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Schedule III Real Estate Investments and Accumulated Depreciation
 12 Months Ended
Dec. 31, 2022
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]  
Schedule III Real Estate Investments and Accumulated Depreciation
Schedule III
Real Estate Investments and Accumulated Depreciation
As of December 31, 2022
(in thousands)
    
Initial Cost
to Company
Costs
Capitalized
Subsequent
to
Acquisition
Gross Amount Carried
at December 31, 2022
   
Property Name
No. of
Bldgs.
LocationEncumbrancesLand
Buildings &
Improvements
Land
Buildings &
Improvements
TotalAccumulated
Depreciation
Year
Acquired
Year
Constructed
Los Angeles
104th Street1 Los Angeles, CA$— $3,701 $976 $206 $3,701 $1,182 $4,883 $181 20171951
5401 West 104th St1 Los Angeles, CA— 15,721 1,463 — 15,721 1,463 17,184 5 20221951
139th Street2 Carson, CA— 21,236 15,783 600 21,236 16,383 37,619 2,158 20171965/2003
630 Glasgow1 Inglewood, CA— 2,245 1,855 475 2,245 2,330 4,575 888 20111988
747 Glasgow1 Inglewood, CA— 1,759 1,555 510 1,759 2,065 3,824 608 20141981
1150 & 1250 W. Trenton Ave2 Orange, CA— 7,491 2,488 — 7,491 2,488 9,979 100 20211980 & 1971
13020 & 13030 Cerise2 Hawthorne, CA— 6,986 1,371 58 6,986 1,429 8,415 56 20211956 & 1958
13025 Cerise1 Hawthorne, CA— 6,864 1,330 — 6,864 1,330 8,194 45 20211955
14611 Broadway1 Gardena, CA— 4,757 1,243 1,584 4,757 2,827 7,584 1,254 20131962
3660 Fee Ana— Anaheim, CA— 14,213 1,147 446 14,213 1,594 15,807 23 20221966/1993
19601 Hamilton1 Torrance, CA— 7,409 4,072 1,881 7,409 5,953 13,362 1,794 20111985
8320-8400 Isis Avenue1 Los Angeles, CA14,963 3,429 41 14,963 3,470 18,433 56 20221979
332 Hindry Avenue1 Inglewood, CA— 6,977 2,800 133 6,977 2,933 9,910 50 20221983
709 Hindry1 Inglewood, CA— 2,105 2,972 460 2,105 3,432 5,537 581 20161984
Acacia1 Compton, CA— 5,143 1,985 511 5,143 2,496 7,639 420 20171972
Anderson5 Los Angeles, CA— 17,095 1,271 4,761 17,095 6,032 23,127 409 20191912-1987
Aviation— Inglewood, CA— 9,544 498 827 9,544 1,325 10,869 95 20202013
Ceres Ave2 Los Angeles, CA— 4,825 2,833 — 4,825 2,833 7,657 81 20212015
Dominguez— Los Angeles, CA— 11,370 1,535 3,235 11,370 4,770 16,140 832 2017
3091 East Coronado St— Anaheim, CA— 7,140 464 134 7,140 598 7,738 11 20222,017
Garfield5 Commerce, CA— 27,539 22,694 6,523 27,539 29,217 56,756 10,248 20122002
Gladwick1 Rancho Dominguez, CA— 11,636 5,998 211 11,636 6,209 17,845 435 20202009
Gramercy Place1 Torrance, CA— 4,846 1,503 252 4,846 1,756 6,602 99 20212015
Hawthorne8 Hawthorne, CA— 17,226 10,069 2,370 17,226 12,439 29,665 2,398 20171952/1986
Las Hermanas1 Compton, CA— 3,330 751 956 3,330 1,707 5,037 584 20141970
Lynwood3 Lynwood, CA— 43,885 — — 43,885 — 43,885 — 20171988
McLaren1 Irvine, CA— 7,459 668 — 7,459 668 8,127 48 20201982
Manhattan Beach1 Redondo Beach, CA— 7,874 5,641 1,791 7,874 7,432 15,306 2,078 20121963/1970
Maple— Rancho Dominguez, CA— 9,371 607 592 9,371 1,199 10,570 166 20201978
Maple II— Rancho Dominguez, CA— 14,102 183 495 14,102 678 14,780 70 2021
    
Initial Cost
to Company
Costs
Capitalized
Subsequent
to
Acquisition
Gross Amount Carried
at December 31, 2022
   
