2024 Q2 Form 10-K Financial Statement

#000143774924012113 Filed on April 16, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2023 Q4 2023
Revenue $4.587M $4.486M $17.64M
YoY Change 0.94% 0.17% -0.72%
Cost Of Revenue $1.493M $1.510M $5.963M
YoY Change 6.67% 2.35% 2.08%
Gross Profit $3.094M $2.976M $11.67M
YoY Change -1.61% -0.9% -2.1%
Gross Profit Margin 67.46% 66.33% 66.19%
Selling, General & Admin $2.203M $1.377M $6.790M
YoY Change 21.49% -25.85% 10.17%
% of Gross Profit 71.2% 46.27% 58.17%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $1.351M $1.376M $5.426M
YoY Change -1.28% -7.76% -0.72%
% of Gross Profit 43.68% 46.23% 46.48%
Operating Expenses $5.148M $2.749M $21.43M
YoY Change 12.37% -17.91% 22.64%
Operating Profit -$2.054M $227.1K -$9.753M
YoY Change 42.99% -165.7% 75.82%
Interest Expense $1.526M -$7.063M $5.005M
YoY Change 14.17% -12752.31% 6.2%
% of Operating Profit -3109.32%
Other Income/Expense, Net -$10.82M $16.97M
YoY Change 6359.88% 1324.13%
Pretax Income -$11.30M -$9.137M $12.84M
YoY Change -7928.19% -1347.4% 375.37%
Income Tax $81.02K -$967.9K -$335.8K
% Of Pretax Income -2.61%
Net Earnings -$11.85M -$9.568M $10.15M
YoY Change 811.67% 1126.56% -577.0%
Net Earnings / Revenue -258.32% -213.28% 57.53%
Basic Earnings Per Share -$1.00 $0.68
Diluted Earnings Per Share -$1.00 -$0.81 $0.68
COMMON SHARES
Basic Shares Outstanding 14.46M 13.13M 11.85M
Diluted Shares Outstanding

Balance Sheet

Concept 2024 Q2 2023 Q4 2023
SHORT-TERM ASSETS
Cash & Short-Term Investments $8.500M $6.510M $6.510M
YoY Change -10.14% -62.36% -60.58%
Cash & Equivalents $8.500M $6.500M $6.510M
Short-Term Investments $0.00 $45.15K
Other Short-Term Assets $513.4K $349.2K $349.2K
YoY Change -29.2% -43.65% -43.65%
Inventory
Prepaid Expenses
Receivables $312.0K $694.9K $694.9K
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $6.160M $7.554M $7.554M
YoY Change -37.61% -56.09% -56.09%
LONG-TERM ASSETS
Property, Plant & Equipment $128.5M $138.7M $138.7M
YoY Change -6.66% 7.96% 7.96%
Goodwill $1.574M $1.574M
YoY Change -35.04% -35.04%
Intangibles
YoY Change
Long-Term Investments $4.414M $18.36M $18.36M
YoY Change -81.68% -86.66% -86.66%
Other Assets $7.506M $7.432M $7.432M
YoY Change 173.72% 110.36% 110.36%
Total Long-Term Assets $144.4M $168.4M $168.4M
YoY Change -14.66% -38.57% -38.57%
TOTAL ASSETS
Total Short-Term Assets $6.160M $7.554M $7.554M
Total Long-Term Assets $144.4M $168.4M $168.4M
Total Assets $150.5M $176.0M $176.0M
YoY Change -15.92% -39.6% -39.6%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.502M $4.792M $4.792M
YoY Change -68.25% -47.2% -47.2%
Accrued Expenses $1.098M $1.969M $1.969M
YoY Change 8.76% 2.2% 2.2%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $4.795M $6.935M $6.935M
YoY Change -60.75% -37.97% -37.97%
LONG-TERM LIABILITIES
Long-Term Debt $101.1M $107.7M $107.7M
YoY Change -2.14% 11.16% 11.16%
Other Long-Term Liabilities $10.78K $13.27K $13.27K
YoY Change -31.56% -27.25% -27.25%
Total Long-Term Liabilities $101.1M $107.7M $107.7M
YoY Change -2.15% 11.15% 11.15%
TOTAL LIABILITIES
Total Short-Term Liabilities $4.795M $6.935M $6.935M
Total Long-Term Liabilities $101.1M $107.7M $107.7M
Total Liabilities $105.9M $114.7M $125.0M
YoY Change -8.34% 6.07% 6.76%
SHAREHOLDERS EQUITY
Retained Earnings -$149.7M -$131.5M
YoY Change 5.18% -4.94%
Common Stock $184.4M $182.3M
YoY Change 2.24% 0.15%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $34.87M $50.93M $50.93M
YoY Change
Total Liabilities & Shareholders Equity $150.5M $176.0M $176.0M
YoY Change -15.92% -39.6% -39.6%

Cashflow Statement

Concept 2024 Q2 2023 Q4 2023
OPERATING ACTIVITIES
Net Income -$11.85M -$9.568M $10.15M
YoY Change 811.67% 1126.56% -577.0%
Depreciation, Depletion And Amortization $1.351M $1.376M $5.426M
YoY Change -1.28% -7.76% -0.72%
Cash From Operating Activities -$729.3K $999.8K $1.490M
YoY Change -3086.45% -204.21% 60.4%
INVESTING ACTIVITIES
Capital Expenditures $181.5K $3.843M $6.663M
YoY Change -55.07% 2190.3% 216.16%
Acquisitions
YoY Change
Other Investing Activities $3.932M -$4.016M $127.0M
YoY Change -201.02% 68.62% -202.18%
Cash From Investing Activities $3.751M -$7.859M $120.3M
YoY Change -187.3% 208.26% -195.2%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -1.646M 5.583M -$131.8M
YoY Change -252.31% 283.28% -203.57%
NET CHANGE
Cash From Operating Activities -729.3K 999.8K $1.490M
Cash From Investing Activities 3.751M -7.859M $120.3M
Cash From Financing Activities -1.646M 5.583M -$131.8M
Net Change In Cash 1.375M -1.276M -$10.01M
YoY Change -143.1% -37.81% -651.42%
FREE CASH FLOW
Cash From Operating Activities -$729.3K $999.8K $1.490M
Capital Expenditures $181.5K $3.843M $6.663M
