The following tables detail the Company’s real estate acquisitions and allocations of the purchase price during the nine months ended September 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.

(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.


			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

Impairment due to Casualty Loss

In August 2020, a portion of a multi-tenanted building at the Company’s Lake Charles, Louisiana property was damaged due to Hurricane Laura. During the three months ended September 30, 2020, the Company recognized an impairment loss of $430,000 representing the carrying value of the damaged portion of the building (net of accumulated depreciation of $352,000), based on its replacement cost.

The Company submitted a claim to its insurance carrier to cover, subject to a $250,000 deductible, the (i) estimated $1,130,000 cost to rebuild the damaged portion of the building and (ii) losses in rental income. As a result, the Company recognized a $430,000 receivable for insurance recoveries which is recorded as Other income in the consolidated statements of income for the three and nine months ended September 30, 2020. The Company received a $150,000 advance from the insurance carrier for this claim during the three months ended September 30, 2020.