Property Name
No. of
Bldgs.
LocationEncumbrancesLand
Buildings &
Improvements
Land
Buildings &
Improvements
TotalAccumulated
Depreciation
Year
Acquired
Year
Constructed
14805 S Maple Ave— Rancho Dominguez, CA— 22,419 682 — 22,419 682 23,102 1 20221963/1983
Porter1 Los Angeles, CA— 3,791 399 — 3,791 399 4,190 23 20201911 & 1968
San Pedro— Gardena, CA— 7,598 1,523 296 7,598 1,819 9,417 112 2021
Shoemaker— Santa Fe Springs, CA— 4,759 1,099 234 4,759 1,333 6,092 176 20181986/1997
Slauson— Santa Fe Springs, CA— 4,679 697 957 4,679 1,654 6,333 176 20191967/1973
19500 South Alameda St— Rancho Dominguez, CA— 30,176 2,364 — 30,176 2,364 32,540 26 20221982/1985
South Main2 Carson, CA— 16,371 7,045 17,464 16,371 24,508 40,879 8,122 2012/20142016
South Main III1 Gardena, CA— 11,521 12,467 1,062 11,521 13,529 25,050 1,974 20172016
Telegraph Springs2 Santa Fe Springs, CA— 7,063 7,236 631 7,063 7,867 14,930 1,341 20172007
Vermont1 Torrance, CA— 10,173 7,105 290 10,173 7,395 17,568 1,054 20181978
1215 Walnut1 Compton, CA— 6,130 2,522 621 6,130 3,143 9,273 432 20171969/1990
Walnut II1 Compton, CA— 6,097 5,069 955 6,097 6,024 12,121 895 20181969
Northern New Jersey/
New York City
1 Dodge Drive1 West Caldwell, NJ— 3,819 2,982 2,767 3,819 5,749 9,568 2,087 20131985
17 Madison1 Fairfield, NJ— 974 1,647 673 974 2,320 3,294 835 20131979
22 Madison1 Fairfield, NJ— 1,365 1,607 1,140 1,365 2,747 4,112 545 20151979
48th 3rd and 286 Central1 Kearny, NJ— 12,061 1,664 452 12,061 2,116 14,177 269 20191978/1983
49th Street1 Queens, NY— 21,674 2,999 1,435 21,674 4,434 26,108 877 20191966
50 Kero2 Carlstadt, NJ— 10,343 3,876 3,978 10,343 7,854 18,197 1,464 20171970
51 Kero— Carlstadt, NJ— 3,236 589 313 3,236 902 4,138 67 20191956-1966
74th North Bergen1 North Bergen, NJ— 2,933 1,817 1,204 2,933 3,021 5,954 691 20161973
81 N. Hackensack— Kearny, NJ— 25,901 — 1,263 25,901 1,263 27,164 199 2019
85 Doremus— Newark, NJ— 5,918 513 26 5,918 539 6,457 83 2018
87 Doremus— Newark, NJ— 21,595 550 — 21,595 550 22,146 12 2022N/A
127 Doremus— Newark, NJ— 12,111 430 318 12,111 749 12,859 10 2022N/A
97 Third Street— Kearny, NJ— 25,580 1,566 1,663 25,580 3,228 28,809 194 20211970
190 Morgan1 Brooklyn, NY— 4,363 249 952 4,363 1,201 5,564 38 20211969
341 Michele1 Carlstadt, NJ— 2,372 4,798 1,273 2,372 6,071 8,443 1,646 20131973
422 Frelinghuysen— Newark, NJ— 16,728 — 6,781 16,728 6,781 23,509 1,395 2017
465 Meadow1 Carlstadt, NJ— 713 1,618 297 713 1,915 2,628 448 20131972
550 Delancy1 Newark, NJ— 9,230 4,855 2,395 9,230 7,250 16,480 2,175 20131987
620 Division1 Elizabeth, NJ— 6,491 3,568 6,268 6,491 9,836 16,327 3,789 20111980
629 Henry1 Elizabeth, NJ— 13,734 1,690 — 13,734 1,690 15,425 6 20222004
7777 West Side1 North Bergen, NJ— 4,525 8,856 — 4,525 8,856 13,381 1,299 20171967
900 Hart1 Piscataway, NJ— 3,202 3,866 1,787 3,202 5,653 8,855 1,585 20141983
901 North1 Elizabeth, NJ— 8,035 913 829 8,035 1,742 9,777 661 20162016
228 North Ave1 Elizabeth, NJ— 40,671 5,218 1,234 40,671 6,451 47,123 175 20211975
    
