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REAL ESTATE ACQUISITIONS | 6 Months Ended
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Jun. 30, 2024
REAL ESTATE ACQUISITIONS |
REAL ESTATE ACQUISITION | NOTE 4 – REAL ESTATE ACQUISITIONS ​ ​ The following tables detail the Company’s real estate acquisitions and purchase price allocations during the six months ended June 30, 2024 (amounts in thousands). The Company determined that with respect to 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. ​
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​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Capitalized
​ | ​ | ​ | ​ | Contract | ​ | Terms of | ​ | Transaction
Description of Industrial Property |  | Date Acquired |  | Purchase Price |  | Payment |  | Costs
Quality Custom Distribution Services, Inc. | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Albuquerque, New Mexico | ​ | April 24, 2024 | ​ | $ | 6,450 | ​ | All cash (a) | ​ | $ | 55
Russell Equipment, Inc. | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Savannah, GA | ​ | May 23, 2024 | ​ | ​ | 5,240 | ​ | All cash (b) | ​ | ​ | 53
Totals for the six months ended June 30, 2024 | ​ | ​ | ​ | $ | 11,690 |  |  | ​ | $ | 108
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​ | ​ | ​ | ​ | ​ | Building & | ​ | Intangible Lease | ​ | ​ | ​ | ​ | Market Cap | ​ | Discount
Description of Industrial Property |  | Land |  | Improvements |  | Asset |  | Liability | ​ | Total | ​ | Rate (c) | ​ | Rate (c)
Quality Custom Distribution Services, Inc. | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Albuquerque, New Mexico | ​ | $ | 1,341 | ​ | $ | 6,330 | ​ | $ | 689 | ​ | $ | (1,855) | ​ | $ | 6,505 | ​ | 6.75% | ​ | 7.14%
Russell Equipment, Inc. | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Savannah, GA | ​ | ​ | 1,044 | ​ | ​ | 3,724 | ​ | ​ | 525 | ​ | ​ | — | ​ | ​ | 5,293 | ​ | 7.00% | ​ | 7.15%
Totals for the six months ended June 30, 2024 | ​ | $ | 2,385 | ​ | $ | 10,054 | ​ | $ | 1,214 | ​ | $ | (1,855) | ​ | $ | 11,798 | ​ | ​ | ​ | ​
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(a) | Subsequent to the acquisition of the Albuquerque, New Mexico property, the Company obtained new mortgage debt of $3,401 bearing an interest rate of 6.00% and maturing in 2032.
(b) | Subsequent to the acquisition of the Savannah, Georgia property, the Company obtained new mortgage debt of $2,812 bearing an interest rate of 6.00% and maturing in 2035.
(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).

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- 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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