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REAL ESTATE ACQUISITIONS (Tables) | 9 Months Ended
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Sep. 30, 2024
REAL ESTATE ACQUISITIONS |
Schedule of the Company's real estate acquisitions and allocations of the purchase price | The following tables detail the Company’s real estate asset acquisitions and purchase price allocations during the nine months ended September 30, 2024 and year ended December 31, 2023 (amounts in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | Contract | ​ | ​ | ​ | Capitalized
​ | ​ | ​ | ​ | Purchase | ​ | Terms of | ​ | Transaction
Description of Industrial Property |  | Date Acquired |  | Price |  | Payment |  | Costs
Quality Custom Distribution Services, Inc. | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Albuquerque, New Mexico | ​ | April 24, 2024 | ​ | $ | 6,450 | ​ | All cash (a) | ​ | $ | 55
Russell Equipment, Inc. | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Savannah, Georgia | ​ | May 23, 2024 | ​ | ​ | 5,240 | ​ | All cash (b) | ​ | ​ | 53
Multi-tenant | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Council Bluffs, Iowa | ​ | August 19, 2024 | ​ | ​ | 33,000 | ​ | Cash and $18,425 mortgage (c) | ​ | ​ | 79
Totals - Nine months ended September 30, 2024 | ​ | $ | 44,690 |  |  | ​ | $ | 187
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Multi-tenant | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Blythewood, South Carolina | ​ | July 13, 2023 | ​ | ​ | 13,400 | ​ | Cash and $4,280 mortgage (d) | ​ | ​ | 109
Totals - Year ended December 31, 2023 | ​ | ​ | ​ | $ | 13,400 |  |  | ​ | $ | 109
​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Discount
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Market | ​ | Rate (e)
​ | ​ | ​ | ​ | ​ | Building & | ​ | Intangible Lease | ​ | Mortgage | ​ | ​ | ​ | ​ | Cap | ​ | Lease | ​ | Mortgage
Description of Industrial Property |  | Land |  | Improvements | ​ | Asset |  | Liability | ​ | Intangible | ​ | Total | ​ | Rate (e) | ​ | Intangible | ​ | Intangible
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, Georgia | ​ | ​ | 1,044 | ​ | ​ | 3,724 | ​ | ​ | 525 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 5,293 | ​ | 7.00% | ​ | 7.15% | ​ | —
Multi-tenant | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Council Bluffs, Iowa | ​ | ​ | 3,811 | ​ | ​ | 28,462 | ​ | ​ | 2,512 | ​ | ​ | (1,706) | ​ | ​ | — | ​ | ​ | 33,079 | ​ | 6.60% | ​ | 7.41% | ​ | —
Totals - Nine months ended September 30, 2024 | ​ | $ | 6,196 | ​ | $ | 38,516 | ​ | $ | 3,726 | ​ | $ | (3,561) | ​ | $ | — | ​ | $ | 44,877 | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Multi-tenant | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Blythewood, South Carolina | ​ | $ | 311 | ​ | $ | 12,304 | ​ | $ | 871 | ​ | $ | (237) | ​ | $ | 260 | ​ | $ | 13,509 | ​ | 6.75% | ​ | 6.75% | ​ | 6.00%
Totals - Year ended December 31, 2023 | ​ | $ | 311 | ​ | $ | 12,304 | ​ | $ | 871 | ​ | $ | (237) | ​ | $ | 260 | ​ | $ | 13,509 | ​ | ​ | ​ | ​ | ​ | ​
​ ​
(a) | Subsequent to the acquisition of this 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 this property, the Company obtained new mortgage debt of $2,812 bearing an interest rate of 6.00% and maturing in 2035.
(c) | Simultaneously with the acquisition of this property, the Company obtained new mortgage debt of $18,425 bearing an interest rate of 6.08% and maturing in 2034.
(d) | Simultaneously with the acquisition of this property, the Company assumed a mortgage of $4,280 bearing an interest rate of 4.60% and maturing in 2029.
(e) | The fair value of the tangible assets and intangible leases of each property and the assumed mortgage on the Blythewood, South Carolina 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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