Investments in Real Estate (Tables)

9 Months Ended

Sep. 30, 2023

Schedule of real estate properties

The Company acquired the following properties during the nine months ended September 30, 2023 (dollars in thousands):

				Rentable
				Square		Purchase		Transaction
Property	Market	Closing Date		Feet(1)		Price		Costs		Total
Susquehanna Street	Pennsylvania		February 15, 2023		58,000	$	15,000	$	26	$	15,026
Boltonfield Street	Ohio		March 3, 2023		157,000		20,100		29		20,129	(2)
Total					215,000	$	35,100	$	55	$	35,155	(3)

(1) Includes expected rentable square feet at completion of construction of certain properties.

(2) The tenant is expected to complete improvements at the property, for which we agreed to provide funding of up to $21.9 million.

(3) Approximately $2.6 million was allocated to land and approximately $32.6 million was allocated to building and improvements.

Schedule of future contractual minimum rent

Future contractual minimum rent (including base rent and property management fees) under the operating leases as of September 30, 2023 for future periods is summarized as follows (in thousands):

Year	Contractual Minimum Rent
2023 (three months ending December 31)	$	71,899
2024		296,878
2025		305,612
2026		314,670
2027		324,001
Thereafter		4,167,626
Total	$	5,480,686

Acquired In-Place Lease Intangible Assets

Schedule of intangible assets and related accumulated amortization

In-place lease intangible assets and related accumulated amortization as of September 30, 2023 and December 31, 2022 is as follows (in thousands):

	September 30, 2023		December 31, 2022
In-place lease intangible assets	$	9,979	$	9,979
Accumulated amortization		(1,519)		(874)
In-place lease intangible assets, net	$	8,460	$	9,105

Schedule of estimated annual amortization

Year	Amount
2023 (three months ending December 31)	$	215
2024		860
2025		860
2026		860
2027		860
Thereafter		4,805
Total	$	8,460

Above-Market Lease

Schedule of intangible assets and related accumulated amortization

The above-market lease and related accumulated amortization included in other assets, net on our condensed consolidated balance sheets as of September 30, 2023 and December 31, 2022 is as follows (in thousands):

	September 30, 2023		December 31, 2022
Above-market lease	$	1,054	$	1,054
Accumulated amortization		(164)		(95)
Above-market lease, net	$	890	$	959