] | |
Real Estate And Accumulated Depreciation [Line Items] | |
Depreciable Life | 39 years |
Site improvements [Member] | |
Real Estate And Accumulated Depreciation [Line Items] | |
Depreciable Life | Remaining useful life |
Intangible Lease Assets and Liabilities [Member] | |
Real Estate And Accumulated Depreciation [Line Items] | |
Depreciable Life | Over lease term |
Investment in Real Estate - Sch
Investment in Real Estate - Schedule of Investment in Real Estate, Net - (Detail) - USD ($) | Jun. 30, 2023 | Dec. 31, 2022 |
Real Estate [Abstract] | ||
Building and building improvements | $ 893,049,472 | $ 855,590,033 |
Land | 108,980,432 | 105,444,095 |
Total | 1,002,029,904 | 961,034,128 |
Accumulated depreciation | (50,370,581) | (38,540,964) |
Investment in real estate, net | $ 951,659,323 | $ 922,493,164 |
Investment in Real Estate - Add
Investment in Real Estate - Additional Information (Detail) | Jun. 30, 2023 Property |
Real Estate [Abstract] | |
Number of real estate properties owned | 19 |
Investment in Real Estate - S_2
Investment in Real Estate - Schedule of Interest in Real Properties (Detail) | 6 Months Ended |
Jun. 30, 2023 USD ($) ft² Property | |
Real Estate Properties [Line Items] | |
Number of Properties | Property | 19 |
Walgreens Grand Rapids ("GR Property") [Member] | Grand Rapids, MI [Member] | |
Real Estate Properties [Line Items] | |
Ownership Percentage | 100% |
Number of Properties | Property | 1 |
Square Feet | ft² | 14,552 |
Remaining Lease Term | 14 years 1 month 6 days |
Annualized Rental Income | $ 500,000 |
Operating Lease, Lease Income, Statement of Income or Comprehensive Income [Extensible Enumeration] | Rental revenues |
Acquisition Date | 2017-07 |
Purchase Price | $ 7,936,508 |
Daimler Trucks North America Office Building ("FM Property") [Member] | Fort Mill, SC [Member] | |
Real Estate Properties [Line Items] | |
Ownership Percentage | 100% |
Number of Properties | Property | 1 |
Square Feet | ft² | 150,164 |
Remaining Lease Term | 5 years 6 months |
Annualized Rental Income | $ 2,670,638 |
Operating Lease, Lease Income, Statement of Income or Comprehensive Income [Extensible Enumeration] | Rental revenues |
Acquisition Date | 2018-02 |
Purchase Price | $ 40,000,000 |
Alliance Data Systems Office Building ("CO Property") [Member] | Cleveland, OH [Member] | |
Real Estate Properties [Line Items] | |
Ownership Percentage | 100% |
Number of Properties | Property | 1 |
Square Feet | ft² | 241,493 |
Remaining Lease Term | 9 years 2 months 12 days |
Annualized Rental Income | $ 3,362,844 |
Operating Lease, Lease Income, Statement of Income or Comprehensive Income [Extensible Enumeration] | Rental revenues |
Acquisition Date | 2018-07 |
Purchase Price | $ 46,950,000 |
Hoya Optical Labs of America ("Lewisville Property") [Member] | Lewisville, TX [Member] | |
Real Estate Properties [Line Items] | |
Ownership Percentage | 100% |
Number of Properties | Property | 1 |
Square Feet | ft² | 89,473 |
Remaining Lease Term | 5 years |
Annualized Rental Income | $ 937,060 |
Operating Lease, Lease Income, Statement of Income or Comprehensive Income [Extensible Enumeration] | Rental revenues |
Acquisition Date | 2018-11 |
Purchase Price | $ 14,120,000 |
Williams Sonoma Office Building ("SF Property") [Member] | San Francisco, CA [Member] | |
Real Estate Properties [Line Items] | |
Ownership Percentage | 75% |
Number of Properties | Property | 1 |
Square Feet | ft² | 13,907 |
Remaining Lease Term | 0 years |
Annualized Rental Income | $ 0 |
Operating Lease, Lease Income, Statement of Income or Comprehensive Income [Extensible Enumeration] | Rental revenues |
Acquisition Date | 2019-09 |
Purchase Price | $ 11,600,000 |
Martin Brower Industrial Buildings ("Buchanan Property") [Member] | Phoenix, AZ [Member] | |
Real Estate Properties [Line Items] | |
Ownership Percentage | 100% |
Number of Properties | Property | 1 |
Square Feet | ft² | 93,302 |
Remaining Lease Term | 8 years 8 months 12 days |
Annualized Rental Income | $ 1,083,444 |
Operating Lease, Lease Income, Statement of Income or Comprehensive Income [Extensible Enumeration] | Rental revenues |
Acquisition Date | 2019-11 |
Purchase Price | $ 17,300,000 |
Multifamily Residential Property [Member] | |
Real Estate Properties [Line Items] | |
Remaining Lease Term | 1 year |
Multifamily Residential Property [Member] | Keller Property [Member] | Carrolton, Texas [Member] | |
Real Estate Properties [Line Items] | |
Ownership Percentage | 97% |
Number of Properties | Property | 1 |
Square Feet | ft² | 255,627 |
Annualized Rental Income | $ 5,638,361 |
Operating Lease, Lease Income, Statement of Income or Comprehensive Income [Extensible Enumeration] | Rental revenues |
Acquisition Date | 2021-02 |
Purchase Price | $ 56,500,000 |
Multifamily Residential Property [Member] | Summerfield Property [Member] | Landover, MD [Member] | |
Real Estate Properties [Line Items] | |
Ownership Percentage | 25% |
Number of Properties | Property | 1 |
Square Feet | ft² | 452,876 |
Annualized Rental Income | $ 10,595,447 |
Operating Lease, Lease Income, Statement of Income or Comprehensive Income [Extensible Enumeration] | Rental revenues |
Acquisition Date | 2021-03 |
Purchase Price | $ 115,500,000 |
Multifamily Residential Property [Member] | Kacey Property [Member] | Kingwood, Texas [Member] | |
Real Estate Properties [Line Items] | |
Ownership Percentage | 10% |
Number of Properties | Property | 1 |
Square Feet | ft² | 296,991 |
Annualized Rental Income | $ 5,341,050 |
Operating Lease, Lease Income, Statement of Income or Comprehensive Income [Extensible Enumeration] | Rental revenues |
Acquisition Date | 2021-11 |
Purchase Price | $ 67,000,000 |
Multifamily Residential Property [Member] | Industry Property [Member] | Cleveland, OH [Member] | |
Real Estate Properties [Line Items] | |
Ownership Percentage | 10% |
Number of Properties | Property | 1 |
Square Feet | ft² | 187,678 |
Annualized Rental Income | $ 4,772,799 |
Operating Lease, Lease Income, Statement of Income or Comprehensive Income [Extensible Enumeration] | Rental revenues |
Acquisition Date | 2021-12 |
Purchase Price | $ 81,000,000 |
Multifamily Residential Property [Member] | Longmire Property [Member] | Conroe, TX [Member] | |
Real Estate Properties [Line Items] | |
Ownership Percentage | 96.46% |
Number of Properties | Property | 1 |
Square Feet | ft² | 231,720 |
Annualized Rental Income | $ 3,211,114 |
Operating Lease, Lease Income, Statement of Income or Comprehensive Income [Extensible Enumeration] | Rental revenues |
Acquisition Date | 2022-04 |
Purchase Price | $ 43,400,000 |
Multifamily Residential Property [Member] | West End Property [Member] | Lenexa, KS [Member] | |
Real Estate Properties [Line Items] | |
Ownership Percentage | 10% |
Number of Properties | Property | 1 |
Square Feet | ft² | 299,813 |
Annualized Rental Income | $ 5,166,260 |
Operating Lease, Lease Income, Statement of Income or Comprehensive Income [Extensible Enumeration] | Rental revenues |
Acquisition Date | 2022-08 |
Purchase Price | $ 69,375,000 |
Multifamily Residential Property [Member] | Palms Property [Member] | Houston, TX [Member] | |
Real Estate Properties [Line Items] | |
Ownership Percentage | 10% |
Number of Properties | Property | 1 |
Square Feet | ft² | 222,672 |
Annualized Rental Income | $ 4,010,775 |
Operating Lease, Lease Income, Statement of Income or Comprehensive Income [Extensible Enumeration] | Rental revenues |
Acquisition Date | 2022-08 |
Purchase Price | $ 48,000,000 |
Amazon Last Mile Cleveland [Member] | Madison Ave Property [Member] | Cleveland, OH [Member] | |
Real Estate Properties [Line Items] | |
Ownership Percentage | 100% |
Number of Properties | Property | 1 |
Square Feet | ft² | 168,750 |
Remaining Lease Term | 7 years 9 months 18 days |
Annualized Rental Income | $ 1,555,254 |
Operating Lease, Lease Income, Statement of Income or Comprehensive Income [Extensible Enumeration] | Rental revenues |
Acquisition Date | 2021-05 |
Purchase Price | $ 30,800,000 |
Valencia California [Member] | Valencia Property [Member] | Santa Clarita, CA [Member] | |
Real Estate Properties [Line Items] | |
Ownership Percentage | 10% |
Number of Properties | Property | 1 |
Square Feet | ft² | 180,415 |
Remaining Lease Term | 12 years 6 months |
Annualized Rental Income | $ 5,323,193 |
Operating Lease, Lease Income, Statement of Income or Comprehensive Income [Extensible Enumeration] | Rental revenues |
Acquisition Date | 2021-07 |
Purchase Price | $ 92,000,000 |
De Anza Plaza Office Buildings [Member] | De Anza Property [Member] | Cupertino, CA [Member] | |
Real Estate Properties [Line Items] | |
Ownership Percentage | 100% |
Number of Properties | Property | 1 |
Square Feet | ft² | 83,959 |
Remaining Lease Term | 8 years 1 month 6 days |
Annualized Rental Income | $ 4,206,056 |
Operating Lease, Lease Income, Statement of Income or Comprehensive Income [Extensible Enumeration] | Rental revenues |
Acquisition Date | 2021-07 |
Purchase Price | $ 63,750,000 |
Mars Petcare Dry/Cold Storage Facility [Member] | Fisher Road Property [Member] | Cleveland, OH [Member] | |
Real Estate Properties [Line Items] | |
Ownership Percentage | 100% |
Number of Properties | Property | 1 |
Square Feet | ft² | 465,256 |
Remaining Lease Term | 3 years 10 months 24 days |
Annualized Rental Income | $ 2,984,877 |
Operating Lease, Lease Income, Statement of Income or Comprehensive Income [Extensible Enumeration] | Rental revenues |
Acquisition Date | 2022-03 |
Purchase Price | $ 58,000,000 |
Office Tower | ON3 Property [Member] | Nutley, NJ [Member] | |
Real Estate Properties [Line Items] | |
Ownership Percentage | 10% |
Number of Properties | Property | 1 |
Square Feet | ft² | 332,818 |
Remaining Lease Term | 15 years 6 months |
Annualized Rental Income | $ 7,245,828 |
Operating Lease, Lease Income, Statement of Income or Comprehensive Income [Extensible Enumeration] | Rental revenues |
Acquisition Date | 2022-04 |
Purchase Price | $ 131,667,000 |
Mount Comfort Land [Member] | Greenfield, IN [Member] | |
Real Estate Properties [Line Items] | |
Ownership Percentage | 100% |
Number of Properties | Property | 0 |
Square Feet | ft² | 1 |
Remaining Lease Term | 12 years 9 months 18 days |
Annualized Rental Income | $ 53,140 |
Operating Lease, Lease Income, Statement of Income or Comprehensive Income [Extensible Enumeration] | Rental revenues |
Acquisition Date | 2022-10 |
Purchase Price | $ 445,000 |
Pearland property [Member] | Pearland, TX [Member] | |
Real Estate Properties [Line Items] | |
Ownership Percentage | 5% |
Number of Properties | Property | 1 |
Square Feet | ft² | 219,624 |
Annualized Rental Income | $ 4,383,498 |
Operating Lease, Lease Income, Statement of Income or Comprehensive Income [Extensible Enumeration] | Rental revenues |
Acquisition Date | 2023-06 |
Purchase Price | $ 40,500,000 |
Investment in Real Estate - S_3
Investment in Real Estate - Schedule of Interest in Real Properties (Parenthetical) (Detail) | 6 Months Ended | |
Mar. 14, 2022 | Jun. 30, 2023 | |
Real Estate Properties [Line Items] | ||
Percentage of ownership represented by Interests purchased | 100% | |
Extended lease term | 5 years | |
Lease extension maturity date | Jul. 31, 2037 | |
Multifamily Residential Property [Member] | ||
Real Estate Properties [Line Items] | ||
Tenant average lease term | 1 year |
Intangibles - Additional Inform
Intangibles - Additional Information (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Above-and-Below-Market Lease Intangibles [Member] | ||||
Finite Lived Intangible Assets [Line Items] | ||||
Amortization of intangibles | $ 439,908 | $ 411,012 | $ 879,815 | $ 609,665 |
In-Place Lease Intangibles [Member] | ||||
Finite Lived Intangible Assets [Line Items] | ||||
Amortization of intangibles | 2,295,997 | 2,817,458 | 4,870,410 | 5,547,877 |
Tax Abatement On Property Improvements [Member] | ||||
Finite Lived Intangible Assets [Line Items] | ||||
Amortization of intangibles | $ 261,428 | $ 261,428 | $ 522,857 | $ 522,857 |
Intangibles - Components of Gro
Intangibles - Components of Gross Carrying Amount and Accumulated Amortization of Intangible Assets (Detail) - USD ($) | Jun. 30, 2023 | Dec. 31, 2022 |
Intangible assets: | ||
Total intangible assets | $ 109,947,213 | $ 108,943,213 |
Total accumulated amortization | (29,303,500) | (23,812,044) |
Intangible assets, net | 80,643,713 | 85,131,169 |
In-Place Lease Intangibles [Member] | ||
Intangible assets: | ||
Total intangible assets | 93,194,479 | 92,190,479 |
Total accumulated amortization | (27,114,351) | (22,243,941) |
Intangible assets, net | 66,080,128 | |
Above-Market Lease Intangibles [Member] | ||
Intangible assets: | ||
Total intangible assets | 2,112,734 | 2,112,734 |
Total accumulated amortization | (533,435) | (435,246) |
Intangible assets, net | 1,579,299 | |
Tax Abatement On Property Improvements [Member] | ||
Intangible assets: | ||
