Investments in Real Estate

12 Months Ended

Dec. 31, 2023

During the year ended December 31, 2023, the Company acquired seven industrial properties with a total initial investment, including acquisition costs, of approximately $512.5 million, of which $325.8 million was recorded to land, $156.6 million to buildings and improvements, and $30.1 million to intangible assets. Additionally, the Company assumed $46.3 million in liabilities.

The following table sets forth the wholly-owned industrial properties the Company acquired during the year ended December 31, 2023:


Property Name	Location	Acquisition Date	Number of Buildings	Square Feet	Improved Land Acreage	Purchase Price (in thousands)1
Countyline Phase IV 2	Hialeah, FL	February 23, 2023	—	—	121.0	$	173,600
9th Street	Long Island City, NY	March 6, 2023	1	45,000	—	23,000
Morton	Newark, CA	March 30, 2023	4	603,000	—	186,000
25th Place NE	Washington DC	May 23, 2023	1	33,000	—	13,400
East Garry Avenue 3	Santa Ana, CA	September 6, 2023	—	—	4.9	14,800
Santa Fe	Redondo Beach, CA	October 10, 2023	2	112,000	—	45,700
Van Dyke	Red Hook, Brooklyn, NY	October 11, 2023	1	96,000	—	27,500













Total/Weighted Average			9	889,000	125.9	$	484,000

1Excludes intangible liabilities. The total aggregate initial investment was approximately $512.5 million, including $6.1 million in capitalized closing costs and acquisition costs and $42.9 million in assumed intangible liabilities and $20.5 million in other credits related to near term capital expenditures, free rent and tenant improvements at various properties.

2Countyline Phase IV is a 121-acre project entitled for 2.2 million square feet of industrial distribution buildings located in Miami’s Countyline Corporate Park (“Countyline”), immediately adjacent to the Company’s seven buildings within Countyline. Countyline Phase IV, a landfill redevelopment adjacent to Florida’s Turnpike and the southern terminus of I-75, is expected to contain ten LEED-certified industrial distribution buildings at completion.

3East Garry Avenue is a 4.9-acre property that was placed into redevelopment upon acquisition. The property is expected to contain one approximately 92,000 square foot LEED-certified industrial distribution building at completion.

The Company recorded revenues and net income for the year ended December 31, 2023 of approximately $14.8 million and $4.9 million, respectively, related to the 2023 acquisitions.

During the year ended December 31, 2022, the Company acquired 20 industrial properties with a total initial investment, including acquisition costs, of approximately $422.3 million, of which $316.0 million was recorded to land, $94.4 million to buildings and improvements, and $11.9 million to intangible assets. Additionally, the Company assumed $17.1 million in liabilities.

The following table sets forth the wholly-owned industrial properties the Company acquired during the year ended December 31, 2022:


Property Name	Location	Acquisition Date	Number of Buildings	Square Feet	Improved Land Acreage	Purchase Price (in thousands) 1
Countyline 29 & 30	Hialeah, FL	February 9, 2022	2	407,000	—	$	73,200
33rd Place	Bellevue, WA	February 23, 2022	2	29,000	1.2	13,040
NE 91st	Redmond, WA	April 8, 2022	2	32,000	—	9,780
87 Doremus	Newark, NJ	April 18, 2022	—	—	9.7	17,300
3660 Thomas Road	Santa Clara, CA	May 4, 2022	1	135,000	—	54,600
127 Doremus Avenue	Newark, NJ	May 19, 2022	—	—	2.4	11,900
3660 Fee Ana	Anaheim, CA	May 24, 2022	—	—	2.1	15,000
332 Hindry Avenue	Inglewood, CA	May 25, 2022	1	19,000	—	9,280
8320-8400 Isis Avenue	Los Angeles, CA	May 25, 2022	1	40,000	—	17,902
Teagarden	San Leandro, CA	June 1, 2022	5	104,000	—	34,600
293 Roanoke Avenue	Newark, NJ	June 7, 2022	—	—	1.8	13,000
8660 Willows Road	Redmond, WA	June 17, 2022	—	—	3.5	19,900
8050 NW 90th St	Medley, FL	July 5, 2022	—	—	6.7	20,000
4857 W 147th St	Hawthorne, CA	August 2, 2022	—	—	1.3	6,500
19500 South Alameda St	Rancho Dominguez, CA	August 3, 2022	—	—	3.0	32,075
3091 East Coronado St	Anaheim, CA	September 6, 2022	—	—	1.2	7,325
7045 NW 46th St	Miami, FL	October 24, 2022	1	16,000	—	4,703
5401 West 104th St	Los Angeles, CA	November 1, 2022	1	26,000	—	17,000
629 Henry	Elizabeth, NJ	November 29, 2022	1	23,000	—	15,350
14805 S Maple Ave	Rancho Dominguez, CA	December 30, 2022	—	—	2.8	22,358















