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REAL ESTATE ACQUISITIONS (Tables) | 9 Months Ended
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Sep. 30, 2021
REAL ESTATE ACQUISITIONS |
Schedule of the company's acquisitions of real estate | The following tables detail the Company’s real estate acquisitions and allocations of the purchase price during the nine months ended September 30, 2021 (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 the real estate assets acquired and will be depreciated over the respective useful lives.
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​ | ​ | ​ | ​ | Contract | ​ | ​ | ​ | Capitalized
​ | ​ | Date | ​ | ​ | Purchase | ​ | Terms of | ​ | ​ | Transaction
Description of Property |  | Acquired |  | Price |  | Payment |  | Costs
Pureon industrial facility, | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Monroe, North Carolina | ​ | May 27, 2021 | ​ | $ | 7,000 |  | Cash and $4,500 mortgage (a) | ​ | $ | 60
Multi-tenant industrial facility, | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Lehigh Acres, Florida | ​ | September 29, 2021 | ​ | ​ | 9,355 | ​ | Cash and $6,100 mortgage (a) | ​ | ​ | 76
Totals for 2021 | ​ | ​ | ​ | $ | 16,355 |  |  | ​ | $ | 136
| (a) | Simultaneously with the acquisition of each property, the Company obtained new mortgage debt which bears interest at rates of 3.25% and 3.17% and mature in 2027 and 2031, respectively.
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Schedule of allocation of the purchase price for the company's acquisitions of real estate | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | Building & | ​ | Intangible Lease | ​ | ​ | ​
Description of Property |  | Land |  | Improvements |  | Asset |  | Liability |  | Total
Pureon, Inc. industrial facility, | ​ |  |  |  | ​ |  | ​ | ​ | ​ | ​ | ​ | ​ |  | ​ |
Monroe, North Carolina | ​ | $ | 897 | ​ | $ | 5,106 | ​ | $ | 1,057 | ​ | $ | — | ​ | $ | 7,060
Multi-tenant industrial facility, | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Lehigh Acres, Florida | ​ | ​ | 1,933 | ​ | ​ | 7,393 | ​ | ​ | 701 | ​ | ​ | (596) | ​ | ​ | 9,431
Totals for 2021 | ​ | $ | 2,830 | ​ | $ | 12,499 | ​ | $ | 1,758 | ​ | $ | (596) | ​ | $ | 16,491

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- Definition Tabular disclosure of real estate acquisitions during the period, including date purchased, contract price, terms of payment and third party acquisition costs. + References No definition available. + Details
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- References No definition available. + Details
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- Definition Tabular disclosure of the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed. May include but not limited to the following: (a) acquired receivables; (b) contingencies recognized at the acquisition date; and (c) the fair value of noncontrolling interests in the acquiree. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=123413009&loc=d3e4845-128472 + Details
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