Investments in Real Estate

6 Months Ended

Jun. 30, 2021

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.