Investments in Real Estate

3 Months Ended

Mar. 31, 2020

Real Estate [Abstract]

Investments in Real Estate

Investments in Real Estate

During the three months ended March 31, 2020, the Company acquired one industrial building containing approximately 66,000 square feet and one improved land parcel with 2.7 acres. The total aggregate initial investment, including acquisition costs, was approximately $30.6 million, of which $21.9 million was recorded to land, $7.6 million to buildings and improvements, and $1.1 million to intangible assets. Additionally, the Company assumed $0.5 million in intangible liabilities.

The Company recorded revenues and net income for the three months ended March 31, 2020 of approximately $0.1 million and $0.1 million, respectively, related to the 2020 acquisitions.

During the three months ended March 31, 2019, the Company acquired two industrial buildings containing

approximately 46,000 square feet and two improved land parcels containing approximately 19.7 acres. The total aggregate

initial investment, including acquisition costs, was approximately $68.2 million, of which $59.6 million was recorded to land,

$4.7 million to buildings and improvements, $3.9 million to intangible assets. Additionally, the Company assumed $3.3 million in intangible liabilities.

The Company recorded revenues and net income for the three months ended March 31, 2019 of approximately $0.2 million and

$0.1 million, respectively, related to the 2019 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 March 31, 2020, the Company had four properties under redevelopment expected to contain approximately 0.5 million square feet upon completion with a total expected investment of approximately $111.9 million, including redevelopment costs, capitalized interest, and other costs of approximately $102.5 million. The Company capitalized interest associated with

redevelopment and expansion activities of approximately $0.7 million and $0.8 million, respectively, during the three months ended March 31, 2020 and 2019.