REAL ESTATE INVESTMENTS (Tables)

6 Months Ended

Jun. 30, 2022

REAL ESTATE ACQUISITION

Schedule of the Company's real estate acquisitions and allocations of the purchase price

The following tables detail the Company’s real estate acquisitions and allocations of the purchase price during the six months ended June 30, 2022 (amounts in thousands). The Company determined that with respect to each of these acquisitions, the gross assets acquired are concentrated in a single identifiable asset. Therefore, these transactions do not meet the definition of a business and are accounted for as asset acquisitions. As such, direct transaction costs associated with these asset acquisitions have been capitalized to real estate assets and depreciated over the respective useful lives.

		Contract			Capitalized
	Date		Purchase	Terms of		Transaction
Description of Property	Acquired	Price		Payment	Costs
Conditioned Air Company of Naples LLC industrial facility,
Fort Myers, Florida	January 5, 2022	$	8,100	All cash (a)	$	66
Q.E.P. Co., Inc. industrial facility,
Dalton, Georgia	May 12, 2022		17,000	All cash (a)		330
Multi-tenant industrial facility,
Hillside, Illinois	May 16, 2022		5,770	All cash		112
Curaleaf, Inc. industrial facility,
Lexington, Kentucky	June 17, 2022		8,430	Cash and $5,480 mortgage (b)		80
Totals - Six months ended June 30, 2022		$	39,300		$	588

			Building &		Intangible Lease						Market Cap	Discount
Description of Property	Land		Improvements		Asset		Liability		Total		Rate (c)	Rate (c)
Conditioned Air Company of Naples LLC industrial facility,
Fort Myers, Florida	$	991	$	6,876	$	568	$	(269)	$	8,166	5.50%	5.60%
Q.E.P. Co., Inc. industrial facility,
Dalton, Georgia		547		15,836		1,223		(276)		17,330	5.00%	5.69%
Multi-tenant industrial facility,
Hillside, Illinois		2,560		2,975		539		(192)		5,882	6.25%	6.63%	(d)
Curaleaf, Inc. industrial facility,
Lexington, Kentucky		1,558		6,881		486		(415)		8,510	5.25%	5.88%
Totals - Six months ended June 30, 2022	$	5,656	$	32,568	$	2,816	$	(1,152)	$	39,888

______________________

(a) Subsequent to the acquisitions of the Fort Myers, Florida and Dalton, Georgia properties, the Company obtained new mortgage debt of $4,860 and $10,000, bearing interest rates of 3.09% and 3.50% and maturing in 2031 and 2032, respectively.

(b) Simultaneously with the acquisition of this property, the Company obtained new mortgage debt of $5,480, bearing an interest rate of 3.85% and maturing in 2047.

(c) The fair value of the tangible and intangible assets of each property was 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 categorized as Level 3 unobservable inputs in the fair value hierarchy (as defined in Note 12).

(d) Represents the weighted average discount rate of the warehouse lease (i.e., 5.77%) and the office lease (i.e., 9.03%).