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REAL ESTATE INVESTMENTS (Tables) | 12 Months Ended
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Dec. 31, 2024
REAL ESTATE INVESTMENTS |
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 2024 and 2023 (amounts in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | Contract | ​ | ​ | ​ | Capitalized
​ | ​ | ​ | ​ | Purchase | ​ | ​ | ​ | Transaction
Description of Industrial Property |  | Date Acquired |  | Price |  | Terms of 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 for 2024 | ​ | $ | 44,690 |  |  | ​ | $ | 187
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Multi-tenant | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Blythewood, South Carolina | ​ | July 13, 2023 | ​ | $ | 13,400 | ​ | Cash and $4,280 mortgage (d) | ​ | $ | 109
Totals for 2023 | ​ | ​ | ​ | $ | 13,400 |  |  | ​ | $ | 109
(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.
Schedule of allocation of the purchase price for the company's acquisitions of real estate | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | Building & | ​ | Intangible Lease | ​ | Mortgage | ​ | ​ | ​
Description of Industrial Property |  | Land |  | Improvements | ​ | Asset (a) |  | Liability (b) | ​ | Intangible (c) | ​ | Total
Quality Custom Distribution Services, Inc. | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Albuquerque, New Mexico | ​ | $ | 1,341 | ​ | $ | 6,330 | ​ | $ | 689 | ​ | $ | (1,855) | ​ | $ | — | ​ | $ | 6,505
Russell Equipment, Inc. | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Savannah, Georgia | ​ | ​ | 1,044 | ​ | ​ | 3,724 | ​ | ​ | 525 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 5,293
Multi-tenant | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Council Bluffs, Iowa | ​ | ​ | 3,811 | ​ | ​ | 28,462 | ​ | ​ | 2,512 | ​ | ​ | (1,706) | ​ | ​ | — | ​ | ​ | 33,079
Totals for 2024 | ​ | $ | 6,196 | ​ | $ | 38,516 | ​ | $ | 3,726 | ​ | $ | (3,561) | ​ | $ | — | ​ | $ | 44,877
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Multi-tenant | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Blythewood, South Carolina | ​ | $ | 311 | ​ | $ | 12,304 | ​ | $ | 871 | ​ | $ | (237) | ​ | $ | 260 | ​ | $ | 13,509
Totals for 2023 | ​ | $ | 311 | ​ | $ | 12,304 | ​ | $ | 871 | ​ | $ | (237) | ​ | $ | 260 | ​ | $ | 13,509
​ ​
(a) | With respect to the intangible lease assets, the weighted average amortization period for the 2024 and 2023 acquisitions is 5.4 years and 1.1 years, respectively.
(b) | With respect to the intangible lease liabilities, the weighted average amortization period for the 2024 and 2023 acquisitions is 8.7 years and 1.1 years, respectively.
(c) | With respect to the mortgage intangible asset, the weighted average amortization period for the 2023 acquisition is 5.4 years.
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 acquisitions of real estate: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | Discount Rate (a)
Year | ​ | ​ | ​ | Market Cap | ​ | Lease | ​ | Mortgage
Acquired | ​ | Description of Industrial Property | ​ | Rate (a) | ​ | Intangible | ​ | Intangible
2024 | ​ | Quality Custom Distribution Services, Inc. | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Albuquerque, New Mexico | ​ | 6.75% | ​ | 7.14% | ​ | —
2024 | ​ | Russell Equipment, Inc. | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Savannah, Georgia | ​ | 7.00% | ​ | 7.15% | ​ | —
2024 | ​ | Multi-tenant | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Council Bluffs, Iowa | ​ | 6.60% | ​ | 7.41% | ​ | —
2023 | ​ | Multi-tenant | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Blythewood, South Carolina | ​ | 6.75% | ​ | 6.75% | ​ | 6.00%
(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).
​
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, 2024 | ​ | ​ | December 31, 2023
​ | ​ | ​ | Intangible | ​ | ​ | Intangible
​ | ​ | ​ | Lease Assets | ​ | ​ | Mortgage Asset | ​ | ​ | Lease Liabilities | ​ | ​ | Lease Assets | ​ | ​ | Mortgage Asset | ​ | ​ | Lease Liabilities
Accumulated amortization | ​ | $ | 17,090 | ​ | $ | 263 | ​ | $ | 2,787 | ​ | $ | 19,377 | ​ | $ | 126 | ​ | $ | 5,191
​ ​ ​ 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, | ​ | ​
​ | 2024 | ​ | 2023 | ​ | 2022 | ​ | Classification
Intangible lease assets/liabilities | $ | 1,210 | ​ | $ | 952 | ​ | $ | 831 | ​ | Rental income, net
Tenant origination costs | ​ | 3,980 | ​ | ​ | 4,821 | ​ | ​ | 4,722 | ​ | Depreciation and amortization
Intangible mortgage assets | ​ | 137 | ​ | ​ | 114 | ​ | ​ | 12 | ​ | Interest expense
​ ​
Schedule of future amortization of acquired intangibles | As of December 31, 2024, 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) | ​
2025 | $ | 91 | ​ | $ | 3,352 | ​ | $ | 137 | ​ | $ | 1,033 | ​
2026 |  | 55 | ​ | ​ | 3,158 | ​ | ​ | 137 | ​ | ​ | 1,013 | ​
2027 |  | 5 | ​ | ​ | 2,490 | ​ | ​ | 137 | ​ | ​ | 1,065 | ​
2028 |  | 2 | ​ | ​ | 1,537 | ​ | ​ | 137 | ​ | ​ | 976 | ​
2029 |  | 2 | ​ | ​ | 1,039 | ​ | ​ | 111 | ​ | ​ | 859 | ​
Thereafter |  | 5 | ​ | ​ | 1,913 | ​ | ​ | 8 | ​ | ​ | 6,806 | ​
Total | $ | 160 | ​ | $ | 13,489 | ​ | $ | 667 | ​ | $ | 11,752 | ​
(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 2034.
(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 2052.

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