Investment in Real Estate (Tables)

9 Months Ended

Sep. 30, 2014

Real Estate Investment Property, Net [Abstract]

Summary of Acquisition Purchase Price Allocation

The purchase price of the industrial properties and land parcels acquired was allocated as follows:

	Nine Months Ended September 30, 2014
Land	$	29,476
Building and Improvements	16,946
Other Assets	897
Deferred Leasing Intangibles, Net	5,563
Total Purchase Price	$	52,882

Summary of Intangible Assets (Liabilities) Subject to Amortization in the Period of Acquisition

The fair value at the date of acquisition of in-place leases, tenant relationships, a below market ground lease obligation and above and below market leases recorded due to the real estate properties acquired for the nine months ended September 30, 2014, which are recorded as deferred leasing intangibles, are as follows:

	Nine Months Ended September 30, 2014
In-Place Leases	$	2,660
Tenant Relationships	$	1,620
Above Market Leases	$	219
Below Market Ground Lease Obligation	$	1,854
Below Market Leases	$	(790	)

The weighted average life, in months, of in-place leases, tenant relationships, a below market ground lease obligation and above and below market leases recorded at the time of acquisition as a result of the real estate properties acquired for the nine months ended September 30, 2014 is as follows:

	Nine Months Ended September 30, 2014
In-Place Leases	71
Tenant Relationships	130
Above Market Leases	83
Below Market Ground Lease Obligation	480
Below Market Leases	71

Summary of Industrial Properties Included in Discontinued Operations

The following table discloses certain information regarding the industrial properties included in our discontinued operations for the three and nine months ended September 30, 2014 and 2013:

	Three Months Ended September 30, 2014			Three Months Ended September 30, 2013			Nine Months Ended September 30, 2014			Nine Months Ended September 30, 2013
Total Revenues	$	844		$	3,951		$	4,235		$	14,486
Property Expenses	(348		)	(1,431		)	(1,547		)	(5,446		)
Impairment of Real Estate	—			—			—			(1,605		)
Depreciation and Other Amortization	(187		)	(1,571		)	(1,586		)	(5,709		)
Gain on Sale of Real Estate	13,428			5,243			14,483			15,650
Income from Discontinued Operations	$	13,737		$	6,192		$	15,585		$	17,376

Fair Value Measurements on a Nonrecurring Basis

The following table presents information about our real estate assets that were measured at fair value on a non-recurring basis and for which impairment charges were recorded during the nine months ended September 30, 2013. The table indicates the fair value hierarchy of the valuation techniques we utilized to determine fair value.

	Fair Value Measurements on a Non-Recurring Basis Using:
Description	At September 30, 2013		Quoted Prices in Active Markets for Identical Assets (Level  1)	Significant Other Observable Inputs (Level 2)	Unobservable Inputs (Level 3)		Total Impairment for the Nine Months Ended
Operating Property Not Held for Sale*	$	6,875	—	—	$	6,875	$	(1,047	)

*Excludes industrial properties for which impairment of $1,605 was recorded during the nine months ended September 30, 2013 since the related assets were sold or recorded at carrying value, which is lower than estimated fair value at September 30, 2013.

Quantitative Information about Level 3 Fair Value Measurements

The following table presents quantitative information about the Level 3 fair value measurements at September 30, 2013.

Quantitative Information about Level 3 Fair Value Measurements:
Description	Fair Value		Valuation Technique	Unobservable Inputs	Range
One industrial property comprising approximately 0.5 million square feet of GLA	$	6,875	Contracted Price	(A)	N/A

(A) The fair value for the property was based upon the value of a third party purchase contract, which was subject to our corroboration for reasonableness.