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REAL ESTATE INVESTMENTS (Tables)

12 Months Ended

Dec. 31, 2023

REAL ESTATE INVESTMENTS

Schedule of the Company's real estate acquisitions

The following table details the Company’s real estate acquisitions during 2023 and 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 their respective useful lives.

​

​	​	​	​	​	​	​	​	​	​	​
​	​	​	​	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
Totals for 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
Totals for 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 and capitalized transaction costs for the Company’s acquisition of real estate during 2023 and 2022 (amounts in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Building &

​

Intangible Lease

​

Mortgage

​

​

​

Description of Industrial Property

Land

Improvements

Asset (a)

Liability (b)

​

Intangible (c)

​

Total

Multi-tenant

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Blythewood, South Carolina

​

$

311

​

$

12,304

​

$

871

​

$

(237)

​

$

260

​

$

13,509

Totals for 2023

​

$

311

​

$

12,304

​

$

871

​

$

(237)

​

$

260

​

$

13,509

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Conditioned Air Company of Naples LLC

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Fort Myers, Florida

​

$

991

​

$

6,876

​

$

568

​

$

(269)

​

$

—

​

$

8,166

Q.E.P. Co., Inc.

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Dalton, Georgia

​

​

547

​

​

15,836

​

​

1,223

​

​

(276)

​

​

—

​

​

17,330

Multi-tenant

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Hillside, Illinois

​

​

2,560

​

​

2,975

​

​

539

​

​

(192)

​

​

—

​

​

5,882

Curaleaf, Inc.

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Lexington, Kentucky

​

​

1,558

​

​

6,881

​

​

486

​

​

(415)

​

​

—

​

​

8,510

Multi-tenant

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Northwood, Ohio

​

​

181

​

​

8,306

​

​

747

​

​

(854)

​

​

336

​

​

8,716

Multi-tenant

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Northwood, Ohio

​

​

171

​

​

7,383

​

​

759

​

​

—

​

​

334

​

​

8,647

Totals for 2022

​

$

6,008

​

$

48,257

​

$

4,322

​

$

(2,006)

​

$

670

​

$

57,251

​

​

(a) With respect to the intangible lease assets, the weighted average amortization period for the 2023 and 2022 acquisitions is 1.1 years and 6.1 years, respectively.

(b) With respect to the intangible lease liabilities, the weighted average amortization period for the 2023 and 2022 acquisitions is 1.1 years and 8.8 years, respectively.

(c) With respect to the mortgage intangible assets, the weighted average amortization period for the 2023 and 2022 acquisitions is 5.4 years and 7.1 years, respectively.

​

Summary of market capitalization rate and discount rates associated with the assessment of the fair value of the related lease and mortgage intangibles for the Company's acquisition of real estate

The following table details the market capitalization and discount rates associated with the assessment of the fair value of the related lease and mortgage intangibles for the Company’s acquisition of real estate:

​

​	​	​	​	​	​	​	​	​
​	​	​	​	​	​	Discount Rate (a)
Year	​	​	​	Market Cap	​	Lease	​	Mortgage
Acquired	​	Description of Industrial Property	​	Rate (a)	​	Intangible	​	Intangible
2023	​	Multi-tenant	​	​	​	​	​	​
​	​	Blythewood, South Carolina	​	6.75%	​	6.75%	​	6.00%
2022	​	Conditioned Air Company of Naples LLC	​	​	​	​	​	​
​	​	Fort Myers, Florida	​	5.50%	​	5.60%	​	—
2022	​	Q.E.P. Co., Inc.	​	​	​	​	​	​
​	​	Dalton, Georgia	​	5.00%	​	5.69%	​	—
2022	​	Multi-tenant	​	​	​	​	​	​
​	​	Hillside, Illinois	​	6.25%	​	6.63%	(b)	—
2022	​	Curaleaf, Inc.	​	​	​	​	​	​
​	​	Lexington, Kentucky	​	5.25%	​	5.88%	​	—
2022	​	Multi-tenant	​	​	​	​	​	​
​	​	Northwood, Ohio	​	6.75%	​	5.60%	​	5.75%
2022	​	Multi-tenant	​	​	​	​	​	​
​	​	Northwood, Ohio	​	6.75%	​	5.60%	​	5.75%

(a) The fair value of the tangible and intangible leases and mortgages were 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 which are categorized as Level 3 unobservable inputs in the fair value hierarchy (as defined in Note 2).

(b) Represents the weighted average discount rate of the warehouse lease (i.e., 5.77%) and the office lease (i.e., 9.03%).

Summary of information regarding the acquired intangibles related to acquisitions of real estate

The following table details the accumulated amortization of acquired intangibles during the periods indicated (amounts in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

December 31, 2023

​

​

December 31, 2022

​

​

​

Intangible

​

​

Intangible

​

​

​

Lease Assets

​

​

Mortgage Asset (a)

​

​

Lease Liabilities

​

​

Lease Assets

​

​

Mortgage Asset (a)

​

​

Lease Liabilities

Accumulated amortization

​

$

19,377

​

$

126

​

$

5,191

​

$

23,506

​

$

12

​

$

5,061

​

(a) In connection with the assumption of below-market mortgages in 2022 and 2023 upon the acquisition of the Northwood, Ohio and Blythewood, South Carolina properties.

​

​

The following table details the amortization of acquired intangibles and the classification in the Company’s consolidated statements of income for the periods indicated (amounts in thousands):

​

​	​	​	​	​	​	​	​	​	​	​
​	Year Ended December 31,								​	​
​	2023		​	2022		​	2021		​	Classification
Intangible lease assets/liabilities	$	952	​	$	831	​	$	785	​	Rental income, net
Tenant origination costs	​	4,821	​	​	4,722	​	​	4,700	​	Depreciation and amortization
Intangible mortgage assets	​	114	​	​	12	​	​	—	​	Interest expense

​

​

Schedule of future amortization of acquired intangibles

As of December 31, 2023, the future amortization of the Company’s acquired intangibles are as follows (amounts in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

For the year ending December 31,

​

Intangible Lease Assets (a)

​

​

Tenant Origination Costs (b)

​

​

Intangible Mortgage Assets (c)

​

​

Intangible Lease Liabilities (d)

​

2024

$

154

​

$

3,685

​

$

137

​

$

1,085

​

2025

128

​

​

2,672

​

​

137

​

​

723

​

2026

91

​

​

2,462

​

​

137

​

​

704

​

2027

31

​

​

1,785

​

​

137

​

​

756

​

2028

28

​

​

1,103

​

​

137

​

​

735

​

Thereafter

80

​

​

2,462

​

​

119

​

​

6,093

​

Total

$

512

​

$

14,169

​

$

804

​

$

10,096

​

(a) The result of acquired above-market leases and will be deducted from rental income through 2032.

(b) The result of acquired in-place leases and will be charged to Depreciation and amortization expense through 2055.

(c) The result of acquired below-market mortgages and will be charged to interest expense through 2030.

(d) The result of acquired below-market leases and will be added to rental income through 2055.

X

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