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Investment in Real Estate | 9 Months Ended
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Sep. 30, 2015
Real Estate [Abstract] |
Investment in Real Estate | Investment in Real Estate Acquisitions During the nine months ended September 30, 2015, we acquired three industrial properties comprising approximately 0.6 million square feet of GLA and several land parcels. The purchase price of these acquisitions totaled approximately $72,961, excluding costs incurred in conjunction with the acquisition of the industrial properties and land parcels. The purchase price of the industrial properties and land parcels acquired was allocated as follows:
| Nine Months Ended September 30, 2015
Land | $ | 34,950 |
Building and Improvements | 35,023 |
Other Assets | 440 |
Deferred Leasing Intangibles, Net | 2,548 |
Total Purchase Price | $ | 72,961 |
Intangible Assets (Liabilities) Subject To Amortization in the Period of Acquisition The fair value at the date of acquisition of in-place leases and below market leases recorded due to the real estate properties acquired for the nine months September 30, 2015, which are recorded as deferred leasing intangibles, is as follows:
| Nine Months Ended September 30, 2015
In-Place Leases | $ | 2,914 |
Below Market Leases | $ | (366 | )
The weighted average life, in months, of in-place leases and below market leases recorded at the time of acquisition as a result of the real estate properties acquired for the nine months ended September 30, 2015 is as follows:
| Nine Months Ended September 30, 2015
In-Place Leases | 36
Below Market Leases | 37
Real Estate Held for Sale At September 30, 2015, we had seven industrial properties comprising approximately 0.3 million square feet of GLA held for sale. There can be no assurance that the industrial properties held for sale will be sold. Sales and Discontinued Operations During the nine months ended September 30, 2015, we sold 15 industrial properties comprising approximately 1.0 million square feet of GLA and several land parcels. Gross proceeds from the sales of the industrial properties and several land parcels were approximately $50,060. The gain on sale of real estate was approximately $13,084. The industrial properties sold prior to January 1, 2015 that met the criteria to be classified as discontinued operations are presented as discontinued operations in the Consolidated Statements of Operations. Income from discontinued operations for the nine months ended September 30, 2014 reflects the results of opera tions of the 29 industrial properties that were sold during the year ended December 31, 2014 and the gain on sale of real estate relating to 20 industrial properties that were sold during the nine months ended September 30, 2014. The following table discloses certain information regarding the industrial properties included in our discontinued operations for the three and nine months ended September 30, 2014:
| Three Months Ended September 30, 2014 |  | Nine Months Ended September 30, 2014
Total Revenues | $ | 1,560 |  |  | $ | 6,316 |
Property Expenses | (652 | ) |  | (2,444 | )
Depreciation and Amortization | (404 | ) |  | (2,230 | )
Gain on Sale of Real Estate | 13,428 |  |  | 14,483 |
Income from Discontinued Operations | $ | 13,932 |  |  | $ | 16,125 |
Impairment Charges The impairment charges of $626 recorded during the nine months ended September 30, 2015 were due to marketing certain properties 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 nine months ended September 30, 2015. 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 | At September 30, 2015 |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Unobservable Inputs (Level 3) |  | Total Impairment for the Nine Months Ended
Operating Properties Not Held for Sale | $ | 17,850 |  |  | — |  |  | — |  |  | $ | 17,850 |  |  | $ | (626 | )
The following table presents quantitative information about the Level 3 fair value measurements at September 30, 2015.
Quantitative Information about Level 3 Fair Value Measurements:
Description |  | Fair Value |  | Valuation Technique |  | Unobservable Inputs |  | Range
23 industrial properties comprising approximately 0.7 million square feet of GLA |  | $ | 17,850 |  |  | Contracted Price |  | (A) |  | N/A
(A) | The fair value for the properties were based upon the value of a third party purchase contract, which was subject to our corroboration for reasonableness.

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- Definition The entire disclosure for certain real estate investment financial statements, real estate investment trust operating support agreements, real estate owned, retail land sales, time share transactions, as well as other real estate related disclosures. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 970 -SubTopic 360 -Section S99 -Paragraph 1 -Subparagraph (SX 210.12-28) -URI http://asc.fasb.org/extlink&oid=6590653&loc=d3e638233-123024 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 03 -Paragraph 11 -Article 9 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Paragraph c -Subparagraph Schedule III -Article 5 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 03 -Paragraph 10 -Subparagraph 4 -Article 9 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 6 -Subparagraph a -Article 5 + Details
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