Investment in Real Estate

6 Months Ended

Jun. 30, 2017

Real Estate [Abstract]

Investment in Real Estate

Investment in Real Estate

Acquisitions

During the six months ended June 30, 2017, we acquired four industrial properties comprised of approximately 0.5 million square feet of GLA and several land parcels. The purchase price of these acquisitions totaled $94,497, 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 six months ended June 30, 2017.

The following table summarizes the amounts recognized for each major class of asset and liability for the industrial properties and land parcels acquired during the six months ended June 30, 2017:

	Purchase Price			Weighted Average Life (in Months)
Land	$	56,888		N/A
Building and Improvements	34,816			(A)
Other Assets	546			(B)
In-Place Leases	3,417			85
Below Market Leases	(1,170		)	95
Total Purchase Price	$	94,497

(A) See Note 2 to the consolidated financial statements in our 2016 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.

Real Estate Held for Sale

As of June 30, 2017, we had three industrial properties comprised of approximately 0.4 million square feet of GLA and one land parcel held for sale.

Sales

During the six months ended June 30, 2017, we sold 20 industrial properties comprised of approximately 1.0 million square feet of GLA. Gross proceeds from the sales of these industrial properties were $59,130. The gain on sale of real estate was $28,869.