Total intangible assets | 14,640,000 | 14,640,000 |
Total accumulated amortization | (1,655,714) | $ (1,132,857) |
Intangible assets, net | $ 12,984,286 |
Intangibles - Schedule of Estim
Intangibles - Schedule of Estimated Future Amortization on Intangible Assets (Detail) - USD ($) | Jun. 30, 2023 | Dec. 31, 2022 |
Finite Lived Intangible Assets [Line Items] | ||
2023 (remaining) | $ 5,442,009 | |
2024 | 9,291,109 | |
2025 | 8,516,745 | |
2026 | 7,768,868 | |
2027 | 6,555,607 | |
Thereafter | 43,069,375 | |
Intangible assets, net | 80,643,713 | $ 85,131,169 |
In-Place Lease Intangibles [Member] | ||
Finite Lived Intangible Assets [Line Items] | ||
2023 (remaining) | 4,820,963 | |
2024 | 8,049,017 | |
2025 | 7,274,653 | |
2026 | 6,526,776 | |
2027 | 5,313,515 | |
Thereafter | 34,095,204 | |
Intangible assets, net | 66,080,128 | |
Above-Market Lease Intangibles [Member] | ||
Finite Lived Intangible Assets [Line Items] | ||
2023 (remaining) | 98,189 | |
2024 | 196,378 | |
2025 | 196,378 | |
2026 | 196,378 | |
2027 | 196,378 | |
Thereafter | 695,598 | |
Intangible assets, net | 1,579,299 | |
Tax Abatement On Property Improvements [Member] | ||
Finite Lived Intangible Assets [Line Items] | ||
2023 (remaining) | 522,857 | |
2024 | 1,045,714 | |
2025 | 1,045,714 | |
2026 | 1,045,714 | |
2027 | 1,045,714 | |
Thereafter | 8,278,573 | |
Intangible assets, net | $ 12,984,286 |
Intangibles - Components of G_2
Intangibles - Components of Gross Carrying Amount and Accumulated Amortization of Intangible Liabilities (Detail) - USD ($) | Jun. 30, 2023 | Dec. 31, 2022 |
Intangible liabilities: | ||
Below-market lease intangibles | $ 25,186,312 | $ 25,186,312 |
Below-market lease amortization | (4,905,808) | (3,914,404) |
Intangible liabilities, net | $ 20,280,504 | $ 21,271,908 |
Intangibles - Schedule of Est_2
Intangibles - Schedule of Estimated Future Amortization on Intangible Liabilities (Detail) - USD ($) | Jun. 30, 2023 | Dec. 31, 2022 |
Below-market Lease Intangibles | ||
2023 (remaining) | $ 991,404 | |
2024 | 1,982,809 | |
2025 | 1,982,809 | |
2026 | 1,891,681 | |
2027 | 1,552,556 | |
Thereafter | 11,879,245 | |
Intangible liabilities, net | $ 20,280,504 | $ 21,271,908 |
Five Year Minimum Rental Paym_3
Five Year Minimum Rental Payments - Additional Information (Detail) | Jun. 30, 2023 |
Leases [Abstract] | |
Lease term | 5 years |
Five Year Minimum Rental Paym_4
Five Year Minimum Rental Payments - Schedule of Estimated Future Minimum Rents (Detail) | Jun. 30, 2023 USD ($) |
Operating Leased Assets [Line Items] | |
2023 (remaining) | $ 14,963,450 |
2024 | 30,401,918 |
2025 | 30,985,753 |
2026 | 31,663,309 |
2027 | 30,412,877 |
Thereafter | 205,845,662 |
Total | 344,272,969 |
GR Property [Member] | |
Operating Leased Assets [Line Items] | |
2023 (remaining) | 250,000 |
2024 | 500,000 |
2025 | 500,000 |
2026 | 500,000 |
2027 | 500,000 |
Thereafter | 4,791,667 |
Total | 7,041,667 |
FM Property [Member] | |
Operating Leased Assets [Line Items] | |
2023 (remaining) | 1,331,955 |
2024 | 2,716,467 |
2025 | 2,770,526 |
2026 | 2,826,087 |
2027 | 2,883,149 |
Thereafter | 2,940,211 |
Total | 15,468,395 |
CO Property [Member] | |
Operating Leased Assets [Line Items] | |
2023 (remaining) | 1,648,876 |
2024 | 3,321,234 |
2025 | 3,356,771 |
2026 | 3,392,689 |
2027 | 3,428,990 |
Thereafter | 16,750,675 |
Total | 31,899,235 |
Lewisville Property [Member] | |
Operating Leased Assets [Line Items] | |
2023 (remaining) | 471,705 |
2024 | 943,411 |
2025 | 971,713 |
2026 | 971,713 |
2027 | 971,713 |
Thereafter | 500,432 |
Total | 4,830,687 |
DST Properties [Member] | |
Operating Leased Assets [Line Items] | |
2023 (remaining) | 1,152,878 |
2024 | 2,305,756 |
2025 | 2,320,167 |
2026 | 2,421,044 |
2027 | 2,421,044 |
Thereafter | 22,911,775 |
Total | 33,532,664 |
Buchanan Property [Member] | |
Operating Leased Assets [Line Items] | |
2023 (remaining) | 539,575 |
2024 | 1,079,150 |
2025 | 1,079,150 |
2026 | 1,079,150 |
2027 | 1,079,150 |
Thereafter | 4,780,167 |
Total | 9,636,342 |
Madison Ave Property [Member] | |
Operating Leased Assets [Line Items] | |
2023 (remaining) | 729,681 |
2024 | 1,495,845 |
2025 | 1,533,241 |
2026 | 1,571,572 |
2027 | 1,610,862 |
Thereafter | 5,522,788 |
Total | 12,463,989 |
Valencia Property [Member] | |
Operating Leased Assets [Line Items] | |
2023 (remaining) | 2,261,962 |
2024 | 4,659,641 |
2025 | 4,799,430 |
2026 | 4,943,413 |
2027 | 5,091,716 |
Thereafter | 46,635,569 |
Total | 68,391,731 |
De Anza Property [Member] | |
Operating Leased Assets [Line Items] | |
2023 (remaining) | 1,956,081 |
2024 | 3,980,591 |
2025 | 4,067,880 |
2026 | 4,179,206 |
2027 | 4,304,583 |
Thereafter | 16,495,454 |
Total | 34,983,795 |
Fisher Road Property [Member] | |
Operating Leased Assets [Line Items] | |
2023 (remaining) | 1,467,883 |
2024 | 2,968,333 |
2025 | 3,026,878 |
2026 | 3,087,361 |
2027 | 1,296,901 |
Thereafter | 0 |
Total | 11,847,356 |
ON3 Property [Member] | |
Operating Leased Assets [Line Items] | |
2023 (remaining) | 3,128,813 |
2024 | 6,382,778 |
2025 | 6,510,433 |
2026 | 6,640,642 |
2027 | 6,773,455 |
Thereafter | 84,072,726 |
Total | 113,508,847 |
Mount Comfort Land [Member] | |
Operating Leased Assets [Line Items] | |
2023 (remaining) | 24,041 |
2024 | 48,712 |
2025 | 49,564 |
2026 | 50,432 |
2027 | 51,314 |
Thereafter | 444,198 |
Total | $ 668,261 |
Five Year Minimum Rental Paym_5
Five Year Minimum Rental Payments - Schedule of Estimated Future Minimum Rents (Parenthetical) (Detail) | Jun. 30, 2023 |
Multifamily Residential Property [Member] | |
Operating Leased Assets [Line Items] | |
Average lease term | 1 year |
Investments in Real Estate-Re_3
Investments in Real Estate-Related Assets - Additional Information (Detail) - USD ($) | 6 Months Ended | |||||
Oct. 29, 2020 | Jan. 02, 2019 | Jun. 30, 2023 | Mar. 31, 2023 | Nov. 30, 2020 | Nov. 25, 2020 | |
Cold Storage and Warehouse Distribution Facility [Member] | Chicago Grocery Mezz B LLC [Member] | ||||||
Real Estate Properties [Line Items] | ||||||
Debt instrument, loan amount | $ 12,595,000 | |||||
New Albertsons LP [Member] | PA [Member] | ||||||
Real Estate Properties [Line Items] | ||||||
Lease percentage of property | 100% | |||||
New Albertsons LP [Member] | IL [Member] | ||||||
Real Estate Properties [Line Items] | ||||||
Lease percentage of property | 100% | |||||
PA Property [Member] | ||||||
Real Estate Properties [Line Items] | ||||||
Percentage of membership interests owned | 40.50% | |||||
PA Property [Member] | Preferred Equity [Member] | ||||||
Real Estate Properties [Line Items] | ||||||
Debt instrument, loan amount | $ 11,805,000 | |||||
Purchase price of acquisition | 117,050,000 | |||||
Mortgage loan | $ 76,732,500 | |||||
PA Property [Member] | CFI [Member] | ||||||
Real Estate Properties [Line Items] | ||||||
Percentage of membership interests owned | 59.50% | |||||
IL Property [Member] | ||||||
Real Estate Properties [Line Items] | ||||||
Percentage of membership interests owned | 40.50% | |||||
Purchase price of acquisition | $ 124,950,000 | |||||
IL Property [Member] | CFI [Member] | ||||||
Real Estate Properties [Line Items] | ||||||
Percentage of membership interests owned | 59.50% | |||||
Single Purpose Limited Liability Company [Member] | PA Property [Member] | ||||||
Real Estate Properties [Line Items] | ||||||
Equity investment | $ 4,779,353 | |||||
Single Purpose Limited Liability Company [Member] | PA Property [Member] | PA [Member] | ||||||
Real Estate Properties [Line Items] | ||||||
Equity investment | $ 11,805,000 | |||||
Beneficial interests acquired, purchase price | 7,025,647 | |||||
Percentage of ownership represented by Interests purchased | 100% | |||||
Single Purpose Limited Liability Company [Member] | IL Property [Member] | ||||||
Real Estate Properties [Line Items] | ||||||
Equity investment | 5,099,190 | |||||
Single Purpose Limited Liability Company [Member] | IL Property [Member] | IL [Member] | ||||||
Real Estate Properties [Line Items] | ||||||
Equity investment | $ 12,595,000 | |||||
Beneficial interests acquired, purchase price | $ 7,495,810 | |||||
Percentage of ownership represented by Interests purchased | 100% | |||||
Station DST [Member] | ||||||
Real Estate Properties [Line Items] | ||||||
Purchase price of acquisition | $ 7,600,000 | |||||
Percentage of ownership represented by Interests purchased | 15% | 15% | 15% | |||
Station DST [Member] | Irving, Texas [Member] | ||||||
Real Estate Properties [Line Items] | ||||||
Equity investment | $ 47,100,000 | |||||
Purchase price of acquisition | 106,000,000 | |||||
Percentage of ownership represented by Interests purchased | 15% | |||||
Proceeds from a mortgage loan | $ 58,900,000 | |||||
Percentage of property occupied | 91.87% |
Investments in Real Estate-Re_4
Investments in Real Estate-Related Assets - Result of Operation for Investments in Real Estated Related Assets (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Real Estate Properties [Line Items] | ||||
Revenues | $ 22,640,778 | $ 17,412,730 | $ 43,912,351 | $ 31,567,331 |
Operating expenses | (19,445,552) | (14,393,882) | (42,510,337) | (30,240,800) |
Other expenses, net | (4,916,004) | (4,145,309) | (9,772,166) | (7,323,507) |
Net income (loss) | (1,720,778) | (1,126,461) | (8,370,152) | (5,996,976) |
Net income (loss) attributable to the Company | (791,292) | (144,003) | (6,166,133) | (3,799,375) |
Station DST [Member] | ||||
Real Estate Properties [Line Items] | ||||
Revenues | 1,857,496 | 1,758,067 | 3,613,996 | 3,570,974 |
Operating expenses | (1,169,725) | (1,726,987) | (2,461,717) | (5,593,877) |
Other expenses, net | (413,544) | (413,621) | (822,398) | (822,749) |
Net income (loss) | 274,227 | (382,541) | 329,881 | (2,845,652) |
Net income (loss) attributable to the Company | $ 41,134 | $ (57,381) | $ 49,482 | $ (522,661) |
Loans Payable - Additional Info
Loans Payable - Additional Information (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | ||||||||||||||||||||
Apr. 27, 2023 | Jan. 26, 2023 | Aug. 31, 2022 | Aug. 09, 2022 | Apr. 22, 2022 | Dec. 06, 2021 | Nov. 04, 2021 | Jul. 23, 2021 | Jul. 07, 2021 | Mar. 26, 2021 | Feb. 25, 2021 | Feb. 24, 2021 | Nov. 26, 2019 | Jul. 31, 2018 | Feb. 01, 2018 | Jul. 11, 2017 | Nov. 15, 2016 | Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Debt Instrument [Line Items] | ||||||||||||||||||||||
Debt instrument, outstanding principal amount | $ 503,268,434 | $ 503,268,434 | $ 466,768,434 | |||||||||||||||||||
Loan payable | 498,348,653 | 498,348,653 | 461,841,386 | |||||||||||||||||||
Deferred financing costs, net | 4,919,781 | 4,919,781 | 4,927,048 | |||||||||||||||||||
Accumulated amortization | 1,744,587 | 1,744,587 | 1,294,530 | |||||||||||||||||||
Interest expense | 5,565,825 | $ 4,286,086 | 10,895,072 | $ 7,460,819 | ||||||||||||||||||
Accrued interest payable | 1,751,653 | 1,751,653 | 1,649,465 | |||||||||||||||||||
Amortization of deferred financing costs | 226,286 | $ 197,208 | 450,057 | $ 362,545 | ||||||||||||||||||
SOFR [Member] | Valencia swap [Member] | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.03% | |||||||||||||||||||||
UBS AG [Member] | GR Loan [Member] | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Debt instrument, outstanding principal amount | $ 4,500,000 | |||||||||||||||||||||
Debt instrument, frequency of periodic interest payment | The GR Loan provides for monthly interest payments which accrue through the 10th of each month. | |||||||||||||||||||||
Interest rate | 4.11% | |||||||||||||||||||||
Debt instrument repayment date | Jul. 06, 2027 | |||||||||||||||||||||
Interest rate | 3% | |||||||||||||||||||||
Debt instrument maturity date | Jun. 30, 2032 | |||||||||||||||||||||
Description of variable rate basis | revised interest rate of 3.00% per annum plus the greater of the initial interest rate or the 10 year swap yield through the maturity date June 30, 2032. | |||||||||||||||||||||
UBS AG [Member] | FM Loan [Member] | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Debt instrument, outstanding principal amount | $ 21,000,000 | |||||||||||||||||||||
Debt instrument, frequency of periodic interest payment | The FM Loan provides for monthly interest payments and bears interest at an initial fixed rate of 4.43% per annum through the anticipated repayment date, February 6, 2028 (the “FM Anticipated Repayment Date”), and thereafter at revised rate of 3.00% per annum plus the greater of the initial interest rate or the 10 year swap yield as of the first business day after the FM Anticipated Repayment Date. | |||||||||||||||||||||
Interest rate | 4.43% | |||||||||||||||||||||
Debt instrument repayment date | Feb. 06, 2028 | |||||||||||||||||||||
Interest rate | 3% | |||||||||||||||||||||
Description of variable rate basis | revised rate of 3.00% per annum plus the greater of the initial interest rate or the 10 year swap yield as of the first business day after the FM Anticipated Repayment Date. | |||||||||||||||||||||
