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REAL ESTATE INVESTMENTS (Tables)

12 Months Ended

Dec. 31, 2021

REAL ESTATE INVESTMENTS

Schedule of the Company's real estate acquisitions and allocations of the purchase price

The following tables detail the Company’s real estate acquisitions and allocations of the purchase price during 2021 and 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 their respective useful lives.

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​	​	​	​	Contract		​	​	​	Capitalized
​	​	Date	​	​	Purchase	​	Terms of	​	​	Transaction
Description of Property		Acquired		Price			Payment		Costs
Pureon, Inc. 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)	​	​	77
Home Depot USA, Inc. industrial facility,	​	​	​	​	​	​	​	​	​	​
Omaha, Nebraska	​	November 12, 2021	​	​	7,975	​	All cash	​	​	67
TOTALS FOR 2021	​	​	​	$	24,330			​	$	204
​	​	​	​	​	​	​	​	​	​	​
Creative Office Environments industrial facility,	​	​	​	​	​	​	​	​	​	​
Ashland, Virginia	​	February 20, 2020	​	$	9,100		All cash (b)	​	$	119
Fed Ex industrial facility,	​	​	​	​	​	​	​	​	​	​
Lowell, Arkansas	​	February 24, 2020	​	​	19,150	​	All cash (b)		​	135
TOTALS FOR 2020	​		​	$	28,250			​	$	254

(a) In 2021, simultaneously with the acquisitions of these properties, the Company obtained new mortgage debt of $4,500 and $6,100, bearing interest rates of 3.25% and 3.17% and maturing in 2027 and 2031, respectively.

(b) In 2020, subsequent to these acquisitions, the Company obtained new mortgage debt of $5,700 and $12,500, bearing interest rates of 3.54% and 3.63% and maturing in 2035 and 2027, respectively.

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Building &

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Intangible Lease

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Market Cap

Discount

Description of Property

Land

Improvements

Asset (a)

Liability (b)

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Total

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Rate (c)

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Rate (c)

Pureon, Inc. industrial facility,

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Monroe, North Carolina

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$

897

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$

5,106

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$

1,057

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$

—

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$

7,060

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7.00%

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6.08%

Multi-tenant industrial facility,

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Lehigh Acres, Florida

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1,935

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7,393

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701

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(596)

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9,433

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6.75%

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5.60%

Home Depot USA, Inc. industrial facility,

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Omaha, Nebraska

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1,000

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6,547

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530

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(36)

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8,041

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6.25%

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6.16%

TOTALS FOR 2021

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$

3,832

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$

19,046

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$

2,288

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$

(632)

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$

24,534

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Creative Office Environments industrial facility,

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Ashland, Virginia

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$

391

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$

7,901

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$

927

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$

—

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$

9,219

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6.50%

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n/a

Fed Ex industrial facility,

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Lowell, Arkansas

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1,687

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15,188

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2,978

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(568)

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19,285

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6.25%

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6.16%

TOTALS FOR 2020

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$

2,078

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$

23,089

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$

3,905

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$

(568)

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$

28,504

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(a) The weighted average amortization period for the 2021 and 2020 acquisitions is 4.1 years and 8.3 years for the intangible lease assets, respectively.

(b) The weighted average amortization period for the 2021 and 2020 acquisitions is 8.2 years and 13.7 years for the intangible lease liabilities, respectively.

(c) The fair value of the tangible and intangible lease assets of each property was assessed as of the acquisition date using an income approach with a market capitalization and discount rate categorized as a Level 3 unobservable input in the fair value hierarchy (as definted in Note 2) .

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, 2021 will be deducted from rental income through 2032 as follows (amounts in thousands):

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​	​	​	​
2022		$	449
2023	​		256
2024	​		186
2025	​		163
2026	​		125
Thereafter	​		425
Total	​	$	1,604

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, 2021 will be added to rental income through 2055 as follows (amounts in thousands):

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​	​	​	​
2022		$	1,203
2023	​		961
2024	​		742
2025	​		519
2026	​		512
Thereafter	​		6,470
Total	​	$	10,407

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

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​	​	​	​
2022		$	1,203
2023	​		961
2024	​		742
2025	​		519
2026	​		512
Thereafter	​		6,470
Total	​	$	10,407

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