Real estate properties, net consisted of the following at June 30, 2025 and December 31, 2024:


	June 30,			December 31,
	2025			2024
Land	$	196,626		$	181,357
Buildings and improvements		1,341,262			1,114,970
Site improvements		136,851			116,341
Construction in progress		10,582			5,637
		1,685,321			1,418,305
Less: accumulated depreciation		(291,874	)		(261,608	)
Real estate properties, net	$	1,393,447		$	1,156,697

Depreciation expense was $15,626 and $16,813 for the three months ended June 30, 2025 and 2024, respectively, and $30,818 and $34,244 for the six months ended June 30, 2025 and 2024.

The Company made the following acquisitions of properties during the six months ended June 30, 2025:


Location	Date Acquired	Square Feet		Properties		Purchase Price (1)
Cincinnati, OH	February 20, 2025		263,000		1		23,300
Cincinnati, OH	March 13, 2025		240,658		2		17,851
Atlanta, GA	March 13, 2025		297,583		1	23,874 (2)
Atlanta, GA	May 20, 2025		100,420		1		11,700
Cincinnati, OH; Cleveland, OH; Columbus, OH	June 18, 2025		1,951,053		14		193,000
Total			2,852,714		19	$	269,725

(1)

Purchase price does not include capitalized acquisition costs.

(2)

The purchase price of $23,874 includes the consolidation of the net book value of $346 related to the Company’s previously held 2% interest in Plymouth MIR JV II LLC accounted for as an equity method investment. In addition, we consolidated financial assets of approximately $513, comprised of cash, cash held in escrow and other assets, and liabilities of approximately $176 comprised of accounts payable, accrued expenses and other current liabilities.

There were no acquisitions of properties during the six months ended June 30, 2024.

The allocation of the aggregate purchase price in accordance with FASB, ASU 2017-01 (Topic 805) “Business Combinations,” of the assets and liabilities acquired at their relative fair values as of their acquisition date, is as follows:


	Six Months Ended June 30, 2025
Purchase price allocation	Purchase Price			Weighted Average Amortization Period (years) of Intangibles at Acquisition
Total Purchase Price
Purchase price	$	269,725		N/A
Acquisition costs		4,278		N/A
Total	$	274,003

Allocation of Purchase Price:
Real Estate Properties
Land	$	16,280		N/A
Building		220,732		N/A
Site improvements		20,598		N/A
Total real estate properties	$	257,610

Deferred Lease Intangibles
Tenant relationships	$	2,279			4.1
Leasing commissions		2,531			4.1
Above market lease value		280			3.1
Below market lease value		(3,456	)		3.1
Below market ground lease value		310			56.5
Lease in place value		14,449			3.7
Net deferred lease intangibles	$	16,393

Totals	$	274,003

All acquisitions completed during the six months ended June 30, 2025 were considered asset acquisitions under ASC 805.

During the six months ended June 30, 2025, the Company sold a single, 33,688 square foot property located in Memphis, TN for approximately $2,385, recognizing a net gain of $301. During the six months ended June 30, 2024, the Company sold a single, 221,911 square foot property located in Kansas City, MO for approximately $9,150, recognizing a net gain of $849.