Company: SACH
Filing Date: 2025-11-05
Form Type: 10-Q
Source: 0001682220-25-000070
Chunk: 58

Company: Sachem Capital Corp.
Filing Date: 2025-11-05
Form: 10-Q
Item: Part I, Item 8
Chunk 58
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557 Building4,936 (154)4,782 Site improvements359 (30)329 Tenant improvements1,182 — 1,182 Construction in progress3,141 — 3,141 Lease intangibles41 — 41 Total$14,216 $(184)$14,032 During the three and nine months ended September 30, 2025, the Company acquired a developmental property for $1.5 million and transferred two land parcels carried at an aggregate value of $4.3 million from real estate owned to investments in developmental real estate.  There were no such acquisitions or transfers during the three and nine months ended September 30, 2024.For the nine months ended September 30, 2025 and 2024, depreciation and amortization expense related to developmental real estate was $0.1 million and $0.1 million, respectively, which is presented in other expenses on the Company’s Condensed Consolidated Statements of Operations. Tenant improvements and other intangibles associated with the tenant began amortizing upon commencement of the lease that occurred in February 2025. Amortization related to tenant improvements and intangibles was $71,000 for the nine months ended September 30, 2025 compared to no such amortization for the nine months ended September 30, 2024. Additionally, the Company leases space to a tenant under an operating lease. The lease provides for the payment of fixed base rent payable monthly in advance and periodic step-ups in rent over the term of the lease and a pass through to tenants their share of increases in real estate taxes and operating expenses over a base year. The lease also provides for free rent and a tenant improvement allowance of $2.7 million. The lease commenced February 2025 with a cash rent abatement period of 425 days.

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Table of ContentsSACHEM CAPITAL CORP.NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTSFOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2025

As of September 30, 2025, future minimum rents under non-cancelable operating leases were as follows:Years Ending December 31,Amount(in thousands)2025 (remaining three months)$— 2026936 20271,267 20281,292 20291,318 Thereafter8,852 Total$13,665 The Company acquired one property