Commitments and Contingencies

12 Months Ended

Dec. 31, 2015

Commitments and Contingencies Disclosure [Abstract]

In the normal course of business, we are involved in legal actions arising from the ownership of our industrial properties. In our opinion, the liabilities, if any, that may ultimately result from such legal actions are not expected to have a materially adverse effect on our consolidated financial position, operations or liquidity.

At December 31, 2015, we had outstanding letters of credit and performance bonds in the aggregate amount of $6,698.

In conjunction with the development of industrial properties, we have entered into agreements with general contractors for the construction of industrial properties. At December 31, 2015, we had four industrial properties totaling approximately 1.4 million square feet of GLA under construction. The estimated total investment as of December 31, 2015 is approximately $78,700 (unaudited). Of this amount, approximately $59,700 (unaudited) remains to be funded. There can be no assurance that the actual completion cost will not exceed the estimated total investment.

Ground and Operating Lease Agreements

For the years ended December 31, 2015, 2014 and 2013, we recognized $1,281, $1,300 and $1,440, respectively, in operating and ground lease expense.

Future minimum rental payments under the terms of all non-cancelable ground and operating leases under which we are the lessee as of December 31, 2015 are as follows:



2016	$	1,993
2017	1,929
2018	1,180
2019	534
2020	533
Thereafter	25,866
Total (A)	$	32,035

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(A)	Minimum rental payments have not been reduced by minimum sublease rentals of $3,861 due in the future under non-cancelable subleases.