Free Cash Flow -$910.8K -$2.843M -$5.173M
YoY Change 139.96% 152.22% 338.9%

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CY2022 us-gaap Share Based Compensation
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CY2023 us-gaap Provision For Doubtful Accounts
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CY2022 us-gaap Provision For Doubtful Accounts
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CY2023 us-gaap Gains Losses On Sales Of Investment Real Estate
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CY2022 us-gaap Gains Losses On Sales Of Investment Real Estate
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CY2023 us-gaap Deconsolidation Gain Or Loss Amount
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CY2022 us-gaap Deconsolidation Gain Or Loss Amount
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CY2022 sqft Net Change In Fair Value Spac Trust Account
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CY2023 us-gaap Asset Impairment Charges
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CY2022 us-gaap Asset Impairment Charges
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CY2023 us-gaap Amortization Of Financing Costs
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CY2022 us-gaap Amortization Of Financing Costs
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CY2023 us-gaap Amortization Of Below Market Lease
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CY2022 us-gaap Amortization Of Below Market Lease
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CY2023 us-gaap Straight Line Rent Adjustments
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CY2022 us-gaap Straight Line Rent Adjustments
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CY2022 us-gaap Increase Decrease In Other Operating Assets
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CY2023 us-gaap Increase Decrease In Deferred Income Taxes
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CY2022 us-gaap Increase Decrease In Deferred Income Taxes
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CY2023 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
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CY2022 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
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CY2023 sqft Increase Decrease In Accounts Payable And Accrued Liabilities For Spac
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CY2022 sqft Increase Decrease In Accounts Payable And Accrued Liabilities For Spac
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CY2023 sqft Change Accrued Real Estate Taxes
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CY2022 sqft Change Accrued Real Estate Taxes
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CY2023 us-gaap Net Cash Provided By Used In Operating Activities
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CY2022 us-gaap Net Cash Provided By Used In Operating Activities
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CY2023 us-gaap Payments To Acquire Real Estate
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CY2022 us-gaap Payments To Acquire Real Estate
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CY2023 us-gaap Payments For Tenant Improvements
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CY2022 us-gaap Payments For Tenant Improvements
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CY2023 us-gaap Payments To Acquire Marketable Securities
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CY2022 us-gaap Payments To Acquire Marketable Securities
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CY2023 us-gaap Proceeds From Sale And Maturity Of Marketable Securities
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CY2022 us-gaap Proceeds From Sale And Maturity Of Marketable Securities
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CY2023 sqft Payments To Acquire Investments Of Spac Ipo Proceeds Into Trust Account
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CY2022 sqft Payments To Acquire Investments Of Spac Ipo Proceeds Into Trust Account
PaymentsToAcquireInvestmentsOfSpacIpoProceedsIntoTrustAccount
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CY2023 sqft Proceeds From Trust Account For Taxes
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CY2022 sqft Proceeds From Trust Account For Taxes
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CY2023 sqft Proceeds From Trust Account For Redemption Of Shares
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CY2022 sqft Proceeds From Trust Account For Redemption Of Shares
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CY2023 sqft Payments For Proceeds From Leasing Costs