CCRE [Member] | CO Loan [Member] | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Debt instrument, outstanding principal amount | $ 26,550,000 | |||||||||||||||||||||
Debt instrument, frequency of periodic interest payment | The CO Loan provides for monthly interest payments and bears interest at an initial fixed rate of 4.94% per annum through the anticipated repayment date, August 6, 2028 (the “CO Anticipated Repayment Date”), and thereafter at an increased rate of 2.50% per annum plus the greater of the initial interest rate or the 10 year swap yield as of the first business day after the CO Anticipated Repayment Date. | |||||||||||||||||||||
Interest rate | 4.94% | |||||||||||||||||||||
Debt instrument repayment date | Aug. 06, 2028 | |||||||||||||||||||||
Interest rate | 2.50% | |||||||||||||||||||||
Description of variable rate basis | increased rate of 2.50% per annum plus the greater of the initial interest rate or the 10 year swap yield as of the first business day after the CO Anticipated Repayment Date. | |||||||||||||||||||||
Citigroup Global Markets Realty Corp [Member] | DST Loan [Member] | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Debt instrument, outstanding principal amount | $ 22,495,184 | |||||||||||||||||||||
Debt instrument, frequency of periodic interest payment | The DST Loan provides for monthly interest payments and bears interest at an initial fixed rate of 4.59% per annum through anticipated repayment date, December 1, 2026 (the “DST Anticipated Repayment Date”), and thereafter at an increased rate of 3.00% per annum plus the greater of the initial interest rate or the 10 year swap yield as of the first business day after the DST Anticipated Repayment Date. | |||||||||||||||||||||
Interest rate | 4.59% | |||||||||||||||||||||
Debt instrument repayment date | Dec. 01, 2026 | |||||||||||||||||||||
Interest rate | 3% | |||||||||||||||||||||
Description of variable rate basis | increased rate of 3.00% per annum plus the greater of the initial interest rate or the 10 year swap yield as of the first business day after the DST Anticipated Repayment Date. | |||||||||||||||||||||
Goldman Sachs Bank USA [Member] | Buchanan Loan [Member] | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Debt instrument, outstanding principal amount | $ 9,600,000 | |||||||||||||||||||||
Debt instrument, frequency of periodic interest payment | The Buchanan Loan provides for monthly interest payments and bears interest at an initial fixed rate of 3.52% per annum through the anticipated repayment date, December 1, 2029 (the “Buchanan Anticipated Repayment Date”), and thereafter at revised rate of 2.50% per annum plus the greater of the initial interest rate or the 10 year swap yield as of the first business day after the Buchanan Anticipated Repayment Date. | |||||||||||||||||||||
Interest rate | 3.52% | |||||||||||||||||||||
Debt instrument repayment date | Dec. 01, 2029 | |||||||||||||||||||||
Interest rate | 2.50% | |||||||||||||||||||||
Description of variable rate basis | revised rate of 2.50% per annum plus the greater of the initial interest rate or the 10 year swap yield as of the first business day after the Buchanan Anticipated Repayment Date. | |||||||||||||||||||||
CBRE Multifamily Capital, Inc. [Member] | Keller Loan [Member] | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Debt instrument, outstanding principal amount | $ 31,277,000 | |||||||||||||||||||||
Debt instrument, frequency of periodic interest payment | The Loan provides for monthly interest payments and bears interest at an initial floating rate of 2.203% per annum (which will fluctuate monthly), through the maturity date of March 1, 2031. | |||||||||||||||||||||
Debt instrument maturity date | Mar. 01, 2031 | |||||||||||||||||||||
Debt instrument, floating interest rate | 2.203% | |||||||||||||||||||||
CBRE Multifamily Capital, Inc. [Member] | Keller Loan [Member] | After One Year From Effective Date [Member] | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Debt instrument, prepayment premium percentage of principal amount | 1% | |||||||||||||||||||||
CBRE Multifamily Capital, Inc. [Member] | Keller Loan [Member] | After One Year From Effective Date [Member] | Minimum [Member] | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Debt instrument, term | 7 years | |||||||||||||||||||||
CBRE Multifamily Capital, Inc. [Member] | Keller Loan [Member] | After One Year From Effective Date [Member] | Maximum [Member] | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Debt instrument, term | 10 years | |||||||||||||||||||||
SMBC Capital Markets, Inc. [Member] | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Rate cap agreement receivable start date | Feb. 25, 2021 | |||||||||||||||||||||
Rate cap agreement receivable end date | Mar. 01, 2024 | |||||||||||||||||||||
Percentage of cap rate | 1.24% | |||||||||||||||||||||
Arbor Private Label, LLC [Member] | Summerfield Loan [Member] | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Debt instrument, outstanding principal amount | $ 76,575,000 | |||||||||||||||||||||
Debt instrument, frequency of periodic interest payment | The Summerfield Loan provides for monthly interest payments and bears a fixed interest rate of 3.650% per annum, through the maturity date of April 1, 2031. | |||||||||||||||||||||
Interest rate | 3.65% | |||||||||||||||||||||
Debt instrument maturity date | Apr. 01, 2031 | |||||||||||||||||||||
Arbor Private Label, LLC [Member] | Kacey Lender [Member] | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Debt instrument, outstanding principal amount | $ 40,640,000 | |||||||||||||||||||||
Debt instrument, frequency of periodic interest payment | The Kacey Loan provides for monthly interest payments and bears a fixed interest rate of 3.536% per annum, through the maturity date of December 1, 2031. | |||||||||||||||||||||
Interest rate | 3.536% | |||||||||||||||||||||
Debt instrument maturity date | Dec. 01, 2031 | |||||||||||||||||||||
Arbor Private Label, LLC [Member] | Industry Loan [Member] | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Debt instrument, outstanding principal amount | $ 43,200,000 | |||||||||||||||||||||
Debt instrument, frequency of periodic interest payment | The Industry Loan provides for monthly interest payments and bears a fixed interest rate of 3.357% per annum, through the maturity date of January 1, 2032. | |||||||||||||||||||||
Interest rate | 3.357% | |||||||||||||||||||||
Debt instrument maturity date | Jan. 01, 2032 | |||||||||||||||||||||
Valencia Property [Member] | Valencia DST [Member] | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Debt instrument, outstanding principal amount | $ 55,200,000 | |||||||||||||||||||||
Debt instrument, frequency of periodic interest payment | The Valencia Loan provides for monthly interest payments and bears interest on (i) one hundred ninety-five basis points (1.95%) or (ii) the sum of Auto LIBOR plus the Rate Margin of (1.95%), through the maturity date of July 8, 2031. | |||||||||||||||||||||
Interest rate | 1.95% | |||||||||||||||||||||
Debt instrument maturity date | Jul. 08, 2031 | Jul. 08, 2031 | ||||||||||||||||||||
Debt Instrument, Interest Rate Terms | 3.39 | |||||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.95% | |||||||||||||||||||||
Valencia Property [Member] | Valencia DST [Member] | Valencia swap [Member] | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Debt Instrument, Interest Rate Terms | 3.39 | |||||||||||||||||||||
Valencia Property [Member] | Valencia DST [Member] | LIBOR [Member] | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.95% | |||||||||||||||||||||
Valencia Property [Member] | Valencia DST [Member] | LIBOR [Member] | Valencia swap [Member] | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.95% | |||||||||||||||||||||
Valencia Property [Member] | Valencia DST [Member] | SOFR [Member] | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.03% | |||||||||||||||||||||
ON3 Property [Member] | ON3 DST [Member] | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Debt instrument, outstanding principal amount | $ 66,731,250 | |||||||||||||||||||||
Debt instrument, frequency of periodic interest payment | The ON3 Loan provides for monthly interest payments and bears a fixed interest rate of 4.073% per annum, through the maturity date of May 1, 2032. | |||||||||||||||||||||
Interest rate | 4.073% | |||||||||||||||||||||
Debt instrument maturity date | May 01, 2032 | |||||||||||||||||||||
Citizens Bank, N.A. | Senior Secured Revolving Credit Facility | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Senior secured revolving credit facility | $ 100,000,000 | |||||||||||||||||||||
Credit facility additional borrowing capacity | 100,000,000 | |||||||||||||||||||||
Senior secured revolving credit facility, maximum borrowing capacity | $ 200,000,000 | |||||||||||||||||||||
Credit facility maturity date | Jul. 23, 2024 | |||||||||||||||||||||
Senior security revolving credit facility, current borrowing capacity | 34,000,000 | 34,000,000 | ||||||||||||||||||||
Citizens Bank, N.A. | Minimum [Member] | Base Rate [Member] | Senior Secured Revolving Credit Facility | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 0.75% | |||||||||||||||||||||
Citizens Bank, N.A. | Minimum [Member] | SOFR [Member] | Senior Secured Revolving Credit Facility | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.75% | |||||||||||||||||||||
Citizens Bank, N.A. | Maximum [Member] | Base Rate [Member] | Senior Secured Revolving Credit Facility | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.25% | |||||||||||||||||||||
Citizens Bank, N.A. | Maximum [Member] | SOFR [Member] | Senior Secured Revolving Credit Facility | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.25% | |||||||||||||||||||||
West End Property [Member] | West End Loan [Member] | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Debt instrument, outstanding principal amount | $ 29,000,000 | |||||||||||||||||||||
Debt instrument, frequency of periodic interest payment | The West End Loan provides for monthly interest payments and bears a fixed interest rate of 4.754% per annum, through the maturity date of September 1, 2032. | |||||||||||||||||||||
Interest rate | 4.754% | |||||||||||||||||||||
Debt instrument maturity date | Sep. 01, 2032 | |||||||||||||||||||||
Palms Property [Member] | Palms Loan [Member] | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Debt instrument, outstanding principal amount | $ 20,000,000 | |||||||||||||||||||||
Debt instrument, frequency of periodic interest payment | The Palms Loan provides for monthly interest payments and bears a fixed interest rate of 4.625% per annum, through the maturity date of September 1, 2032. | |||||||||||||||||||||
Interest rate | 4.625% | |||||||||||||||||||||
Debt instrument maturity date | Sep. 01, 2032 | |||||||||||||||||||||
Pearland property [Member] | Pearland Loan [Member] | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Debt instrument, outstanding principal amount | $ 22,500,000 | $ 22,500,000 | ||||||||||||||||||||
Debt instrument, frequency of periodic interest payment | The Pearland Loan provides for monthly interest payments and bears a fixed interest rate of 5.82% per annum, through the maturity date of July 1, 2033. | |||||||||||||||||||||
Interest rate | 5.82% | 5.82% | ||||||||||||||||||||
Debt instrument maturity date | Jul. 01, 2033 | |||||||||||||||||||||
UBS AG, CCRE, Citigroup Global Markets Realty Corp, Goldman Sachs Bank USA, CBRE Multifamily Capital Inc and Arbor Private Label LLC [Member] | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Loan payable | $ 498,348,653 | $ 498,348,653 | 461,841,386 | |||||||||||||||||||
Deferred financing costs, net | 4,919,781 | 4,919,781 | 4,927,048 | |||||||||||||||||||
Accumulated amortization | $ 1,744,587 | $ 1,744,587 | $ 1,294,530 |
Loans Payable - Schedule of Loa
Loans Payable - Schedule of Loans Payable (Detail) - USD ($) | Jun. 30, 2023 | Dec. 31, 2022 |
Debt Instrument [Line Items] | ||
Principal amount of loans | $ 503,268,434 | $ 466,768,434 |
Less: Deferred financing costs, net of accumulated amortization | (4,919,781) | (4,927,048) |
Loans payable, net of deferred financing costs and amortization | 498,348,653 | 461,841,386 |
Valencia Property [Member] | ||
Debt Instrument [Line Items] | ||
Principal amount of loans | 55,200,000 | 55,200,000 |
Less: Deferred financing costs, net of accumulated amortization | (716,240) | (760,499) |
Loans payable, net of deferred financing costs and amortization | 54,483,760 | 54,439,501 |
Revolving Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Principal amount of loans | 34,000,000 | 20,000,000 |
Less: Deferred financing costs, net of accumulated amortization | (454,027) | (655,325) |
Loans payable, net of deferred financing costs and amortization | 33,545,973 | 19,344,675 |
