Investment in Real Estate (Tables)

9 Months Ended

Sep. 30, 2012

Summary of 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, above market leases and below market leases recorded due to the real estate property acquired during the nine months ended September 30, 2012 and 2011, which is recorded as deferred leasing intangibles, is as follows:

	Nine Months Ended September 30, 2012			Nine Months Ended September 30, 2011
In-Place Leases	$	1,750		$	2,511
Tenant Relationships	$	1,012		$	1,553
Above Market Leases	$	—		$	2,883
Below Market Leases	$	(102	)	$	—

The weighted average life in months of in-place leases, tenant relationships, above market leases and below market leases recorded at the time of acquisition as a result of the real estate property acquired during the nine months ended September 30, 2012 and 2011 is as follows:

	Nine Months Ended September 30, 2012		Nine Months Ended September 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 Industrial Properties Included in Discontinued Operations

The following table discloses certain information regarding the industrial properties included in discontinued operations for the three and nine months ended September 30, 2012 and 2011:

	Three Months Ended September 30, 2012			Three Months Ended September 30, 2011			Nine Months Ended September 30, 2012			Nine Months Ended September 30, 2011
Total Revenues	$	1,723		$	4,171		$	6,871		$	14,067
Property Expenses		(620	)		(1,633	)		(2,807	)		(5,773	)
Impairment of Real Estate		—			(1,387	)		(1,094	)		(4,828	)
Depreciation and Amortization		(135	)		(1,102	)		(1,214	)		(3,176	)
Interest Expense		—			—			—			(63	)
Gain on Sale of Real Estate		4,470			6,010			12,084			12,289
Provision for Income Taxes		—			—			—			(2,048	)
Income from Discontinued Operations	$	5,438		$	6,059		$	13,840		$	10,468

Net Non-Cash Impairment Charges

During the three and nine months ended September 30, 2012 and 2011, we recorded the following net non-cash impairment charges:

	Three Months Ended September 30, 2012		Three Months Ended September 30, 2011			Nine Months Ended September 30, 2012		Nine Months Ended September 30, 2011
Operating Properties — Held for Sale and Sold Assets	$	—	$	1,387		$	1,094	$	4,828
Impairment — Discontinued Operations	$	—	$	1,387		$	1,094	$	4,828
Land Parcels —Sold Assets	$	—	$	—		$	—	$	(5,879	)
Operating Properties — Held for Use		—		789			7		(715	)
Land Parcels — Held for Use		—		(40	)		—		(40	)
Impairment — Continuing Operations	$	—	$	749		$	7	$	(6,634	)
Total Net Impairment	$	—	$	2,136		$	1,101	$	(1,806	)

Fair Value Measurements on Non-Recurring Basis

2011. The table indicates the fair value hierarchy of the valuation techniques we utilized to determine fair value.

			Fair Value Measurements on a Non- Recurring Basis  Using:
Description	Nine Months Ended September 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 or Sold*	$	25,502		—		—	$	25,502	$	(5,444	)
Long-lived Assets Held and Used*	$	59,286		—		—	$	59,286		(3,075	)
									$	(8,519	)

* Excludes industrial properties and land parcels for which an impairment reversal of $10,325 was recorded during the nine months ended September 30, 2011, since the related assets are recorded at carrying value, which is lower than estimated fair value at September 30, 2011.