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Investment in Real Estate (Tables)
 3 Months Ended
Mar. 31, 2013
Investment in Real Estate [Abstract]  
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 months ended March 31, 2013 and 2012:
 
Three Months
Ended
March 31,
2013
 
Three Months
Ended
March 31,
2012
Total Revenues
$
1,009

 
$
4,015

Property Expenses
(244
)
 
(1,674
)
Impairment of Real Estate
—

 
(1,410
)
Depreciation and Amortization
(318
)
 
(1,060
)
(Loss) Gain on Sale of Real Estate
(3,074
)
 
6,199

(Loss) Income from Discontinued Operations
$
(2,627
)
 
$
6,070
Net Non-Cash Impairment Charges
During the three months ended March 31, 2012, we recorded the following net non-cash impairment charges:
 
Three Months
Ended
March 31,
2013
 
Three Months
Ended
March 31,
2012
Sold Operating Properties—Discontinued Operations
$
—

 
$
1,410

Held for Use Operating Properties—Continuing Operations
—

 
(164
)
Total Net Impairment
$
—

 
$
1,246
Fair Value Measurements on a Nonrecurring Basis
The following table presents information about our real estate assets that were measured at fair value on a non-recurring basis during the three months ended March 31, 2012. 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
Three Months
Ended
March 31,
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 or Sold*
$
28,457

 
—

 
—

 
$
28,457

 
$
(1,511
)
Long-lived Assets Held and Used*
$
8,303

 
—

 
—

 
$
8,303

 
(39
)
 
 
 
 
 
 
 
 
 
$
(1,550
)
_____________________
 
 
 
 
 
 
 
 
 
 

* Excludes industrial properties for which an impairment reversal of $304 was recorded during the three months ended March 31, 2012, since the related assets are recorded at carrying value, which is lower than estimated fair value at March 31, 2012.
Quantitative Information about Level 3 Fair Value Measurements
The following table presents quantitative information about the Level 3 fair value measurements at March 31, 2012.
Quantitative Information about Level 3 Fair Value Measurements:
Description
 
Fair Value at March 31, 2012
 
Valuation Technique
 
Unobservable Inputs
 
Range
One Industrial Property comprising approximately 0.01 million square feet of GLA
 
$
585

 
Discounted Cash Flow
 
Discount Rate
 
11.75%
 
 
 
 
 
 
Market Rent Growth Rate
 
2%
 
 
 
 
 
 
Expense Growth Rate
 
2%
 
 
 
 
 
 
Rental Rates Per Square Foot (A)
 
$4.25
 
 
 
 
 
 
Terminal Capitalization Rate
 
10%
Fourteen Industrial Properties comprising approximately 2.1 million square feet of GLA
 
$
36,175

 
3rd Party Pricing
 
(B)
 
N/A
(A)
Estimates for market rental rates upon stabilization of the property.
(B)
The fair value for the properties is based upon the value of either a third party purchase contract or third party letters of intent, both of which are subject to our corroboration for reasonableness. Certain of the properties are included in portfolios whereby the letter of intent pricing relates to the respective portfolio. The estimated purchase price for the portfolio was allocated to the individual properties within the portfolio based upon their relative fair value.