Kacey Property [Member] | ||
Debt Instrument [Line Items] | ||
Principal amount of loans | 40,640,000 | 40,640,000 |
Less: Deferred financing costs, net of accumulated amortization | (318,165) | (336,894) |
Loans payable, net of deferred financing costs and amortization | 40,321,835 | 40,303,106 |
Industry Property [Member] | ||
Debt Instrument [Line Items] | ||
Principal amount of loans | 43,200,000 | 43,200,000 |
Less: Deferred financing costs, net of accumulated amortization | (382,805) | (405,113) |
Loans payable, net of deferred financing costs and amortization | 42,817,195 | 42,794,887 |
ON3 Property [Member] | ||
Debt Instrument [Line Items] | ||
Principal amount of loans | 66,731,250 | 66,731,250 |
Less: Deferred financing costs, net of accumulated amortization | (849,903) | (897,571) |
Loans payable, net of deferred financing costs and amortization | 65,881,347 | 65,833,679 |
West End Property [Member] | ||
Debt Instrument [Line Items] | ||
Principal amount of loans | 29,000,000 | 29,000,000 |
Less: Deferred financing costs, net of accumulated amortization | (407,983) | (430,026) |
Loans payable, net of deferred financing costs and amortization | 28,592,017 | 28,569,974 |
Palms Property [Member] | ||
Debt Instrument [Line Items] | ||
Principal amount of loans | 20,000,000 | 20,000,000 |
Less: Deferred financing costs, net of accumulated amortization | (357,501) | (376,815) |
Loans payable, net of deferred financing costs and amortization | 19,642,499 | 19,623,185 |
Pearla and property [Member] | ||
Debt Instrument [Line Items] | ||
Principal amount of loans | 22,500,000 | |
Less: Deferred financing costs, net of accumulated amortization | (433,971) | |
Loans payable, net of deferred financing costs and amortization | 22,066,029 | |
UBS AG [Member] | GR Property [Member] | ||
Debt Instrument [Line Items] | ||
Principal amount of loans | 4,500,000 | 4,500,000 |
Less: Deferred financing costs, net of accumulated amortization | (32,996) | (37,094) |
Loans payable, net of deferred financing costs and amortization | 4,467,004 | 4,462,906 |
UBS AG [Member] | FM Property [Member] | ||
Debt Instrument [Line Items] | ||
Principal amount of loans | 21,000,000 | 21,000,000 |
Less: Deferred financing costs, net of accumulated amortization | (102,063) | (111,249) |
Loans payable, net of deferred financing costs and amortization | 20,897,937 | 20,888,751 |
Citigroup Global Markets Realty Corp [Member] | DST Properties [Member] | ||
Debt Instrument [Line Items] | ||
Principal amount of loans | 22,495,184 | 22,495,184 |
Less: Deferred financing costs, net of accumulated amortization | (213,798) | (226,562) |
Loans payable, net of deferred financing costs and amortization | 22,281,386 | 22,268,622 |
CBRE Multifamily Capital, Inc. [Member] | Keller Springs Property [Member] | ||
Debt Instrument [Line Items] | ||
Principal amount of loans | 31,277,000 | 31,277,000 |
Less: Deferred financing costs, net of accumulated amortization | (255,857) | (272,397) |
Loans payable, net of deferred financing costs and amortization | 31,021,143 | 31,004,603 |
CCRE [Member] | CO Property [Member] | ||
Debt Instrument [Line Items] | ||
Principal amount of loans | 26,550,000 | 26,550,000 |
Less: Deferred financing costs, net of accumulated amortization | (160,302) | (168,933) |
Loans payable, net of deferred financing costs and amortization | 26,389,698 | 26,381,067 |
Goldman Sachs Bank USA [Member] | Buchanan Property [Member] | ||
Debt Instrument [Line Items] | ||
Principal amount of loans | 9,600,000 | 9,600,000 |
Less: Deferred financing costs, net of accumulated amortization | (63,914) | (67,430) |
Loans payable, net of deferred financing costs and amortization | 9,536,086 | 9,532,570 |
Arbor Private Label, LLC [Member] | Summerfield Property [Member] | ||
Debt Instrument [Line Items] | ||
Principal amount of loans | 76,575,000 | 76,575,000 |
Less: Deferred financing costs, net of accumulated amortization | (170,256) | (181,140) |
Loans payable, net of deferred financing costs and amortization | $ 76,404,744 | $ 76,393,860 |
Loans Payable - Schedule of L_2
Loans Payable - Schedule of Loans Payable (Parenthetical) (Detail) - USD ($) | Jun. 30, 2023 | Dec. 31, 2022 |
Debt Instrument [Line Items] | ||
Accumulated amortization | $ 1,744,587 | $ 1,294,530 |
UBS AG, CCRE, Citigroup Global Markets Realty Corp, Goldman Sachs Bank USA, CBRE Multifamily Capital Inc and Arbor Private Label LLC [Member] | ||
Debt Instrument [Line Items] | ||
Accumulated amortization | $ 1,744,587 | $ 1,294,530 |
Loans Payable - Schedule of Fut
Loans Payable - Schedule of Future Principal Payment Due under Loan Agreements (Detail) - UBS AG, CCRE, Citigroup Global Markets Realty Corp, Goldman Sachs Bank USA, CBRE Multifamily Capital Inc and Arbor Private Label LLC [Member] | Jun. 30, 2023 USD ($) |
Debt Instrument [Line Items] | |
2024 | $ 34,000,000 |
2026 | 22,495,184 |
2027 | 4,500,000 |
Thereafter | 442,273,250 |
Total | $ 503,268,434 |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | 35 Months Ended | ||||||||||||||||||
Aug. 11, 2023 | Aug. 09, 2023 | Aug. 04, 2023 | Jul. 06, 2023 | Jun. 30, 2023 | Dec. 31, 2022 | Nov. 23, 2021 | Aug. 31, 2020 | Aug. 10, 2020 | Jul. 31, 2020 | Jul. 27, 2020 | May 18, 2017 | Oct. 17, 2016 | Feb. 02, 2016 | Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | Aug. 01, 2023 | |
Stockholders Equity [Line Items] | ||||||||||||||||||||||
Common stock | $ 7,788,941 | $ 26,164,691 | $ 48,644,890 | $ 50,014,163 | ||||||||||||||||||
Common stock, shares authorized | 400,000,000 | 400,000,000 | 400,000,000 | |||||||||||||||||||
Preferred stock, authorized shares | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | |||||||||||||||||
Preferred stock, par value | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | |||||||||||||||||
Preferred stock, issued | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||
Preferred stock, outstanding | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||
Common stock, shares | 15,499,495 | 15,200,186 | ||||||||||||||||||||
Net proceeds from sale of common stock | $ 387,203,768 | $ 379,069,729 | $ 33,270,125 | $ 98,522,452 | ||||||||||||||||||
Distributions declared | 62,500,824 | 50,800,798 | ||||||||||||||||||||
Distributions payable | 1,972,066 | 1,965,999 | $ 1,972,066 | 1,972,066 | $ 1,965,999 | |||||||||||||||||
Distributions reinvested pursuant to DRP | 19,430,074 | 16,036,600 | 19,430,074 | 19,430,074 | 16,036,600 | |||||||||||||||||
Stock repurchase | $ 17,314,162 | $ 11,215,399 | $ 1,299,486 | $ 1,784,426 | 28,529,560 | 3,083,912 | ||||||||||||||||
Stock repurchased outstanding value | $ 5,125,155 | $ 420,091 | ||||||||||||||||||||
Stock repurchased, shares | 678,605 | 49,384 | 1,101,813 | 118,541 | ||||||||||||||||||
Investment in Operating Partnership by subsidiary of Sponsor, Rodin Global Property Trust OP Holdings, LLC (the "Special Unit Holder") | $ 1,000 | |||||||||||||||||||||
Performance participation allocation | 9,553,541 | |||||||||||||||||||||
Non-controlling interests in subsidiaries | 269,575,601 | $ 260,028,582 | $ 269,575,601 | 269,575,601 | $ 260,028,582 | |||||||||||||||||
GSR Battery, LLC [Member] | ||||||||||||||||||||||
Stockholders Equity [Line Items] | ||||||||||||||||||||||
Non-controlling interests in subsidiaries | 2,769,298 | 2,769,298 | 2,769,298 | |||||||||||||||||||
Hamilton Zanze [Member] | ||||||||||||||||||||||
Stockholders Equity [Line Items] | ||||||||||||||||||||||
Non-controlling interests in subsidiaries | 84,221 | 84,221 | 84,221 | |||||||||||||||||||
CAF Capital Partners [Member] | ||||||||||||||||||||||
Stockholders Equity [Line Items] | ||||||||||||||||||||||
Non-controlling interests in subsidiaries | 77,720 | 77,720 | 77,720 | |||||||||||||||||||
BH Equities, LLC [Member] | ||||||||||||||||||||||
Stockholders Equity [Line Items] | ||||||||||||||||||||||
Non-controlling interests in subsidiaries | $ 1,827 | $ 1,827 | $ 1,827 | |||||||||||||||||||
SF Property SPE [Member] | ||||||||||||||||||||||
Stockholders Equity [Line Items] | ||||||||||||||||||||||
Non-controlling interest, ownership percentage by parent | 75% | 75% | 75% | |||||||||||||||||||
SF Property SPE [Member] | GSR Battery, LLC [Member] | ||||||||||||||||||||||
Stockholders Equity [Line Items] | ||||||||||||||||||||||
Non-controlling interest, ownership percentage by non-controlling interest owner | 25% | 25% | 25% | |||||||||||||||||||
Keller Property SPE [Member] | ||||||||||||||||||||||
Stockholders Equity [Line Items] | ||||||||||||||||||||||
Non-controlling interest, ownership percentage by parent | 97% | 97% | 97% | |||||||||||||||||||
Keller Property SPE [Member] | Other Parties [Member] | ||||||||||||||||||||||
Stockholders Equity [Line Items] | ||||||||||||||||||||||
Non-controlling interest, ownership percentage by non-controlling interest owner | 3% | 3% | 3% | |||||||||||||||||||
Non-controlling interests in subsidiaries | $ 452,502 | $ 452,502 | $ 452,502 | |||||||||||||||||||
Summerfield DST [Member] | ||||||||||||||||||||||
Stockholders Equity [Line Items] | ||||||||||||||||||||||
Non-controlling interest, ownership percentage by non-controlling interest owner | 25% | 25% | 25% | |||||||||||||||||||
Summerfield DST [Member] | Other Parties [Member] | ||||||||||||||||||||||
Stockholders Equity [Line Items] | ||||||||||||||||||||||
Non-controlling interest, ownership percentage by parent | 75% | 75% | 75% | |||||||||||||||||||
Non-controlling interests in subsidiaries | $ 27,204,512 | $ 27,204,512 | $ 27,204,512 | |||||||||||||||||||
Summerfield MT Joint Venture [Member] | ||||||||||||||||||||||
Stockholders Equity [Line Items] | ||||||||||||||||||||||
Non-controlling interest, ownership percentage by parent | 90% | 90% | 90% | |||||||||||||||||||
Summerfield MT Joint Venture [Member] | Hamilton Zanze [Member] | ||||||||||||||||||||||
Stockholders Equity [Line Items] | ||||||||||||||||||||||
Non-controlling interest, ownership percentage by non-controlling interest owner | 10% | 10% | 10% | |||||||||||||||||||
Valencia DST [Member] | ||||||||||||||||||||||
Stockholders Equity [Line Items] | ||||||||||||||||||||||
Non-controlling interest, ownership percentage by non-controlling interest owner | 10% | 10% | 10% | |||||||||||||||||||
Valencia DST [Member] | Other Parties [Member] | ||||||||||||||||||||||
Stockholders Equity [Line Items] | ||||||||||||||||||||||
Non-controlling interest, ownership percentage by parent | 90% | 90% | 90% | |||||||||||||||||||
Non-controlling interests in subsidiaries | $ 40,328,327 | $ 40,328,327 | $ 40,328,327 | |||||||||||||||||||
Kacey DST [Member] | ||||||||||||||||||||||
Stockholders Equity [Line Items] | ||||||||||||||||||||||
Non-controlling interest, ownership percentage by parent | 90% | 90% | 90% | |||||||||||||||||||
Kacey DST [Member] | Other Parties [Member] | ||||||||||||||||||||||
Stockholders Equity [Line Items] | ||||||||||||||||||||||
Non-controlling interest, ownership percentage by non-controlling interest owner | 10% | 10% | 10% | |||||||||||||||||||
Non-controlling interests in subsidiaries | $ 21,076,136 | $ 21,076,136 | $ 21,076,136 | |||||||||||||||||||
Kacey MT Joint Venture [Member] | ||||||||||||||||||||||
Stockholders Equity [Line Items] | ||||||||||||||||||||||
Non-controlling interest, ownership percentage by parent | 92.50% | 92.50% | 92.50% | |||||||||||||||||||
Kacey MT Joint Venture [Member] | CAF Capital Partners [Member] | ||||||||||||||||||||||
Stockholders Equity [Line Items] | ||||||||||||||||||||||
Non-controlling interest, ownership percentage by non-controlling interest owner | 7.50% | 7.50% | 7.50% | |||||||||||||||||||
Industry DST [Member] | ||||||||||||||||||||||
Stockholders Equity [Line Items] | ||||||||||||||||||||||
Non-controlling interest, ownership percentage by parent | 10% | 10% | 10% | |||||||||||||||||||
Industry DST [Member] | Other Parties [Member] | ||||||||||||||||||||||
Stockholders Equity [Line Items] | ||||||||||||||||||||||
Non-controlling interest, ownership percentage by non-controlling interest owner | 90% | 90% | 90% | |||||||||||||||||||
Non-controlling interests in subsidiaries | $ 30,365,741 | $ 30,365,741 | $ 30,365,741 | |||||||||||||||||||
Industry MT Joint Venture [Member] | ||||||||||||||||||||||
Stockholders Equity [Line Items] | ||||||||||||||||||||||
Non-controlling interest, ownership percentage by parent | 90% | 90% | 90% | |||||||||||||||||||
Industry MT Joint Venture [Member] | BH Equities, LLC [Member] | ||||||||||||||||||||||
Stockholders Equity [Line Items] | ||||||||||||||||||||||
Non-controlling interest, ownership percentage by non-controlling interest owner | 10% | 10% | 10% | |||||||||||||||||||
CF Net Lease Portfolio IV DST [Member] | ||||||||||||||||||||||
Stockholders Equity [Line Items] | ||||||||||||||||||||||
Maximum amount of private placement offering of beneficial interests | $ 21,620,000 | |||||||||||||||||||||
