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Investments in Real Estate | 6 Months Ended
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Jun. 30, 2021
Real Estate [Abstract] |
Investments in Real Estate | Investments in Real Estate The Company completed the following warehouse/distribution acquisition and development transactions during the six months ended June 30, 2021:
Market(1) | Acquisition/Completion Date | Initial Cost Basis | Primary Lease Expiration | Land |  | Building and Improvements |  | Lease in-place Value Intangible | Above (Below-) Market Lease Intangible, net
Indianapolis, IN | January 2021 | $ | 14,310 |  | 12/2024 | $ | 1,208 |  |  | $ | 12,052 |  |  | $ | 1,035 |  | $ | 15 |
Indianapolis, IN | January 2021 | 14,120 |  | 08/2025 | 1,162 |  |  | 11,825 |  |  | 1,133 |  | — |
Central Florida | January 2021 | 22,358 |  | 05/2031 | 1,416 |  |  | 19,910 |  |  | 1,032 |  | — |
Columbus, OH(2) | March 2021(2) | 18,517 |  | 03/2024 | 2,800 |  |  | 15,717 |  |  | — |  | — |
Houston, TX | May 2021 | 28,292 |  | 08/2028 | 4,272 |  |  | 22,295 |  |  | 1,725 |  | — |
Houston, TX | May 2021 | 37,686 |  | 12/2026 | 6,489 |  |  | 28,470 |  |  | 2,727 |  | — |
Houston, TX | May 2021 | 11,512 |  | 08/2024 | 1,792 |  |  | 9,089 |  |  | 631 |  | — |
Cincinnati/Dayton, OH | June 2021 | 18,674 |  | 06/2023 | 1,109 |  |  | 16,477 |  |  | 1,088 |  | — |
Central Florida | June 2021 | 48,593 |  | N/A | 2,610 |  |  | 45,983 |  |  | — |  | — |
Greenville/Spartanburg, SC | June 2021 | 36,903 |  | 09/2025 | 2,376 |  |  | 32,121 |  |  | 2,406 |  | — |
Greenville/Spartanburg, SC | June 2021 | 23,812 |  | 06/2026 | 1,329 |  |  | 21,419 |  |  | 1,064 |  | — |
|  | $ | 274,777 |  |  | $ | 26,563 |  |  | $ | 235,358 |  |  | $ | 12,841 |  | $ | 15 |
(1) A land parcel located in Hebron, OH was also purchased for $371. (2) Development project substantially completed and placed into service in March 2021. In March 2021, the Company acquired an 80% interest in a newly-formed and consolidated joint venture, RR Ocala 44, LLC, that invested in an 88.8-acre land parcel in the Central Florida market to construct a 1,085,280 square foot warehouse/distribution facility. In April 2021, the Company acquired an 80% interest in a newly-formed and consolidated joint venture, Hancock 13 RRL, LLC, that invested in a 108-acre land parcel in the Indianapolis, Indiana market to construct a 1,053,360 square foot warehouse/distribution facility. As of June 30, 2021, the Company's investments in real estate under construction consisted of three development projects and one build-to-suit development project. As of June 30, 2021, the Company's aggregate investment in the development arrangements was $116,207, which included capitalized interest of $1,141 for the six months ended June 30, 2021 and is presented as investments in real estate under construction in the accompanying unaudited condensed consolidated balance sheets. For the six months ended June 30, 2020, capitalized interest for the development arrangements was $325. As of June 30, 2021, the details of the warehouse/distribution real estate under construction are as follows (in $000's, except square feet):
Project (% owned) | Market | Estimated Sq. Ft. | Estimated Project Cost | GAAP Investment Balance as of 6/30/2021 | Amount Funded as of 6/30/2021(3) | Estimated Building Completion Date | % Leased as of 6/30/2021 | Approximate Lease Term (Years)
Fairburn (87%)(1)(2) | Atlanta, GA | 910,000 |  | $ | 53,812 |  | $ | 47,501 |  | $ | 43,051 |  | 2Q 2021 | — | % | TBD
KeHE Distributors, BTS (100%) | Phoenix, AZ | 468,182 |  | 72,000 |  | 45,151 |  | 38,383 |  | 3Q 2021 | 100 | % | 15
Ocala (80%)(1) | Central Florida | 1,085,280 |  | 80,900 |  | 15,014 |  | 10,729 |  | 1Q 2022 | — | % | TBD
Mt. Comfort (80%)(1) | Indianapolis, IN | 1,053,360 |  | 60,300 |  | 8,541 |  | 5,739 |  | 2Q 2022 | — | % | TBD
|  |  | $ | 267,012 |  | $ | 116,207 |  | $ | 97,902 |  |  |  |
(1) Estimated project cost includes estimated tenant improvements and leasing costs and excludes potential developer partner promote. (2) Base building substantially completed during the second quarter of 2021. Property not placed into service. (3) Excludes noncontrolling interests' share.

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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 http://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 http://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 http://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 http://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 http://asc.fasb.org/topic&trid=2134617 + Details
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