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REAL ESTATE INVESTMENTS (Tables)

12 Months Ended

Dec. 31, 2020

REAL ESTATE INVESTMENTS

Schedule of the company's acquisitions of real estate

​

​	​	​	​	​	​	​	​	​	​	​
​	​	​	​	Contract		​	​	​	Capitalized
​	​	Date	​	​	Purchase	​	Terms of	​	​	Transaction
Description of Property (amounts in thousands)		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 for 2020	​		​	$	28,250			​	$	254
​	​	​	​	​	​	​	​	​	​	​
Zwanenberg Food Group/Metro Carpets industrial facility,	​	​	​	​	​	​	​	​	​	​
Nashville, Tennessee	​	May 30, 2019	​	$	8,000	​	All cash (b)	​	$	77
Echo, Inc. industrial facility,	​	​	​	​	​	​	​	​	​	​
Wauconda, Illinois	​	May 30, 2019	​	​	3,800	​	All cash	​	​	26
Betz Mechanical Supply/Steve Davis Sales industrial facility,	​	​	​	​	​	​	​	​	​	​
Bensalem, Pennsylvania	​	June 18, 2019	​	​	6,200	​	All cash (b)	​	​	168
International Flora Technologies industrial facility,	​	​	​	​	​	​	​	​	​	​
Chandler, Arizona	​	June 26, 2019	​	​	8,650	​	All cash (b)	​	​	64
Nissan North America industrial facility,	​	​	​	​	​	​	​	​	​	​
LaGrange, Georgia	​	July 24, 2019	​	​	5,200	​	All cash (b)	​	​	72
Continental Hydraulics industrial facility,	​	​	​	​	​	​	​	​	​	​
Shakopee, Minnesota	​	September 13, 2019	​	​	8,000	​	All cash (b)	​	​	62
Cosentino industrial facility,	​	​	​	​	​	​	​	​	​	​
Rincon, Georgia	​	October 3, 2019	​	​	6,400	​	All cash (b)	​	​	121
The Door Mill industrial facility,	​	​	​	​	​	​	​	​	​	​
Chandler, Arizona	​	October 23, 2019	​	​	3,000	​	All cash	​	​	47
Totals for 2019	​	​	​	$	49,250	​	​	​	$	637
​	​	​	​	​	​	​	​	​	​	​

(a) In 2020, the Company obtained new mortgage debt aggregating $18,200 bearing interest rates from 3.54% to 3.63% and maturing from 2027 through 2035.

(b) In 2019, the Company obtained new mortgage debt aggregating $50,310 bearing interest rates from 3.68% to 4.90% and maturing from 2024 through 2033.

Schedule of allocation of the purchase price for the company's acquisitions of real estate

The following table details the allocation of the purchase price for the Company’s acquisitions of real estate during 2020 and 2019 (amounts in thousands):

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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 for 2020

​

$

2,078

​

$

23,089

​

$

3,905

​

$

(568)

​

$

28,504

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

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

Betz Mechanical Supply/Steve Davis Sales industrial facility,

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Bensalem, Pennsylvania

​

​

1,602

​

​

4,322

​

​

664

​

​

(220)

​

​

6,368

International Flora Technologies industrial facility,

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Chandler, Arizona

​

​

1,335

​

​

7,379

​

​

—

​

​

—

​

​

8,714

Nissan North America industrial facility,

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

LaGrange, Georgia

​

​

297

​

​

4,499

​

​

627

​

​

(151)

​

​

5,272

Continental Hydraulics industrial facility,

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Shakopee, Minnesota

​

​

1,877

​

​

5,462

​

​

944

​

​

(221)

​

​

8,062

Cosentino industrial facility,

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Rincon, Georgia

​

​

61

​

​

5,969

​

​

667

​

​

(176)

​

​

6,521

The Door Mill industrial facility,

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Chandler, Arizona

​

​

1,164

​

​

1,691

​

​

254

​

​

(62)

​

​

3,047

Totals for 2019

​

$

7,461

​

$

39,096

​

$

4,245

​

$

(915)

​

$

49,887

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Schedule of amortization of intangible lease assets as a result of acquired above market leases

​

The unamortized balance of intangible lease assets as a result of acquired above market leases at December 31, 2020 will be deducted from rental income through 2032 as follows (amounts in thousands):

​

​	​	​	​
2021		$	647
2022	​		481
2023	​		288
2024	​		218
2025	​		195
Thereafter	​		546
Total	​	$	2,375

Schedule of amortization of intangible lease liabilities as a result of acquired below market leases

The unamortized balance of intangible lease liabilities as a result of acquired below market leases at December 31, 2020 will be added to rental income through 2055 as follows (amounts in thousands):

​

​	​	​	​
2021		$	1,402
2022	​		1,160
2023	​		922
2024	​		694
2025	​		488
Thereafter	​		6,523
Total	​	$	11,189

​

Schedule of amortization of origination costs associated with in-place leases

The unamortized balance of origination costs associated with in-place leases at December 31, 2020 will be charged to amortization expense through 2055 as follows (amounts in thousands):

​

​	​	​	​
2021		$	4,609
2022	​		3,961
2023	​		3,319
2024	​		2,303
2025	​		1,944
Thereafter	​		6,192
Total	​	$	22,328

X

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