Material Event Form 8 K

Item 8.01 Other Events

On November 19, 2024 we entered into an agreement to acquire two industrial properties located in Theodore, Alabama for $49 million. The two properties comprise an aggregate of 371,586 square feet and are located on approximately 31 acres. Each property has one building which is leased to two tenants. The aggregate annual base rent is approximately $3.1 million, with annual rental increases generally ranging from 2.3% to 3.5%, and the weighted average remaining lease term is approximately seven years. We expect to finance the acquisition with cash and a ten-year $29 million mortgage (interest only for five years and then amortizing on a 30 year schedule) bearing an interest rate of 6.12%. Completion of the transaction is subject to customary conditions, including the completion, to our satisfaction, of our due diligence investigation. We anticipate that this transaction will be completed in early 2025, although no assurance can be given in this regard.

Cautionary Statement Concerning Forward-Looking Statements

This Current Report on Form 8-K( the "Current Report") contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, or the Securities Act, and Section 21E of the Securities Exchange Act of 1934, as amended, or the Exchange Act. We intend such forward-looking statements to be covered by the safe harbor provision for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 and include this statement for purposes of complying with these safe harbor provisions. Forward-looking statements, which are based on certain assumptions and describe our future plans, strategies and expectations, are generally identifiable by use of the words "may," "will," "could," "believe," "expect," "intend," "anticipate," "estimate," "project," or similar expressions or variations thereof. You should not rely on forward-looking statements since they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond our control and which could materially affect actual results, performance or achievements. Factors which may cause actual results to differ materially from current expectations include, but are not limited to, risks and uncertainties associated with: our ability to complete the proposed transaction on the proposed terms or on the anticipated timeline, or at all, including risks and uncertainties related to the satisfaction of the closing conditions to consummate the transaction; the occurrence of any event, change or other circumstance that could give rise to the termination of the agreement relating to the proposed transaction; significant transaction costs and/or unknown or inestimable amounts, including closing costs, the availability, amount and terms and conditions of the contemplated financing; effects relating to the announcement of the proposed transaction or any further announcements on the ability to consummate the transaction; and the other risks and uncertainties affecting us, including those described from time to time under the captions "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" and elsewhere in our Securities and Exchange Commission ("SEC") filings and reports, including our Annual Report on Form 10-K for the year ended December 31, 2023 (the "Annual Report"), and the reports filed or to be filed subsequent to the filing of the Annual Report. Moreover, other risks and uncertainties of which we are not currently aware may also affect our forward-looking statements and may cause actual results and the timing of events to differ materially from those anticipated. The forward-looking statements made in this Current Report are made only as of the date hereof or as of the dates indicated in the forward-looking statements, even if they are subsequently made available by us on our websites or otherwise. We do not undertake any obligation to update or supplement any forward-looking statements to reflect actual results, new information, future events, changes in its expectations or other circumstances that exist after the date as of which the forward-looking statements were made.