REAL ESTATE ACQUISITIONS

3 Months Ended

Mar. 31, 2026

NOTE 4 – REAL ESTATE ACQUISITIONS

The following tables detail the Company’s real estate asset acquisitions (all of which were acquired on January 29, 2026) and purchase price allocations during the three months ended March 31, 2026 (amounts in thousands):


		Contract			Mortgage Terms on Acquired Property									Capitalized
		Purchase			Amount of				Interest			Year of		Transaction
Description of Industrial Property		Price			Debt				Rate			Maturity		Costs
Mondelez Global LLC
Greensboro, North Carolina		$	7,700		$	4,047	(a)		5.53	%		2033		$	38
Mondelez Global LLC
West Columbia, South Carolina			6,600			3,656	(a)		5.53	%		2033			33
Mondelez Global LLC
Omaha, Nebraska			6,900			3,808	(a)		5.53	%		2033			38
Mondelez Global LLC
Birmingham, Alabama			5,600			—			—			—			45
ABC Supply Interiors, Inc.
Oklahoma City, Oklahoma			2,800			1,581	(a)		5.53	%		2033			40
ABC Supply Interiors, Inc.
Spanish Fork, Utah			4,000			2,686	(a)		5.53	%		2033			48
Husqvarna U.S. Holding, Inc.
Blythewood, South Carolina			15,500			—			—			—			39
Bimbo Bakeries, Inc.
Richland, Mississippi			2,100			1,224	(a)		5.53	%		2033			39
HABE USA, Inc.
Richland, Mississippi			2,000			—			—			—			33
Owens & Minor Distribution, Inc.
Richland, Mississippi			3,500			—			—			—			34
Totals for the three months ended March 31, 2026		$	56,700		$	17,002								$	387

(a)	These mortgages are cross-defaulted.


														Rate (a)
					Building &		Intangible Lease							Market
Description of Industrial Property		Land			Improvements		Asset			Liability		Total		Cap	Discount
Mondelez Global LLC
Greensboro, North Carolina		$	871		$	6,271	$	859		$	(263)	$	7,738	5.75%	7.25%
Mondelez Global LLC
West Columbia, South Carolina			501			5,631		805			(304)		6,633	5.75%	7.25%
Mondelez Global LLC
Omaha, Nebraska			1,707			4,719		897			(385)		6,938	6.25%	7.75%
Mondelez Global LLC
Birmingham, Alabama			698			4,759		188			—		5,645	5.75%	7.25%
ABC Supply Interiors, Inc.
Oklahoma City, Oklahoma			618			1,864		358			—		2,840	6.75%	8.25%
ABC Supply Interiors, Inc.
Spanish Fork, Utah			1,432			2,384		463			(231)		4,048	5.75%	7.25%
Husqvarna U.S. Holding, Inc.
Blythewood, South Carolina			526			14,807		206			—		15,539	5.75%	7.25%
Bimbo Bakeries, Inc.
Richland, Mississippi			578			1,232		329			—		2,139	9.00%	10.50%
HABE USA, Inc.
Richland, Mississippi			279			1,483		341			(70)		2,033	9.00%	10.50%
Owens & Minor Distribution, Inc.
Richland, Mississippi			435			2,613		543			(57)		3,534	8.75%	10.25%
Totals for the three months ended March 31, 2026		$	7,645		$	45,763	$	4,989		$	(1,310)	$	57,087

(a)

The fair value of the tangible assets and lease-related intangibles were 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 which are categorized as Level 3 unobservable inputs in the fair value hierarchy (as defined in Note 10).

Acquisition subsequent to March 31, 2026

On April 30, 2026, the Company acquired 14 acres of land for $800,000 – this land is adjacent to the Blythewood, South Carolina property acquired on January 29, 2026.