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Investment in Real Estate (Tables)

3 Months Ended

Mar. 31, 2012

Investment in Real Estate [Abstract]

Summary of intangible assets subject to amortization in the period of acquisition


		Three Months Ended March 31, 2012				Three Months Ended March 31, 2011
In-Place Leases		$	1,750				N/A
Tenant Relationships		$	1,012				N/A
Below Market Leases		$	(102	)			N/A


		Three Months Ended March 31, 2012				Three Months Ended March 31, 2011
In-Place Leases			118				N/A
Tenant Relationships			178				N/A
Below Market Leases			118				N/A

Summary regarding the industrial properties included in our discontinued operations


		Three Months Ended March 31, 2012				Three Months Ended March 31, 2011
Total Revenues		$	1,848			$	4,522
Property Expenses			(773	)			(1,996	)
Impairment of Real Estate			(1,260	)			(2,727	)
Depreciation and Amortization			(129	)			(864	)
Interest Expense			—				(63	)
Gain on Sale of Real Estate			6,199				3,804
Provision for Income Taxes			—				(509	)

Income from Discontinued Operations		$	5,885			$	2,167

Net non-cash impairment charges


		Three Months Ended March 31, 2012				Three Months Ended March 31, 2011
Operating Properties—Held for Sale and Sold Assets		$	1,260			$	2,727

Impairment—Discontinued Operations		$	1,260			$	2,727

Land Parcels—Held for Sale and Sold Assets		$	—			$	—
Operating Properties—Held for Use			(14	)			(2,184	)
Land Parcels—Held for Use			—				(595	)

Impairment—Continuing Operations		$	(14	)		$	(2,779	)

Total Net Impairment		$	1,246			$	(52	)

Fair Value Measurements on a Non-Recurring Basis


						Fair Value Measurements on a Non-Recurring Basis Using:
Description		Three Months Ended March 31, 2012				Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Unobservable Inputs (Level 3)				Total Impairment
Long-lived Assets Held for Sale*		$	20,470				—				—			$	20,470			$	(1,360	)
Long-lived Assets Held and Used*		$	16,290				—				—			$	16,290				(190	)

																		$	(1,550	)


						Fair Value Measurements on a Non-Recurring Basis Using:
Description		Three Months Ended March 31, 2011				Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Unobservable Inputs (Level 3)				Total Impairment
Long-lived Assets Held for Sale**		$	42,945				—				—			$	42,945			$	(2,755	)
Long-lived Assets Held and Used**		$	95,120				—				—			$	95,120				1,894

																		$	(861	)

*	Excludes industrial properties for which an impairment reversal of $304 was recorded during the three months ended March 31, 2012, since the related assets are recorded at carrying value, which is lower than estimated fair value at March 31, 2012.

**	Excludes industrial properties and land parcels for which an impairment reversal of $913 was recorded during the three months ended March 31, 2011, since the related assets are recorded at carrying value, which is lower than estimated fair value at March 31, 2011.

Quantitative information about Level 3 fair value measurements


Quantitative Information about Level 3 Fair Value Measurements:
Description		Fair Value at March 31, 2012				Valuation Technique		Unobservable Inputs		Range
One Industrial Property comprising approximately 0.01 million square feet of GLA		$	585			Discounted Cash Flow		Discount Rate		11.75%
								Market Rent Growth Rate		2%
								Expense Growth Rate		2%
								Rental Rates Per Square Foot (A)		$4.25
								Terminal Capitalization Rate		10.00%
Fourteen Industrial Properties comprising approximately 2.1 million square feet of GLA		$	36,175			3^rd Party Pricing		(B)		N/A

(A)	Estimates for market rental rates upon stabilization of the property.

(B)

The fair value for the properties is based upon the value of either a third party purchase contract or third party letters of intent, both of which are subject to our corroboration for reasonableness. Certain of the properties are included in a portfolio whereby the letter of intent pricing related to the portfolio. The estimated purchase price for the portfolio was allocated to the individual properties within the portfolio based upon their relative fair value.

Tabular disclosure of assets and liabilities by class, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a nonrecurring basis in periods after initial recognition (for example, impaired assets). The disclosures that may be required or desired include: (a) the fair value measurements recorded during the period and the reasons for the measurements and (b) the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets or liabilities (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). Where the quoted price in an active market for the identical liability is not available, the Level 1 input is the quoted price of an identical liability when traded as an asset.

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Tabular disclosure of disposal groups, which may include the gain (loss) recognized in the income statement and the income statement caption that includes that gain (loss), amounts of revenues and pretax profit or loss reported in discontinued operations, the classification and carrying value of the assets and liabilities comprising the disposal group, and the segment in which the disposal group was reported. Also may include the amount of adjustments to amounts previously reported in discontinued operations such as resolution of contingencies arising from the disposal transaction or the operations of the component prior to disposal.

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