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Real Estate Acquisitions

3 Months Ended

Mar. 31, 2020

Note 4 – Real Estate Acquisitions

The following charts detail the Company’s real estate acquisitions and allocations of the purchase price during the three months ended March 31, 2020 (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.


		Contract			Capitalized
		Purchase		Terms of	Transaction
Description of Property	Date Acquired	Price		Payment	Costs
Creative Office Environments industrial facility,
Ashland, Virginia	February 20, 2020	$	9,100	All cash (a)	$	119
Fed Ex industrial facility,
Lowell, Arkansas	February 24, 2020		19,150	All cash (a)		135
Totals		$	28,250		$	254

(a)

In March 2020, the Company obtained new mortgage debt aggregating $18,200 which bears interest at rates of 3.54% and 3.63% and mature in 2035 and 2027, respectively.


			Building &		Intangible Lease
Description of Property	Land		Improvements		Asset		Liability		Total
Creative Office Environments industrial facility,
Ashland, Virginia	$	391	$	7,901	$	927	$	—	$	9,219
Fed Ex industrial facility,
Lowell, Arkansas		1,687		15,188		2,978		(568)		19,285
Totals	$	2,078	$	23,089	$	3,905	$	(568)	$	28,504