Initial Cost
to Company
Costs
Capitalized
Subsequent
to
Acquisition
Gross Amount Carried
at December 31, 2022
   
Property Name
No. of
Bldgs.
LocationEncumbrancesLand
Buildings &
Improvements
Land
Buildings &
Improvements
TotalAccumulated
Depreciation
Year
Acquired
Year
Constructed
256 Patterson Plank1 Carlstadt, NJ— 9,478 1,284 1,754 9,478 3,038 12,516 202 20211960
293 Roanoke Avenue— Newark, NJ— 11,395 2,217 512 11,395 2,729 14,124 55 2022N/A
Avenue A4 Carlstadt, NJ— 7,516 4,660 1,422 7,516 6,082 13,598 1,271 20171951/1957
Belleville1 Kearny, NJ— 12,845 18,041 1,847 12,845 19,888 32,733 5,730 20112006
Commerce1 Carlstadt, NJ— 1,656 1,544 128 1,656 1,672 3,328 205 20181969
Dell1 Carlstadt, NJ— 6,641 771 833 6,641 1,604 8,245 457 20111972
Ethel2 Piscataway, NJ— 2,748 3,801 1,916 2,748 5,717 8,465 1,831 20131981/1984
Interstate2 South Brunswick, NJ— 13,686 12,135 16,198 13,686 28,333 42,019 8,800 2010/20131999/2014
JFK Airgate4 Queens, NY— 18,282 32,933 6,636 18,282 39,569 57,851 11,896 20131986/1991
Manor1 East Rutherford, NJ— 4,076 5,262 3,713 4,076 8,975 13,051 1,681 20151968
Morgan2 Brooklyn, NY— 71,051 10,888 6,014 71,051 16,902 87,953 1,581 20191960/1980 & 1967
New Dutch1 Fairfield, NJ— 4,773 2,004 — 4,773 2,004 6,777 395 20171976
Paterson Plank1 Carlstadt, NJ— 4,127 455 761 4,127 1,216 5,343 229 20161998
Stockton— Newark, NJ— 12,327 1,282 882 12,327 2,164 14,491 597 2017
Terminal Way2 Avenel, NJ— 3,537 3,598 1,327 3,537 4,925 8,462 1,100 20141950/1968
Whelan1 East Rutherford, NJ— 6,366 5,704 598 6,366 6,302 12,668 644 20192005
Wilson1 Newark, NJ— 2,016 484 813 2,016 1,297 3,313 461 20161970
Woodside1 Queens, NY— 23,987 3,796 4,047 23,987 7,843 31,830 1,352 20182018
San Francisco Bay Area
20th Street1 Oakland, CA— 18,092 6,730 1,978 18,092 8,708 26,800 963 20191970 & 2003
238/242 Lawrence2 South San Francisco, CA— 6,674 2,655 1,972 6,674 4,627 11,301 2,057 20101986
240 Littlefield1 South San Francisco, CA— 5,107 3,293 2,806 5,107 6,099 11,206 1,599 20132013
299 Lawrence1 South San Francisco, CA— 1,352 1,198 471 1,352 1,669 3,021 727 20101968
631 Brennan1 San Jose, CA— 1,932 2,245 959 1,932 3,204 5,136 1,053 20121975
3660 Thomas Road1 Santa Clara, CA— 43,053 13,887 617 43,053 14,503 57,557 234 20221973
Ahern2 Union City, CA— 3,246 2,749 1,518 3,246 4,267 7,513 1,663 20101986
Ahern II1 Union City, CA— 2,467 4,527 753 2,467 5,280 7,747 1,238 20151997
Burroughs3 San Leandro, CA— 5,400 7,092 1,630 5,400 8,722 14,122 2,285 20141966
Caribbean3 Sunnyvale, CA— 17,483 14,493 2,920 17,483 17,413 34,896 5,501 20121980/1981
Carlton Court1 South San Francisco, CA— 2,036 1,475 722 2,036 2,197 4,233 622 20121981
Clawiter1 Hayward, CA— 5,964 1,159 189 5,964 1,348 7,312 354 20111967
East Gish— San Jose, CA— 6,759 726 2 6,759 729 7,487 42 20211959
Edison3 San Leandro, CA— 14,797 2,806 1,416 14,797 4,221 19,018 265 20211975
Foley Street2 Hayward, CA— 5,023 3,281 538 5,023 3,819 8,842 173 20211976 & 1972
Hotchkiss1 Fremont, CA— 4,163 3,152 1,074 4,163 4,226 8,389 800 20171997
Hotchkiss II1 Fremont, CA— 3,042 3,081 355 3,042 3,436 6,478 447 20181997
    
