Subsequent Events

6 Months Ended

Jun. 30, 2012

Subsequent Events

Subsequent Events

12. Subsequent Events

GAAP requires an entity to disclose events that occur after the balance sheet date but before financial statements are issued or are available to be issued (“subsequent events”) as well as the date through which an entity has evaluated subsequent events. There are two types of subsequent events. The first type consists of events or transactions that provide additional evidence about conditions that existed at the date of the balance sheet, including the estimates inherent in the process of preparing financial statements (“recognized subsequent events”). No significant recognized subsequent events were noted. The second type consists of events that provide evidence about conditions that did not exist at the date of the balance sheet but arose subsequent to that date (“non-recognized subsequent events”).

The following non-recognized subsequent events are noted:

On July 17, 2012, the Board of Directors elected Christopher P. Marr to serve as a director of the Company, Chairman of the Company’s Nominating and Corporate Governance Committee and a member of the Company’s Compensation Committee, effective August 2, 2012.  Mr. Marr filled the vacancy created when Edward F. Lange, Jr. did not to stand for re-election in May 2012.  On August 2, 2012, Mr. Marr received an initial grant of 5,345 LTIP units and became eligible to receive the standard compensation provided by the Company to its other non-management directors for services as a director.  Additionally, on August 2, 2012, the Company and Mr. Marr entered into an indemnification agreement in substantially the same form as the Company has entered with each of the Company’s existing directors.

On July 18, 2012, the Company acquired an approximately 182,000 square foot 100% leased warehouse/distribution facility located in Bellevue, Ohio.  The purchase price of the acquisition was approximately $5.7 million, excluding closing costs, and was funded using cash on hand.  Management has not finalized the acquisition accounting and therefore is not able to provide the disclosures otherwise required by ASC 805.

On August 1, 2012, the Company acquired an approximately 408,000 square foot 100% leased warehouse/distribution facility located in Atlanta, Georgia.  The purchase price of the acquisition was approximately $11.3 million, excluding closing costs, and was funded using cash on hand.  Management has not finalized the acquisition accounting and therefore is not able to provide the disclosures otherwise required by ASC 805.

On August 6, 2012, the Company acquired an approximately 186,000 square foot 100% leased warehouse/distribution facility located in Huntersville, NC.  The purchase price of the acquisition was approximately $5.5 million, excluding closing costs, and was funded using cash on hand.  Management has not finalized the acquisition accounting and therefore is not able to provide the disclosures otherwise required by ASC 805.

During the period July 1, 2012 to August 6, 2012, the Company incurred additional net borrowings of $30 million under the Credit Facility, which borrowings were used to acquire properties.