Investment in Real Estate

12 Months Ended

Dec. 31, 2018

Acquisitions

The following table summarizes our acquisition of industrial properties from third parties for the years ended December 31, 2018, 2017 and 2016. The revenue and net income associated with the acquisition of the industrial properties, since their respective acquisition dates, are not significant for years ended December 31, 2018, 2017 or 2016.



	Year Ended December 31,
	2018		2017		2016
Number of Industrial Properties Acquired	10		8		6
GLA (in millions)	1.0		1.1		0.7
Purchase Price ^(A)	$	167,546	$	174,209	$	111,130

^(A) Purchase price includes the acquisition of several land parcels for the years ended December 31, 2018, 2017 and 2016 and excludes closing costs incurred with the acquisition of the industrial properties and land parcels.

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, 2018 and 2017:



	Year Ended December 31,
	2018			2017
Land	$	79,347		$	92,810
Building and Improvements	81,747			73,028
Other Assets	1,225			1,659
In-Place Leases	5,302			7,905
Above Market Leases	662			227
Below Market Leases	(737		)	(1,420		)
Total Purchase Price	$	167,546		$	174,209
Assumed Mortgage Loan (See Note 4)	(11,654		)	—
Total Net Assets Acquired	$	155,892		$	174,209

Sales

The following table summarizes our property dispositions for the years ended December 31, 2018, 2017 and 2016:



	Year Ended December 31,
	2018		2017		2016
Number of Industrial Properties Sold ^(A)	53		60		63
GLA (in millions)	2.6		4.6		3.9
Gross Proceeds from the Sale of Real Estate ^(B)	$	192,047	$	236,059	$	169,911
Gain on Sale of Real Estate ^(B)	$	81,600	$	131,269	$	68,202

^(A) The year ended December 31, 2018 includes a partial sale of a 0.1 million square-foot industrial property.

^(B) Gross proceeds and gain on sale of real estate include the sale of several land parcels for the years ended December 31, 2018, 2017 and 2016.

Impairment Charges

The impairment charges of $2,756 recorded during the year ended December 31, 2018 were due to marketing one industrial property and one land parcel for sale and our assessment of the likelihood and timing of a potential sale transaction. The fair market values were determined using third party offers. Valuations based on third party offers included bona fide contract prices and letter of intent amounts that we believe were indicative of fair value and fall into Level 3 of the fair value hierarchy. The property and the land parcel for which impairment was recorded were sold later during the year ended December 31, 2018.