Investments in Real Estate

3 Months Ended

Mar. 31, 2021

The Company completed the following acquisition and development transactions during the three months ended March 31, 2021:


Property Type	Market	Acquisition/Completion Date	Initial Cost Basis		Primary Lease Expiration	Land		Building and Improvements		Lease in-place Value Intangible		Above (Below-) Market Lease Intangible, net
Industrial	Indianapolis, IN	January 2021	$	14,310	12/2024	$	1,208	$	12,052	$	1,035	$	15
Industrial	Indianapolis, IN	January 2021	14,120		8/2025	1,162		11,825		1,133		—
Industrial	Central Florida	January 2021	22,358		5/2031	1,416		19,910		1,032		—
Industrial	Columbus, OH	March 2021(1)	18,435		03/2024	2,800		15,635		—		—









			$	69,223		$	6,586	$	59,422	$	3,200	$	15

(1) As of March 31, 2021, development project was substantially completed.

In 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.

As of March 31, 2021, the Company's investments in real estate under construction consisted of two development projects and one build-to-suit development project. As of March 31, 2021, the Company's aggregate investment in the development arrangements was $88,374, which included capitalized interest of $502 for the three-month period ended March 31, 2021 and is presented as investments in real estate under construction in the accompanying condensed consolidated balance sheets. For the three months ended March 31, 2020, capitalized interest for the development arrangements was $150.

As of March 31, 2021, the details of the on-going real estate under construction are as follows (in $000's, except square feet):


Project (% owned)	Market	Property Type	Estimated Sq. Ft.	Estimated Project Cost		GAAP Investment Balance as of 3/31/2021		Amount Funded as of 3/31/2021		Estimated Completion Date	% Leased as of 3/31/2021		Approximate Lease Term (Years)
Fairburn (87%)(1)	Atlanta, GA	Industrial	910,000	$	53,812	$	45,322	$	40,376	2Q 2021	—	%	TBD
KeHE Distributors, BTS (100%)	Phoenix, AZ	Industrial	468,182	72,000		31,165		26,301		3Q 2021	100	%	15
Ocala (80%)(1)	Central Florida	Industrial	1,085,280	80,900		11,887		7,682		1Q 2022	—	%	TBD
				$	206,712	$	88,374	$	74,359

(1) Estimated project costs exclude developer partner promote.