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Investment in Real Estate | 6 Months Ended
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Jun. 30, 2016
Real Estate [Abstract] |
Investment in Real Estate | Investment in Real Estate Acquisitions During the six months ended June 30, 2016, we acquired two industrial properties comprising approximately 0.3 million square feet of GLA and several land parcels. The purchase price of these acquisitions totaled approximately $74,755, excluding costs incurred in conjunction with the acquisition of the industrial properties and land parcels. The revenue and net income associated with the acquisition of the industrial properties, since their respective acquisition dates, are not significant for the six months ended June 30, 2016. The following table summarizes the fair value of amounts recognized for each major class of asset and liability for the industrial properties and land parcels acquired during the six months ended June 30, 2016:
| Purchase Price |  | Weighted Average Life (in Months)
Land | $ | 55,177 |  |  | N/A
Building and Improvements | 17,693 |  |  | (A)
Other Assets | 335 |  |  | (B)
In-Place Leases | 1,882 |  |  | 101
Above Market Leases | 197 |  |  | 32
Assumed Mortgage Loan Premium (See Note 4) | (529 | ) |  | 44
Total Purchase Price | $ | 74,755 |  |  |
Assumed Mortgage Loan (See Note 4) | (4,513 | ) |  |
Total Net Assets Acquired | $ | 70,242 |  |  |
(A) See Note 2 to the consolidated financial statements in our 2015 Form 10-K for the disclosure of useful lives of our Investment in Real Estate and our Depreciation policy. (B) Represents leasing commissions, which are included in prepaid expenses and other assets, net on the consolidated balance sheets and amortized over the remaining term of each lease. Sales During the six months ended June 30, 2016, we sold 31 industrial properties comprising approximately 2.0 million square feet of GLA. Gross proceeds from the sales of these industrial properties were approximately $100,485. The gain on sale of real estate was approximately $44,026.

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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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