Investments in Real Estate

3 Months Ended

Mar. 31, 2022

Real Estate [Abstract]

Investments in Real Estate

Investments in Real Estate

During the three months ended March 31, 2022, the Company acquired two industrial properties with a total initial investment, including acquisition costs, of approximately $70.3 million, of which $30.0 million was recorded to land, $39.0 million to buildings and improvements, and $1.3 million to intangible assets. Additionally, the Company assumed $2.3 million in liabilities.

The Company recorded revenues and net income for the three months ended March 31, 2022, of approximately $0.1 million and $0.1 million, respectively, related to the 2022 acquisitions.

During the three months ended March 31, 2021, the Company acquired four industrial properties with a total initial investment, including acquisition costs, of approximately $109.9 million, of which $63.7 million was recorded to land, $41.8 million to buildings and improvements, and $4.4 million to intangible assets. Additionally, the Company assumed $5.6 million in liabilities.

The Company recorded revenues and net income for the three months ended March 31, 2021 of approximately $0.5 million and $0.3 million, respectively, related to the 2021 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 and the issuance of common stock and borrowings on the revolving credit facility.

As of March 31, 2022, the Company had four properties under redevelopment that, upon completion, will consist of two properties aggregating approximately 0.5 million square feet and two improved land parcels aggregating approximately 12.1 acres with a total expected investment of approximately $144.4 million, including redevelopment costs, capitalized interest and other costs. During the first quarter of 2022, the Company completed redevelopment of its America's Gateway property in Miami, FL, an approximately 0.1 million square foot redevelopment property. The total investment was approximately

$7.5 million. The Company capitalized interest associated with redevelopment and expansion activities of approximately $0.7 million and $0 during the three months ended March 31, 2022 and 2021, respectively.