Note 4. Investments in Real Estate

During the year ended December 31, 2014, the Company acquired 29 industrial buildings containing 2,266,082 square feet (unaudited), one improved land parcel consisting of 1.2 acres (unaudited), including the assumption of two mortgage loans with a total principal amount of approximately $8.5 million that bear interest at a weighted average interest rate of 5.74%. Each of the mortgage loans payable is secured by separate property and requires monthly interest and principal payments until maturity and is generally non-recourse. The mortgage loans mature in 2015 and 2016. The total aggregate initial investment was approximately $236.7 million, of which $88.7 million was recorded to land, $136.0 million to buildings and improvements, $12.0 million to intangible assets and $1.3 million to intangible liabilities.

The following table sets forth the wholly-owned industrial properties the Company acquired during the year ended December 31, 2014:


Property Name	Location	Acquisition Date	Number of Buildings (Unaudited)	Square Feet (Unaudited)		Purchase Price (in thousands) 1
SW 34th Street	Renton, WA	February 11, 2014	1	62,004	$	6,600
Parkway	Hanover, MD	March 26, 2014	1	158,769		18,000
Pulaski	Bayonne, NJ	March 31, 2014	1	98,049		9,200
747 Glasgow	Inglewood, CA	April 22, 2014	1	19,326		3,450
Hampton	Capitol Heights, MD	May 13, 2014	1	138,780		18,050
Burroughs	San Leandro, CA	May 14, 2014	3	129,279		13,328
California	Corona, CA	June 5, 2014	1	89,819		7,815
Las Hermanas 2	Compton, CA	June 12, 2014	1	23,735		4,020
South Main II	Carson, CA	July 18, 2014	1	33,769		8,500
79th Ave South	Kent, WA	July 25, 2014	1	35,018		2,770
Auburn 1307	Auburn, WA	August 22, 2014	1	91,607		9,530
3401 Lind	Renton, WA	October 3, 2014	1	113,170		9,975
900 Hart	Rahway, NJ	October 8, 2014	1	84,000		7,205
Kent 216th	Kent, WA	October 24, 2014	1	106,910		9,214
9020 Junction	Annapolis Junction, MD	November 17, 2014	1	96,666		13,800
11300 NW 131st	Medley, FL	November 19, 2014	1	85,000		8,925
Terminal Way	Avenel, NJ	November 25, 2014	2	80,200		7,445
14605 Miller	Fontana, CA	December 2, 2014	1	265,500		22,899
Park Union City	Union City, CA	December 10, 2014	3	170,129		23,800
75th Ave	Landover, MD	December 17, 2014	5	384,352		31,215
Total			29	2,266,082	$	235,741

1 Excludes intangible liabilities and mortgage premiums, if any. The total aggregate investment was approximately $236.7 million.

2 Includes an improved land parcel consisting of 1.2 acres (unaudited) that is separately leased for trailer storage.

The Company recorded revenues and net income for the year ended December 31, 2014 of approximately $7.0 million and $2.9 million, respectively, related to the above acquisitions.

During year ended December 31, 2013, the Company acquired 30 industrial buildings containing 1,916,394 square feet (unaudited), one improved land parcel consisting of 2.3 acres (unaudited), including one redevelopment property that contains 69,500 square feet (unaudited). The total aggregate initial investment was approximately $212.4 million, of which $90.8 million was recorded to land, $110.8 million to buildings and improvements, $10.8 million to intangible assets and $1.4 million to intangible liabilities.

The following table sets forth the wholly-owned industrial properties the Company acquired during the year ended December 31, 2013:


Property Name	Location	Acquisition Date	Number of Buildings (Unaudited)	Square Feet (Unaudited)		Purchase Price (in thousands) 1
107th Avenue	Medley, FL	March 6, 2013	1	49,284	$	5,095
SeaTac 8th Ave	Burien, WA	March 21, 2013	1	68,583		6,450
240 Littlefield Avenue	South San Francisco, CA	April 3, 2013	1	67,800		8,400
101st Road 2	Medley, FL	April 26, 2013	1	52,536		6,000
Americas Gateway	Doral, FL	May 22, 2013	6	306,924		23,725
Route 100	Elkridge, MD	June 12, 2013	2	348,610		16,650
1 Dodge Drive	West Caldwell, NJ	June 20, 2013	1	92,913		6,775
17 Madison	Fairfield, NJ	July 23, 2013	1	30,792		2,840
550 Delancy	Newark, NJ	July 25, 2013	1	52,086		15,000
Melanie Lane	East Hanover, NJ	September 30, 2013	3	166,735		20,000
Michele/Meadow	Carlstadt, NJ	October 17, 2013	2	90,225		9,875
60 Ethel	Piscataway, NJ	November 6, 2013	2	104,930		7,000
8215 Dorsey	Jessup, MD	November 15, 2013	1	88,438		6,000
4230 Forbes	Lanham, MD	December 11, 2013	1	55,877		5,600
14611 Broadway	Gardena, CA	December 19, 2013	1	40,000		6,000
3601 Pennsy	Landover, MD	December 23, 2013	1	71,400		7,000
JFK Airgate	Queens, NY	December 27, 2013	4	229,261		53,111
Total			30	1,916,394	$	205,521

1 Excludes intangible liabilities and assumed mortgage premiums, if any. The total aggregate investment was approximately $212.4 million.

2 Includes an improved land parcel consisting of 2.3 acres (unaudited) that is separately leased for trailer storage and parking.

The Company recorded revenues and net income for the year ended December 31, 2013 of approximately $5.2 million and $1.3 million, respectively, related to the above acquisitions.

The above assets and liabilities were recorded at fair value, which uses Level 3 inputs. The properties were acquired from unrelated third parties using existing cash on hand and borrowings under the credit facility and were accounted for as business combinations.

Pro Forma Financial Information:

The following supplementary pro forma financial information presents the results of operations of the Company for the years ended December 31, 2014 and 2013 as if all of the Company’s acquisitions during the year ended December 31, 2014 occurred on January 1, 2013. The following pro forma results for the years ended December 31, 2014 and 2013 have been presented for comparative purposes only and are not necessarily indicative of the results of operations that would have actually occurred had all transactions taken place on January 1, 2013, or of future results of operations (dollars in thousands, except per share data).



		For the Year Ended December 31,
		2014		2013

	(Unaudited)
Total revenues	$	81,720	$	65,306
Net income available to common stockholders, net of preferred stock dividends		17,000		8,288
Basic and diluted net income available to common stockholders per share,
net of preferred stock dividends	$	0.56	$	0.39