| Investments in Real Estate |
Note 3 - Investments in Real Estate Investments in real estate, net consisted of the following ($ in thousands):
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December 31, 2025 |
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December 31, 2024 |
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Building and building improvements |
|
$ |
590,628 |
|
|
$ |
219,684 |
|
Land and land improvements |
|
|
98,465 |
|
|
|
29,244 |
|
Furniture, fixtures and equipment |
|
|
5,348 |
|
|
|
1,094 |
|
Tenant improvements |
|
|
6,736 |
|
|
|
2,513 |
|
Total |
|
|
701,177 |
|
|
|
252,535 |
|
Accumulated depreciation |
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|
(16,765 |
) |
|
|
(6,868 |
) |
Investment in real estate, net |
|
$ |
684,412 |
|
|
$ |
245,667 |
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Acquisitions During the year ended December 31, 2025, the Company acquired $471.2 million of real estate investments, which were comprised of seven industrial properties and two multifamily properties. During the year ended December 31, 2024, the Company acquired $107.2 million of real estate investments, which were comprised of one multifamily property and one industrial property. The following table provides further details of the properties acquired during the years ended December 31, 2025 and 2024 ($ in thousands):
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Location |
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Property Type |
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Acquisition Date |
|
Total Purchase Price (1) |
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2025 Acquisitions: |
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2865 Charter Street |
|
Columbus, Ohio |
|
Industrial |
|
March 2025 |
|
$ |
75,230 |
|
Parc Westborough |
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Westborough, Massachusetts |
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Multifamily |
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May 2025 |
|
|
96,687 |
|
3707 W NC 10 Hwy |
|
Newton, North Carolina |
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Industrial |
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August 2025 |
|
|
55,261 |
|
8681 W Jefferson Street |
|
Tolleson, Arizona |
|
Industrial |
|
September 2025 |
|
|
33,998 |
|
2400 S Council Road |
|
Oklahoma City, Oklahoma |
|
Industrial |
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December 2025 |
|
|
60,135 |
|
111 Eames Street |
|
Wilmington, Massachusetts |
|
Industrial |
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December 2025 |
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|
17,114 |
|
100 John Road |
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Canton, Massachusetts |
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Industrial |
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December 2025 |
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15,651 |
|
1450 S Loop Road |
|
Alameda, California |
|
Industrial |
|
December 2025 |
|
|
21,542 |
|
The Brooke at Rocky Point |
|
Tampa, Florida |
|
Multifamily |
|
December 2025 |
|
|
95,534 |
|
Total 2025 acquisitions |
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|
|
|
|
|
|
$ |
471,152 |
|
|
|
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2024 Acquisitions: |
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4553 Cayce Road |
|
Byhalia, Mississippi |
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Industrial |
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May 2024 |
|
$ |
57,839 |
|
The Beckett |
|
Charleston, South Carolina |
|
Multifamily |
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May 2024 |
|
|
49,402 |
|
Total 2024 acquisitions |
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|
|
|
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$ |
107,241 |
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(1)Purchase price is inclusive of closing costs. The following table summarizes the purchase price allocation for the properties acquired during the years ended December 31, 2025 and 2024 ($ in thousands):
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December 31, 2025 |
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|
December 31, 2024 |
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Building and building improvements |
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$ |
370,943 |
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|
$ |
86,888 |
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Land and land improvements |
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|
68,968 |
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|
|
6,404 |
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In-place lease intangibles |
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|
36,546 |
|
|
|
9,950 |
|
Furniture, fixtures and equipment |
|
|
4,177 |
|
|
|
1,094 |
|
Tenant improvements |
|
|
4,224 |
|
|
|
1,892 |
|
Above-market lease intangibles |
|
|
1,077 |
|
|
|
1,013 |
|
Below-market lease intangibles |
|
|
(14,783 |
) |
|
|
- |
|
Total purchase price |
|
$ |
471,152 |
|
|
$ |
107,241 |
|
Intangible assets are recorded in other assets and intangible liabilities are recorded in other liabilities on the accompanying consolidated balance sheet. The intangibles of the properties are amortized over the remaining lease terms that they were derived from. As a result, the Company's intangibles have a weighted average amortization period of approximately 11 years. During the years ended December 31, 2025 and December 31, 2024, the Company did not recognize any impairment on its real estate investments.
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