Beneficial ownership percentage | 100% | |||||||||||||||||||||
Gross proceeds from DST offering | $ 21,620,000 | |||||||||||||||||||||
CF Net Lease Portfolio IV DST [Member] | Other Parties [Member] | ||||||||||||||||||||||
Stockholders Equity [Line Items] | ||||||||||||||||||||||
Non-controlling interest, ownership percentage by non-controlling interest owner | 100% | 100% | 100% | |||||||||||||||||||
Non-controlling interests in subsidiaries | $ 12,560,526 | $ 12,560,526 | $ 12,560,526 | |||||||||||||||||||
Longmire Property SPE [Member] | ||||||||||||||||||||||
Stockholders Equity [Line Items] | ||||||||||||||||||||||
Non-controlling interest, ownership percentage by parent | 96.46% | 96.46% | 96.46% | |||||||||||||||||||
Longmire Property SPE [Member] | CAF Capital Partners [Member] | ||||||||||||||||||||||
Stockholders Equity [Line Items] | ||||||||||||||||||||||
Non-controlling interest, ownership percentage by non-controlling interest owner | 3.54% | 3.54% | 3.54% | |||||||||||||||||||
Non-controlling interests in subsidiaries | $ 828,858 | $ 828,858 | $ 828,858 | |||||||||||||||||||
ON3 DST [Member] | ||||||||||||||||||||||
Stockholders Equity [Line Items] | ||||||||||||||||||||||
Non-controlling interest, ownership percentage by parent | 10% | 10% | 10% | |||||||||||||||||||
ON3 DST [Member] | Other Parties [Member] | ||||||||||||||||||||||
Stockholders Equity [Line Items] | ||||||||||||||||||||||
Non-controlling interest, ownership percentage by non-controlling interest owner | 90% | 90% | 90% | |||||||||||||||||||
Non-controlling interests in subsidiaries | $ 58,591,454 | $ 58,591,454 | $ 58,591,454 | |||||||||||||||||||
West End DST [Member] | ||||||||||||||||||||||
Stockholders Equity [Line Items] | ||||||||||||||||||||||
Non-controlling interest, ownership percentage by non-controlling interest owner | 10% | 10% | 10% | |||||||||||||||||||
West End DST [Member] | Other Parties [Member] | ||||||||||||||||||||||
Stockholders Equity [Line Items] | ||||||||||||||||||||||
Non-controlling interest, ownership percentage by parent | 90% | 90% | 90% | |||||||||||||||||||
Non-controlling interests in subsidiaries | $ 38,733,817 | $ 38,733,817 | $ 38,733,817 | |||||||||||||||||||
West End DST [Member] | BH Equities, LLC [Member] | ||||||||||||||||||||||
Stockholders Equity [Line Items] | ||||||||||||||||||||||
Non-controlling interests in subsidiaries | $ 44,047 | $ 44,047 | $ 44,047 | |||||||||||||||||||
West End M T Joint Venture [Member] | ||||||||||||||||||||||
Stockholders Equity [Line Items] | ||||||||||||||||||||||
Non-controlling interest, ownership percentage by parent | 90% | 90% | 90% | |||||||||||||||||||
West End M T Joint Venture [Member] | BH Equities, LLC [Member] | ||||||||||||||||||||||
Stockholders Equity [Line Items] | ||||||||||||||||||||||
Non-controlling interest, ownership percentage by non-controlling interest owner | 10% | 10% | 10% | |||||||||||||||||||
Palms DST [Member] | ||||||||||||||||||||||
Stockholders Equity [Line Items] | ||||||||||||||||||||||
Non-controlling interest, ownership percentage by parent | 10% | 10% | 10% | |||||||||||||||||||
Palms DST [Member] | Other Parties [Member] | ||||||||||||||||||||||
Stockholders Equity [Line Items] | ||||||||||||||||||||||
Non-controlling interest, ownership percentage by non-controlling interest owner | 90% | 90% | 90% | |||||||||||||||||||
Non-controlling interests in subsidiaries | $ 27,012,857 | $ 27,012,857 | $ 27,012,857 | |||||||||||||||||||
Palms DST [Member] | CAF Capital Partners [Member] | ||||||||||||||||||||||
Stockholders Equity [Line Items] | ||||||||||||||||||||||
Non-controlling interests in subsidiaries | $ 14,590 | $ 14,590 | $ 14,590 | |||||||||||||||||||
Palms M T Joint Venture [Member] | ||||||||||||||||||||||
Stockholders Equity [Line Items] | ||||||||||||||||||||||
Non-controlling interest, ownership percentage by parent | 90% | 90% | 90% | |||||||||||||||||||
Palms M T Joint Venture [Member] | CAF Capital Partners [Member] | ||||||||||||||||||||||
Stockholders Equity [Line Items] | ||||||||||||||||||||||
Non-controlling interest, ownership percentage by non-controlling interest owner | 10% | 10% | 10% | |||||||||||||||||||
Pearland DST [Member] | ||||||||||||||||||||||
Stockholders Equity [Line Items] | ||||||||||||||||||||||
Non-controlling interest, ownership percentage by parent | 5% | 5% | 5% | |||||||||||||||||||
Pearland DST [Member] | Other Parties [Member] | ||||||||||||||||||||||
Stockholders Equity [Line Items] | ||||||||||||||||||||||
Non-controlling interest, ownership percentage by non-controlling interest owner | 95% | 95% | 95% | |||||||||||||||||||
Non-controlling interests in subsidiaries | $ 18,958,095 | $ 18,958,095 | $ 18,958,095 | |||||||||||||||||||
Pearland DST [Member] | CAF Capital Partners [Member] | ||||||||||||||||||||||
Stockholders Equity [Line Items] | ||||||||||||||||||||||
Non-controlling interests in subsidiaries | $ 23,613 | $ 23,613 | $ 23,613 | |||||||||||||||||||
Pearland MT Joint Venture [Member] | ||||||||||||||||||||||
Stockholders Equity [Line Items] | ||||||||||||||||||||||
Non-controlling interest, ownership percentage by parent | 90% | 90% | 90% | |||||||||||||||||||
Pearland MT Joint Venture [Member] | CAF Capital Partners [Member] | ||||||||||||||||||||||
Stockholders Equity [Line Items] | ||||||||||||||||||||||
Non-controlling interest, ownership percentage by non-controlling interest owner | 10% | 10% | 10% | |||||||||||||||||||
Second Amended and Restated Share Repurchase Program [Member] | ||||||||||||||||||||||
Stockholders Equity [Line Items] | ||||||||||||||||||||||
Percentage of common stock aggregate net asset value during previous month | 2% | |||||||||||||||||||||
Percentage of common stock aggregate net asset value during prior quarter | 5% | |||||||||||||||||||||
Percentage of redemption price rate | 95% | |||||||||||||||||||||
Percentage of waive holding discount with repurchase shares acquire | 5% | |||||||||||||||||||||
Percentage of waive holding discount in case of death or disability of stockholder | 5% | |||||||||||||||||||||
Subsequent Event [Member] | ||||||||||||||||||||||
Stockholders Equity [Line Items] | ||||||||||||||||||||||
Common stock, shares | 15,688,107 | |||||||||||||||||||||
Net proceeds from sale of common stock | $ 391,908,018 | |||||||||||||||||||||
Distributions declared | $ 0.004234973 | |||||||||||||||||||||
Distributions declared on an annual basis | $ 1.55 | $ 1.55 | $ 1.55 | |||||||||||||||||||
CFI and Company Reimbursement Agreement [Member] | ||||||||||||||||||||||
Stockholders Equity [Line Items] | ||||||||||||||||||||||
Cumulative, non-compounded annual pre-tax return | 6% | 6% | 6% | |||||||||||||||||||
Class I [Member] | ||||||||||||||||||||||
Stockholders Equity [Line Items] | ||||||||||||||||||||||
Common stock | $ 2,000,000 | |||||||||||||||||||||
Common stock, shares authorized | 200,000,000 | 200,000,000 | 200,000,000 | 200,000,000 | 200,000,000 | |||||||||||||||||
Common stock, shares | 7,840,877 | 7,582,500 | ||||||||||||||||||||
Class I [Member] | Subsequent Event [Member] | ||||||||||||||||||||||
Stockholders Equity [Line Items] | ||||||||||||||||||||||
Common stock, shares | 8,029,630 | |||||||||||||||||||||
Distributions declared | $ 0.1316 | 0.1274 | ||||||||||||||||||||
Class I [Member] | CFI and Company Reimbursement Agreement [Member] | ||||||||||||||||||||||
Stockholders Equity [Line Items] | ||||||||||||||||||||||
Percentage of selling commissions and all of dealer manager fees on gross offering proceeds to be paid by CFI | 1.50% | |||||||||||||||||||||
Class I [Member] | Amended Distribution Support Agreement | ||||||||||||||||||||||
Stockholders Equity [Line Items] | ||||||||||||||||||||||
Common stock | $ 0 | |||||||||||||||||||||
Purchase of shares to satisfy minimum offering requirement | $ 2,000,000 | |||||||||||||||||||||
Class AX [Member] | ||||||||||||||||||||||
Stockholders Equity [Line Items] | ||||||||||||||||||||||
Common stock, shares authorized | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 | |||||||||||||||||
Common stock, shares | 3,840,608 | 3,856,140 | ||||||||||||||||||||
Class AX [Member] | Subsequent Event [Member] | ||||||||||||||||||||||
Stockholders Equity [Line Items] | ||||||||||||||||||||||
Common stock, shares | 3,975,119 | |||||||||||||||||||||
Distributions declared | 0.1316 | 0.1274 | ||||||||||||||||||||
Class TX [Member] | ||||||||||||||||||||||
Stockholders Equity [Line Items] | ||||||||||||||||||||||
Common stock, shares authorized | 5,000,000 | 5,000,000 | 5,000,000 | 5,000,000 | 5,000,000 | |||||||||||||||||
Common stock, shares | 472,743 | 719,803 | ||||||||||||||||||||
Class TX [Member] | Subsequent Event [Member] | ||||||||||||||||||||||
Stockholders Equity [Line Items] | ||||||||||||||||||||||
Common stock, shares | 300,212 | |||||||||||||||||||||
Distributions declared | 0.1316 | 0.1274 | ||||||||||||||||||||
Class IX [Member] | ||||||||||||||||||||||
Stockholders Equity [Line Items] | ||||||||||||||||||||||
Common stock, shares authorized | 5,000,000 | 5,000,000 | 5,000,000 | 5,000,000 | 5,000,000 | |||||||||||||||||
Common stock, shares | 1,217,269 | 1,222,180 | ||||||||||||||||||||
Class IX [Member] | Subsequent Event [Member] | ||||||||||||||||||||||
Stockholders Equity [Line Items] | ||||||||||||||||||||||
Common stock, shares | 1,221,463 | |||||||||||||||||||||
Distributions declared | 0.1316 | 0.1274 | ||||||||||||||||||||
Class IX [Member] | CFI and Company Reimbursement Agreement [Member] | ||||||||||||||||||||||
Stockholders Equity [Line Items] | ||||||||||||||||||||||
Purchase of shares to satisfy minimum offering requirement | $ 2,000,000 | |||||||||||||||||||||
Class T [Member] | ||||||||||||||||||||||
Stockholders Equity [Line Items] | ||||||||||||||||||||||
Common stock, shares authorized | 100,000,000 | 100,000,000 | 100,000,000 | 100,000,000 | 100,000,000 | |||||||||||||||||
Common stock, shares | 1,448,824 | 1,280,789 | ||||||||||||||||||||
Class T [Member] | Subsequent Event [Member] | ||||||||||||||||||||||
Stockholders Equity [Line Items] | ||||||||||||||||||||||
Common stock, shares | 1,480,821 | |||||||||||||||||||||
Distributions declared | 0.1316 | 0.1274 | ||||||||||||||||||||
Class S [Member] | ||||||||||||||||||||||
Stockholders Equity [Line Items] | ||||||||||||||||||||||
Common stock, shares authorized | 20,000,000 | 20,000,000 | 20,000,000 | 20,000,000 | 20,000,000 | |||||||||||||||||
Common stock, shares | 7,014 | 6,910 | ||||||||||||||||||||
Class S [Member] | Subsequent Event [Member] | ||||||||||||||||||||||
Stockholders Equity [Line Items] | ||||||||||||||||||||||
Common stock, shares | 7,037 | |||||||||||||||||||||
Distributions declared | 0.1316 | 0.1274 | ||||||||||||||||||||
Class D [Member] | ||||||||||||||||||||||
Stockholders Equity [Line Items] | ||||||||||||||||||||||
Common stock, shares authorized | 60,000,000 | 60,000,000 | 60,000,000 | 60,000,000 | 60,000,000 | |||||||||||||||||
Common stock, shares | 672,160 | 531,864 | ||||||||||||||||||||
Class D [Member] | Subsequent Event [Member] | ||||||||||||||||||||||
Stockholders Equity [Line Items] | ||||||||||||||||||||||
Common stock, shares | 673,825 | |||||||||||||||||||||
Distributions declared | $ 0.1316 | $ 0.1274 | ||||||||||||||||||||
Primary Offering [Member] | Class I [Member] | ||||||||||||||||||||||
Stockholders Equity [Line Items] | ||||||||||||||||||||||
Common stock | $ 2,000,000 | |||||||||||||||||||||
Maximum [Member] | Second Amended and Restated Share Repurchase Program [Member] | ||||||||||||||||||||||
Stockholders Equity [Line Items] | ||||||||||||||||||||||
Percentage of common stock aggregate net asset value during previous month | 2% | |||||||||||||||||||||
Percentage of common stock aggregate net asset value during prior quarter | 5% | |||||||||||||||||||||
Maximum [Member] | Class I [Member] | Amended Distribution Support Agreement | ||||||||||||||||||||||
Stockholders Equity [Line Items] | ||||||||||||||||||||||
Purchase of shares by CFI | 5,000,000 | |||||||||||||||||||||
Maximum [Member] | Class IX [Member] | CFI and Company Reimbursement Agreement [Member] | ||||||||||||||||||||||
Stockholders Equity [Line Items] | ||||||||||||||||||||||
Purchase of shares by CFI | $ 5,000,000 | |||||||||||||||||||||
Maximum [Member] | Offering [Member] | ||||||||||||||||||||||
Stockholders Equity [Line Items] | ||||||||||||||||||||||
Common stock, shares authorized amount | 1,250,000,000 | $ 1,250,000,000 | ||||||||||||||||||||
Maximum [Member] | Primary Offering [Member] | ||||||||||||||||||||||
Stockholders Equity [Line Items] | ||||||||||||||||||||||
Common stock, shares authorized amount | 1,000,000,000 | 1,000,000,000 | 1,000,000,000 | |||||||||||||||||||
Maximum [Member] | Primary Offering [Member] | Class IX [Member] | CFI and Company Reimbursement Agreement [Member] | ||||||||||||||||||||||
Stockholders Equity [Line Items] | ||||||||||||||||||||||
