Investment in Real Estate

9 Months Ended

Sep. 30, 2017

REIT Acquisition

On August 15, 2017, via a stock purchase agreement, we acquired a private real estate investment trust that owns one industrial property consisting of 0.2 million square feet of GLA from a third party seller in exchange for $20,962, exclusive of closing costs and credits (“REIT Acquisition”). As part of the REIT Acquisition, we acquired 100% of the private REIT’s common stock.

Acquisitions

During the nine months ended September 30, 2017, we acquired six industrial properties comprised of approximately 0.9 million square feet of GLA (inclusive of the REIT Acquisition) and several land parcels. The following table summarizes the amounts recognized for each major class of asset and liability for the industrial properties and land parcels acquired during the nine months ended September 30, 2017:



	Purchase Price			Weighted Average Life (in Months)
Land	$	90,429		N/A
Building and Improvements	61,973			(A)
Other Assets	1,195			(B)
In-Place Leases	6,670			70
Above Market Leases	127			34
Below Market Leases	(1,420		)	85
Total Purchase Price (C)	$	158,974

(A) See Note 2 to the consolidated financial statements in our 2016 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.

The revenue and net income associated with the acquisition of the industrial properties, since their respective acquisition dates, are not significant for the nine months ended September 30, 2017.

Real Estate Held for Sale

As of September 30, 2017, we had eight industrial properties comprised of approximately 1.1 million square feet of GLA and one land parcel held for sale.

Sales

During the nine months ended September 30, 2017, we sold 30 industrial properties comprised of approximately 1.9 million square feet of GLA. Gross proceeds from the sales of these industrial properties were $99,279. The gain on sale of real estate was $52,140.