Investments in Real Estate

3 Months Ended

Mar. 31, 2019

Real Estate [Abstract]

Investments in Real Estate

Investments in Real Estate

During the three months ended March 31, 2019, the Company acquired two industrial buildings containing approximately 46,000 square feet and two improved land parcels containing approximately 19.7 acres. The total aggregate initial investment, including acquisition costs, was approximately $68.2 million, of which $59.6 million was recorded to land, $4.7 million to buildings and improvements, $3.9 million to intangible assets and $3.3 million to intangible liabilities.

The Company recorded revenues and net income for the three months ended March 31, 2019 of approximately $0.2 million and $0.1 million, respectively, related to the 2019 acquisitions.

During the three months ended March 31, 2018, the Company acquired three industrial buildings containing approximately 418,000 square feet, including two buildings under redevelopment that upon completion will contain approximately 318,000 square feet. The total aggregate initial investment, including acquisition costs, was approximately $87.9 million, of which $63.6 million was recorded to land, $21.7 million to buildings and improvements, $2.6 million to intangible assets and $2.3 million to intangible liabilities.

The Company recorded revenues and net income for the three months ended March 31, 2018 of approximately $0.3 million and $0.2 million, respectively, related to the 2018 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, issuance of common stock and borrowings on the revolving credit facility.

During 2019, the Company has four properties under redevelopment that upon completion will contain approximately 0.6 million square feet with a total expected investment of approximately $126.1 million, including redevelopment costs of approximately $48.1 million. During 2019, the Company completed redevelopment of its 1775 NW 70th Avenue property in Miami, Florida, an approximately 65,000 square foot redevelopment property. The total investment was approximately $10.0 million. The Company capitalized interest associated with redevelopment and expansion activities of approximately $0.8 million and $0.2 million, respectively, during the three months ended March 31, 2019 and 2018.