REAL ESTATE ACQUISITIONS

9 Months Ended

Sep. 30, 2026

NOTE 4 – REAL ESTATE ACQUISITIONS

Acquisitions

The following table details the Company’s real estate asset acquisitions during the nine months ended September 30, 2026 (amounts in thousands):


				Contract			Mortgage Terms on Acquired Property									Capitalized
				Purchase			Amount of				Interest			Year of		Transaction
Description of Industrial Property		Date Acquired		Price			Debt				Rate			Maturity		Costs
Mondelez Global LLC
Greensboro, North Carolina		January 29, 2026		$	7,700		$	4,047	(a)		5.53	%		2033		$	38
Mondelez Global LLC
West Columbia, South Carolina		January 29, 2026			6,600			3,656	(a)		5.53	%		2033			33
Mondelez Global LLC
Omaha, Nebraska		January 29, 2026			6,900			3,808	(a)		5.53	%		2033			38
Mondelez Global LLC
Birmingham, Alabama		January 29, 2026			5,600			—			—			—			45
ABC Supply Interiors, Inc.
Oklahoma City, Oklahoma		January 29, 2026			2,800			1,581	(a)		5.53	%		2033			40
ABC Supply Interiors, Inc.
Spanish Fork, Utah		January 29, 2026			4,000			2,686	(a)		5.53	%		2033			48
Husqvarna U.S. Holding, Inc.
Blythewood, South Carolina (b)		January 29, 2026			15,500			10,500	(c)		5.40	%		2031			39
Bimbo Bakeries, Inc.
Richland, Mississippi		January 29, 2026			2,100			1,224	(a)		5.53	%		2033			39
HABE USA, Inc.
Richland, Mississippi		January 29, 2026			2,000			—			—			—			33
Owens & Minor Distribution, Inc.
Richland, Mississippi		January 29, 2026			3,500			—			—			—			34
Land and improvements
Blythewood, South Carolina (b)		April 30, 2026			800			—			—			—			34
Pratt, Inc.
Ocala, Florida		September 23, 2026			11,300			—			—			—			64
Totals for the nine months ended September 30, 2026				$	68,800		$	27,502								$	485

(a)	These new mortgages were obtained simultaneously with the acquisition of such properties and are cross-defaulted.

(b)	The properties are adjacent to one another.

(c)	This new mortgage debt was obtained subsequent to the acquisition of such property.

NOTE 4 – REAL ESTATE ACQUISITIONS (CONTINUED)

The following table details the Company’s purchase price allocations on the real estate asset acquisitions during the nine months ended September 30, 2026 (amounts in thousands):


														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%
Land and improvements
Blythewood, South Carolina			792			42		—			—		834	n/a	n/a
Pratt, Inc.
Ocala, Florida			2,620			7,357		1,504			(117)		11,364	7.10%	7.02%
Totals for the nine months ended September 30, 2026		$	11,057		$	53,162	$	6,493		$	(1,427)	$	69,285

(a)

The fair value of 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 Contract

On September 30, 2026, the Company entered into a contract, as amended, to purchase for $34,000,000 a 277,117 square foot portfolio comprised of four industrial properties located in the Milwaukee, Wisconsin MSA and leased to seven tenants. The Company anticipates (i) financing this purchase with new mortgage debt of $20,550,000 bearing an interest rate of 6.36% and maturing in 2031 and (ii) the closing will occur during the three months ending December 31, 2026.