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Investment in Real Estate (Tables)

12 Months Ended

Dec. 31, 2012

Summary of Intangible Assets (Liabilities) Subject to Amortization in Period of Acquisition

The fair value at the date of acquisition of in-place leases, tenant relationships, above market leases and below market leases recorded due to the real estate property acquired for the years ended December 31, 2012 and 2011, which is recorded as deferred leasing intangibles, is as follows:

		Year Ended December 31, 2012				Year Ended December 31, 2011
In-Place Leases		$	1,750			$	2,511
Tenant Relationships		$	1,012			$	1,553
Above Market Leases		$	—			$	2,883
Below Market Leases		$	(102	)		$	—

The weighted average life in months of in-place leases, tenant relationships, above market leases and below market leases recorded at the time of acquisition as a result of the real estate property acquired for the years ended December 31, 2012 and 2011 is as follows:

		Year Ended December 31, 2012				Year Ended December 31, 2011
In-Place Leases			118				56
Tenant Relationships			178				116
Above Market Leases			N/A				56
Below Market Leases			118				N/A

Summary Regarding Industrial Properties Included in Discontinued Operations

The following table discloses certain information regarding the industrial properties included in our discontinued operations for the years ended December 31, 2012, 2011 and 2010:

		Year Ended December 31,
		2012				2011				2010
Total Revenues		$	8,701			$	18,871			$	25,318
Property Expenses			(3,660	)			(7,589	)			(10,601	)
Impairment of Real Estate			(1,410	)			(4,973	)			(66,026	)
Depreciation and Amortization			(1,612	)			(4,473	)			(10,306	)
Interest Expense			—				(63	)			(268	)
Gain on Sale of Real Estate			12,665				20,419				11,092
Provision for Income Taxes			—				(1,246	)			—
Income (Loss) from Discontinued Operations		$	14,684			$	20,946			$	(50,791	)

Net Non-Cash Impairment Charges

During the years ended December 31, 2012, 2011 and 2010, we recorded the following net non-cash impairment charges:

		Year Ended December 31, 2012				Year Ended December 31, 2011				Year Ended December 31, 2010
Operating Properties—Held for Sale and Sold Assets		$	1,410			$	4,973			$	66,026
Impairment—Discontinued Operations		$	1,410			$	4,973			$	66,026
Land Parcels—Sold Assets		$	—			$	(5,879	)		$	8,275
Operating Properties—Held for Use			(164	)			(514	)			105,826
Land Parcels—Held for Use			—				(1,241	)			14,425
Impairment—Continuing Operations		$	(164	)		$	(7,634	)		$	128,526
Total Net Impairment		$	1,246			$	(2,661	)		$	194,552

Fair Value Measurements on Non-Recurring Basis

The following table presents information about our real estate assets that were measured at fair value on a non-recurring basis during the year ended December 31, 2011. Real estate assets measured at fair value on a non-recurring basis during the year ended December 31, 2012 were either sold or are recorded at carrying value at December 31, 2012. The table indicates the fair value hierarchy of the valuation techniques we utilized to determine fair value.

						Fair Value Measurements on a Non-Recurring Basis Using:
Description		Year Ended December 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 or Sold*		$	23,252				—				—			$	23,252			$	(4,451	)
Long-lived Assets Held and Used*		$	50,895				—				—			$	50,895				(2,566	)
																		$	(7,017	)

* Excludes industrial properties and land parcels for which an impairment reversal of $9,678 was recorded during the year ended December 31, 2011, since the related assets are recorded at carrying value, which is lower than estimated fair value at December 31, 2011.

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