XML 23 R13.htm IDEA: XBRL DOCUMENT
v3.22.2.2

REAL ESTATE ACQUISITION | 9 Months Ended
--- | ---
Sep. 30, 2022
REAL ESTATE ACQUISITION |
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, 2022 (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 the respective useful lives.
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | Contract | ​ | ​ | ​ | Capitalized
​ | ​ | Date | ​ | ​ | Purchase | ​ | Terms of | ​ | ​ | Transaction
Description of Property |  | Acquired |  | Price |  | Payment |  | Costs
Conditioned Air Company of Naples LLC industrial facility, | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Fort Myers, Florida | ​ | January 5, 2022 | ​ | $ | 8,100 | ​ | All cash (a) | ​ | $ | 66
Q.E.P. Co., Inc. industrial facility, | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Dalton, Georgia | ​ | May 12, 2022 | ​ | ​ | 17,000 | ​ | All cash (a) | ​ | ​ | 330
Multi-tenant industrial facility, | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Hillside, Illinois | ​ | May 16, 2022 | ​ | ​ | 5,770 | ​ | All cash | ​ | ​ | 112
Curaleaf, Inc. industrial facility, | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Lexington, Kentucky | ​ | June 17, 2022 | ​ | ​ | 8,430 | ​ | Cash and $5,480 mortgage (b) | ​ | ​ | 80
Totals - Nine months ended September 30, 2022 | ​ | ​ | ​ | $ | 39,300 |  |  | ​ | $ | 588
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ ​ ​ ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | Building & | ​ | Intangible Lease | ​ | ​ | ​ | ​ | Market Cap |  | Discount |
Description of Property |  | Land |  | Improvements |  | Asset |  | Liability | ​ | Total | ​ | Rate (c) | ​ | Rate (c) |
Conditioned Air Company of Naples LLC industrial facility, | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Fort Myers, Florida | ​ | $ | 991 | ​ | $ | 6,876 | ​ | $ | 568 | ​ | $ | (269) | ​ | $ | 8,166 | ​ | 5.50% | ​ | 5.60% | ​
Q.E.P. Co., Inc. industrial facility, | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Dalton, Georgia | ​ | ​ | 547 | ​ | ​ | 15,836 | ​ | ​ | 1,223 | ​ | ​ | (276) | ​ | ​ | 17,330 | ​ | 5.00% | ​ | 5.69% | ​
Multi-tenant industrial facility, | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Hillside, Illinois | ​ | ​ | 2,560 | ​ | ​ | 2,975 | ​ | ​ | 539 | ​ | ​ | (192) | ​ | ​ | 5,882 | ​ | 6.25% | ​ | 6.63% | (d)
Curaleaf, Inc. industrial facility, | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Lexington, Kentucky | ​ | ​ | 1,558 | ​ | ​ | 6,881 | ​ | ​ | 486 | ​ | ​ | (415) | ​ | ​ | 8,510 | ​ | 5.25% | ​ | 5.88% | ​
Totals - Nine months ended September 30, 2022 | ​ | $ | 5,656 | ​ | $ | 32,568 | ​ | $ | 2,816 | ​ | $ | (1,152) | ​ | $ | 39,888 | ​ | ​ | ​ | ​ | ​
​ ______________________
(a) | Subsequent to the acquisitions of the Fort Myers, Florida and Dalton, Georgia properties, the Company obtained new mortgage debt of $4,860 and $10,000, bearing interest rates of 3.09% and 3.50% and maturing in 2031 and 2032, respectively.
(b) | Simultaneously with the acquisition of this property, the Company obtained new mortgage debt of $5,480, bearing an interest rate of 3.85% and maturing in 2047.
(c) | The fair value of the tangible and intangible assets of each property was assessed as of the acquisition date using an income approach and estimated cash flow projections which utilize an appropriate market capitalization rate and discount rate categorized as Level 3 unobservable inputs in the fair value hierarchy (as defined in Note 12).
(d) | Represents the weighted average discount rate of the warehouse lease (i.e., 5.77%) and the office lease (i.e., 9.03%).

X
- References No definition available. + Details
Name: | us-gaap_AssetAcquisitionAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for asset acquisition. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 50 -Section 15 -Paragraph 3 -URI https://asc.fasb.org/extlink&oid=6911878&loc=d3e8732-128492 + Details
Name: | us-gaap_AssetAcquisitionTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration