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REAL ESTATE ACQUISITIONS

6 Months Ended

Jun. 30, 2024

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.


					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


			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

(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).