Initial Cost
to Company
Costs
Capitalized
Subsequent
to
Acquisition
Gross Amount Carried
at December 31, 2022
   
Property Name
No. of
Bldgs.
LocationEncumbrancesLand
Buildings &
Improvements
Land
Buildings &
Improvements
TotalAccumulated
Depreciation
Year
Acquired
Year
Constructed
Merced4 San Leandro, CA— 25,621 9,318 3,497 25,621 12,815 38,436 1,896 20181958
Michele1 South San Francisco, CA— 2,710 2,540 822 2,710 3,362 6,072 596 20161979
Minnesota and Tennessee2 San Francisco, CA— 34,738 13,141 2,203 34,738 15,344 50,082 1,399 20191963
Old Bayshore— San Jose, CA— 10,244 1,609 57 10,244 1,666 11,910 180 20201955
San Clemente1 Hayward, CA— 5,126 3,938 315 5,126 4,253 9,379 565 20181982
Teagarden5 San Leandro, CA— 19,172 15,221 399 19,172 15,620 34,792 221 20221970/1972
Starlite1 South San Francisco, CA— 3,738 144 2,185 3,738 2,329 6,067 86 20201966 & 1972
West 140th2 San Leandro, CA— 9,578 6,297 3,745 9,578 10,042 19,620 2,096 20161959
Whitney3 San Leandro, CA— 13,821 9,016 2,242 13,821 11,258 25,079 1,834 20181974
Wicks1 San Leandro, CA— 2,224 298 86 2,224 384 2,608 56 20181976
Central Pacific Business Park I3 Union City, CA— 8,468 14,165 2,163 8,468 16,328 24,796 4,112 20141989
Central Pacific Business Park II4 Union City, CA— 13,642 23,658 6,337 13,642 29,995 43,637 8,645 20152015
Seattle
1st Ave1 Seattle, WA— 29,441 30,537 7,755 29,441 38,292 67,733 1,907 20181937 & 1967
33rd Place2 Bellevue, WA— 10,655 3,930 85 10,655 4,015 14,671 95 20221968-2009
6th Ave South1 Seattle, WA— 7,215 8,670 94 7,215 8,764 15,979 775 20201960
68th Kent2 Kent, WA— 7,465 2,263 139 7,465 2,401 9,866 114 20211976
84th Kent— Kent, WA— 4,552 136 257 4,552 393 4,945 100 20201963 & 2000
117th Place NE1 Kirkland, WA— 23,846 9,842 624 23,846 10,466 34,312 533 20211978
917 Valley1 Puyallup, WA— 2,203 4,551 373 2,203 4,924 7,127 441 20192006
3401 Lind1 Renton, WA— 2,999 6,707 1,451 2,999 8,158 11,157 1,766 20141984/2012
4225 2nd Avenue1 Seattle, WA— 4,236 4,049 2,258 4,236 6,307 10,543 1,438 20151957
4930 3rd Avenue South1 Seattle, WA— 3,984 2,424 831 3,984 3,255 7,239 800 20161964
12119 East Marginal— Tukwila, WA— 4,950 1,740 — 4,950 1,740 6,690 100 20201996
17600 West Valley Highway1 Tukwila, WA— 3,361 5,260 1,862 3,361 7,122 10,483 2,409 20121986
Auburn 4001 Auburn, WA— 4,415 5,234 408 4,415 5,642 10,057 607 20192000
Auburn 13071 Auburn, WA— 4,253 5,034 613 4,253 5,647 9,900 1,403 20142002
Dawson1 Seattle, WA— 3,902 278 334 3,902 612 4,514 229 20171964
Denver1 Seattle, WA— 3,203 1,345 491 3,203 1,836 5,039 592 20161953
East Valley1 Renton, WA— 2,693 2,959 387 2,693 3,346 6,039 369 20181991
East Marginal— Renton, WA— 2,618 380 114 2,618 494 3,112 96 20191991
Hudson1 Seattle, WA— 4,471 912 248 4,471 1,160 5,631 90 20202006
Kent 1881 Kent, WA— 3,251 4,719 2,317 3,251 7,036 10,287 2,377 20101979
Kent 1901 Kent, WA— 4,560 5,561 1,346 4,560 6,907 11,467 1,537 20151992/1999
Kent 1921 Kent, WA— 12,752 20,642 533 12,752 21,175 33,927 1,732 2020
    
