The charts below detail the Company’s acquisitions of real estate and the allocation of the purchase price during the nine months ended September 30, 2019 (amounts in thousands). The Company determined that with respect to each of these acquisitions, the gross assets acquired are concentrated in a single identifiable asset. Therefore, these transactions do not meet the definition of a business and are accounted for as asset acquisitions. As such, direct transaction costs associated with these asset acquisitions have been capitalized to real estate assets and depreciated over their respective useful lives.

(a)

In July 2019, the Company obtained new mortgage debt of $5,200 which bears interest at 3.95% and matures August 2029.

(b)

In September 2019, the Company obtained new mortgage debt of $4,075 which bears interest at 4.05% and matures October 2029.

(c)

In October 2019, the Company obtained new mortgage debt of $5,200 which bears interest at 4.10% and matures November 2030.

(d)

In October 2019, the Company obtained new mortgage debt of $3,200 which bears interest at 4.00% and matures December 2028.

Note 5 – Real Estate Acquisitions (Continued)


			Building &		Intangible Lease
Description of Property	Land		Improvements		Asset		Liability		Total
Zwanenberg Food Group/Metro Carpets industrial facility,
Nashville, Tennessee	$	1,058	$	6,350	$	750	$	(81)	$	8,077
Echo, Inc. industrial facility,
Wauconda, Illinois		67		3,424		339		(4)		3,826
Tinicum Mechanical Supply/Philly Motors industrial facility,
Bensalem, Pennsylvania		1,602		4,322		664		(220)		6,368
International Flora Technologies industrial facility,
Chandler, Arizona		1,334		7,373		—		—		8,707
Nissan North America industrial facility,
LaGrange, Georgia		298		4,499		627		(151)		5,273
Continental Hydraulics industrial facility,
Shakopee, Minnesota		1,875		5,457		944		(221)		8,055
Totals	$	6,234	$	31,425	$	3,324	$	(677)	$	40,306

Property Acquisitions Subsequent to September 30, 2019

On October 3, 2019, the Company acquired an industrial property located in Rincon, Georgia for $6,400,000. The initial term of the lease expires in 2029.

On October 23, 2019, the Company acquired an industrial property located in Chandler, Arizona for $3,000,000. The initial term of the lease expires in 2024.