Note D - Acquisitions and Dispositions of Investments in Real Estate

6 Months Ended

Jun. 30, 2022

Notes to Financial Statements

Asset Acquisition [Text Block]

Note D – Acquisitions and Dispositions of Investments in Real Estate

2022

The following table is a summary of the parking asset acquisitions during the six months ended June 30, 2022.

Property	Location	Date Acquired	Property Type	# Spaces		Size / Acreage		Retail Sq. Ft.		Purchase Price
222 Sheridan Bricktown Garage LLC	Oklahoma City, OK	6/7/2022	Garage		555		0.64		15,628	$	17,513,000

The following table is a summary of the allocated acquisition value of the property acquired by the Company during the six months ended June 30, 2022.

	Assets
	Land and Improvements		Building and improvements		In-Place Lease Value		Total assets acquired
222 Sheridan Bricktown Garage LLC (a)	$	1,314,000	$	16,020,000	$	179,000	$	17,513,000
	$	1,314,000	$	16,020,000	$	179,000	$	17,513,000

a. The in-place lease asset has a life of 5 years and is included in intangible assets on the consolidated balance sheet. 

2021

The following table is a summary of the parking asset acquisitions for the year ended December 31, 2021.

Property	Location	Date Acquired	Property Type	# Spaces		Size / Acreage		Retail Sq. Ft.		Purchase Price
1W7 Carpark, LLC	Cincinnati, OH	8/25/2021	Garage		765		1.21		18,385	$	32,122,000
222W7, LLC	Cincinnati, OH	8/25/2021	Garage		1,625		1.84		—	$	28,314,000
322 Streeter, LLC	Chicago, IL	8/25/2021	Garage		1,154		2.81		—	$	38,483,000
2nd Street, LLC	Miami, FL	9/9/2021	Contract		118		N/A		—	$	3,253,000
Denver 1725 Champa Street Garage	Denver, CO	11/3/2021	Garage		450		0.72		—	$	16,274,000

The following table is a summary of the allocated acquisition value of all properties acquired by the Company for the year ended December 31, 2021.

	Assets
	Land and Improvements		Building and improvements		In-Place Lease Value		Contract Value		Total assets acquired
1W7 Carpark (a)	$	2,995,000	$	28,819,000	$	308,000	$	-	$	32,122,000
222W7		4,391,000		23,923,000		—		—		28,314,000
322 Streeter		11,387,000		27,096,000		—		—		38,483,000
2nd Street (a)		93,000		—		—		3,160,000		3,253,000
Denver 1725 Champa Street Garage		7,414,000		8,860,000		—		—		16,274,000
	$	26,280,000	$	88,698,000	$	308,000	$	3,160,000	$	118,446,000

a. The value of in-place lease assets and the 2^nd Street contract are included in intangible assets on the consolidated balance sheet. The life of the in-place lease at 1W7 is 5 years. The life of the contract at 2^nd Street is indefinite.

There were no dispositions of investments in real estate or properties held for sale as of June 30, 2022 and December 31, 2021.