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Investment in Real Estate | 12 Months Ended
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Dec. 31, 2015
Real Estate [Abstract] |
Investment in Real Estate | Investment in Real Estate Acquisitions In 2013, we acquired two industrial properties, one of which we acquired through the acquisition of 100% of the equity interest in the limited liability company that owned the industrial property, comprising approximately 1.1 million square feet of GLA and several land parcels. The purchase price of these acquisitions totaled approximately $72,812, excluding costs incurred in conjunction with the acquisition of the industrial properties and land parcels. In 2014, we acquired eight industrial properties comprising approximately 1.1 million square feet of GLA and several land parcels. The purchase price of these acquisitions totaled approximately $95,692, excluding costs incurred in conjunction with the acquisition of the industrial properties and land parcels. In 2015, we acquired eight industrial properties comprising approximately 1.9 million square feet of GLA and several land parcels. The purchase price of these acquisitions totaled approximately $169,218, 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 for the years ended December 31, 2015 and 2014, was allocated as follows:
| Year Ended December 31, 2015 |  | Year Ended December 31, 2014
| Purchase Price |  | Weighted Average Life (in Months) |  | Purchase Price |  | Weighted Average Life (in Months)
Land | $ | 52,954 |  |  | N/A |  | $ | 39,739 |  |  | N/A
Building and Improvements | 107,106 |  |  | (A) |  | 44,070 |  |  | (A)
Other Assets | 2,562 |  |  | (B) |  | 1,863 |  |  | (B)
In-Place Leases | 7,124 |  |  | 84 |  | 5,350 |  |  | 74
Tenant Relationships | — |  |  | N/A |  | 3,440 |  |  | 131
Above Market Leases | — |  |  | N/A |  | 316 |  |  | 66
Below Market Ground Lease Obligation | — |  |  | N/A |  | 1,854 |  |  | 480
Below Market Leases | (528 | ) |  | 62 |  | (940 | ) |  | 79
Total Purchase Price (C) | $ | 169,218 |  |  |  |  | $ | 95,692 |  |  |
(A) See Note 2 for the disclosure of useful lives of our Investment in Real Estate and our Depreciation policy. (B) Represents leasing commissions, which are included in Other Assets and amortized over the remaining terms of each lease. (C) Included in the purchase price for the year ended December 31, 2015, is $122,913 relating to six industrial properties that we acquired and transferred to special purpose entities to facilitate a potential Section 1031 exchange under the Code. To realize the tax deferral available under the Section 1031 exchange, we must complete the Section 1031 exchange and take title to the to-be-exchanged industrial properties within 180 days of the acquisition date. We determined that these special purposes entities are VIEs, and we are the primary beneficiary. Therefore, we consolidate these entities. As of December 31, 2015, these VIEs have no significant liabilities or significant cash flows. Real Estate Held for Sale As December 31, 2015, we had one industrial property comprising approximately 0.2 million square feet of GLA held for sale. See Subsequent Events. Sales and Discontinued Operations In 2013, we sold 67 industrial properties comprising approximately 3.0 million square feet of GLA and several land parcels. Gross proceeds from the sales of the industrial properties and land parcels were approximately $144,628. The gain on sale of real estate was approximately $35,444, of which $34,344 is shown in discontinued operations. The 67 sold industrial properties meet the criteria to be included in discontinued operations. Therefore the results of operations and gain on sale of real estate for the 67 industrial properties sold are included in discontinued operations. The results of operations and gain on sale of real estate for the several land parcels, which do not meet the criteria to be included in discontinued operations, are included in continuing operations. In 2014, we sold 29 industrial properties comprising approximately 2.0 million square feet of GLA and several land parcels. Gross proceeds from the sales of the industrial properties and land parcels were approximately $102,596. The gain on sale of real estate was approximately $25,905, of which $25,988 is shown in discontinued operations. The 29 sold industrial properties meet the criteria to be included in discontinued operations. Therefore the results of operations and gain on sale of real estate for the 29 industrial properties sold are included in discontinued operations. The results of operations and loss on sale of real estate for the several land parcels, which do not meet the criteria to be included in discontinued operations, are included in continuing operations. In 2015, we sold 66 industrial properties comprising approximately 3.8 million square feet of GLA and several land parcels. Gross proceeds from the sales of the industrial properties and land parcels were approximately $158,429. The gain on sale of real estate was approximately $48,906. As discussed in Note 2, we adopted the new accounting standard relating to discontinued operations on January 1, 2015. There were no sales of industrial properties during the year ended ended December 31, 2015 that met the criteria to be classified as discontinued operations. The following table discloses certain information regarding the industrial properties included in our discontinued operations for the years ended December 31, 2014 and 2013:
| Year Ended December 31,
| 2014 |  | 2013
Total Revenues | $ | 7,007 |  |  | $ | 20,727 |
Property Expenses | (2,784 | ) |  | (8,126 | )
Impairment of Real Estate | — |  |  | (2,652 | )
Depreciation and Amortization | (2,388 | ) |  | (7,727 | )
Gain on Sale of Real Estate | 25,988 |  |  | 34,344 |
Income from Discontinued Operations | $ | 27,823 |  |  | $ | 36,566 |
Impairment Charges The impairment charges of $626 and $2,652 recorded during the years ended December 31, 2015 and 2013, respectively, were due to marketing certain industrial properties for sale and our assessment of the likelihood and timing of a potential sale transaction. The impairment charge recorded during the year ended December 31, 2013 of $2,652 is included in discontinued operations. The accounting guidance for the fair value measurement provisions for the impairment of long lived assets establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. These tiers include: Level 1, defined as observable inputs such as quoted prices in active markets for identical assets; Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions. The real estate assets measured at fair value on a non-recurring basis during the years ended December 31, 2015 and 2013 were sold. The fair market values were determined using third party offers. Valuations based on third party offers include bona fide contract prices and letter of intent amounts that we believe are indicative of fair value.

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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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