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Investment in Real Estate (Tables)
6 Months Ended
Jun. 30, 2012
Investment in Real Estate [Abstract]  
Summary of intangible assets subject to amortization in the period of acquisition
                 
    Six Months Ended
June 30,
2012
    Six Months Ended
June 30,
2011
 

In-Place Leases

  $ 1,750     $ 2,511  

Tenant Relationships

  $ 1,012     $ 1,553  

Above Market Leases

  $ —       $ 2,883  

Below Market Leases

  $ (102   $ —    
                 
    Six Months Ended
June 30,
2012
    Six Months Ended
June 30,
2011
 

In-Place Leases

    118       56  

Tenant Relationships

    178       116  

Above Market Leases

    N/A       56  

Below Market Leases

    118       N/A  
Summary regarding the industrial properties included in discontinued operations
                                 
    Three Months
Ended
June 30,
2012
    Three Months
Ended
June 30,
2011
    Six Months
Ended
June 30,
2012
    Six Months
Ended
June 30,
2011
 

Total Revenues

  $ 1,888     $ 3,855     $ 4,213     $ 8,821  

Property Expenses

    (722     (1,507     (1,687     (3,644

Impairment of Real Estate

    —         (564     (1,094     (3,057

Depreciation and Amortization

    (172     (555     (446     (1,640

 

                                 
    Three Months
Ended
June 30,
2012
    Three Months
Ended
June 30,
2011
    Six Months
Ended
June 30,
2012
    Six Months
Ended
June 30,
2011
 

Interest Expense

    —         —         —         (63

Gain on Sale of Real Estate

    1,415       3,537       7,614       6,279  

Provision for Income Taxes

    —         (1,532 )     —         (2,039 )
   

 

 

   

 

 

   

 

 

   

 

 

 

Income from Discontinued Operations

  $ 2,409     $ 3,234     $ 8,600     $ 4,657  
   

 

 

   

 

 

   

 

 

   

 

 

 
Net non-cash impairment charges
                                 
    Three Months
Ended
June 30,
2012
    Three Months
Ended
June 30,
2011
    Six Months
Ended
June 30,
2012
    Six Months
Ended
June 30,
2011
 

Operating Properties — Held for Sale and Sold Assets

  $ —       $ 564     $ 1,094     $ 3,057  
   

 

 

   

 

 

   

 

 

   

 

 

 

Impairment — Discontinued Operations

  $ —       $ 564     $ 1,094     $ 3,057  
   

 

 

   

 

 

   

 

 

   

 

 

 

Land Parcels — Held for Sale and Sold Assets

  $ —       $ (5,879   $ —       $ (5,879

Operating Properties — Held for Use

    —         544       7       (1,120
   

 

 

   

 

 

   

 

 

   

 

 

 

Impairment — Continuing Operations

  $ —       $ (5,335   $ 7     $ (6,999
   

 

 

   

 

 

   

 

 

   

 

 

 

Total Net Impairment

  $ —       $ (4,771   $ 1,101     $ (3,942
   

 

 

   

 

 

   

 

 

   

 

 

 
Fair Value Measurements on a Non-Recurring Basis
                                         
          Fair Value Measurements on a Non-
Recurring Basis  Using:
       

Description

  Six Months
Ended
June 30,
2012
    Quoted Prices in
Active Markets for
Identical Assets
(Level 1)
    Significant Other
Observable Inputs
(Level 2)
    Unobservable
Inputs
(Level 3)
    Total
Impairment
 

Long-lived Assets Held for Sale*

  $ 24,069       —         —       $ 24,069     $ (1,194

 

                                         
          Fair Value Measurements on a Non-
Recurring Basis  Using:
       

Description

  Six Months
Ended
June 30,
2011
    Quoted Prices in
Active Markets for
Identical Assets
(Level 1)
    Significant Other
Observable Inputs
(Level 2)
    Unobservable
Inputs
(Level 3)
    Total
Impairment
 

Long-lived Assets Held for Sale**

  $ 31,405       —         —       $ 31,405     $ (3,903

Long-lived Assets Held and Used**

  $ 80,983       —         —       $ 80,983       (2,498
                                   

 

 

 
                                    $ (6,401
                                   

 

 

 

 

* Excludes industrial properties for which an impairment reversal of $93 was recorded during the six months ended June 30, 2012, since the related assets are recorded at carrying value, which is lower than estimated fair value at June 30, 2012.
** Excludes industrial properties and land parcels for which an impairment reversal of $10,343 was recorded during the six months ended June 30, 2011, since the related assets are recorded at carrying value, which is lower than estimated fair value at June 30, 2011.
Quantitative information about fair value measurements
                                 

Quantitative Information about Level 3 Fair Value Measurements:

 

Description

  Fair Value at
June 30, 2012
    Valuation
Technique
    Unobservable
Inputs
    Range  

Five Industrial Properties comprising approximately 1.8 million square feet of GLA

  $ 24,069       3rd Party Pricing       (A     N/A  

 

(A) The fair value for the properties is based upon the value of a third party purchase contract, which is subject to our corroboration for reasonableness.