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REAL ESTATE INVESTMENT (Tables)

9 Months Ended

Sep. 30, 2023

REAL ESTATE ACQUISITION

Schedule of the Company's 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):

​

​	​	​	​	​	​	​	​	​	​	​
​	​	​	​	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.

Schedule of allocation of the purchase price for the company's acquisitions of real estate

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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​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

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

​

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- References

No definition available.

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- Definition

Tabular disclosure of 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

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- Definition

Tabular disclosure of the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed. May include but not limited to the following: (a) acquired receivables; (b) contingencies recognized at the acquisition date; and (c) the fair value of noncontrolling interests in the acquiree.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Paragraph 1
-Section 50
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479907/805-20-50-1

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