Investment in Real Estate

Acquisitions

During the three months ended March 31, 2018, we acquired five industrial properties comprised of approximately 0.4 million square feet of GLA and one land parcel. We considered these properties asset acquisitions and therefore capitalized acquisition costs to the basis of the acquired assets. 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 three months ended March 31, 2018:



	Purchase Price
Land	$	24,146
Building and Improvements	34,474
Other Assets (leasing commissions)	526
In-Place Leases	2,483
Above Market Leases	73
Below Market Leases	(737		)
Total Purchase Price ^(A)	$	60,965
Assumed Mortgage Loan (Note 4)	(11,654		)
Total Net Assets Acquired	$	49,311

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^(A) Excludes closing costs incurred in conjunction with the acquisition of the industrial properties and the land parcel.

The revenue and net income associated with the acquisition of the industrial properties, since their respective acquisition dates, are not significant for the three months ended March 31, 2018.

Real Estate Held for Sale

As of March 31, 2018, we had 19 industrial properties comprised of approximately 0.5 million square feet of GLA held for sale.

Sales

During the three months ended March 31, 2018, we sold eight industrial properties comprised of approximately 0.5 million square feet of GLA and one land parcel. Gross proceeds from the sales of these industrial properties were $42,390. The gain on sale of real estate was $20,089.

Impairment Charges

The impairment charges of $2,756 recorded during the three months ended March 31, 2018 were due to marketing one industrial property and one land parcel for sale and our assessment of the likelihood and timing of a potential sale transaction.

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 three months ended March 31, 2018. The table also indicates the fair value hierarchy of the valuation techniques we used to determine such fair value.



	Fair Value Measurements on a Non-Recurring Basis Using:
Description	At March 31, 2018		Quoted Prices in Active Markets for Identical Assets (Level 1)	Significant Other Observable Inputs (Level 2)	Unobservable Inputs (Level 3)		Total Impairment for the Three Months Ended
Real estate assets	$	6,416	—	—	$	6,416	$	2,756

The following table presents quantitative information about the significant unobservable inputs we used to determine fair value of non-recurring items at March 31, 2018.



Quantitative Information about Level 3 Fair Value Measurements:
Description	Fair Value		Valuation Technique	Unobservable Inputs	Range
Impairment of one industrial property comprising approximately 0.1 million square feet of GLA and one land parcel	$	6,416	Contracted Price	^(A)	N/A

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^(A)The fair value for both the industrial property and the land parcel was based upon the value included in a third party purchase contract, which was subject to our corroboration for reasonableness.