Real Estate Properties, Net (Tables)
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6 Months Ended |
Jun. 30, 2025 |
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| Real Estate [Abstract] |
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| Schedule of Real Estate Properties |
Real estate properties, net consisted of the following at June 30, 2025 and December 31, 2024:
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June 30, |
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December 31, |
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2025 |
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2024 |
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Land |
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$ |
196,626 |
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$ |
181,357 |
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Buildings and improvements |
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1,341,262 |
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1,114,970 |
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Site improvements |
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136,851 |
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116,341 |
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Construction in progress |
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10,582 |
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5,637 |
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1,685,321 |
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1,418,305 |
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Less: accumulated depreciation |
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(291,874 |
) |
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(261,608 |
) |
Real estate properties, net |
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$ |
1,393,447 |
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|
$ |
1,156,697 |
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| Schedule of Real Estate Acquisitions |
The Company made the following acquisitions of properties during the six months ended June 30, 2025:
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Location |
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Date Acquired |
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Square Feet |
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Properties |
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Purchase Price (1) |
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Cincinnati, OH |
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February 20, 2025 |
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263,000 |
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1 |
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23,300 |
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Cincinnati, OH |
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March 13, 2025 |
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240,658 |
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2 |
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17,851 |
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Atlanta, GA |
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March 13, 2025 |
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297,583 |
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1 |
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23,874 (2) |
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Atlanta, GA |
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May 20, 2025 |
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100,420 |
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1 |
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11,700 |
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Cincinnati, OH; Cleveland, OH; Columbus, OH |
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June 18, 2025 |
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1,951,053 |
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14 |
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193,000 |
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Total |
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2,852,714 |
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19 |
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$ |
269,725 |
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(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 $176 comprised of accounts payable, accrued expenses and other current liabilities.
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| Schedule of Recognized Identified Assets Acquired and Liabilities Assumed |
The allocation of the aggregate purchase price in accordance with FASB, ASU 2017-01 (Topic 805) “Business Combinations,” of the assets and liabilities acquired at their relative fair values as of their acquisition date, is as follows:
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Six Months Ended
June 30, 2025 |
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Purchase price allocation |
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Purchase Price |
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Weighted Average Amortization Period (years) of Intangibles at Acquisition |
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Total Purchase Price |
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Purchase price |
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$ |
269,725 |
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N/A |
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Acquisition costs |
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4,278 |
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N/A |
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Total |
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$ |
274,003 |
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Allocation of Purchase Price: |
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Real Estate Properties |
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Land |
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$ |
16,280 |
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N/A |
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Building |
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220,732 |
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N/A |
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Site improvements |
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20,598 |
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N/A |
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Total real estate properties |
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$ |
257,610 |
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Deferred Lease Intangibles |
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Tenant relationships |
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$ |
2,279 |
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4.1 |
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Leasing commissions |
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2,531 |
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4.1 |
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Above market lease value |
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|
280 |
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3.1 |
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Below market lease value |
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(3,456 |
) |
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3.1 |
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Below market ground lease value |
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310 |
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56.5 |
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Lease in place value |
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14,449 |
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3.7 |
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Net deferred lease intangibles |
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$ |
16,393 |
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Totals |
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$ |
274,003 |
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