Investments in Real Estate (Tables)

6 Months Ended

Jun. 30, 2024

Schedule of Properties Under and Completed Redevelopment

The following table summarizes certain information with respect to the properties under development or redevelopment and the land for future development as of June 30, 2024:


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 31 2	Hialeah, FL	$	42,054	161,787	—
Countyline Building 32 2	Hialeah, FL	40,132		164,307	—
Countyline Building 33 2	Hialeah, FL	38,977		158,042	—
Countyline Building 39 2	Hialeah, FL	43,802		178,201	—
147th Street	Hawthorne, CA	15,431		31,378	—
Maple III	Rancho Dominguez, CA	28,486		—	2.8
Paterson Plank III	Carlstadt, NJ	35,301		47,316	—
East Garry Avenue	Santa Ana, CA	40,513		91,500	—
139th Street 3	Gardena, CA	104,611		227,755	—
Total		$	389,307	1,060,286	2.8

Land for future development:
Countyline Phase IV
Countyline Phase IV Land 2	Hialeah, FL	$	174,846	652,985	—
Total		$	174,846	652,985	—

1Excludes below-market lease adjustments recorded at acquisition. Total expected investment for the properties includes 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 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.

3This redevelopment property was initially acquired in 2017 for a total initial investment, including closing costs and acquisition costs, of approximately $39.9 million. The property was in the operating portfolio until January 2024 when redevelopment commenced. The amount spent to date includes the total initial investment and capital expenditures incurred prior to redevelopment and excludes accumulated depreciation recorded since acquisition. The Company expects a total incremental investment of approximately $64.0 million.

The following table summarizes certain information with respect to the development properties completed during the six months ended June 30, 2024:



Property Name	Location	Total Investment (in thousands) 1		Post-Development Square Feet	Completion Quarter
Countyline Building 38	Hialeah, FL	$	88,500	506,215	Q2 2024
Countyline Building 40	Hialeah, FL	43,800		186,107	Q2 2024
Total/Weighted Average		$	132,300	692,322

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