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Real Estate Acquisitions | 6 Months Ended
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Jun. 30, 2020
Real Estate Acquisitions |
Real Estate Acquisitions | Note 4 – Real Estate Acquisitions The following tables detail the Company’s real estate acquisitions and allocations of the purchase price during the six months ended June 30, 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 the respective useful lives. ​
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​ | ​ | Date | ​ | Contract | ​ | Terms of | ​ | Capitalized
Description of Property |  | Acquired |  | Purchase Price |  | Payment |  | Transaction 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
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(a) | In March 2020, the Company obtained new mortgage debt of $5,700 and $12,500 which bears interest at rates of 3.54% and 3.63% and mature in 2035 and 2027, respectively.
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​ | ​ | ​ | ​ | ​ | 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
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