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REAL ESTATE ACQUISITIONS

9 Months Ended

Sep. 30, 2025

NOTE 4 – 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

(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.


											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).

Acquisition subsequent to September 30, 2025

On October 30, 2025, the Company acquired a 199,919 square foot, single-tenant industrial property located in Oakdale, Minnesota for $23,000,000, including new mortgage debt of $13,800,000 bearing an interest rate of 5.10% (interest only) and maturing in 2030.