During the three months ended March 31, 2024, the Company acquired two industrial properties with a total initial investment,

including acquisition costs, of approximately $18.7 million, of which $15.1 million was recorded to land and $3.6 million to buildings and improvements.

The Company did not record any revenues or net income for the three months ended March 31, 2024 related to the 2024 acquisitions.

The above assets and liabilities were recorded at fair value, which uses Level 3 inputs. The purchase price for each acquisition was allocated to the individual acquired assets and liabilities based on their relative fair values. The properties were acquired from unrelated third parties using existing cash on hand, proceeds from property sales and issuances of common stock and borrowings on the revolving credit facility.

As of March 31, 2025, the Company had five properties under development or redevelopment that, upon completion, will consist of eight buildings aggregating approximately 0.8 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 March 31, 2025:


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


Properties under development or redevelopment:
Countyline Phase IV 2


Countyline Building 32	Hialeah, FL	$	40,100	164,300
Countyline Building 33	Hialeah, FL	39,900		158,000
Countyline Building 34	Hialeah, FL	55,900		219,900
Paterson Plank III	Carlstadt, NJ	35,200		47,300
139th Street3	Gardena, CA	104,600		223,500

Total		$	275,700	813,000

Land for future development:
Countyline Phase IV 2
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 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.

During the first quarter of 2025, the Company completed the redevelopment of one property. The following table summarizes certain information with respect to the redevelopment property completed during the three months ended March 31, 2025:

Property Name

Location

Total Expected

Investment (in thousands) 1

Post-Development Square Feet

Completion Quarter

East Garry Avenue

Santa Ana, CA

41,300

91,500

Q1 2025

1Total investment for the property 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, renovation or expansion activities of approximately $1.3 million and $3.1 million during the three months ended March 31, 2025 and 2024, respectively.