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Investments in Real Estate
9 Months Ended
Sep. 30, 2020
Real Estate [Abstract]  
Investments in Real Estate Investments in Real Estate
During the three months ended September 30, 2020, the Company acquired one industrial building containing approximately 22,000 square feet. The total initial investment, including acquisition costs, was approximately $6.5 million, of which $3.7 million was recorded to land, $2.3 million to buildings and improvements, and $0.5 million to intangible assets. Additionally, the Company assumed $0.1 million in intangible liabilities.
During the nine months ended September 30, 2020, the Company acquired three industrial buildings containing approximately 101,000 square feet and two improved land parcels containing approximately 5.5 acres. The total aggregate initial investment,
including acquisition costs, was approximately $47.6 million, of which $34.8 million was recorded to land, $11.0 million to buildings and improvements, and $1.8 million to intangible assets. Additionally, the Company assumed $0.7 million in intangible liabilities.
The Company recorded revenues and net income for the three months ended September 30, 2020 of approximately $0.8 million and $0.4 million, respectively, and recorded revenues and net income for the nine months ended September 30, 2020 of approximately $1.5 million and $0.7 million, respectively, related to the 2020 acquisitions.
During the three months ended September 30, 2019, the Company acquired 11 industrial buildings containing approximately 442,000 square feet and one improved land parcel containing approximately 2.0 acres. The total aggregate initial investment, including acquisition costs, was approximately $148.3 million, of which $118.6 million was recorded to land, $25.4 million to buildings and improvements, and $4.3 million to intangible assets. Additionally, the Company assumed $3.5 million in intangible liabilities.
During the nine months ended September 30, 2019, the Company acquired 15 industrial buildings containing approximately 608,000 square feet, and three improved land parcels containing approximately 21.7 acres. The total aggregate initial investment, including acquisition costs, was approximately $267.7 million, of which $213.0 million was recorded to land, $43.2 million to buildings and improvements, and $11.5 million to intangible assets. Additionally, the Company assumed $9.9 million in intangible liabilities.
The Company recorded revenues and net income for the three months ended September 30, 2019 of approximately $2.4 million and $0.9 million, respectively, and recorded revenues and net income for the nine months ended September 30, 2019 of approximately $3.8 million and $1.6 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 September 30, 2020, the Company had one property under redevelopment expected to contain approximately 0.2 million square feet upon completion with a total expected investment of approximately $63.3 million, including redevelopment costs, capitalized interest and other costs of approximately $61.2 million. During the third quarter of 2020, the Company completed redevelopment of its Kent 192 property in Seattle, Washington, an approximately 0.2 million square foot redevelopment property. The total investment was approximately $33.9 million. The Company capitalized interest associated with redevelopment and expansion activities of approximately $0.4 million and $0.9 million, respectively, during the three months ended September 30, 2020 and 2019 and approximately $1.5 million and $2.5 million, respectively, during the nine months ended September 30, 2020 and 2019.