Investments in Real Estate (Tables)

9 Months Ended

Sep. 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 September 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 2
Countyline Building 31	Hialeah, FL	$	42,000	161,800	—
Countyline Building 32	Hialeah, FL	40,100		164,300	—
Countyline Building 33	Hialeah, FL	39,000		158,000	—
147th Street	Hawthorne, CA	15,600		31,400	—
Maple III	Rancho Dominguez, CA	28,200		—	2.8
Paterson Plank III	Carlstadt, NJ	35,300		47,300	—
East Garry Avenue	Santa Ana, CA	40,700		91,500	—
139th Street 3	Gardena, CA	104,600		227,800	—
Total		$	345,500	882,100	2.8

Land for future development:
Countyline Phase IV 2
Countyline Phase IV Land 4	Hialeah, FL	$	174,800	653,000	—
Total		$	174,800	653,000	—

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.

2“Countyline 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.

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.

4On October 21, 2024, the Company commenced development of Countyline Building 34 in Countyline Phase IV. Upon completion, which is expected to occur in the third quarter of 2025, Countyline Building 34 will consist of one approximately 220,000 square foot industrial building with a total expected investment of approximately $55.9 million. The building is 70% pre-leased. The lease will commence upon completion of the building and tenant improvements and will expire in February 2033.

The following table summarizes certain information with respect to the development properties completed during the nine months ended September 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 39	Hialeah, FL	43,800		178,201	Q3 2024
Countyline Building 40	Hialeah, FL	43,800		186,107	Q2 2024
Total/Weighted Average		$	176,100	870,523

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.