As of June 30, 2026, we wholly owned 21 industrial real estate properties totaling approximately 5.1 million square feet of GLA located in eight states, including Indiana, Iowa, Kansas, Mississippi, Missouri, Ohio, Oklahoma, and Texas. Below is a summary of our investments in wholly-owned real estate, before depreciation and amortization, as of June 30, 2026 and December 31, 2025:


($s in thousands)	June 30, 2026			December 31, 2025
Buildings and improvements	$	323,422		$	347,880
Land		50,349			53,025
Land improvements		39,277			42,358
Work in progress		86			86
Tenant improvements		500			500
Acquired value of in-place leases		47,759			51,660
Above market rent lease intangibles		308			308
Below market rent lease intangibles		(5,094	)		(5,901	)
Total investments in real estate	$	456,607		$	489,916

During the three and six months ended June 30, 2026 and 2025, we recognized the following depreciation expense associated with our tangible real estate assets:


	Three Months Ended				Six Months Ended
	June 30, 2026		June 30, 2025		June 30, 2026		June 30, 2025
Depreciation	$	2,762	$	2,352	$	5,573	$	4,359

During the six months ended June 30, 2026, we did not make any acquisitions. During the six months ended June 30, 2025, we acquired four industrial real estate assets, totaling approximately 1.2 million square feet, for a total Purchase Price (including contract purchase price and transaction costs, as defined previously) of approximately $101.5 million.

During the six months ended June 30, 2026, we did not make any dispositions. On April 25, 2025, we sold one industrial property of 56,000 square feet in Sulphur, Louisiana, for $8.3 million. The book basis of the sold property was approximately $6.8 million. We recognized a gain of approximately $1.2 million. The net sales proceeds of $7.9 million were used to partially fund an acquisition that closed on June 30, 2025.

In January 2026, the Company formed a DST and contributed a property acquired in December 2025 to the DST. See "Note 5. Investment in DST" for more information.

During the three and six months ended June 30, 2026 and 2025, the Company recognized the following lease intangibles amortization:


	Three Months Ended						Six Months Ended
($s in thousands)	June 30, 2026			June 30, 2025			June 30, 2026			June 30, 2025
Acquired value of in-place leases	$	2,739		$	2,121		$	5,520		$	3,712
Above market intangible lease asset	$	16		$	1		$	32		$	2
Below market intangible lease liability	$	(312	)	$	(232	)	$	(617	)	$	(379	)

The following table summarizes future amortization of acquired lease intangibles as of June 30, 2026:


($s in thousands)	Acquired Value of In-Place Leases		Above Market Intangible Lease Asset		Below Market Intangible Lease Liability
2026	$	5,355	$	33	$	(615	)
2027		8,925		65		(1,052	)
2028		5,352		27		(594	)
2029		3,349		2		(393	)
2030		1,088		2		(130	)
Thereafter		2,511		66		(319	)
Total	$	26,580	$	195	$	(3,103	)
Weighted average amortization period (years)		3.2		13.9		3.6