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REAL ESTATE ACQUISITIONS (Tables)

9 Months Ended

Sep. 30, 2021

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.


		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.

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