Note 4. Investments in Real Estate

During the three months ended June 30, 2018, the Company acquired two industrial buildings containing approximately 50,000 square feet and one improved land parcel containing approximately 3.5 acres. The total aggregate initial investment, including acquisition costs, was approximately $15.8 million, of which $10.8 million was recorded to land, $3.8 million to buildings and improvements, $1.3 million to intangible assets and $0.4 million to intangible liabilities.

During the six months ended June 30, 2018, the Company acquired five industrial buildings containing approximately 468,000 square feet, including two buildings under redevelopment that upon completion will contain approximately 318,000 square feet with a total expected investment of approximately $96.3 million, including redevelopment costs of approximately $28.5 million, and one improved land parcel containing approximately 3.5 acres. The total aggregate initial investment, including acquisition costs, was approximately $103.7 million, of which $74.4 million was recorded to land, $25.4 million to buildings and improvements, $3.9 million to intangible assets and $2.7 million to intangible liabilities.

The Company recorded revenues and net income for the three months ended June 30, 2018 of approximately $0.8 million and $0.3 million, respectively, and recorded revenues and net income for the six months ended June 30, 2018 of approximately $1.1 million and $0.4 million, respectively, related to the 2018 acquisitions.

During the three months ended June 30, 2017, the Company acquired 11 industrial buildings containing approximately 807,000 square feet and two improved land parcels containing approximately 17.8 acres. The total aggregate initial investment, including acquisition costs, was approximately $140.8 million, of which $102.7 million was recorded to land, $31.2 million to buildings and improvements, $6.9 million to intangible assets and $17.3 million to intangible liabilities.

During the six months ended June 30, 2017, the Company acquired 13 industrial buildings containing approximately 898,000 square feet and two land parcels containing approximately 17.8 acres. The total aggregate initial investment, including acquisition costs, was approximately $155.9 million, of which $112.3 million was recorded to land, $36.7 million to buildings and improvements, $6.9 million to intangible assets and $17.3 million to intangible liabilities.

The Company recorded revenues and net income for the three months ended June 30, 2017 of approximately $1.1 million and $0.5 million, respectively, and recorded revenues and net income for the six months ended June 30, 2017 of approximately $1.3 million and $0.6 million, respectively, related to the 2017 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, proceeds from property sales, issuance of common stock and borrowings on the revolving credit facility.

During 2018, the Company began redevelopment on four buildings that upon completion will contain approximately 0.5 million square feet with a total expected investment of approximately $119.2 million, including redevelopment costs of approximately $32.9 million. The Company capitalized interest associated with redevelopment and expansion activities of approximately $0.6 million and $0, respectively, during the three months ended June 30, 2018 and 2017, and approximately $0.8 million and $0, respectively, during the six months ended June 30, 2018 and 2017.

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, 2018 and 2017 as if all of the Company’s acquisitions during the six months ended June 30, 2018 occurred on January 1, 2017. The following pro forma results for the three and six months ended June 30, 2018 and 2017 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, 2017, 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,
		2018		2017		2018		2017

Total revenues	$	37,347	$	33,477	$	75,052	$	66,003
Net income available to common stockholders,
net of preferred stock dividends		20,075		14,833		30,356		20,132
Basic and diluted net income available to common stockholders
per share, net of preferred stock dividends	$	0.35	$	0.29	$	0.54	$	0.41