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Investments in Real Estate.
 12 Months Ended
Dec. 31, 2011
Investments in Real Estate. [Abstract]  
Investments in Real Estate.

Note 4. Investments in Real Estate.

During year ended December 31, 2011, the Company acquired 14 industrial buildings containing approximately 1.1 million square feet. The total aggregate initial investment was approximately $119.2 million, which was allocated $61.6 million to land, $51.0 million to buildings and improvements, $6.6 million to intangible assets and $0.4 million to intangible liabilities. The properties were acquired from unrelated third parties using existing cash on hand, net of assumed mortgage loans payable and borrowings on the term loan and credit facility, and were accounted for as asset acquisitions.

The following table sets forth the wholly-owned industrial properties the Company acquired during the year ended December 31, 2011:

 

                                 

Property Name

  

Location

  

Acquisition Date

  

Number of
Buildings

    

Square Feet

    

Purchase Price
(in thousands)  1

  

Dorsey

   Jessup, MD   March 25, 2011     1       135,000     $ 5,800  

Belleville

   Kearny, NJ   May 20, 2011     1       211,418       32,600  

630 Glasgow

   Inglewood, CA   June 2, 2011     1       27,505       4,100  

8730 Bollman

   Savage, MD   June 24, 2011     1       98,745       7,500  

Dell

   Carlstadt, NJ   June 28, 2011     1       27,410       7,725  

70th Avenue

   Miami, FL   June 28, 2011     1       35,000       4,000  

19601 Hamilton

   Torrance, CA   July 20, 2011     1       72,808       12,350  

39th Street

   Doral, FL   August 19, 2011     1       40,000       4,400  

620 Division

   Elizabeth, NJ   October 7, 2011     1       150,348       10,350  

48th Avenue

   Miami Gardens, FL   December 15, 2011     2       57,682       7,200  

Clawiter

   Hayward, CA   December 15, 2011     1       33,842       7,625  

Valley Corporate

   Kent, WA   December 30, 2011     2       168,790       15,025  
           

 

 

    

 

 

    

 

 

  

Total

             14       1,058,548     $ 118,675  
           

 

 

    

 

 

    

 

 

  

 

1

Excludes intangible liabilities and assumed mortgage premiums totaling approximately $0.5 million. The total aggregate investment was approximately $119.2 million.

The Company recorded revenues and net income for the year ended December 31, 2011 of approximately $4.1 million and $1.5 million, respectively, related to the above acquisitions.

On May 20, 2011, the Company acquired Belleville for a total purchase price of approximately $32.6 million, which was allocated $12.9 million to land, $18.0 million to buildings and improvements and $1.7 million to intangible assets. The property was acquired from an unrelated third party existing cash on hand, net of an assumed mortgage loan payable of approximately $14.8 million. The Company recorded revenues and net income for the year ended December 31, 2011 of approximately $1.7 million and $0.5 million, respectively, related to this acquisition.

On December 30, 2011, the Company acquired Valley Corporate for a total purchase price of approximately $15.0 million, which was allocated $5.2 million to land, $9.1 million to buildings and improvements, $0.9 million to intangible assets and $0.2 million to intangible liabilities. The property was acquired from an unrelated third party existing cash on hand, net of borrowings on the term loan. The Company recorded revenues and a net loss for the year ended December 31, 2011 of approximately $5,000 and ($5,000), respectively, related to this acquisition.

During the period from February 16, 2010 (commencement of operations) to December 31, 2010, the Company acquired 33 industrial buildings containing approximately 2.4 million square feet. The total aggregate initial investment was approximately $136.0 million, which was allocated $71.8 million to land, $55.9 million to buildings and improvements, $8.3 million to intangible assets and $0.9 million to intangible liabilities. The properties were acquired from unrelated third parties using existing cash on hand, net of assumed mortgage loans payable and were accounted for as asset acquisitions.

 

                                 

Property Name

  

Location

  

Acquisition Date

  

Number of
Buildings

    

Square
Feet

    

Purchase Price
(in thousands)  1

  

Fortune/Qume

   San Jose, CA   March 30, 2010     1       71,516     $ 5,550  

Warm Springs I and II

   Fremont, CA   March 26, 2010     2       140,466       7,264  

238/242 Lawrence

   South San Francisco, CA   August 13, 2010     2       80,524       9,620  

Rialto

   San Bernardino, CA   September 15, 2010     2       121,551       12,152  

Maltese

   Totowa, NJ   September 21, 2010     1       208,000       16,500  

Middlebrook

   Bound Brook, NJ   September 24, 2010     18       580,982       27,000  

130 Interstate

   South Brunswick, NJ   September 29, 2010     1       413,092       22,450  

299 Lawrence

   South San Francisco, CA   November 9, 2010     1       19,247       2,550  

Kent 188

   Kent, WA   December 14, 2010     1       137,872       8,275  

Ahern

   Union City, CA   December 15, 2010     2       86,271       6,255  

10th Avenue

   Hialeah, FL   December 20, 2010     1       301,983       9,000  

60th Avenue

   Miami Lakes, FL   December 20, 2010     1       195,547       7,750  
           

 

 

    

 

 

    

 

 

  

Total

             33       2,357,051     $ 134,366  
           

 

 

    

 

 

    

 

 

  

 

1

Excludes intangible liabilities and assumed mortgage premiums totaling approximately $1.6 million. The total aggregate investment was approximately $136.0 million.

 

The following supplementary pro forma financial information presents the results of operations of the Company for the years ended December 31, 2011 and 2010 as if all acquisitions during 2011 occurred on January 1, 2010. Since the Company commenced operations on February 16, 2010 upon completion of its IPO, pro forma adjustments have been included for corporate general and administrative expenses for the year ended December 31, 2010. The pro forma results for the years ended December 31, 2011 and 2010 have been presented for comparative purposes only and are not necessarily indicative of the results of operations that would have actually occurred had all transactions taken place on January 1, 2010, or of future results of operations (dollars in thousands, except per share data).

Pro Forma Financial Information:

 

                 
    For the Years Ended December 31,  
          2011                 2010        
    (Unaudited)  

Total revenues

   $ 23,552     $ 14,121  

Net income (loss) available to common stockholders

     1,061       (3,183 ) 

Basic and Diluted net income (loss) available to common stockholders per share

   $ 0.12     $ (0.35 )