Real Estate Properties | Real Estate Properties As of June 30, 2019 , we owned 298 properties with a total of approximately 42,353,000 rentable square feet, including 226 buildings, leasable land parcels and easements with a total of approximately 16,756,000 rentable square feet of primarily industrial lands located on the island of Oahu, HI, or our Hawaii Properties, and 72 properties with a total of approximately 25,597,000 rentable square feet of industrial properties located in 29 other states, or our Mainland Properties. We operate in one business segment: ownership and leasing of properties that include industrial and logistics buildings and leased industrial lands. For the three months ended June 30, 2019 and 2018, approximately 42.2% and 60.2% , respectively, of our rental income was from our Hawaii Properties. For the six months ended June 30, 2019 and 2018, approximately 47.9% and 60.4% , respectively, of our total rental income were from our Hawaii Properties. In addition, a subsidiary of Amazon.com, Inc., which is a tenant at certain of our Mainland Properties, accounted for $ 8,700 , or 14.5% , and $3,963 , or 10.1% , of our rental income for the three months ended June 30, 2019 and 2018, respectively, and $13,565 , or 12.8% , and $8,230 , or 10.3% , of our total rental income for the six months ended June 30, 2019 and 2018, respectively. During the six months ended June 30, 2019 , we completed the acquisition of 28 industrial properties containing a combined 12,896,164 rentable square feet for an aggregate purchase price of $909,132 , including acquisition related costs of $4,482 . These acquisitions were accounted for as asset acquisitions. We allocated the purchase prices for these acquisitions based on the estimated fair value of the acquired assets and assumed liabilities as follows: Acquired Number Rentable Buildings Acquired Real Estate Discount of Square Purchase and Real Estate Lease on Assumed Date Location Properties Feet Price Land Improvements Leases Obligations Debt February 2019 2 states 7 3,708,343 $ 250,276 $ 19,558 $ 205,811 $ 24,907 $ — $ — April 2019 Plainfield, IN 1 493,500 30,517 2,817 24,836 2,864 — — April 2019 12 states 20 (1) 8,694,321 628,339 52,546 519,711 56,715 (1,965 ) 1,332 28 12,896,164 $ 909,132 $ 74,921 $ 750,358 $ 84,486 $ (1,965 ) $ 1,332 (1) Includes three properties leased to one tenant under three separate lease agreements that we had previously disclosed as one property prior to the conclusion of our due diligence procedures and our completion of this acquisition. During the six months ended June 30, 2019 , we committed $ 560 for expenditures related to tenant improvements and leasing costs for leases executed during the period for approximately 630,000 square feet. Committed but unspent tenant related obligations based on existing leases as of June 30, 2019 were $662 . Certain of our industrial lands in Hawaii may require environmental remediation, especially if the use of those lands is changed; however, we do not have any present plans to change the use of those lands or to undertake this environmental remediation. As of both June 30, 2019 and December 31, 2018, accrued environmental remediation costs of $6,940 were included in accounts payable and other liabilities in our condensed consolidated balance sheets. These accrued environmental remediation costs relate to maintenance of our properties for current uses, and, because of the indeterminable timing of the remediation, these amounts have not been discounted to present value. In general, we do not have any insurance designated to limit any losses that we may incur as a result of known or unknown environmental conditions which are not caused by an insured event, such as, for example, fire or flood, although some of our tenants may maintain such insurance that may benefit us. Although we do not believe that there are environmental conditions at any of our properties that will have a material adverse effect on us, we cannot be sure that such conditions are not present at our properties or that costs we incur to remediate contamination will not have a material adverse effect on our business or financial condition. Charges for environmental remediation costs, if any, are included in other operating expenses in our condensed consolidated statements of comprehensive income. Pro Forma Financial Information The following table presents our pro forma results of operations for the six months ended June 30, 2019 and 2018 as if the 28 properties we acquired in February and April 2019 and the related mortgage financings had been completed on January 1, 2018. This pro forma financial information is not necessarily indicative of our actual financial position or results of operations for the periods presented or of our expected results of operations for any future period. Differences could result from numerous factors, including future changes in our portfolio of investments, capital structure, property level operating expenses and revenues, including rents expected to be received on our existing leases or leases we may enter during and after 2019, changes in interest rates and other reasons. Actual future results are likely to be different from amounts presented in this pro forma financial information, and such differences could be significant. Six Months Ended June 30, 2019 2018 Rental income $ 122,390 $ 115,110 Net income $ 28,803 $ 30,687 Net income per common share - basic and diluted $ 0.44 $ 0.49 During the six months ended June 30, 2019 , we recognized rental income of $19,237 and net income of $4,376 for the 28 acquired properties referenced above. |