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Investment in Real Estate Investment in Real Estate (Tables)
3 Months Ended
Mar. 31, 2018
Real Estate [Abstract]  
Summary of Acquisition Purchase Price Allocation
 
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


_______________
(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.
Fair Value Measurements, Nonrecurring Basis
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

Quantitative Information about Level 3 Fair Value Measurements
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
_______________
(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.