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REAL ESTATE ACQUISITION

9 Months Ended

Sep. 30, 2023

REAL ESTATE ACQUISITION

REAL ESTATE ACQUISITION

NOTE 4 – REAL ESTATE ACQUISITIONS

The following table details the Company’s real estate acquisitions during the nine months ended September 30, 2023 and the year ended December 31, 2022 (amounts in thousands):

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​	​	​	​	​	​	​	​	​	​	​
​	​	​	​	Contract		​	​	​	Capitalized
​	​	Date	​	​	Purchase	​	Terms of	​	​	Transaction
Description of Industrial Property		Acquired		Price			Payment		Costs
Multi-tenant	​	​	​	​	​	​	​	​	​	​
Blythewood, South Carolina	​	July 13, 2023	​	$	13,400	​	Cash and $4,280 mortgage (a)	​	$	109
TOTAL - Nine months ended September 30, 2023	​	​	​	$	13,400			​	$	109
​	​	​	​	​	​	​	​	​	​	​
Conditioned Air Company of Naples LLC	​	​	​	​	​	​	​	​	​	​
Fort Myers, Florida	​	January 5, 2022	​	$	8,100	​	All cash (b)	​	$	66
Q.E.P. Co., Inc.	​	​	​	​	​	​	​	​	​	​
Dalton, Georgia	​	May 12, 2022	​	​	17,000	​	All cash (b)	​	​	330
Multi-tenant	​	​	​	​	​	​	​	​	​	​
Hillside, Illinois	​	May 16, 2022	​	​	5,770	​	All cash	​	​	112
Curaleaf, Inc.	​	​	​	​	​	​	​	​	​	​
Lexington, Kentucky	​	June 17, 2022	​	​	8,430	​	Cash and $5,480 mortgage (c)	​	​	80
Multi-tenant	​	​	​	​	​	​	​	​	​	​
Northwood, Ohio	​	November 15, 2022	​	​	8,629	​	Cash and $6,034 mortgage (d)	​	​	87
Multi-tenant	​	​	​	​	​	​	​	​	​	​
Northwood, Ohio	​	November 15, 2022	​	​	8,561	​	Cash and $6,034 mortgage (d)	​	​	86
TOTAL - Year ended December 31, 2022	​	​	​	$	56,490			​	$	761

(a) Simultaneously with the acquisition of this property, the Company assumed a $4,280 mortgage, bearing an interest rate of 4.60% and maturing in 2029.

(b) 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.

(c) 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.

(d) Simultaneously with the acquisition of these properties, the Company assumed a $6,034 mortgage encumbering both properties, bearing an interest rate of 3.57% and maturing in 2030.

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The following table details the allocation of the purchase price of the real estate acquired during the nine months ended September 30, 2023 (amounts in thousands):

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​

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​

​

​

​

​

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Building &

​

Intangible Lease

​

Mortgage

​

​

​

Description of Property

Land

Improvements

Asset

Liability

​

Intangible

​

Total

Multi-tenant

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Blythewood, South Carolina

​

$

311

​

$

12,304

​

$

871

​

$

(237)

​

$

260

​

$

13,509

TOTAL - Nine months ended September 30, 2023

​

$

311

​

$

12,304

​

$

871

​

$

(237)

​

$

260

​

$

13,509

​

X

- References

No definition available.

+ Details

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X

- Definition

The entire disclosure for asset acquisition.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 805
-SubTopic 50
-Name Accounting Standards Codification
-Section 15
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480123/805-50-15-3

+ Details

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