Total/Weighted Average			17	831,000	35.7	$	414,813

1Excludes intangible liabilities. The total aggregate initial investment was approximately $422.3 million, including $13.0 million in capitalized closing costs and acquisition costs and $14.1 million in assumed intangible liabilities and $19.6 million in other credits related to near term capital expenditures at the Countyline 29 & 30 properties.

The Company recorded revenues and net income for the year ended December 31, 2022 of approximately $11.4 million and $3.2 million, respectively, related to the 2022 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 December 31, 2023, the Company had seven properties under redevelopment that, upon completion, will consist of six buildings aggregating approximately 1.0 million square feet and one approximately 2.8-acre improved land parcel. Additionally, the Company owned approximately 62.7 acres of land entitled for future development that, upon completion, will consist of six buildings aggregating approximately 1.1 million square feet. The following table summarizes certain information with respect to the properties under development or redevelopment and the land entitled for future development as of December 31, 2023:


Property Name	Location	Total Expected Investment (in thousands) 1		Estimated Post-Development Square Feet	Estimated Post-Development Acreage


Properties under development or redevelopment:
Countyline Phase IV
Countyline Building 38 2	Hialeah, FL	$	88,800	506,215	—
Countyline Building 39 2	Hialeah, FL	43,802		178,201	—
Countyline Building 40 2	Hialeah, FL	41,968		186,107	—

Maple III	Rancho Dominguez, CA	28,071		—	2.8
147th Street	Hawthorne, CA	18,095		31,378	—
East Garry Avenue	Santa Ana, CA	40,553		91,500	—
Paterson Plank III	Carlstadt, NJ	35,042		47,316	—
Total		$	296,331	1,040,717	2.8

Land entitled for future development:
Countyline Phase IV
Countyline Phase IV Land 2	Hialeah, FL	295,700		1,137,121	—
Total		$	295,700	1,137,121	—

1Excludes below-market lease adjustments recorded at acquisition. Total expected investment for the properties include the initial purchase price, buyer’s due diligence and closing costs, estimated near-term redevelopment expenditures, capitalized interest and leasing costs necessary to achieve stabilization.

2Collectively, “Countyline Phase IV”, a 121-acre project entitled for 2.2 million square feet of industrial distribution buildings located in Countyline, immediately adjacent to the Company’s seven buildings within Countyline. Countyline Phase IV, a landfill redevelopment adjacent to Florida’s Turnpike and the southern terminus of I-75, is expected to contain ten LEED-certified industrial distribution buildings at completion.

During 2023, the Company completed development and redevelopment activities for two properties. The following table summarizes certain information with respect to the completed redevelopment properties as of December 31, 2023:


Property Name	Location	Total Investment (in thousands) 1		Post-Development Square Feet	Post-Development Acreage	Completion Quarter

Berryessa	San Jose, CA	$	26,296	—	6.3	Q2 2023
Countyline Building 41	Hialeah, FL	41,200		190,907	—	Q4 2023
Total/Weighted Average		$	67,496	190,907	—

1Total investment for the properties includes the initial purchase price, buyer’s due diligence and closing costs, redevelopment expenditures, capitalized interest and leasing costs necessary to achieve stabilization.

The Company capitalized interest associated with development, redevelopment and expansion activities of approximately $8.5 million, $2.6 million and $0.7 million during the years ended December 31, 2023, 2022 and 2021, respectively.