3. Investment in Real Estate

Acquisitions

During the three months ended March 31, 2014, we acquired one industrial property comprising approximately 0.3 million square feet of GLA. The purchase price of this acquisition totaled approximately $13,400, excluding costs incurred in conjunction with the acquisition of the industrial property. The purchase price was allocated as follows:



	Three Months Ended March 31, 2014
Land	$	2,635
Building and Improvements	8,157
Other Assets	551
Deferred Leasing Intangibles, Net	2,057
Total Purchase Price	$	13,400

Intangible Assets (Liabilities) Subject To Amortization in the Period of Acquisition

The fair value at the date of acquisition of in-place leases, tenant relationships and above and below market leases recorded due to the real estate property acquired for the three months ended March 31, 2014, which are recorded as deferred leasing intangibles, are as follows:



	Three Months Ended March 31, 2014
In-Place Leases	$	1,562
Tenant Relationships	$	899
Above Market Leases	$	219
Below Market Leases	$	(623	)

The weighted average life recorded at the time of acquisition as a result of the real estate property acquired for the three months ended March 31, 2014 in months of in-place leases and tenant relationships and above and below market leases is as follows:



	Three Months Ended March 31, 2014
In-Place Leases	77
Tenant Relationships	137
Above Market Leases	83
Below Market Leases	75

Sales and Discontinued Operations

During the three months ended March 31, 2014, we sold one industrial property comprising approximately 0.03 million square feet of GLA. Gross proceeds from the sale of the industrial property were approximately $1,335. The gain on sale of real estate was approximately $432. The one sold industrial property meets the criteria to be included in discontinued operations. Therefore the results of operations and gain on sale of real estate for the one industrial property sold is included in discontinued operations.

Loss from discontinued operations for the three months ended March 31, 2013 reflects the results of operations of the one industrial property that was sold during the three months ended March 31, 2014, the results of operations of the 65 industrial properties that were sold during the year ended December 31, 2013 and the net loss on sale of real estate relating to four industrial properties that were sold during the three months ended March 31, 2013.

The following table discloses certain information regarding the industrial properties included in our discontinued operations for the three months ended March 31, 2014 and 2013:



	Three Months Ended March 31, 2014			Three Months Ended March 31, 2013
Total Revenues	$	38		$	3,388
Property Expenses	(15		)	(1,392		)
Depreciation and Amortization	(3		)	(1,256		)
Gain (Loss) on Sale of Real Estate	432			(3,074		)
Income (Loss) from Discontinued Operations	$	452		$	(2,334	)

At March 31, 2014 and December 31, 2013, we had notes receivable and accrued interest outstanding, issued in connection with sales of industrial properties, of approximately $35,516 and $52,605, net of a discount of $0 and $191, respectively, which are included as a component of prepaid expenses and other assets. At March 31, 2014 and December 31, 2013, the fair value of the notes receivable, including accrued interest, was $37,482 and $53,482, respectively. The fair values of our notes receivable were determined by discounting the future cash flows using the current rates at which similar loans would be made to other borrowers based on similar remaining maturities. The current market rates we utilized were internally estimated; therefore, we have concluded that our determination of fair values of our notes receivable was primarily based upon Level 3 inputs, as discussed hereafter.