Percentage of selling commissions and all of dealer manager fees on gross offering proceeds to be paid by CFI | 1.50% | |||||||||||||||||||||
Maximum [Member] | Primary Offering [Member] | Common class AX and class TX [Member] | CFI and Company Reimbursement Agreement [Member] | ||||||||||||||||||||||
Stockholders Equity [Line Items] | ||||||||||||||||||||||
Percentage of selling commissions and all of dealer manager fees on gross offering proceeds to be paid by CFI | 4% | |||||||||||||||||||||
Maximum [Member] | Follow On Offering | ||||||||||||||||||||||
Stockholders Equity [Line Items] | ||||||||||||||||||||||
Common stock, shares authorized amount | 1,000,000,000 | |||||||||||||||||||||
Maximum [Member] | DRP [Member] | ||||||||||||||||||||||
Stockholders Equity [Line Items] | ||||||||||||||||||||||
Common stock, shares authorized amount | $ 250,000,000 | $ 50,000,000 | $ 250,000,000 | $ 250,000,000 | ||||||||||||||||||
Maximum [Member] | DRP [Member] | Subsequent Event [Member] | ||||||||||||||||||||||
Stockholders Equity [Line Items] | ||||||||||||||||||||||
Common stock, shares authorized amount | $ 250,000,000 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) - USD ($) | 1 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||||||||||||
Jun. 30, 2023 | Aug. 10, 2022 | Aug. 10, 2021 | Aug. 10, 2020 | Jun. 26, 2019 | May 18, 2017 | Oct. 17, 2016 | Feb. 02, 2016 | Jun. 30, 2023 | Sep. 30, 2019 | Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Jun. 29, 2018 | |
Related Party Transaction [Line Items] | |||||||||||||||||||
Advisory agreement renewed additional term | 1 year | ||||||||||||||||||
Advisory agreement commencing date | Jun. 29, 2019 | ||||||||||||||||||
Advisory agreement completion date | Jun. 29, 2020 | ||||||||||||||||||
Advisory agreement amendment description | The purpose of Amendment No. 1 was to amend the monthly asset management fee from one-twelfth of 1.25% of the cost of the Company’s investments at the end of the month to one-twelfth of 1.20% of the Company’s most recently disclosed NAV. | ||||||||||||||||||
Monthly asset management fees percentage | 0.1042% | 0.10% | |||||||||||||||||
Percentage of organization and offering costs to gross offering proceeds | 1% | 1% | |||||||||||||||||
Organization and offering costs incurred by advisor on behalf of Company | $ 13,093,274 | $ 12,613,362 | |||||||||||||||||
Due to Related Parties | $ 5,319,299 | $ 5,319,299 | $ 5,319,299 | 5,319,299 | 6,496,398 | ||||||||||||||
Unreimbursed operating expenses incurred by advisor | 12,622,901 | ||||||||||||||||||
Selling commission | 187,518 | 533,826 | |||||||||||||||||
Due from related parties | 576,257 | ||||||||||||||||||
Dealer manager fees incurred | 32,387 | 95,970 | |||||||||||||||||
Dealer manager fees reimbursed | $ 4,191,601 | $ 4,191,601 | |||||||||||||||||
Common stock | 7,788,941 | $ 26,164,691 | $ 48,644,890 | $ 50,014,163 | |||||||||||||||
Common stock, shares | 15,499,495 | 15,200,186 | |||||||||||||||||
Related Party [Member] | |||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||
Due to Related Parties | 5,319,299 | 5,319,299 | 5,319,299 | $ 5,319,299 | $ 6,496,398 | $ 2,109,833 | |||||||||||||
Class I [Member] | |||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||
Dealer manager fees incurred | $ 0 | ||||||||||||||||||
Common stock | $ 2,000,000 | ||||||||||||||||||
Common stock, shares | 7,840,877 | 7,582,500 | |||||||||||||||||
Class T [Member] | |||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||
Percentage of selling commissions on gross offering proceeds | 3% | ||||||||||||||||||
Common stock, shares | 1,448,824 | 1,280,789 | |||||||||||||||||
Class D [Member] | |||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||
Selling commissions payable | $ 0 | ||||||||||||||||||
Dealer manager fees incurred | $ 0 | ||||||||||||||||||
Common stock, shares | 672,160 | 531,864 | |||||||||||||||||
Class AX [Member] | |||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||
Common stock, shares | 3,840,608 | 3,856,140 | |||||||||||||||||
Class TX [Member] | |||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||
Common stock, shares | 472,743 | 719,803 | |||||||||||||||||
Class IX [Member] | |||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||
Selling commissions payable | $ 0 | ||||||||||||||||||
Common stock, shares | 1,217,269 | 1,222,180 | |||||||||||||||||
Class S [Member] | |||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||
Percentage of selling commissions on gross offering proceeds | 3.50% | ||||||||||||||||||
Dealer manager fees incurred | $ 0 | ||||||||||||||||||
Common stock, shares | 7,014 | 6,910 | |||||||||||||||||
Class A [Member] | |||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||
Common stock | $ 200,001 | ||||||||||||||||||
Common stock, shares | 8,180 | ||||||||||||||||||
Operating Expenses [Member] | Related Party [Member] | |||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||
Due to Related Parties | 4,457,636 | 4,457,636 | 4,457,636 | $ 4,457,636 | $ 5,504,855 | $ 1,234,253 | |||||||||||||
Primary Offering [Member] | Class I [Member] | |||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||
Common stock | $ 2,000,000 | ||||||||||||||||||
Follow On Offering | Class T [Member] | |||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||
Percentage of dealer manager fee on gross offering proceeds | 0.50% | ||||||||||||||||||
Asset Management Agreement [Member] | |||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||
Monthly asset management fees percentage | 0.10% | ||||||||||||||||||
Management fee description | Asset management fees are due to the Advisor. Asset management fees payable to the Advisor consist of monthly fees equal to one-twelfth of 1.20% of the Company’s most recently disclosed NAV. | ||||||||||||||||||
Asset Management Agreement [Member] | Related Party [Member] | |||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||
Due to Related Parties | $ 398,053 | 398,053 | 398,053 | $ 398,053 | |||||||||||||||
Fees and expenses, Incurred | 1,210,575 | 922,809 | $ 1,678,750 | ||||||||||||||||
Property Management Agreement [Member] | |||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||
Property management fees | $ 89,137 | $ 555,291 | $ 402,920 | $ 1,100,423 | 776,193 | ||||||||||||||
CFI and Company Reimbursement Agreement [Member] | |||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||
Cumulative, non-compounded annual pre-tax return | 6% | 6% | 6% | 6% | |||||||||||||||
Sponsor support payment made by related party subject to reimbursement | $ 5,374,526 | 5,374,526 | |||||||||||||||||
Reimbursed of selling commissions | 1,182,925 | 1,182,925 | |||||||||||||||||
CFI and Company Reimbursement Agreement [Member] | Related Party [Member] | |||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||
Due to Related Parties | $ 0 | $ 0 | $ 0 | 0 | |||||||||||||||
Due from related parties | 1,182,925 | 1,182,925 | 1,182,925 | $ 1,182,925 | 1,182,925 | ||||||||||||||
CFI and Company Reimbursement Agreement [Member] | Class I [Member] | |||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||
Percentage of selling commissions and all of dealer manager fees on gross offering proceeds to be paid by CFI | 1.50% | ||||||||||||||||||
CFI and Company Reimbursement Agreement [Member] | Class IX [Member] | |||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||
Purchase of shares to satisfy minimum offering requirement | $ 2,000,000 | ||||||||||||||||||
CFI and Company Reimbursement Agreement [Member] | Maximum [Member] | Common class A and class T [Member] | |||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||
Percentage of selling commissions and all of dealer manager fees on gross offering proceeds to be paid by CFI | 4% | ||||||||||||||||||
CFI and Company Reimbursement Agreement [Member] | Maximum [Member] | Class IX [Member] | |||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||
Purchase of shares by CFI | $ 5,000,000 | ||||||||||||||||||
CFI and Company Reimbursement Agreement [Member] | Maximum [Member] | Primary Offering [Member] | Class IX [Member] | |||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||
Percentage of selling commissions and all of dealer manager fees on gross offering proceeds to be paid by CFI | 1.50% | ||||||||||||||||||
CFI and Company Reimbursement Agreement [Member] | Maximum [Member] | Primary Offering [Member] | Common class AX and class TX [Member] | |||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||
Percentage of selling commissions and all of dealer manager fees on gross offering proceeds to be paid by CFI | 4% | ||||||||||||||||||
Advisor and Dealer Manager Agreement Transaction Agreement [Member] | Related Party [Member] | |||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||
Due to Related Parties | 0 | $ 0 | $ 0 | $ 0 | |||||||||||||||
Advisor and Dealer Manager Agreement Transaction Agreement [Member] | Class I [Member] | |||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||
Selling commissions payable | $ 0 | ||||||||||||||||||
Advisor and Dealer Manager Agreement Transaction Agreement [Member] | Maximum [Member] | Primary Offering [Member] | Common class A and class T [Member] | |||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||
Percentage of selling commissions on gross offering proceeds | 1% | ||||||||||||||||||
Advisor and Dealer Manager Agreement Transaction Agreement [Member] | Maximum [Member] | Primary Offering [Member] | Class AX [Member] | |||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||
Percentage of selling commissions on gross offering proceeds | 5% | ||||||||||||||||||
Percentage of dealer manager fee on gross offering proceeds | 3% | ||||||||||||||||||
Advisor and Dealer Manager Agreement Transaction Agreement [Member] | Maximum [Member] | Primary Offering [Member] | Class TX [Member] | |||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||
Percentage of selling commissions on gross offering proceeds | 2% | ||||||||||||||||||
Advisor and Dealer Manager Agreement Transaction Agreement [Member] | Maximum [Member] | Primary Offering [Member] | Class IX [Member] | |||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||
Percentage of dealer manager fee on gross offering proceeds | 1.50% | ||||||||||||||||||
Amended Distribution Support Agreement | Class I [Member] | |||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||
Common stock | $ 0 | ||||||||||||||||||
Purchase of shares to satisfy minimum offering requirement | $ 2,000,000 | ||||||||||||||||||
Amended Distribution Support Agreement | Maximum [Member] | Class I [Member] | |||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||
Purchase of shares by CFI | $ 5,000,000 | ||||||||||||||||||
Keller Property SPE [Member] | |||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||
Non-controlling interest, ownership percentage by parent | 97% | 97% | 97% | 97% | |||||||||||||||
Advisor and Operating Partnership [Member] | Amended Advisory Agreement [Member] | |||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||
Advisory agreement amendment description | Under the Amended Advisory Agreement, acquisition and disposition fees, including specified property management and oversight fees and refinancing coordination fees, previously payable to the Advisor under the prior advisory agreement were eliminated, although the Advisor continues to be entitled to reimbursement for acquisition and disposition expenses. Under the Amended Advisory Agreement, the Advisor will continue to be paid a fixed asset management fee equal to 1.20% of NAV per annum payable monthly. Further, under the Amended Advisory Agreement, the 1% Cap for reimbursement will be calculated based on 1% of gross offering proceeds from all of the Company’s public offerings (including the Initial Offering) as of such payment date. | ||||||||||||||||||
Monthly fixed asset management fees percentage | 1.20% | ||||||||||||||||||
Maximum percentage of reimbursement for fixed asset management fee | 1% | ||||||||||||||||||
Percentage for reimbursement of fixed asset management costs to gross offering proceeds | 1% | ||||||||||||||||||
Advisor and Operating Partnership [Member] | Third Amended Advisory Agreement [Member] | |||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||
Advisory agreement renewed additional term | 1 year | ||||||||||||||||||
Advisory agreement amendment description | the Amended Advisory Agreement was renewed for an additional one-year term, upon terms identical to those in effect | ||||||||||||||||||
Advisor and Operating Partnership [Member] | Fourth Amended Advisory Agreement [Member] | |||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||
Advisory agreement renewed additional term | 1 year | ||||||||||||||||||
Advisory agreement amendment description | the Amended Advisory Agreement was renewed for an additional one-year term, upon terms identical to those in effect | ||||||||||||||||||