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CY2022 sqft Payments For Proceeds From Leasing Costs
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CY2023 us-gaap Proceeds From Sale Of Productive Assets
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CY2022 us-gaap Proceeds From Sale Of Productive Assets
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CY2023 us-gaap Net Cash Provided By Used In Investing Activities
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CY2022 us-gaap Net Cash Provided By Used In Investing Activities
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CY2023 sqft Proceeds From Issuance Of Mortgage Notes Payable
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CY2022 sqft Proceeds From Issuance Of Mortgage Notes Payable
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CY2023 sqft Repayments Of Secured Notes Payable
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CY2022 sqft Repayments Of Secured Notes Payable
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CY2023 us-gaap Payments Of Debt Issuance Costs
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CY2022 us-gaap Payments Of Debt Issuance Costs
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CY2023 us-gaap Proceeds From Payments To Minority Shareholders
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CY2022 us-gaap Proceeds From Payments To Minority Shareholders
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CY2023 sqft Proceeds From Issuance Initial Public Offering Of Spac
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CY2022 sqft Proceeds From Issuance Initial Public Offering Of Spac
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CY2023 sqft Spac Offering Noncontrolling Interest Adjustment
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CY2022 sqft Spac Offering Noncontrolling Interest Adjustment
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CY2023 sqft Payments For Redemption Of Spac Shares
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CY2022 sqft Payments For Redemption Of Spac Shares
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CY2023 us-gaap Payments For Repurchase Of Common Stock
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CY2022 us-gaap Payments For Repurchase Of Common Stock
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CY2023 us-gaap Payments Of Dividends Preferred Stock And Preference Stock
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CY2022 us-gaap Payments Of Dividends Preferred Stock And Preference Stock
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CY2023 us-gaap Payments Of Dividends Common Stock
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CY2022 us-gaap Payments Of Dividends Common Stock
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CY2023 us-gaap Net Cash Provided By Used In Financing Activities
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CY2022 us-gaap Net Cash Provided By Used In Financing Activities
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CY2023 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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CY2022 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
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CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
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CY2023Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
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CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
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CY2023 us-gaap Income Taxes Paid
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CY2022 us-gaap Income Taxes Paid
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CY2022 sqft Common Stock Potentially Convertible Shares
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CY2023 us-gaap Number Of Reportable Segments
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CY2023 us-gaap Use Of Estimates
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<b><i>Use of Estimates</i></b>. The financial statements were prepared in conformity with U.S. GAAP, which requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the reporting period. Significant estimates include the allocation of purchase price paid for property acquisitions between land, building and intangible assets acquired including their useful lives; valuation of long-lived assets, and the allowance for doubtful accounts, which is based on an evaluation of the tenants’ ability to pay. Actual results could differ from those estimates.
