Investments in Real Estate (Tables)

3 Months Ended

Mar. 31, 2017

Investments, All Other Investments [Abstract]

Summary of Acquired Wholly Owned Property Acquisitions

The following table summarizes the wholly-owned industrial property we acquired during the three months ended March 31, 2017: 

Property	Submarket	Date of Acquisition	Rentable Square Feet	Number of Buildings	Contractual Purchase Price(2) (in thousands)
28903 Avenue Paine(1)	Los Angeles - San Fernando Valley	2/17/2017	111,346	1	$	17,060

(1) This acquisition was funded with available cash on hand and borrowings under our unsecured revolving credit facility.

(2) Represents the gross contractual purchase price before prorations and closing costs. Does not include capitalized acquisition costs totaling $0.1 million.

Summary of Fair Value of Amounts Recognized

The following table summarizes the fair value of amounts allocated to each major class of asset and liability for the acquisition noted in the table above, as of the date of acquisition (in thousands):

	Total 2017 Acquisitions
Assets:
Land	$	10,620
Buildings and improvements	6,510
Other acquired assets(1)	1
Total assets acquired	17,131
Liabilities:
Other assumed liabilities(1)	32
Total liabilities assumed	32
Net assets acquired	$	17,099

(1) Includes other working capital assets acquired and liabilities assumed, at the time of acquisition.

Summary of Disposed Properties

The following table summarizes the property we sold during the three months ended March 31, 2017:

Property	Submarket	Date of Disposition	Rentable Square Feet	Contractual Sales Price(1) (in thousands)		Gain Recorded (in thousands)
9375 Archibald Avenue	Inland Empire West	3/31/2017	62,677	$	6,875	$	2,668

(1) Represents the gross contractual sales price before commissions, prorations and other closing costs.