Investment in Real Estate

6 Months Ended

Jun. 30, 2015

3. Investment in Real Estate

Acquisitions

During the six months ended June 30, 2015, we acquired two industrial properties comprising approximately 0.2 million square feet of GLA and several land parcels. The purchase price of these acquisitions totaled approximately $26,532, excluding costs incurred in conjunction with the acquisition of the industrial properties and land parcels.

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



	Six Months Ended June 30, 2015
Land	$	12,475
Building and Improvements	12,928
Other Assets	237
Deferred Leasing Intangibles, Net	892
Total Purchase Price	$	26,532

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

The fair value at the date of acquisition of in-place leases and below market leases recorded due to the real estate properties acquired for the six months June 30, 2015, which are recorded as deferred leasing intangibles, is as follows:



	Six Months Ended June 30, 2015
In-Place Leases	$	999
Below Market Leases	$	(107	)

The weighted average life, in months, of in-place leases and below market leases recorded at the time of acquisition as a result of the real estate properties acquired for the six months ended June 30, 2015 is as follows:



	Six Months Ended June 30, 2015
In-Place Leases	54
Below Market Leases	63

Real Estate Held for Sale

At June 30, 2015, we had one industrial property comprising approximately 0.01 million square feet of GLA held for sale. There can be no assurance that the industrial property held for sale will be sold. See Subsequent Events.

Sales and Discontinued Operations

During the six months ended June 30, 2015, we sold 12 industrial properties comprising approximately 0.9 million square feet of GLA and a land parcel. Gross proceeds from the sales of the industrial properties and land parcel were approximately $42,611. The gain on sale of real estate was approximately $10,127.

The industrial properties sold prior to January 1, 2015 that met the criteria to be classified as discontinued operations are presented as discontinued operations in the Consolidated Statements of Operations. Income from discontinued operations for the six months ended June 30, 2014 reflects the results of operations of the 29 industrial properties that were sold during the year ended December 31, 2014 and the gain on sale of real estate relating to five industrial properties that were sold during the six months ended June 30, 2014.

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



	Three Months Ended June 30, 2014			Six Months Ended June 30, 2014
Total Revenues	$	2,396		$	4,756
Property Expenses	(754		)	(1,792		)
Depreciation and Amortization	(910		)	(1,826		)
Gain on Sale of Real Estate	320			1,055
Income from Discontinued Operations	$	1,052		$	2,193