On December 23, 2024, the Company (through its Operating Partnership) acquired for cash a property located at 9111 Cheetos Circle, Fort Myers, Florida, consisting of approximately 10.5 acres of land and a 104,120 square-foot building for $35.0 million, exclusive of closing costs. The property is leased to Frito-Lay (a wholly owned subsidiary of PepsiCo) pursuant to a 10-year lease agreement expiring on December 31, 2034.

The following table summarizes the Company’s allocation of the purchase price, including closing costs, of assets acquired during the year ended December 31, 2024:


	Purchase Price Allocation
Land	$	5,437
Building and improvements		27,625
Acquired lease intangible assets		1,089
Other assets		1,403
Total consideration	$	35,554

On January 29, 2025, the Company (through its Operating Partnership) acquired for cash a 5.36 acre lot in Charlotte, North Carolina for $3.9 million, exclusive of closing costs. The property is currently leased to Excel Inc. (d/b/a DHL Supply Chain) pursuant to a lease expiring on December 31, 2025.

The following table summarizes the Company’s allocation of the purchase price, including closing costs, of assets acquired during the three months ended March 31, 2025:


	Purchase Price Allocation
Land	$	3,937
Land improvements		16
Acquired lease intangible assets/liabilities (1)		(2	)
Other assets		6
Total consideration	$	3,957

(1)

Acquired lease intangible assets/liabilities include both in-place and below-market lease allocations.