Investments in Real Estate

9 Months Ended

Sep. 30, 2021

The Company completed the following warehouse/distribution acquisition and development transactions during the nine months ended September 30, 2021:


Market(1)	Acquisition/Completion Date	Initial Cost Basis		Primary Lease Expiration at Acquisition Date	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)	19,517		03/2024	2,800		16,717		—		—
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		—
Greenville-Spartanburg, SC	July 2021	29,421		04/2029	2,819		24,508		2,094		—
Greenville-Spartanburg, SC	July 2021	26,106		12/2029	1,169		23,070		1,867		—
Greenville-Spartanburg, SC(3)	July 2021	18,394		N/A	1,020		17,374		—		—
Greenville-Spartanburg, SC	July 2021	31,646		09/2026	1,710		27,817		2,119		—
Columbus, OH	August 2021	29,265		11/2029	2,251		25,184		1,830		—

		$	410,609		$	35,532	$	354,311	$	20,751	$	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.

(3) Subsequent to acquisition, property fully leased for 5.5 years.

As of September 30, 2021, the details of the warehouse/distribution real estate under construction are as follows (in $000's, except square feet):


Project (% owned)	# of Buildings	Market	Estimated Sq. Ft.	Estimated Project Cost		GAAP Investment Balance as of 9/30/2021		Amount Funded as of 9/30/2021(3)		Estimated Building Completion Date	% Leased as of 9/30/2021		Approximate Lease Term (Years)
Fairburn (87%)(1)(2)	1	Atlanta, GA	907,675	$	53,800	$	47,551	$	43,900	2Q 2021	—	%	TBD
KeHE Distributors, BTS (100%)	1	Phoenix, AZ	468,182	72,000		60,044		52,329		4Q 2021	100	%	15
Mt. Comfort (80%)(1)	1	Indianapolis, IN	1,053,360	60,300		15,808		9,912		2Q 2022	—	%	TBD
Smith Farms (90%)(1)	3	Greenville-Spartansburg, SC	1,939,524	132,800		17,609		13,396		2Q 2022	—	%	TBD
Cotton 303 (93%)(1)	2	Phoenix, AZ	880,678	84,200		23,636		20,339		2Q 2022	—	%	TBD
Ocala (80%)(1)	1	Central Florida	1,085,280	80,900		21,056		15,093		3Q 2022	—	%	TBD

				$	484,000	$	185,704	$	154,969

(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 as of September 30, 2021. Subsequent to September 30, 2021, signed a seven-year lease for all 907,675 square feet.

(3) Excludes noncontrolling interests' share.

As of September 30, 2021, the Company's aggregate investment in the development arrangements was $185,704, which included capitalized interest of $1,806 for the nine months ended September 30, 2021 and is presented as investments in real estate under construction in the accompanying unaudited condensed consolidated balance sheets. For the nine months ended September 30, 2020, capitalized interest for the development arrangements was $578.