CY2023 us-gaap Amortization Of Above And Below Market Leases
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CY2022 us-gaap Amortization Of Above And Below Market Leases
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CY2022 us-gaap Depreciation And Amortization
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CY2023Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2023Q4 us-gaap Cash Uninsured Amount
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CY2023Q4 us-gaap Restricted Cash
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CY2022Q4 us-gaap Cash Uninsured Amount
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CY2022Q4 us-gaap Restricted Cash
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CY2023Q4 us-gaap Allowance For Doubtful Accounts Receivable
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CY2022Q4 us-gaap Allowance For Doubtful Accounts Receivable
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CY2023Q4 us-gaap Deferred Costs Current And Noncurrent
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CY2022Q4 us-gaap Deferred Costs Current And Noncurrent
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CY2023 us-gaap Operating Lease Initial Direct Cost Expense Over Term
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CY2022 us-gaap Operating Lease Initial Direct Cost Expense Over Term
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CY2022Q4 us-gaap Deferred Offering Costs
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CY2023 sqft Percentage Of Distributed Taxable Income To Qualify As Reit
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CY2023Q4 sqft Marketable Securities Cost Basis
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CY2022Q4 sqft Marketable Securities Cost Basis
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CY2023Q4 us-gaap Equity Securities Fv Ni Current And Noncurrent
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CY2023Q4 us-gaap Equity Securities Fv Ni Cost
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CY2023Q4 us-gaap Liabilities Fair Value Disclosure
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CY2023 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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CY2022 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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CY2023Q1 sqft Excise Tax Liability On Spac Redemptions Amount
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CY2023Q4 sqft Number Of States Real Estate Property Is Located
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3 pure
CY2023Q4 sqft Real Estate Investment Property And Lease Intangibles Net
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CY2022Q4 sqft Real Estate Investment Property And Lease Intangibles Net
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CY2023Q4 us-gaap Finite Lived Intangible Assets Gross
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CY2023Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
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CY2023Q4 us-gaap Finite Lived Intangible Assets Net
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37303 usd
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CY2022Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
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CY2022Q4 us-gaap Finite Lived Intangible Assets Net
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CY2023Q4 us-gaap Below Market Lease Net
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CY2022Q4 us-gaap Below Market Lease Net
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CY2023Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
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CY2023Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
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CY2023Q4 us-gaap Deferred Offering Costs
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CY2022Q4 us-gaap Deferred Offering Costs
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CY2023Q4 sqft Number Of Publicly Traded Reit Ss In Which Common Shares Are Owned
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3 pure
CY2023Q4 sqft Number Of Publicly Traded Rei Ts In Which Options Are Owned
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CY2023Q4 us-gaap Investments Fair Value Disclosure
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CY2022Q4 sqft Number Of Publicly Traded Reit Ss In Which Common Shares Are Owned
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18 pure
CY2022Q4 sqft Number Of Publicly Traded Rei Ts In Which Options Are Owned
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CY2022Q4 us-gaap Investments Fair Value Disclosure
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CY2022Q4 us-gaap Marketable Securities
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CY2023Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
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CY2023Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Five
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CY2023Q4 us-gaap Long Term Debt Maturities Repayments Of Principal After Year Five
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CY2023 sqft Number Of Limited Partnerships In Which Company Is Sole General Partner
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3000000
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us-gaap Stock Issued During Period Value Dividend Reinvestment Plan
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us-gaap Stock Issued During Period Shares Dividend Reinvestment Plan
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CY2023 us-gaap Allocated Share Based Compensation Expense
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CY2022 us-gaap Income Tax Expense Benefit
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CY2023 us-gaap Profit Loss
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CY2023 sqft Real Estate Acquisitions And Improvements
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CY2023 us-gaap Current Federal Tax Expense Benefit
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CY2022 us-gaap Current Federal Tax Expense Benefit
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CY2022 us-gaap Current Income Tax Expense Benefit
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CY2023 us-gaap Deferred Federal Income Tax Expense Benefit
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CY2022 us-gaap Deferred Federal Income Tax Expense Benefit
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CY2023 us-gaap Deferred State And Local Income Tax Expense Benefit
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CY2022 us-gaap Deferred State And Local Income Tax Expense Benefit
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CY2023 us-gaap Deferred Income Tax Expense Benefit
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CY2023 us-gaap Income Tax Expense Benefit Continuing Operations Adjustment Of Deferred Tax Asset Liability
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CY2023 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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CY2022 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
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CY2023 us-gaap Income Tax Reconciliation State And Local Income Taxes
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CY2022 us-gaap Income Tax Reconciliation State And Local Income Taxes
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CY2023 sqft Effective Income Tax Rate Reconciliation Reit Entities Not Subject To Tax Amount
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