Investments in Real Estate

12 Months Ended

Dec. 31, 2019

Investments in Real EstateDuring the year ended December 31, 2019, the Company acquired 17 industrial buildings containing approximately 0.7 million square feet and four improved land parcels containing approximately 22.6 acres. The total aggregate initial investment, including acquisition costs, was approximately $289.6 million, of which $224.1 million was recorded to land, $53.9 million to

buildings and improvements, $11.6 million to intangible assets. Additionally, the Company assumed $10.0 million in intangible liabilities.

The following table sets forth the wholly-owned industrial properties the Company acquired during the year ended December 31, 2019:


Property Name	Location	Acquisition Date	Number of Buildings	Square Feet	Purchase Price (in thousands) ¹
49th Street	Queens, NY	Februrary 12, 2019	1	19,000	$	24,017
81 N Hackensack ²	Kearny, NJ	March 8, 2019	—	—	25,000
48 3rd and 286 Central ³	Kearny, NJ	March 29, 2019	1	28,124	14,085
Minnesota and Tennessee	San Francisco, CA	May 28, 2019	2	119,089	47,775
51 Kero ⁴	Carlstadt, NJ	August 7, 2019	—	—	4,025
Anderson	Los Angeles, CA	August 19, 2019	5	53,016	18,100
Auburn 400	Auburn, WA	August 21, 2019	1	70,345	9,450
Morgan	Brooklyn, NY	August 29, 2019	2	195,598	80,500
20th Street	Oakland, CA	August 30, 2019	1	92,884	23,752
Slauson	Santa Fe Springs, CA	August 30, 2019	2	29,927	5,331
East Marginal ⁵	Seattle, WA	November 15, 2019	—	—	2,850
Whelan	East Rutherford, NJ	December 13, 2019	1	50,305	12,000
917 Valley	Puyallup, WA	December 19, 2019	1	40,816	6,725


Total			17	699,104	$	273,610

¹The total aggregate investment was approximately $289.6 million, including $6.0 million in closing costs and acquisition costs.

²Represents an improved land parcel containing approximately 16.8 acres.

³Also includes an improved land parcel containing approximately 2.9 acres.

⁴Represents an improved land parcel containing approximately 2.0 acres.

⁵Represents an improved land parcel containing approximately 0.9 acres.

The Company recorded revenues and net income for the year ended December 31, 2019 of approximately $7.6 million and $3.0 million, respectively, related to the 2019 acquisitions.

During the year ended December 31, 2018, the Company acquired 17 industrial buildings containing approximately 1.0 million square feet and five improved land parcels containing approximately 19.9 acres, including two buildings and one improved land parcel under redevelopment that upon completion will contain approximately 0.5 million square feet with a total expected investment of approximately $112.9 million (unaudited), including redevelopment costs of approximately $36.8 million. The total aggregate initial investment, including acquisition costs, was approximately $227.1 million, of which $154.5 million was recorded to land, $64.0 million to buildings and improvements, $8.6 million to intangible assets. Additionally, the Company assumed $4.7 million in intangible liabilities.

The following table sets forth the wholly-owned industrial properties the Company acquired during the year ended December 31, 2018:


Property Name	Location	Acquisition Date	Number of Buildings	Square Feet	Purchase Price (in thousands) ¹
Vermont	Torrance, CA	January 31, 2018	1	99,629	$	17,500
Woodside	Queens, NY	March 6, 2018	1	83,294	25,170
1st Avenue South	Seattle, WA	March 6, 2018	1	234,720	42,000
Wicks Blvd	San Leandro, CA	April 27, 2018	1	11,300	2,600
85 Doremus ²	Newark, NJ	May 7, 2018	—	—	6,300
East Valley	Renton, WA	May 7, 2018	1	39,005	5,950
Merced ³	San Leandro, CA	August 2, 2018	4	225,344	36,000
San Clemente	Hayward, CA	September 7, 2018	1	54,000	9,000
Whitney ⁴	San Leandro, CA	September 17, 2018	3	128,073	22,790
Commerce	Carlstadt, NJ	October 17, 2018	1	24,000	3,480
Kent 192 ⁵	Seattle, WA	October 24, 2018	—	—	12,434
6th Ave	Seattle, WA	October 31, 2018	1	50,270	12,558
Walnut II	Compton, CA	November 7, 2018	1	60,040	11,108
Shoemaker ⁶	Santa Fe Springs, CA	November 14, 2018	—	—	6,400
Hotchkiss II	Fremont, CA	December 20, 2018	1	29,214	6,200
Total			17	1,038,889	$	219,490

¹The total aggregate investment was approximately $227.1 million, including $2.9 million in closing costs and acquisition costs.

²Represents an improved land parcel containing approximately 3.5 acres.

³Also includes an improved land parcel containing approximately 1.2 acres.

⁴Also includes improved land parcel containing approximately 0.2 acres.

⁵Represents an improved land parcel containing approximately 12.7 acres.

⁶Represents an improved land parcel containing approximately 2.3 acres.

The Company recorded revenues and net income for the year ended December 31, 2018 of approximately $4.8 million and $1.7 million, respectively, related to the 2018 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, proceeds from property sales, issuance of common stock and borrowings on the revolving credit facility.

As of December 31, 2019, the Company has four properties under redevelopment that upon completion will contain approximately 0.5 million square feet with a total expected investment of approximately $120.4 million, including redevelopment costs of approximately $52.4 million. During 2019, the Company completed redevelopment of its 1775 NW 70th Avenue property in Miami, Florida. The Company executed a full-building five-year lease stabilizing the approximately 65,000 square foot redevelopment property. The total investment was approximately $10.0 million. During 2019, the Company also completed redevelopment and sold its 10100 NW 25th Street property in Miami, Florida for a sales price of approximately $14.0 million, resulting in a gain of approximately $1.8 million (See "Note 5 - Held for Sale/Disposed Assets"). The property was vacant. The Company capitalized interest associated with redevelopment and expansion activities of approximately $3.2 million, $2.5 million and $0, respectively, during the years ended December 31, 2019, 2018 and 2017.