Initial Cost
to Company
Costs
Capitalized
Subsequent
to
Acquisition
Gross Amount Carried
at December 31, 2022
   
Property Name
No. of
Bldgs.
LocationEncumbrancesLand
Buildings &
Improvements
Land
Buildings &
Improvements
TotalAccumulated
Depreciation
Year
Acquired
Year
Constructed
Kent 2021 Kent, WA— 5,761 9,114 2,810 5,761 11,924 17,685 3,261 20151981
Kent 2161 Kent, WA— 3,672 5,408 1,028 3,672 6,436 10,108 1,745 20141996
Kent Corporate Park4 Kent, WA— 5,032 6,916 2,416 5,032 9,332 14,364 2,612 20151980/1981
Lucile1 Seattle, WA— 4,498 3,504 1,385 4,498 4,889 9,387 1,257 20171976
Lund1 Auburn, WA— 2,573 4,399 356 2,573 4,755 7,328 903 20161999
Occidental Avenue3 Seattle, WA— 12,550 3,300 656 12,550 3,956 16,506 194 20211988
Olympic1 Tukwila, WA— 1,499 1,431 713 1,499 2,144 3,643 763 20151978
MLK 9801— Seattle, WA— 14,388 1,360 429 14,208 1,789 15,997 60 2021
MLK 9845— Seattle, WA— 14,436 531 88 15,389 619 16,008 (22)2021
MLK 9600— Seattle, WA— 20,849 1,395 653 20,077 2,048 22,125 213 20211957
NE 91st2 Redmond, WA— 7,944 1,866 — 7,944 1,866 9,810 35 20221986/1987
SeaTac 8th Avenue1 Burien, WA— 2,501 4,020 1,957 2,501 5,977 8,478 1,843 20131988
SE 32nd Street1 Bellevue, WA— 9,059 2,081 1,196 9,059 3,277 12,336 320 20201982
SW 16th Street— Renton, WA— 6,251 2,001 — 6,251 2,001 8,252 87 20211962
SW 34th1 Renton, WA— 2,912 3,289 555 2,912 3,844 6,756 1,062 20141996/2010
Valley Corporate2 Kent, WA— 5,264 9,096 2,303 5,264 11,399 16,663 4,063 20111987
Woodinville1 Woodinville, WA— 12,490 12,244 2 12,490 12,246 24,736 380 20211996
Woodinville II2 Woodinville, WA— 20,941 12,949 31 20,941 12,980 33,921 350 20211999
Willows— Redmond, WA— 3,067 581 148 3,067 729 3,796 17 20211970
8660 Willows Road— Redmond, WA— 18,034 2,180 211 18,034 2,391 20,425 35 20221987
Miami
26th Street1 Miami, FL— 3,444 4,558 1,272 3,444 5,830 9,274 1,620 20121973
48th Avenue2 Miami Gardens, FL— 4,322 2,187 1,002 4,322 3,189 7,511 827 20111987
70th Avenue1 Miami, FL— 1,434 2,333 469 1,434 2,802 4,236 842 20111999
70th Avenue II1 Miami, FL— 2,152 3,418 1,052 2,152 4,470 6,622 888 20161969
70th Avenue III1 Miami, FL— 2,543 3,167 690 2,543 3,857 6,400 726 20161974
70th Avenue IV1 Miami, FL— 1,119 1,456 449 1,119 1,905 3,024 328 20171969
70th Avenue V1 Miami, FL— 5,036 3,419 2,295 5,036 5,714 10,750 704 20171974
73rd Street2 Miami, FL— 6,130 13,932 276 6,130 14,208 20,338 165 20212022
74th Avenue1 Miami, FL— 2,327 3,538 692 2,327 4,230 6,557 870 20161986
78th Avenue1 Doral, FL— 2,445 1,755 2,973 2,445 4,728 7,173 1,644 20121977
81st Street2 Medley, FL— 2,938 5,242 1,540 2,938 6,782 9,720 1,820 20151996/2003
94th Avenue1 Doral, FL— 3,000 3,580 403 3,000 3,983 6,983 602 20171989
107th Avenue1 Medley, FL— 2,787 2,036 884 2,787 2,920 5,707 958 20132001
101st Road1 Medley, FL— 2,647 3,258 675 2,647 3,933 6,580 1,290 20132012
131st Street1 Medley, FL— 2,903 5,729 735 2,903 6,464 9,367 1,703 20141999
7045 NW 46th St1 Miami, FL— 2,517 2,261 206 2,517 2,467 4,984 12 20221986
    
