Real Estate Assets and Discontinued Operations (Tables)

12 Months Ended

Dec. 31, 2022

Real Estate Assets and Discontinued Operations

Schedule of real estate assets

	Estimated
	Useful Lives	December 31, 2022		December 31, 2021
Land		$	71,148	$	55,104
Land improvements	10 to 30 years		78,974		65,520
Buildings and improvements	10 to 40 years		379,864		295,964
Tenant improvements	Shorter of useful life or terms of related lease		32,753		31,576
Construction in progress			21,419		20,799
Development costs			3,722		3,673
			587,880		472,636
Accumulated depreciation			(98,219)		(84,989)
		$	489,661	$	387,647

Schedule of total depreciation expense and capitalized interest related to real estate assets

	Year Ended December 31,
	2022		2021
Depreciation expense	$	16,214	$	12,944

Schedule of income from discontinued operations

	Year Ended December 31,
	2022		2021
Rental revenue	$	2,003	$	2,112
Expenses:
Operating expenses of rental properties		779		736
Real estate taxes		297		324
Depreciation and amortization expense		236		897
General and administrative expenses		57		—
Total expenses		1,369		1,957
Income from discontinued operations	$	634	$	155

Schedule of real estate held for sale

	December 31, 2022		December 31, 2021
Land	$	—	$	31
Land improvements		—		1,840
Buildings and improvements		—		15,396
Tenant improvements		—		3,485
Construction in progress		—		338
		—		21,090
Accumulated depreciation		—		(14,571)
		—		6,519
Other assets		29		1,471
Total assets of discontinued operations	$	29	$	7,990
Accounts payable and accrued liabilities	$	75	$	67
Deferred revenue		—		620
Other liabilities		44		145
Total liabilities of discontinued operations	$	119	$	832

Schedule of cash flows from discontinued operations

	Year Ended December 31,
	2022		2021
Net cash provided by (used in) operating activities of discontinued operations	$	663	$	(28)
Net cash provided by (used in) investing activities of discontinued operations	$	8,640	$	(791)
Net cash provided by financing activities of discontinued operations	$	—	$	—

2022 Acquisitions

Real Estate Assets and Discontinued Operations

Schedule of purchase price allocation

	782 Paragon Way		3312 Shader Road		6600 High Ridge Road		7700 High Ridge Road		Allentown, PA Land		Rock Hill, SC Land		Total
Land	$	1,469	$	2,828	$	1,673	$	2,346	$	6,614	$	1,121	$	16,051
Land improvements		329		213		194		174		—		—		910
Buildings and improvements		22,228		11,179		6,318		5,696		—		—		45,421
Tenant improvements		—		107		44		40		—		—		191
Intangible assets		—		684		421		383		—		—		1,488
Intangible liabilities		—		(186)		—		(462)		—		—		(648)
	$	24,026	$	14,825	$	8,650	$	8,177	$	6,614	$	1,121	$	63,413

2021 Acquisitions

Real Estate Assets and Discontinued Operations

Schedule of purchase price allocation

2021	7770 Palmetto		2345 Township		2850 Interstate		7800 Tuckaseegee		6355 Farm Bureau		Landstar Land			American Pkwy Land	Total
Land	$	3,166	$	1,197	$	2,369	$	4,606	$	2,163	$	5,658	$	4,229	$	23,388
Land improvements		4,182		671		2,832		3,526		388		—		—		11,599
Buildings and improvements		20,077		12,337		12,280		33,348		10,036		—		—		88,078
Tenant improvements		113		20		48		200		132		—		—		513
Intangible assets		950		710		558		1,462		918		—		—		4,598
Intangible liabilities		—		—		(228)		(640)		(1,709)		—		—		(2,577)
	$	28,488	$	14,935	$	17,859	$	42,502	$	11,928	$	5,658	$	4,229	$	125,599