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REAL ESTATE ACQUISITIONS | 9 Months Ended
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Sep. 30, 2021
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 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.
​ The Company assessed the fair value of the tangible assets of the properties as of the acquisition date using an income approach with a market capitalization rate which is a Level 3 unobservable input in the fair value hierarchy. The market capitalization rate was 7.0% for the Monroe, North Carolina property and 6.75% for the Lehigh Acres, Florida property. ​
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​ | ​ | ​ | ​ | ​ | 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
​ ​ NOTE 4 – REAL ESTATE ACQUISITIONS (CONTINUED) ​ The Company has entered into a contract to purchase a warehouse distribution center in Omaha, Nebraska for $8,000,000 which is expected to close in November 2021. ​

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