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REAL ESTATE ACQUISITIONS (Tables) | 9 Months Ended
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Sep. 30, 2025
REAL ESTATE ACQUISITIONS |
Schedule of the Company's real estate acquisitions | The following tables detail the Company’s real estate asset acquisitions and purchase price allocations during the nine months ended September 30, 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
Charter Next Generation, Inc. | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Blythewood, South Carolina | ​ | August 27, 2025 | ​ | ​ | 24,000 | ​ | Cash and $14,000 mortgage (d) | ​ | ​ | 87
Totals for the nine months ended September 30, 2025 | ​ | $ | 112,300 |  |  | ​ | $ | 625
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(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.
​
(d) | Simultaneously with the acquisition of this property, the Company obtained new mortgage debt of $14,000 bearing an interest rate of 5.77% and maturing in 2030.
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Schedule of allocation of the purchase price for the company's acquisitions of real estate |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 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%
Charter Next Generation, Inc. | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Blythewood, South Carolina | ​ | ​ | 1,226 | ​ | ​ | 20,968 | ​ | ​ | 1,893 | ​ | ​ | — | ​ | ​ | 24,087 | ​ | 6.00% | ​ | 7.75%
Totals for the nine months ended September 30, 2025 | ​ | $ | 8,687 | ​ | $ | 95,612 | ​ | $ | 9,781 | ​ | $ | (1,155) | ​ | $ | 112,925 | ​ | ​ | ​ | ​
(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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