Investments in Real Estate

12 Months Ended

Dec. 31, 2020

During the year ended December 31, 2020, the Company acquired six industrial buildings containing approximately 0.2 million square feet and five improved land parcels containing approximately 12.0 acres. The total aggregate initial investment, including acquisition costs, was approximately $100.4 million, of which $78.8 million was recorded to land, $17.0 million to buildings and improvements and $4.6 million to intangible assets. Additionally, the Company assumed $2.1 million in intangible liabilities.

The following table sets forth the wholly-owned industrial properties the Company acquired during the year ended December 31, 2020:


Property Name	Location	Acquisition Date	Number of Buildings	Square Feet	Purchase Price (in thousands) 1
Old Bayshore 2	San Jose, CA	March 12, 2020	—	—	$	11,784
Gladwick	Rancho Dominguez, CA	March 12, 2020	1	65,670	17,950
84th Kent 3	Kent, WA	April 17, 2020	—	—	4,500
Hudson	Seattle, WA	May 31, 2020	1	13,000	5,611
Starlite Street	South San Francisco, CA	July 10, 2020	1	22,275	6,300
Aviation Blvd 4	Inglewood, CA	October 26, 2020	—	—	10,000
Porter Street	Los Angeles, CA	November 5, 2020	1	13,000	4,400
SE 32nd Street	Bellevue, WA	November 6, 2020	1	39,000	11,737
Maple Street 5	Rancho Dominguez, CA	December 5, 2020	—	—	9,750
East Marginal 6	Tukwila, WA	December 30, 2020	—	—	6,625
McLaren	Irvine, CA	December 30, 2020	1	11,348	8,000
Total			6	163,794	$	96,657

1The total aggregate investment was approximately $100.4 million, including $1.6 million in closing costs and acquisition costs. Additionally, the Company assumed $2.1 million in intangible liabilities.

2An improved land parcel containing approximately 2.7 acres.

3Also includes an improved land parcel containing approximately 2.8 acres.

4An improved land parcel containing approximately 1.9 acres.

5An improved land parcel containing approximately 2.5 acres.

6An improved land parcel containing approximately 2.1 acres.

The Company recorded revenues and net income for the year ended December 31, 2020 of approximately $2.4 million and $1.1 million, respectively, related to the 2020 acquisitions.

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

As of December 31, 2020, the Company owned one property under redevelopment expected to contain approximately 0.2 million square feet upon completion with a total expected investment of approximately $64.1 million, including redevelopment costs, capitalized interest and other costs of approximately $61.4 million. During the year ended December 31, 2020, the Company completed redevelopment of its Kent 192 property in Kent, Washington and 6th Avenue South property in Seattle, Washington, totaling approximately 0.3 million square feet. The total investment was approximately $49.8 million. The Company capitalized interest associated with redevelopment and expansion activities of approximately $1.6 million, $3.2 million and $2.5 million, respectively, during the years ended December 31, 2020, 2019 and 2018.

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. Additionally, the Company assumed $10.0 million in intangible liabilities.

2An improved land parcel containing approximately 16.8 acres.

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

4An improved land parcel containing approximately 2.0 acres.

5An 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.

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.