Advisor And Dealer Manager [Member] | Maximum [Member] | Primary Offering [Member] | |||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||
Percentage of organization and offering costs to gross offering proceeds of each offering | 15% | ||||||||||||||||||
Advisor [Member] | |||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||
Additional percentage of organization and offering expense of gross offering proceeds | 1% | ||||||||||||||||||
Estimated percentage of organization and offering expense of gross offering proceeds | 1% | ||||||||||||||||||
Reimbursement of organization and offering costs on monthly basis, expiration date | May 18, 2021 | ||||||||||||||||||
Cumulative, non-compounded annual pre-tax return | 6% | ||||||||||||||||||
Leasing fees | $ 0 | 0 | |||||||||||||||||
Advisor [Member] | Operating Expenses [Member] | |||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||
Reimbursement payments for costs incurred | 6,305,141 | ||||||||||||||||||
Advisor [Member] | Operating Expenses [Member] | Related Party [Member] | |||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||
Due to Related Parties | $ 5,033,894 | $ 5,033,894 | $ 5,033,894 | 5,033,894 | |||||||||||||||
Advisor [Member] | Unreimbursed Operating Expenses [Member] | Related Party [Member] | |||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||
Fees and expenses, Incurred | $ 1,984,445 | 1,214,812 | |||||||||||||||||
Advisor [Member] | Primary Offering [Member] | |||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||
Additional percentage of organization and offering expense of gross offering proceeds | 1% | ||||||||||||||||||
Estimated percentage of organization and offering expense of gross offering proceeds | 1% | ||||||||||||||||||
Reimbursement of organization and offering costs on monthly basis, expiration date | May 18, 2021 | ||||||||||||||||||
Advisor [Member] | Maximum [Member] | |||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||
Percentage of organization and offering costs to gross offering proceeds | 1% | ||||||||||||||||||
Percentage of average invested assets | 2% | ||||||||||||||||||
Percentage of net income | 25% | ||||||||||||||||||
Advisor [Member] | Maximum [Member] | Operating Expenses [Member] | |||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||
Net asset value per share | $ 25 | ||||||||||||||||||
Advisor [Member] | Maximum [Member] | Primary Offering [Member] | |||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||
Percentage of organization and offering costs to gross offering proceeds | 1% | ||||||||||||||||||
Advisor [Member] | Organization And Offering Costs Payable [Member] | Related Party [Member] | |||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||
Due to Related Parties | 0 | 0 | 0 | $ 0 | 61,210 | ||||||||||||||
Advisor [Member] | Organization And Offering Costs Payable [Member] | Primary Offering [Member] | |||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||
Reimbursement payments for costs incurred | 4,068,777 | 3,841,115 | |||||||||||||||||
Advisor [Member] | Organization And Offering Costs Payable [Member] | Primary Offering [Member] | Related Party [Member] | |||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||
Due to Related Parties | 0 | 0 | 0 | 0 | 61,210 | ||||||||||||||
Advisor [Member] | Organizational Costs [Member] | Related Party [Member] | |||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||
Due to Related Parties | 90,675 | 90,675 | 90,675 | 90,675 | 90,675 | ||||||||||||||
Advisor [Member] | Offering Costs [Member] | Related Party [Member] | |||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||
Due to Related Parties | 3,978,102 | 3,978,102 | 3,978,102 | 3,978,102 | 3,811,650 | ||||||||||||||
Advisor [Member] | Asset Management Agreement [Member] | Related Party [Member] | |||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||
Fees and expenses, Incurred | $ 2,429,907 | ||||||||||||||||||
Advisor [Member] | Asset Management Agreement [Member] | Maximum [Member] | |||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||
Percentage of average invested assets | 2% | ||||||||||||||||||
Percentage of net income | 25% | ||||||||||||||||||
Dealer Manager [Member] | Class T [Member] | |||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||
Annual distribution fee percentage | 1% | ||||||||||||||||||
Payment of distribution fees | $ 235,940 | $ 222,013 | |||||||||||||||||
Distribution fees due | 35,001 | 35,001 | 35,001 | $ 35,001 | 26,660 | ||||||||||||||
Dealer Manager [Member] | Class T and S [Member] | |||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||
Distribution fee percentage of aggregate net asset value of outstanding shares | 0.85% | ||||||||||||||||||
Dealer Manager [Member] | Class D [Member] | |||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||
Distribution fee percentage of aggregate net asset value of outstanding shares | 0.25% | ||||||||||||||||||
Dealer Manager [Member] | Distribution Fee Payable [Member] | Class T [Member] | Related Party [Member] | |||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||
Due to Related Parties | $ 39,043 | $ 39,043 | $ 39,043 | $ 39,043 | $ 115,960 | ||||||||||||||
CFI [Member] | |||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||
Cumulative, non-compounded annual pre-tax return | 6% | 6% | 6% | 6% | |||||||||||||||
Sponsor support payment made by related party subject to reimbursement | $ 5,374,526 | ||||||||||||||||||
Common stock | $ 6,650,001 | ||||||||||||||||||
Common stock, shares | 262,262 | ||||||||||||||||||
CFI [Member] | Class I [Member] | |||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||
Common stock | $ 1,867,720 | ||||||||||||||||||
Common stock, shares | 70,925 | ||||||||||||||||||
CFI [Member] | Class AX [Member] | |||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||
Common stock | $ 200,001 | ||||||||||||||||||
Common stock, shares | 8,180 | ||||||||||||||||||
CFI [Member] | Class IX [Member] | |||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||
Percentage of selling commissions and all of dealer manager fees on gross offering proceeds to be paid by CFI | 1.50% | ||||||||||||||||||
Common stock | $ 4,582,280 | ||||||||||||||||||
Common stock, shares | 183,157 | ||||||||||||||||||
CFI [Member] | Class A [Member] | |||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||
Common stock | $ 200,001 | ||||||||||||||||||
Common stock, shares | 8,180 | ||||||||||||||||||
Per share purchase price for shares of common stock in IPO | $ 24.45 | ||||||||||||||||||
CFI [Member] | Maximum [Member] | Common class AX and class TX [Member] | |||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||
Percentage of selling commissions and all of dealer manager fees on gross offering proceeds to be paid by CFI | 4% | ||||||||||||||||||
CFI [Member] | Distribution Support Agreement [Member] | Class IX [Member] | |||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||
Common stock | $ 3,132,280 | ||||||||||||||||||
Common stock, shares | 125,157 | ||||||||||||||||||
Purchase of shares to satisfy minimum offering requirement | $ 2,000,000 | ||||||||||||||||||
CFI [Member] | Distribution Support Agreement [Member] | Maximum [Member] | Class IX [Member] | |||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||
Purchase of shares by CFI | $ 5,000,000 | ||||||||||||||||||
CFI [Member] | Amended Distribution Support Agreement | Class I [Member] | |||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||
Purchase of shares to satisfy minimum offering requirement | $ 2,000,000 | ||||||||||||||||||
CFI [Member] | Amended Distribution Support Agreement | Maximum [Member] | Class I [Member] | |||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||
Purchase of shares by CFI | $ 5,000,000 |
Related Party Transactions - Su
Related Party Transactions - Summary of Fees and Expenses Incurred and Amounts of Investment Funding Due (Detail) - USD ($) | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Related Party Transaction [Line Items] | |||
Due to Related Parties | $ 5,319,299 | $ 6,496,398 | |
Related Party [Member] | |||
Related Party Transaction [Line Items] | |||
Due to Related Parties | 5,319,299 | 6,496,398 | $ 2,109,833 |
Fees and expenses, Incurred | 8,329,094 | 12,502,694 | |
Fees and expenses, Paid | 9,506,193 | 8,116,129 | |
Asset Management Fees [Member] | Related Party [Member] | |||
Related Party Transaction [Line Items] | |||
Due to Related Parties | 398,053 | 399,962 | 223,602 |
Fees and expenses, Incurred | 2,429,907 | 3,920,430 | |
Fees and expenses, Paid | 2,431,816 | 3,744,070 | |
Property Management and Oversight Fees [Member] | Related Party [Member] | |||
Related Party Transaction [Line Items] | |||
Due to Related Parties | 89,137 | 78,981 | 63,873 |
Fees and expenses, Incurred | 1,100,423 | 1,770,083 | |
Fees and expenses, Paid | 1,090,267 | 1,754,975 | |
Operating Expenses [Member] | Related Party [Member] | |||
Related Party Transaction [Line Items] | |||
Due to Related Parties | 4,457,636 | 5,504,855 | 1,234,253 |
Fees and expenses, Incurred | 4,253,383 | 4,270,602 | |
Fees and expenses, Paid | 5,300,602 | ||
Expense Reimbursement [Member] | Related Party [Member] | |||
Related Party Transaction [Line Items] | |||
Due to Related Parties | 33,000 | 33,000 | |
Fees and expenses, Incurred | 33,000 | ||
Admin Fees | Related Party [Member] | |||
Related Party Transaction [Line Items] | |||
Due to Related Parties | 18,000 | ||
Fees and expenses, Incurred | (18,000) | ||
Offering Costs [Member] | Related Party [Member] | |||
Related Party Transaction [Line Items] | |||
Due to Related Parties | 0 | 61,210 | 100,391 |
Fees and expenses, Incurred | 166,453 | 1,497,285 | |
Fees and expenses, Paid | 227,663 | 1,536,466 | |
Selling Commissions and Dealer Manager Fees, Net [Member] | Related Party [Member] | |||
Related Party Transaction [Line Items] | |||
Fees and expenses, Incurred | 219,905 | 629,797 | |
Fees and expenses, Paid | 219,905 | 629,797 | |
Distribution Fees [Member] | Related Party [Member] | |||
Related Party Transaction [Line Items] | |||
Due to Related Parties | 39,043 | 115,960 | 267,284 |
Fees and expenses, Incurred | 159,023 | 299,497 | |
Fees and expenses, Paid | 235,940 | 450,821 | |
Distribution Due [Member] | Related Party [Member] | |||
Related Party Transaction [Line Items] | |||
Due to Related Parties | 202,430 | 202,430 | $ 202,430 |
Application Fee Reimbursement [Member] | Related Party [Member] | |||
Related Party Transaction [Line Items] | |||
Due to Related Parties | $ 100,000 | 100,000 | |
Fees and expenses, Incurred | $ 100,000 |
Related Party Transactions - _2
Related Party Transactions - Summary of Fees and Expenses Incurred and Amounts of Investment Funding Due (Parenthetical) (Detail) - USD ($) | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Related Party Transaction [Line Items] | |||
Due to Related Parties | $ 5,319,299 | $ 6,496,398 | |
Organization and offering costs incurred by advisor on behalf of Company | $ 13,093,274 | $ 12,613,362 | |
Percentage of organization and offering costs to gross offering proceeds | 1% | 1% | |
Related Party [Member] | |||
Related Party Transaction [Line Items] | |||
Due to Related Parties | $ 5,319,299 | $ 6,496,398 | $ 2,109,833 |
Unreimbursed Operating Expenses [Member] | Advisor [Member] | Related Party [Member] | |||
Related Party Transaction [Line Items] | |||
Due to Related Parties | 12,622,901 | 15,939,058 | |
Fees and expenses, Incurred | 1,984,445 | 3,210,813 | |
Organization And Offering Costs Payable [Member] | Advisor [Member] | Related Party [Member] | |||
Related Party Transaction [Line Items] | |||
Due to Related Parties | $ 0 | $ 61,210 |
Variable Interest Entities - Ad
Variable Interest Entities - Additional Information (Detail) | Jun. 30, 2023 USD ($) |
Variable Interest Entities [Abstract] | |
Maximum exposure to loss from interest in VIE | $ 5,996,654 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 USD ($) | Jun. 30, 2022 USD ($) | Jun. 30, 2023 USD ($) GroundLease | Jun. 30, 2022 USD ($) | Dec. 31, 2022 USD ($) | |
Commitments And Contingencies [Line Items] | |||||
Operating lease right-of-use asset | $ 16,340,479 | $ 16,340,479 | $ 16,383,138 | ||
Operating lease liability | 16,340,479 | 16,340,479 | 16,383,138 | ||
Contingent liability | $ 0 | $ 0 | 0 | ||
Ground Leases [Member] | |||||
Commitments And Contingencies [Line Items] | |||||
Number of ground lease agreements | GroundLease | 2 | ||||
Lease term | 60 years | 60 years | |||
Ground Leases [Member] | ASC 842 [Member] | |||||
Commitments And Contingencies [Line Items] | |||||
Operating lease right-of-use asset | $ 16,340,479 | $ 16,340,479 | 16,383,138 | ||
Operating lease liability | 16,340,479 | 16,340,479 | $ 16,383,138 | ||
