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REAL ESTATE ACQUISITIONS

9 Months Ended

Sep. 30, 2024

NOTE 4 – REAL ESTATE ACQUISITIONS

Acquisitions

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).