Initial Cost
to Company
Costs
Capitalized
Subsequent
to
Acquisition
Gross Amount Carried
at December 31, 2022
   
Property Name
No. of
Bldgs.
LocationEncumbrancesLand
Buildings &
Improvements
Land
Buildings &
Improvements
TotalAccumulated
Depreciation
Year
Acquired
Year
Constructed
8050 NW 90th St— Medley, FL— 18,612 2,067 1,690 18,612 3,757 22,369 31 2022N/A
12950 SW South River1 Medley, FL— 1,971 4,029 804 1,971 4,833 6,804 917 20162000
Americas Gateway5 Doral, FL— 9,088 9,552 5,157 9,088 14,709 23,797 4,511 20131978/1982
Americas Gateway 51 Doral, FL— 2,064 4,326 390 2,064 4,716 6,780 143 20132022
Countyline #24 & #252 Hialeah, FL— 15,552 27,898 6,636 15,552 34,534 50,086 2,055 20212021 & 2021
Countyline #261 Hialeah, FL— 11,826 24,407 4,958 11,826 29,365 41,191 1,405 20212021
Countyline #27 & #282 Hialeah, FL— 18,595 49,052 9,764 18,595 58,816 77,411 2,110 20212021 & 2021
Countyline #29 & #302 Hialeah, FL— 19,370 52,925 6,227 19,370 59,152 78,522 722 20222022
Miami International Trade Center4 Medley, FL— 5,063 10,958 2,623 5,063 13,581 18,644 3,019 20151996
Washington, D.C.
75th Ave5 Landover, MD— 10,658 18,615 5,919 10,658 24,534 35,192 5,960 20141987/1990
2920 V Street1 Washington, D.C.— 2,248 1,670 1,499 2,248 3,169 5,417 561 20171958
3601 Pennsy1 Landover, MD— 2,331 4,375 1,566 2,331 5,941 8,272 1,706 20131996
4230 Forbes1 Lanham, MD— 1,736 2,395 1,207 1,736 3,602 5,338 932 20132003
4501 46th Street— Bladensburg, MD— 9,576 1,984 1,045 9,576 3,029 12,605 60 20211955
Business Parkway1 Lanham, MD— 3,038 3,007 210 3,038 3,217 6,255 533 20162002
Eisenhower3 Alexandria, VA— 36,755 23,768 2,089 36,755 25,857 62,612 645 20211974
Hampton Overlook3 Capitol Heights, MD— 4,602 7,521 2,123 4,602 9,644 14,246 1,637 20161989/1990
New Ridge— Hanover, MD— 5,689 1,567 443 5,689 2,010 7,699 393 2016
Pickett1 Alexandria, VA— 6,256 2,850 477 6,256 3,328 9,584 113 20211963
Tuxedo— Hyattsville, MD— 6,867 1,266 1,006 6,867 2,272 9,139 46 20211962
V Street6 Washington, D.C.— 67,132 41,299 19,329 67,132 60,628 127,759 14,814 20151955/1963
Subtotal252 — 1,850,860 1,060,256 312,218 1,850,860 1,372,473 3,223,333 236,851 
Unamortized net premiums
Unamortized net deferred financing costs
Intangible assets123,545 86,780 
Total252 $— $1,850,860 $1,060,256 $312,218 $1,850,860 $1,372,473 $3,346,878 $323,631 
Terreno Realty Corporation
Schedule III
Real Estate Investments and Accumulated Depreciation – (Continued)
As of December 31, 2022
(in thousands)
A summary of activity for real estate and accumulated depreciation for the years ended December 31, 2022 and 2021 is as follows:
 
2022
2021
Investment in Properties
Balance at beginning of year$2,946,826 $2,231,228 
Acquisition of properties422,298681,970 
Disposition of properties(65,379)(30,934)
Construction in progress21,62314,711 
Improvements, net of write-offs73,406 49,851 
Balance at end of year$3,398,774 $2,946,826 
 
2022
2021
Accumulated Depreciation
Balance at beginning of year$279,062 238,073
Amortization of lease intangible assets14,253 9,581
Depreciation expense48,771 39,498
Disposition of properties and write-offs(18,455)(8,090)
Balance at end of year$323,631 $279,062