Investment in Real Estate

3 Months Ended

Mar. 31, 2016

Acquisitions

During the three months ended March 31, 2016, we acquired one industrial property comprising approximately 0.1 million square feet of GLA and several land parcels. The purchase price of these acquisitions totaled approximately $51,489, excluding costs incurred in conjunction with the acquisition of the industrial property and land parcels.

The following table summarizes the fair value of amounts recognized for each major class of asset and liability for the industrial property and land parcels acquired during the three months ended March 31, 2016:



	Purchase Price			Weighted Average Life (in Months)
Land (A)	$	43,848		N/A
Building and Improvements	7,249			(B)
Other Assets	61			(C)
In-Place Leases	663			32
Above Market Leases	197			32
Assumed Mortgage Loan Premium (See Note 4)	(529		)	44
Total Purchase Price	$	51,489
Assumed Mortgage Loan (See Note 4)	(4,513		)
Total Net Assets Acquired	$	46,976

(A) Included in the purchase price for the three months ended March 31, 2016, is $12,864 relating to a land parcel that we acquired and transferred to a special purpose entity to facilitate a potential Section 1031 exchange under the Code. To realize the tax deferral available under the Section 1031 exchange, we must complete the Section 1031 exchange and take title to the to-be-exchanged land parcel within 180 days of the acquisition date. We determined that this special purpose entity is a variable interest entity ("VIE"), and we are the primary beneficiary. Therefore, we consolidate this entity. As of March 31, 2016, this VIE has no significant liabilities or significant cash flows.

(B) See Note 2 to the consolidated financial statements in our 2015 Form 10-K for the disclosure of useful lives of our Investment in Real Estate and our Depreciation policy.

(C) Represents a leasing commission, which is included in prepaid expenses and other assets, net on the consolidated balance sheets and amortized over the remaining term of the lease.

Real Estate and Other Assets Held for Sale

As of March 31, 2016, we had two industrial properties comprising approximately 0.1 million square feet of GLA held for sale. See Note 12.

Sales

During the three months ended March 31, 2016, we sold five industrial properties comprising approximately 0.4 million square feet of GLA. Gross proceeds from the sales of the industrial properties were approximately $16,319. The gain on sale of real estate was approximately $7,251.