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Investments in Real Estate | 6 Months Ended
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Jun. 30, 2022
Real Estate [Abstract] |
Investments in Real Estate | Investments in Real Estate During the three months ended June 30, 2022, the Company acquired ten industrial properties with a total initial investment, including acquisition costs, of approximately $221.6 million, of which $169.5 million was recorded to land, $43.7 million to buildings and improvements, and $8.4 million to intangible assets. Additionally, the Company assumed $12.8 million in liabilities. During the six months ended June 30, 2022, the Company acquired 12 industrial properties with a total initial investment, including acquisition costs, of approximately $291.9 million, of which $199.5 million was recorded to land, $82.8 million to buildings and improvements, and $9.6 million to intangible assets. Additionally, the Company assumed $15.0 million in liabilities. The Company recorded revenues and net income for the three months ended June 30, 2022 of approximately $1.7 million and $0.7 million, respectively, and recorded revenues and net income for the six months ended June 30, 2022 of approximately $1.7 million and $0.7 million, respectively, related to the 2022 acquisitions. During the three months ended June 30, 2021, the Company acquired six industrial properties with a total initial investment, including acquisition costs, of approximately $57.8 million, of which $44.0 million was recorded to land, $9.8 million to buildings and improvements, and $4.0 million to intangible assets. Additionally, the Company assumed $2.2 million in liabilities. During the six months ended June 30, 2021, the Company acquired ten industrial properties with a total initial investment, including acquisition costs, of approximately $167.7 million, of which $107.7 million was recorded to land, $51.6 million to buildings and improvements, and $8.4 million to intangible assets. Additionally, the Company assumed $7.8 million in liabilities. The Company recorded revenues and net income for the three months ended June 30, 2021 of approximately $2.0 million and $0.7 million, respectively, and recorded revenues and net income for the six months ended June 30, 2021 of approximately $2.5 million and $1.0 million, respectively, related to the 2021 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 and the issuance of common stock and borrowings on the revolving credit facility. As of June 30, 2022, the Company had four properties under redevelopment that, upon completion, will consist of two properties aggregating approximately 0.3 million square feet and two improved land parcels aggregating approximately 12.1 acres with a total expected investment of approximately $108.3 million, including redevelopment costs, capitalized interest and other costs. During the second quarter of 2022, the Company completed redevelopment of its Countyline 29 property in Hialeah, FL consisting of approximately 0.2 million square feet. The total investment was approximately $37.7 million. The Company capitalized interest associated with redevelopment and expansion activities of approximately $1.6 million and $0.1 million during the six months ended June 30, 2022 and 2021, respectively.

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- Definition The entire disclosure for certain real estate investment financial statements, real estate investment trust operating support agreements, real estate owned, retail land sales, time share transactions, as well as other real estate related disclosures. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 970 -URI https://asc.fasb.org/topic&trid=2156125 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 978 -URI https://asc.fasb.org/topic&trid=2134977 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 976 -URI https://asc.fasb.org/topic&trid=2134846 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 974 -URI https://asc.fasb.org/topic&trid=2156429 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 972 -URI https://asc.fasb.org/topic&trid=2134617 + Details
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