Investment in Real Estate (Tables)

12 Months Ended

Dec. 31, 2016

Real Estate [Abstract]

Summary of Industrial Property Acquisitions

The following table summarizes our acquisition of industrial properties from third parties for the years ended December 31, 2016, 2015 and 2014. The revenue and net income associated with the acquisition of the industrial properties, since their respective acquisition dates, are not significant for 2016, 2015 or 2014.

	Year Ended December 31,
	2016		2015		2014
Number of Industrial Properties Acquired	6		8		8
GLA (in millions)	0.7		1.9		1.1
Purchase Price (A)	$	111,130	$	169,218	$	95,692

(A) Purchase price includes the acquisition of several land parcels for the years ended 2016, 2015 and 2014 and excludes closing costs incurred with the acquisition of the industrial properties and land parcels.

Summary of Acquisition Purchase Price Allocation

The following table summarizes the fair value of amounts recognized for each major class of asset and liability for the industrial properties and land parcels acquired during the years ended December 31, 2016 and 2015:

	Year Ended December 31, 2016				Year Ended December 31, 2015
	Purchase Price			Weighted Average Life (in Months)	Purchase Price			Weighted Average Life (in Months)
Land	$	70,380		N/A	$	52,954		N/A
Building and Improvements	37,031			(A)	107,106			(A)
Other Assets	781			(B)	2,562			(B)
In-Place Leases	3,253			75	7,124			84
Above Market Leases	214			33	—			N/A
Below Market Leases	—			N/A	(528		)	62
Assumed Mortgage Loan Premium (See Note 4)	(529		)	44	—			N/A
Total Purchase Price	$	111,130			$	169,218
Assumed Mortgage Loan (See Note 4)	(4,513		)
Total Net Assets Acquired	$	106,617

(A) See Note 2 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 on the consolidated balance sheets and amortized over the remaining term of each lease.

Summary of Industrial Property Dispositions

The following table summarizes our property dispositions for the years ended December 31, 2016, 2015 and 2014:

	Year Ended December 31,
	2016		2015		2014
Number of Industrial Properties Sold	63		66		29
GLA (in millions)	3.9		3.8		2.0
Gross Proceeds from the Sale of Real Estate (A)	$	169,911	$	158,429	$	102,596
Gain on Sale of Real Estate (A)	$	68,202	$	48,906	$	25,905

(A) Gross proceeds from the sale of real estate and gain on sale of real estate includes the sale of several land parcels for years ended December 31, 2015 and 2014.

Summary of Industrial Properties Included in Discontinued Operations

The following table discloses the components of our discontinued operations for the year ended December 31, 2014:

	Year Ended December 31, 2014
Total Revenues	$	7,007
Property Expenses	(2,784		)
Depreciation and Amortization	(2,388		)
Gain on Sale of Real Estate	25,988
Income from Discontinued Operations	$	27,823