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REAL ESTATE ACQUISITIONS | 3 Months Ended
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Mar. 31, 2025
REAL ESTATE ACQUISITIONS |
REAL ESTATE ACQUISITION | NOTE 4 – REAL ESTATE ACQUISITIONS ​ ​ The following tables detail the Company’s real estate asset acquisitions and purchase price allocations during the three months ended March 31, 2025 (amounts in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | Contract | ​ | ​ | ​ | Capitalized
​ | ​ | ​ | ​ | Purchase | ​ | ​ | ​ | Transaction
Description of Industrial Property |  | Date Acquired |  | Price |  | Terms of Payment |  | Costs
Multi-tenant (2 properties) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Theodore, Alabama | ​ | January 16, 2025 | ​ | $ | 49,000 | ​ | Cash and $29,000 mortgage (a) | ​ | $ | 197
Amazon.com Services, LLC | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Wichita, Kansas | ​ | February 6, 2025 | ​ | ​ | 13,300 | ​ | Cash and $7,500 mortgage (b) | ​ | ​ | 230
Multi-tenant | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Council Bluffs, Iowa | ​ | March 14, 2025 | ​ | ​ | 26,000 | ​ | Cash and $15,600 mortgage (c) | ​ | ​ | 111
Totals for the three months ended March 31, 2025 | ​ | $ | 88,300 |  |  | ​ | $ | 538
​
(a) | Simultaneously with the acquisition of these properties, the Company obtained new mortgage debt of $29,000 encumbering both properties, bearing an interest rate of 6.12% and maturing in 2035.
(b) | Simultaneously with the acquisition of this property, the Company obtained new mortgage debt of $7,500 bearing an interest rate of 6.09% and maturing in 2030.
(c) | Simultaneously with the acquisition of this property, the Company obtained new mortgage debt of $15,600 bearing an interest rate of 6.42% and maturing in 2035.
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​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Rate (a)
​ | ​ | ​ | ​ | ​ | Building & | ​ | Intangible Lease | ​ | ​ | ​ | ​ | Market | ​ | ​
Description of Industrial Property |  | Land |  | Improvements | ​ | Asset |  | Liability | ​ | Total | ​ | Cap | ​ | Discount
Multi-tenant (2 properties) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Theodore, Alabama | ​ | $ | 610 | ​ | $ | 45,790 | ​ | $ | 3,847 | ​ | $ | (1,050) | ​ | $ | 49,197 | ​ | 6.25% | ​ | 7.20%
Amazon.com Services, LLC | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Wichita, Kansas | ​ | ​ | 1,129 | ​ | ​ | 10,730 | ​ | ​ | 1,685 | ​ | ​ | (14) | ​ | ​ | 13,530 | ​ | 7.00% | ​ | 7.32%
Multi-tenant | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Council Bluffs, Iowa | ​ | ​ | 5,722 | ​ | ​ | 18,124 | ​ | ​ | 2,356 | ​ | ​ | (91) | ​ | ​ | 26,111 | ​ | 7.00% | ​ | 7.32%
Totals for the three months ended March 31, 2025 | ​ | $ | 7,461 | ​ | $ | 74,644 | ​ | $ | 7,888 | ​ | $ | (1,155) | ​ | $ | 88,838 | ​ | ​ | ​ | ​
​ ​
(a) | The fair value of the tangible assets and lease-related intangibles 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 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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