Investment in Real Estate

9 Months Ended

Sep. 30, 2016

Real Estate [Abstract]

Investment in Real Estate

Investment in Real Estate

Acquisitions

During the nine months ended September 30, 2016, we acquired four industrial properties comprising approximately 0.5 million square feet of GLA and several land parcels. The purchase price of these acquisitions totaled approximately $98,625, excluding costs incurred in conjunction with the acquisition of the industrial properties and land parcels. The revenue and net income associated with the acquisition of the industrial properties, since their respective acquisition dates, are not significant for the nine months ended September 30, 2016.

The following table summarizes the fair value of amounts recognized for each major class of asset and liability for the industrial properties and land parcels acquired during the nine months ended September 30, 2016:

	Purchase Price			Weighted Average Life (in Months)
Land	$	66,803		N/A
Building and Improvements	29,303			(A)
Other Assets	495			(B)
In-Place Leases	2,356			88
Above Market Leases	197			32
Assumed Mortgage Loan Premium (See Note 4)	(529		)	44
Total Purchase Price	$	98,625
Assumed Mortgage Loan (See Note 4)	(4,513		)
Total Net Assets Acquired	$	94,112

(A) 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.

(B) Represents leasing commissions, which are included in prepaid expenses and other assets, net on the consolidated balance sheets and amortized over the remaining term of each lease.

Sales

During the nine months ended September 30, 2016, we sold 50 industrial properties comprising approximately 2.6 million square feet of GLA. Gross proceeds from the sales of these industrial properties were approximately $138,970. The gain on sale of real estate was approximately $60,828.