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Investments in Real Estate
 9 Months Ended
Sep. 30, 2012
Investments in Real Estate [Abstract]  
Investments in Real Estate

Note 4. Investments in Real Estate.

During the three months ended September 30, 2012, the Company acquired nine industrial buildings containing 577,261 square feet. The total aggregate initial investment was approximately $75.6 million, of which $35.8 million was recorded to land, $34.6 million to buildings and improvements, $5.2 million to intangible assets and $1.2 million to intangible liabilities.

The Company recorded revenues and net income for the three months ended September 30, 2012 of approximately $1.2 million and $0.6 million, respectively, related to the above acquisitions.

During the nine months ended September 30, 2012, the Company acquired 16 industrial buildings containing 1,353,159 square feet. The total aggregate initial investment was approximately $150.4 million, of which $73.0 million was recorded to land, $68.9 million to buildings and improvements, $8.5 million to intangible assets and $1.4 million to intangible liabilities.

The Company recorded revenues and net income for the nine months ended September 30, 2012 of approximately $3.1 million and $1.3 million, respectively, related to the above acquisitions.

During the three months ended September 30, 2011, the Company acquired two industrial buildings containing 112,808 square feet. The total aggregate initial investment was approximately $16.9 million, of which $8.8 million was recorded to land, $6.8 million to buildings and improvements and $1.3 million to intangible assets.

During the nine months ended September 30, 2011, the Company acquired eight industrial buildings containing 647,886 square feet. The total aggregate initial investment was approximately $78.6 million, of which $39.6 million was recorded to land, $34.9 million to buildings and improvements and $4.1 million to intangible assets.

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, net of assumed mortgage loans payable and borrowings on the Company’s 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 nine months ended September 30, 2012 and 2011 as if all of the Company’s acquisitions during the three and nine months ended 2012 occurred on January 1, 2011. The following pro forma results for the three and nine months ended September 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 September 30,     For the Nine Months Ended September  30,  
            2012                      2011                      2012                      2011           

Total revenues

   $ 9,598     $ 7,470     $ 28,567     $ 19,994  

Net and comprehensive income (loss) available to common stockholders

     709       176       3,884       (1,721 ) 

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

   $ 0.05     $ 0.02     $ 0.30     $ (0.19 )