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Investments in Real Estate
 6 Months Ended
Jun. 30, 2012
Investments in Real Estate [Abstract]  
Investments in Real Estate Note 4. Investments in Real Estate.

Note 4. Investments in Real Estate. During the three months ended June 30, 2012, the Company acquired six industrial buildings containing 706,909 square feet. The total aggregate initial investment was approximately $68.7 million, of which $35.3 million was recorded to land, $30.6 million to buildings and improvements, $2.8 million to intangible assets and $0.2 million to intangible liabilities. These 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 and borrowings on the Company’s credit facility and were accounted for as business combinations.

The Company recorded revenues and net income for the three months ended June 30, 2012 of approximately $0.6 million and $0.2 million, respectively, related to the above acquisitions.

During the six months ended June 30, 2012, the Company acquired seven industrial buildings containing 775,898 square feet. The total aggregate initial investment was approximately $74.8 million, of which $37.2 million was recorded to land, $34.3 million to buildings and improvements, $3.3 million to intangible assets and $0.2 million to intangible liabilities. These 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 and borrowings on the credit facility and were accounted for as business combinations.

The Company recorded revenues and net income for the six months ended June 30, 2012 of approximately $0.6 million and $0.2 million, respectively, related to the above acquisitions.

During the three months ended June 30, 2011, the Company acquired five industrial buildings containing 400,078 square feet. The total aggregate initial investment was approximately $55.9 million, of which $27.5 million was recorded to land, $25.8 million to buildings and improvements and $2.6 million to intangible assets. The properties were acquired from unrelated third parties using existing cash on hand, net of assumed mortgage loans payable and borrowings on the credit facility and were accounted for as business combinations.

During the six months ended June 30, 2011, the Company acquired six industrial buildings containing 535,078 square feet. The total aggregate initial investment was approximately $61.7 million, of which $30.7 million was recorded to land, $28.1 million to buildings and improvements and $2.9 million to intangible assets. The properties were acquired from unrelated third parties using existing cash on hand, net of assumed mortgage loans payable and borrowings on the credit facility and were accounted for as business combinations.

Pro Forma Financial Information:

The following supplementary pro forma financial information presents the results of operations of the Company for the three and six months ended June 30, 2012 and 2011 as if all of the Company’s acquisitions during the three and six months ended June 30, 2012 and the July 3, 2012 acquisition (Note 9) occurred on January 1, 2011. The pro forma results for the three and six months ended June 30, 2012 and 2011 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, 2011, or of future results of operations (dollars in thousands, except per share data).

 

                                 
    For the Three Months Ended June 30,     For the Six Months Ended June 30,  
    2012     2011     2012     2011  

Total revenues

   $ 9,280     $ 5,934     $ 18,086     $ 11,472  

Net and comprehensive income (loss) available to common stockholders

     1,395       (1,320 )      2,854       (2,376 ) 

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

   $ 0.11     $ (0.14 )    $ 0.22     $ (0.26 )