Operating lease expense | $ 177,262 | $ 174,765 | $ 354,523 | $ 338,065 |
Commitments and Contingencies_2
Commitments and Contingencies - Summary of Base Cash Rental Payments Due (Detail) - Ground Leases [Member] | Jun. 30, 2023 USD ($) |
Commitments And Contingencies [Line Items] | |
2023 (remaining) | $ 326,599 |
2024 | 653,198 |
2025 | 653,198 |
2026 | 653,198 |
2027 | 653,198 |
Thereafter | 35,247,154 |
Total | $ 38,186,545 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) - USD ($) | Jun. 30, 2023 | Dec. 31, 2022 | Nov. 30, 2020 | Nov. 25, 2020 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||
Estimated fair value of investment in real estate, net | $ 1,070,374,000 | $ 1,084,925,000 | ||
Estimated fair value of investments in real estate-related assets | 35,697,578 | 35,815,027 | ||
Estimated fair value of loans payable excluding deferred financing costs | $ 439,918,019 | $ 405,090,233 | ||
Station DST [Member] | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||
Equity investment | 15% | 15% | 15% |
Derivative Instruments - Additi
Derivative Instruments - Additional Information (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | ||||
Jul. 06, 2021 | Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Derivative Instruments And Hedging Activities Disclosures [Line Items] | ||||||
Estimated fair value of derivatives in net asset position | $ 9,449,322 | $ 9,449,322 | $ 10,329,033 | |||
Derivative Designated As Hedging Instrument [Member] | Cash Flow Hedges | ||||||
Derivative Instruments And Hedging Activities Disclosures [Line Items] | ||||||
Cash flow hedges, reclassified into earnings | $ 488,112 | $ 127,469 | $ 895,957 | $ 311,387 | ||
Derivative Instrument, Gain Reclassified from AOCI into Income, Effective Portion, Statement of Income or Comprehensive Income [Extensible Enumeration] | Interest Expense | Interest Expense | Interest Expense | Interest Expense | ||
Derivative Not Designated As Hedging Instrument [Member] | ||||||
Derivative Instruments And Hedging Activities Disclosures [Line Items] | ||||||
Derivative Instruments Not Designated as Hedging Instruments, Gain | $ 140,689 | $ 239,600 | $ 373,195 | $ 767,343 | ||
Interest Rate Swap [Member] | Derivative Designated As Hedging Instrument [Member] | Cash Flow Hedges | ||||||
Derivative Instruments And Hedging Activities Disclosures [Line Items] | ||||||
Derivative instruments, notional amount | 55,200,000 | 55,200,000 | ||||
Interest Rate Swap [Member] | Valencia Loan [Member] | ||||||
Derivative Instruments And Hedging Activities Disclosures [Line Items] | ||||||
Derivative instruments, fixed interest rate | 3.39% | |||||
Derivative instruments, notional amount | $ 55,200,000 | |||||
Derivative instrument, effective date | Jul. 07, 2021 | |||||
Derivative instrument, maturity date | Jul. 07, 2031 | |||||
Interest Rate Cap Agreement [Member] | Derivative Not Designated As Hedging Instrument [Member] | ||||||
Derivative Instruments And Hedging Activities Disclosures [Line Items] | ||||||
Derivative instruments, notional amount | 31,277,000 | 31,277,000 | ||||
Interest Rate Cap Agreement [Member] | Keller Loan [Member] | ||||||
Derivative Instruments And Hedging Activities Disclosures [Line Items] | ||||||
Derivative instruments, notional amount | $ 31,277,000 | |||||
Interest Rate Cap Agreement [Member] | Keller Loan [Member] | Other Assets [Member] | ||||||
Derivative Instruments And Hedging Activities Disclosures [Line Items] | ||||||
Derivative assets, at fair value | $ 935,583 | $ 935,583 | ||||
LIBOR [Member] | Interest Rate Swap [Member] | Valencia Loan [Member] | ||||||
Derivative Instruments And Hedging Activities Disclosures [Line Items] | ||||||
Derivative instrument, basis spread on variable rate | 1.95% |
Derivative Instruments - Summar
Derivative Instruments - Summary of Fair Value of Derivative Financial Instrument (Detail) - USD ($) | Jun. 30, 2023 | Dec. 31, 2022 |
Interest Rate "Pay-Fixed" Swap [Member] | Derivative Assets [Member] | Derivative Designated As Hedging Instrument [Member] | ||
Derivative Instruments And Hedging Activities Disclosures [Line Items] | ||
Derivative assets, at fair value | $ 8,513,739 | $ 9,020,255 |
Derivative Instruments - Summ_2
Derivative Instruments - Summary of Interest Rate Derivatives (Detail) | Jun. 30, 2023 USD ($) Derivative |
Interest Rate Swap [Member] | Derivative Designated As Hedging Instrument [Member] | Cash Flow Hedges | |
Derivative Instruments And Hedging Activities Disclosures [Line Items] | |
Number of Instruments | Derivative | 1 |
Notional Amount | $ | $ 55,200,000 |
Interest Rate Cap [Member] | Derivative Not Designated As Hedging Instrument [Member] | |
Derivative Instruments And Hedging Activities Disclosures [Line Items] | |
Number of Instruments | Derivative | 1 |
Notional Amount | $ | $ 31,277,000 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) | 3 Months Ended | 6 Months Ended | 12 Months Ended | 35 Months Ended | |||||||||||||||
Aug. 11, 2023 USD ($) RepurchaseRequest $ / shares shares | Aug. 10, 2023 | Aug. 09, 2023 USD ($) shares | Jul. 06, 2023 $ / shares | Jun. 30, 2023 USD ($) | Dec. 31, 2022 USD ($) | Aug. 10, 2020 USD ($) | Jul. 31, 2020 USD ($) | Jun. 26, 2019 | Oct. 17, 2016 USD ($) | Feb. 02, 2016 USD ($) | Jun. 30, 2023 USD ($) shares | Mar. 31, 2023 USD ($) shares | Jun. 30, 2022 USD ($) shares | Mar. 31, 2022 USD ($) shares | Jun. 30, 2023 USD ($) shares | Jun. 30, 2022 USD ($) shares | Dec. 31, 2022 shares | Aug. 01, 2023 $ / shares | |
Subsequent Event [Line Items] | |||||||||||||||||||
Stock repurchased, shares | 678,605 | 49,384 | 1,101,813 | 118,541 | |||||||||||||||
Stock repurchase | $ | $ 17,314,162 | $ 11,215,399 | $ 1,299,486 | $ 1,784,426 | $ 28,529,560 | $ 3,083,912 | |||||||||||||
Common stock, shares | 15,499,495 | 15,200,186 | |||||||||||||||||
Net proceeds from sale of offering | $ | $ 387,203,768 | $ 379,069,729 | $ 33,270,125 | $ 98,522,452 | |||||||||||||||
Advisory agreement renewed additional term | 1 year | ||||||||||||||||||
Advisory agreement commencing date | Jun. 29, 2019 | ||||||||||||||||||
Advisory agreement completion date | Jun. 29, 2020 | ||||||||||||||||||
Distribution Reinvestment Plan [Member] | Maximum [Member] | |||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||
Common stock, shares authorized amount | $ | $ 250,000,000 | $ 50,000,000 | $ 250,000,000 | $ 250,000,000 | |||||||||||||||
Class AX [Member] | |||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||
Common stock, shares | 3,840,608 | 3,856,140 | |||||||||||||||||
Class TX [Member] | |||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||
Common stock, shares | 472,743 | 719,803 | |||||||||||||||||
Class IX [Member] | |||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||
Common stock, shares | 1,217,269 | 1,222,180 | |||||||||||||||||
Class T [Member] | |||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||
Common stock, shares | 1,448,824 | 1,280,789 | |||||||||||||||||
Class S [Member] | |||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||
Common stock, shares | 7,014 | 6,910 | |||||||||||||||||
Class D [Member] | |||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||
Common stock, shares | 672,160 | 531,864 | |||||||||||||||||
Class I [Member] | |||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||
Common stock, shares | 7,840,877 | 7,582,500 | |||||||||||||||||
Subsequent Event [Member] | |||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||
Common stock, shares | 15,688,107 | ||||||||||||||||||
Net proceeds from sale of offering | $ | $ 391,908,018 | ||||||||||||||||||
Distributions declared on an annual basis | $ / shares | $ 1.55 | $ 1.55 | $ 1.55 | ||||||||||||||||
Advisory agreement renewed additional term | 1 year | ||||||||||||||||||
Advisory agreement commencing date | Aug. 10, 2023 | ||||||||||||||||||
Advisory agreement completion date | Aug. 10, 2024 | ||||||||||||||||||
Subsequent Event [Member] | Maximum [Member] | Third Offering [Member] | |||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||
Common stock, shares authorized amount | $ | 1,000,000,000 | ||||||||||||||||||
Subsequent Event [Member] | Distribution Reinvestment Plan [Member] | Maximum [Member] | |||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||
Common stock, shares authorized amount | $ | $ 250,000,000 | ||||||||||||||||||
Subsequent Event [Member] | Class AX [Member] | |||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||
Common stock, shares | 3,975,119 | ||||||||||||||||||
Subsequent Event [Member] | Class TX [Member] | |||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||
Common stock, shares | 300,212 | ||||||||||||||||||
Subsequent Event [Member] | Class IX [Member] | |||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||
Common stock, shares | 1,221,463 | ||||||||||||||||||
Subsequent Event [Member] | Class T [Member] | |||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||
Common stock, shares | 1,480,821 | ||||||||||||||||||
Subsequent Event [Member] | Class S [Member] | |||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||
Common stock, shares | 7,037 | ||||||||||||||||||
Subsequent Event [Member] | Class D [Member] | |||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||
Common stock, shares | 673,825 | ||||||||||||||||||
Subsequent Event [Member] | Class I [Member] | |||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||
Common stock, shares | 8,029,630 | ||||||||||||||||||
Common Stock [Member] | Class AX [Member] | |||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||
Stock repurchased, shares | 185,899 | 105,744 | 24,365 | 47,476 | |||||||||||||||
Stock repurchase | $ | $ 1,859 | $ 1,057 | $ 244 | $ 475 | |||||||||||||||
Common stock, shares | 113,548 | 120,869 | 110,803 | 180,600 | |||||||||||||||
Common Stock [Member] | Class TX [Member] | |||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||
Stock repurchased, shares | 8,551 | 9,682 | 15,358 | 14,299 | |||||||||||||||
Stock repurchase | $ | $ 86 | $ (97) | $ 154 | $ 143 | |||||||||||||||
Common stock, shares | (113,661) | (120,959) | (110,888) | (180,740) | |||||||||||||||
Common Stock [Member] | Class IX [Member] | |||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||
Stock repurchased, shares | 11,399 | 5,798 | 1,646 | ||||||||||||||||
Stock repurchase | $ | $ 114 | $ 58 | $ 16 | ||||||||||||||||
Common Stock [Member] | Class T [Member] | |||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||
Stock repurchased, shares | 42,710 | 43,413 | 4,280 | 1,227 | |||||||||||||||
Stock repurchase | $ | $ 427 | $ 434 | $ 43 | $ 12 | |||||||||||||||
Common stock, shares | 72,838 | 171,609 | 173,607 | 185,212 | |||||||||||||||
Common Stock [Member] | Class S [Member] | |||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||
Stock repurchased, shares | 880 | ||||||||||||||||||
Stock repurchase | $ | $ 9 | ||||||||||||||||||
Common stock, shares | 938 | 2,374 | |||||||||||||||||
Common Stock [Member] | Class D [Member] | |||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||
Stock repurchased, shares | 14,545 | 6,643 | 738 | 5,154 | |||||||||||||||
Stock repurchase | $ | $ 145 | $ 66 | $ 7 | $ 52 | |||||||||||||||
Common stock, shares | 43,822 | 112,705 | 38,744 | 103,726 | |||||||||||||||
Common Stock [Member] | Class I [Member] | |||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||
Stock repurchased, shares | 414,620 | 251,928 | 2,997 | 1,000 | |||||||||||||||
Stock repurchase | $ | $ 4,146 | $ 2,519 | $ 30 | $ 10 | |||||||||||||||
Common stock, shares | 178,724 | 691,739 | 1,638,929 | 1,653,108 | |||||||||||||||
Common Stock [Member] | Subsequent Event [Member] | |||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||
Number of eligible repurchase requests | RepurchaseRequest | 42 | ||||||||||||||||||
Stock repurchased, shares | 120,198 | ||||||||||||||||||
Stock repurchase | $ | $ 3,029,149 |
Subsequent Events - Schedule of
Subsequent Events - Schedule of Distributions Declared (Detail) - Subsequent Event [Member] - $ / shares | 35 Months Ended | ||
Aug. 04, 2023 | Jul. 06, 2023 | Aug. 01, 2023 | |
Subsequent Event [Line Items] | |||
Distributions declared | $ 0.004234973 | ||
Class I [Member] | |||
Subsequent Event [Line Items] | |||
Distributions declared | $ 0.1316 | $ 0.1274 | |
Class D [Member] | |||
Subsequent Event [Line Items] | |||
Distributions declared | 0.1316 | 0.1274 | |
Class S [Member] | |||
Subsequent Event [Line Items] | |||
Distributions declared | 0.1316 | 0.1274 | |
Class T [Member] | |||
Subsequent Event [Line Items] | |||
Distributions declared | 0.1316 | 0.1274 | |
Class IX [Member] | |||
Subsequent Event [Line Items] | |||
Distributions declared | 0.1316 | 0.1274 | |
Class AX [Member] | |||
Subsequent Event [Line Items] | |||
Distributions declared | 0.1316 | 0.1274 | |
Class TX [Member] | |||
Subsequent Event [Line Items] | |||
Distributions declared | $ 0.1316 | $ 0.1274 |