During the year ended December 31, 2024, the Company acquired eight industrial properties and one portfolio of industrial properties. This included the assumption of a mortgage loan with a total contractual principal amount of approximately $72.9 million which bears interest at a contractual fixed interest rate of 3.9% and matures in March 2028. Upon acquisition, this mortgage loan was recorded at fair value in the amount of $69.2 million using an effective interest rate of 5.6%. The unamortized fair value adjustment was approximately $3.6 million as of December 31, 2024. The mortgage loan payable is secured by a property and requires a monthly interest payment until maturity and is generally non-recourse. The total aggregate initial investment, including acquisition costs, was approximately $937.9 million, of which $523.2 million was recorded to land, $356.3 million to buildings and improvements, and $58.4 million to intangible assets. Additionally, the Company assumed $54.3 million in liabilities.


Property Name	Location	Acquisition Date	Number of Buildings	Square Feet	Purchase Price (in thousands)1
13045 SE 32nd Street	Bellevue, WA	January 5, 2024	1	16,000	$	6,500
181 Lombardy	Brooklyn, NY	March 22, 2024	1	24,000	12,000
Fleet	Alexandria, VA	April 15, 2024	4	357,000	84,300
Multi-market portfolio of industrial properties3	Various	May 2, 2024	28	1,237,600	364,500
3000 V Street NE	Washington, D.C.	August 1, 2024	1	26,000	7,600
48-29 31st Pl	Queens, NY	December 5, 2024	1	17,000	7,600
280 Richards Street2	Brooklyn, NY	December 11, 2024	1	312,000	156,300
Doral Air Logistics	Doral, FL	December 27, 2024	3	495,000	195,600
49-15 Maspeth Avenue	Queens, NY	December 27, 2024	1	33,000	50,100











Total/Weighted Average			41	2,517,600	$	884,500

1Excludes intangible liabilities and unamortized mortgage fair value adjustments, if any. The total aggregate initial investment was approximately $937.9 million, including $11.2 million in capitalized closing costs and acquisition costs and $49.5 million in assumed intangible liabilities, $3.7 million in assumed unamortized fair value adjustment and $3.6 million in other credits related to near term capital expenditures, free rent and tenant improvements at multiple properties.

2280 Richards Street is encumbered by a mortgage loan payable with a total contractual principal amount of approximately $72.9 million which bears interest at a contractual fixed interest rate of 3.9% and matures in March 2028. The mortgage was assumed in an acquisition and was recorded at fair value in the amount of $69.2 million using an effective interest rate of 5.6%. The unamortized fair value adjustment as of December 31, 2024 was approximately $3.6 million.

3Includes 28 properties, including 12 buildings located in New York City aggregating approximately 481,500 square feet, 6 buildings located in Northern New Jersey aggregating approximately 343,200 square feet, 3 buildings located in the San Francisco Bay Area aggregating approximately 237,900 square feet and 7 buildings located in Los Angeles aggregating approximately 175,000 square feet.

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.


Property Name	Location	Acquisition Date	Number of Buildings	Square Feet	Improved Land Acreage	Purchase Price (in thousands) 1
Countyline Phase IV2	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 Avenue3	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 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, the issuance of common stock and borrowings on the revolving credit facility.

As of December 31, 2024, the Company had six properties under development or redevelopment that, upon completion, will consist of nine buildings aggregating approximately 0.9 million square feet. Additionally, the Company owned approximately 22.4 acres of land for future development that, upon completion, will consist of two buildings aggregating approximately 0.4 million square feet. The following table summarizes certain information with respect to the properties under development or redevelopment and the land for future development as of December 31, 2024:


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


Properties under development or redevelopment:
Countyline Phase IV2
Countyline Building 32	Hialeah, FL	$	40,100	164,300
Countyline Building 33	Hialeah, FL	39,000		158,000
Countyline Building 34	Hialeah, FL	55,900		219,900
Paterson Plank III	Carlstadt, NJ	35,200		47,300
East Garry Avenue	Santa Ana, CA	41,000		91,500
139th Street3	Gardena, CA	104,600		223,000


Total		$	315,800	904,000

Land entitled for future development:
Countyline Phase IV2
Countyline Phase IV Land	Hialeah, FL	117,100		433,200
Total		$	117,100	433,200

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.

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.

During 2024, the Company completed development or redevelopment of six properties. The following table summarizes certain information with respect to the completed development or redevelopment properties as of December 31, 2024:


Property Name	Location	Total Expected Investment (in thousands) 1 (unaudited)		Post-Development Square Feet	Post-Development Acreage	Completion Quarter
Countyline Building 31	Hialeah, FL	$	42,100	161,787	—	Q4 2024
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
147th Street	Hawthorne, CA	15,600		31,378	—	Q4 2024
Maple III	Rancho Dominguez, CA	28,300		—	2.8	Q4 2024
Total/Weighted Average		$	262,100	1,063,688	2.8

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 $11.0 million, $8.5 million and $2.6 million during the years ended December 31, 2024, 2023 and 2022, respectively.