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Investments In Real Estate
 3 Months Ended
Mar. 31, 2015
Investments In Real Estate [Abstract]  
Investments In Real Estate

Note 4.  Investments in Real Estate 

 

During the three months ended March 31, 2015,  the Company acquired 11 industrial buildings containing 1,196,322 square feet. The total aggregate initial investment was approximately $154.1 million, of which $80.5 million was recorded to land, $62.6 million to buildings and improvements, $11.0 million to intangible assets and $2.4 million to intangible liabilities. 

 

The Company recorded revenues and net loss for the three months ended March 31, 2015 of approximately $1.8 million and $0.1 million, respectively, related to the 2015 acquisitions. 

 

During the three months ended March 31, 2014,  the Company acquired three industrial buildings containing 318,822 square feet, including the assumption of a mortgage loan with a total principal amount of approximately $2.8 million with a fixed interest rate of 5.09% that matures in August 2015. The total aggregate initial investment was approximately $33.9 million, of which $11.5 million was recorded to land, $20.3 million to buildings and improvements, $2.1 million to intangible assets and $0.3 million to intangible liabilities. 

 

The Company recorded revenues and net income for the three months ended March 31, 2014 of approximately $0.1 million and $16,000, respectively, related to the 2014 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, net of assumed mortgage loans payable and borrowings under 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 months ended March 31, 2015 and 2014 as if all of the Company’s acquisitions during the three months ended March 31, 2015 occurred on January 1, 2014. The following pro forma results for the three months ended March 31, 2015 and 2014 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, 2014, or of future results of operations (dollars in thousands, except per share data). 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Three Months Ended March 31,

 

 

 

2015

 

 

2014

 

 

 

 

 

 

 

 

Total revenues

$
24,247 

 

$
18,701 

 

Net income available to common stockholders, net of preferred stock dividends

 
1,464 

 

 
(2,467)

 

Basic and diluted net income available to common stockholders per share,

 

 

 

 

 

 

net of preferred stock dividends

$
0.03 

 

$
(0.10)