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SUBSEQUENT EVENTS | 6 Months Ended
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Jun. 30, 2023
Subsequent Events [Abstract] |
SUBSEQUENT EVENTS | SUBSEQUENT EVENTS The Company evaluates subsequent events until the date the accompanying unaudited condensed consolidated financial statements are issued. Significant subsequent events are described below: Preferred Dividends On July 17, 2023, the Company paid its Series A Preferred Stock dividends of $921,875 for the second quarter of 2023, which were declared by the Company’s board of directors on June 15, 2023. On August 7, 2023, the Company’s board of directors declared Series A Preferred Stock dividends payable of $921,875 for the third quarter of 2023, which will be paid on October 16, 2023 to holders of Series A Preferred Stock of record as of September 29, 2023. Common Stock and Class C OP Unit Distributions On March 9, 2023, the Company’s board of directors authorized monthly distributions payable to common stockholders and the Class C OP Unit holders of record as of June 30, 2023, which were paid on July 25, 2023. On June 15, 2023, the Company’s board of directors authorized monthly distributions payable to common stockholders and Class C OP Unit holders of record as of July 31, 2023, August 31, 2023 and September 29, 2023, which will be paid on or about August 25, 2023, September 25, 2023 and October 25, 2023, respectively. The monthly distribution amount of $0.095833 per share represents an annualized distribution rate of $1.15 per share of common stock, which is consistent with the annual dividend rate paid since October 1, 2021. Real Estate Acquisitions On July 3, 2023, the Company acquired an industrial manufacturing property located in Piqua, Ohio leased to Vistech Manufacturing Solutions, LLC (“Vistech”) for $13,500,000. Vistech has a 20-year operating history and is a leading provider of niche automotive parts in the noise, vibration and harness category. Vistech offers die cut acoustic components and soft trims, carpet underlayment, floor silencers, stuffer pads, hardsheet, stiffeners, spare tire covers and wheel liners. Vistech is a key provider to Honda, Toyota, Nissan, Stelantis and General Motors. The property is leased for a term of 25 years with annual rent escalations of 3.0%. The seller of the property was not affiliated with the Company or its affiliates. On July 11, 2023, the Company acquired an industrial manufacturing property located in Andrews, South Carolina leased to SixAxis, LLC (“SixAxis”) for $15,440,000. SixAxis has over a 20-year operating history and is a designer and manufacturer of highly engineered, patented and modular solutions in the workplace safety market such as platforms, safety cages, fall-prevention railings, gates and mobile platform units that are fully OSHA and ADA compliant. The property is SixAxis’s primary manufacturing facility and is leased for a term of 25 years with annual rent escalations of 2.75%. The seller of the property was not affiliated with the Company or its affiliates. Real Estate Dispositions On August 10, 2023, the Company sold 13 properties consisting of 11 retail and two office properties to GIPR for total sales proceeds of $42,000,000 comprised of $30,000,000 in cash and $12,000,000 of GIPR's newly-created Series A Redeemable Preferred Stock consisting of 2,400,000 shares with a liquidation preference of $5.00 per share and an annual dividend rate of 9.5% from the original issuance date to but not including the first anniversary of the original issuance date and an annual dividend rate of 12.0% from and including the first anniversary of the original issuance date. GIPR is not affiliated with the Company or its affiliates. Revolver Drawdowns On July 3, 2023 and July 11, 2023, the Company borrowed $6,000,000 and $15,000,000, respectively, under its $150,000,000 Revolver in advance of acquiring properties located in Piqua, Ohio leased to Vistech and Andrews, South Carolina leased to SixAxis. As of the date of this report, the Company had $129,000,000 available under the Revolver, subject to borrowing base requirements. The Company will use a portion of the cash proceeds received from the asset sale to GIPR described above to prepay the Revolver.

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 855 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//855/tableOfContent Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 855 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483399/855-10-50-2 + Details
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